Assessing business sector roles in investment appeal and innovation development

The purpose of scientific research is to clarify the essence of two definitions: "Innovative potential of the enterprise" and "sustainable development of the enterprise", and identification of directions of increasing the innovative potential of an industrial enterprise, which would contribute to ensuring the sustainable development of the enterprise. The article examines the essence of the term "sustainable development", which is a combined system of management of the organization, which is a balanced, harmonious and long -term development of the organization, whose activity is aimed at ensuring a holistic equilibrium, taking into account the variable external conditions of functioning and achieving sustainable effective results of the enterprise. Types of stability at the macro level (sustainable development of the planet, humanity, all spheres of life), mesor (sustainable development of the country or a certain industry) and micro level (sustained development of the individual, enterprise, region, region) are clarified. Approaches to determining the sustainable development of the enterprise, in particular, pragmatic approach, structural and systematic approach, financialoriented approach, threefold approach are determined. The pragmatic approach is to distinguish organizational stability, market stability and production stability. The structural-systematic approach examines the stability of the enterprise on the macro, meso- and micro levels. The financial-oriented approach involves understanding the stability in terms of finance, that is, the development of an enterprise is considered as an opportunity to achieve indicators of financial stability. The triune approach is based on the concept of sustainable development, according to which the stability of the enterprise is ensured by combining economic, environmental and social components. The main characteristics of the sustainable development of a modern industrial enterprise in the context of the concept of sustainable development are outlined. The essence of the innovative potential of an industrial enterprise in accordance with domestic legislation is clarified. Innovation potential is found to be a collection of scientific, technological, financial, economic, production-social and cultural and educational capabilities of the country (industry, region, enterprise, etc.) necessary to ensure innovative development of the economy. The structure of the innovative potential of an industrial enterprise, which is represented by three components: resource, internal and effective, is determined. The directions of activation of the innovative potential of an industrial enterprise are outlined. The conceptual model of the study of the relationship and the impact of innovative potential on the sustainable development of an industrial enterprise is proposed.

The article is aimed at reviewing and clarifying the theoretical and methodological aspects of forming the concept of "innovation potential of enterprise". To assess the state of development of the innovative potential of Ukrainian enterprises in the context of digital transformation. To substantiate the feasibility of using a digital transformation strategy to achieve the set goals in the current competitive environment. The level of development of the innovation potential of Ukrainian enterprises was measured over a number of years (2010-2021). Methodology. The article uses economic and abstract and logical research methods in combination with methods of analysis, synthesis and graphical representation. This made it possible to assess the level of development of the innovative potential of Ukrainian enterprises according to the main international rating and macroeconomic indicators. Results. The results of the assessment of the development of Ukraine's innovation potential revealed that the cost of implementing innovative developments in the country's GDP is decreasing every year. It was found that Ukrainian enterprises are slowly diversifying their production towards knowledge-intensive goods and services. This slow state of innovation is reflected in global indices, where Ukraine ranks among lower-middle-income countries. The main reason for this situation is the limited state policy in the field of innovation. It is established that at the state level, the development of innovation potential in the context of digital transformations is formed within the framework of scientific research and high-tech start-ups. Practical implications. In order to increase the innovation activity of enterprises and grow their innovation potential, it is advisable to change the values and guidelines of strategic management. In these conditions, the digital transformation strategy, which is considered as part of the overall communication strategy of the enterprise, becomes relevant for application. In the course of implementing the digital transformation strategy, effective communication interaction between the enterprise and its customers is ensured, and a qualitatively new model of communication processes management is formed and applied, taking into account digital technologies. Value/originality. Research on the development of innovation potential in Ukraine proves the need to use a digital transformation strategy as an effective modern tool for managing an enterprise in the context of digital transformation.

