ASSESSING THE INVESTMENT ATTRACTIVENESS OF ENTERPRISES IN TAJIKISTAN: A FACTOR ANALYSIS

This study examines factors affecting the investment attractiveness of enterprises in the Republic of Tajikistan. An analysis was conducted to determine whether the financial performance of enterprises contributes to attracting foreign direct investment (FDI) at the national level. A preliminary examination of the financial statements was undertaken, followed by a detailed analysis that included a coomprehensive review of the overall financial position. The application of the seven-factor model enabled the computation of the integral index (ROA), the result of which revealed a decline in the enterprise‘s investment attractiveness. A conclusion has been drawn based on the analysis of indicators such as Net profit/Revenue; Revenue/Current Assets; Current Assets/Current Liabilities; Current Liabilities/Accounts Receivable; Accounts Receivable/Accounts Payable; Accounts Payable/Borrowed Capital; Borrowed Capital/Assets. An assessment of Economic Value Added (EVA) was conducted, the findings of which revealed negative outcomes. A set of measures was proposed to optimize financial performance and to strengthen the institutional transparency of the enterprise. Factor analysis indicates that elevated debt levels and decline of return on assets (ROA) may negate potential benefits if not effectively managed. In conclusion, the study underscores the necessity of conducting a comprehensive factor analysis of the financial indicators of the enterprises in the Republic of Tajikistan, both to identify adverse trends and to formulate measures aimed at enhancing their investment attractiveness.

investment attractiveness, factor analysis, financial statement, balance sheet, cash flow statement, seven-factor evaluation model, Return on Assets (ROA), economic value added (EVA).

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2026-03-31