The significance and role of the basic conditions for the economic miracle of China and the forma-tion of China as a world hegemon and leader are characterized. Answers are given to directly posed questions of how and why China has obtained not only positive, but phenomenal development results in such a short time. How China managed to virtually eradicate poverty and feed its 1.5 billion people. Initially, the strategic goals, model and mechanisms for achieving the economic development of the leading countries of the world by attracting their capital and technology were correctly set. Economic modernization contained the export orientation of the economy, the attraction of foreign investment and technology, a high share of investment in GDP, and the active participation of the state in the develop-ment of the economy. The direct leadership of the modernization of the economy was carried out by the Communist Party of China. The conditions that determined the success of the developed economic model of modernization include effective factors: a huge labor market, imports of ethnic Chinese foreign capital. Drivers of growth and experimental platforms for market reforms were special economic zones opened under the developed Program. The visible success of special economic zones led to the creation of a network of territories “Zones of Economic and Technological Development”. The privatization of state-owned enterprises has Chinese specifics: Chinese privatization does not mean the state’s with-drawal from economic activity. In all strategic areas of China, the monopoly of state-owned enterprises has been preserved. The engine of growth is large (including those occupying a monopoly position) state-owned corporations seeking to invest their profits in new projects. China in the 21st century is transforming the economy into a new technological and innovative level.

Introduction. In the process of introducing models of strategic management of innovation and investment potential of agricultural enterprises, it is necessary to analyze the influence of external factors and internal capabilities of the enterprise. This helps to identify the most favorable directions of innovative development of the agricultural entity. The purpose of scientific research is to develop theoretical aspects of the innovative potential for-mation of agricultural business entities in the system of their investment activity. Results. It is established that the use of qualitative and quantitative characteristics of innovative capabilities of agricultural sector subjects without defined criteria hinders the organizational and economic mechanism of choosing innovative investment models and strategies. It has been determined that the dy-namics of investment provision is a basic parameter of reproduction processes. The tasks of investments are highlighted, the fulfillment of which is provided by the reproductive function. The lack of innovative potential of the majority of domestic agricultural enterprises is revealed. It is established that the innova-tive potential of the enterprise characterizes its investment attractiveness. The expediency of considering innovative potential in the system of other types of enterprise potentials is substantiated. It is determined that the research of innovative potential should take into account possible investment cycles in the enter-prise activity. The main factors of investment potential development of economic entities are given. The investment environment is characterized as the volume and structure of mobilized and used potential or real investment funds from internal and external sources of formation. The main task of investment poten-tial accumulation in enterprises is determined. The criteria are characterized, on which the formation of investment potential will depend. The conditions are identified that contribute to the growth of innovation potential. The features of investments implementation into innovations are characterized. The main tasks of monitoring of innovative potential are defined. The state of the organizational component of investment potential at modern domestic agricultural enterprises has been analyzed. Conclusions. The innovative potential development of domestic enterprises of the agricultural sec-tor is the key to their successful activity. Managing the investment potential formation is a key task for the strategic development of agricultural entities. Keywords: economic potential, innovation potential, investment, agricultural enterprise, invest-ment attractiveness, investment cycle.

Abstract. The article describes the dynamics of Ukraine’s position in the Global Innovation Index for 2015—2019. It is revealed that the domestic economy has a high educational and scientific potential, is able to produce various innovations in the form of ideas, scientific developments, patents; the bottlenecks of Ukraine in the state of innovative development are the state of cluster development, the share of foreign direct investment in GDP, the online service of the government, the use of information and communication technologies, the availability of joint agreements on strategic alliances, the state of domestic lending to the private sector, the export of goods of the creative economy, the volume of microfinance loans, the presence of firms offering formal training, the state of cooperation between universities and production, agreements with venture capital. It is proved that the problem of improving the financial mechanism for ensuring innovation processes in the economic system of Ukraine requires a priority solution. Developments on increasing the innovative component of increasing Ukraine’s international competitiveness are impossible without adequate financial support. The article examines the foreign experience of state support for innovation activities. It is revealed that in developed countries — the world’s leading innovation leaders, public policy provides for direct funding of scientific research and through tax measures encourages private sector R&D spending. The concept of financial support for increasing the innovative component of Ukraine’s international competitiveness, which should be implemented at the strategic, tactical and operational levels, is proposed. To ensure a sustainable level of international competitiveness of the country through increasing the innovation component, it is important to implement a system of measures to monitor threats even at the stage of their origin and prevent the spread of their negative impact. Therefore, the methods and tools for implementing the proposed concept contain components of threat prevention: economic (tax incentives; transfers ;direct budget investments; grants; concessional lending; cooperation with foreign institutions, etc.), organizational (development of innovative infrastructure; consulting assistance; personnel support; creation of clusters using the potential of education, business, government, public; creation of regional clusters with innovation and industry production, etc.), institutional (techno parks, business incubators, analytical centres, etc.), regulatory (strategies, concepts, plans, programs) and social levers (conducting business trainings, implementing joint social projects, etc.). Keywords: innovation, Global Innovation Index, financial support for innovative development, international competitiveness, cluster. JEL Classification O11, O19, O16, O33, E62, F20 Formulas: 0; fig.: 2; tabl.: 2; bibl: 16.

For Ukraine, the investment climate is one of the main factors in ensuring its stable development, which means that all economic activities in the country are on a sustainable socio-economic development path. The investment climate is an important and determining factor in the decision of foreign or domestic investors to invest. It is a combination of investment attractiveness factors and investment risk factors. The article provides a detailed analysis of Ukraine's investment attractiveness for foreign investors. The problematic aspects of legislative and managerial nature in attracting foreign investment are highlighted. The real state of investment attraction in 2019–2022 is reflected. The index of investment attractiveness for 2019–2023 is investigated. The dynamics and structure of foreign direct investment in the economy of Ukraine by types of economic activity for 2019–2022 are presented. Foreign investment is undoubtedly one of the leading drivers of economic growth for many countries, including Ukraine. Foreign investment can increase competition in the market by investing in lagging enterprises, improve the welfare of citizens, and strengthen the competitiveness of recipient enterprises on the global stage. Studies have shown that the net inflow of foreign direct investment significantly exceeds the net outflow. Although the investment attractiveness index is still low, the number of top managers who believe that new investments in Ukraine will be profitable has almost doubled. The government continues to develop legislation to capitalize on this potential with numerous draft laws on corporate governance and other economic reforms aimed at bringing Ukraine in line with EU standards and regulations currently being advanced. In Ukraine, the most attractive sectors of the economy for foreign investors are financial and insurance activities, trade, and information and communications. Ukraine's increasing movement toward integration with the EU opens up potential opportunities for investors seeking access to the EU market. The support from the European community and the United States is significant. After Ukraine's victory, the investment attractiveness of our country will certainly increase.

This study is aimed at studying the main factors that determine the process of accelerating economic growth in countries located in East Asia, the Middle East and North Africa between 1996 and 2019. The sample of countries included: Algeria; Bahrain; China; Egypt, Arab Republic; Hong Kong; Indonesia; Iraq; Japan; Jordan; Korea, Republic of; Kuwait; Malaysia; Mauritania; Morocco; Philippines; Qatar; Saudi Arabia; Singapore; Sudan; Thailand; Tunisia; United Arab Emirates; Yemen. The research is based on the methodology of Haussmann, Pritchett and Rodrik (2005), according to which 3 criteria of accelerated economic growth are used: 1) to characterize the process of acceleration itself growth of GDP per capita by 2%; 2) to characterize cases of rapid growth – annual growth rates for eight years are more than 3.5%; 3) to characterize the achievement of sustainable acceleration GDP per capita is greater than the highest level after the onset of the acceleration phase. As the main determinants of accelerated economic growth, the characteristics of institutional quality (the rule of law, control of corruption and the quality of regulation), factors of accumulation (the share of gross accumulation of fixed capital in GDP and characteristics of human capital through the measurement of the duration of education and the profitability of education), the openness of trade ( share of trade to GDP) and natural resources (share of revenues from natural resources to GDP). The research was carried out using Probit, Logit and Tobit models. Logit and Probit modeling made it possible to assess the impact on the acceleration of economic growth: changes in human capital as insignificantly positive; trade openness – as a minor positive, changes in natural resources as a significant positive, increase in the share of investment in GDP – as the largest positive. An increase in institutional quality does not lead to an increase in the chances of the studied countries (the rule of law index has a slight positive effect, the corruption control index has a slight negative effect, the only positive effect that deserves attention concerns the regulation quality index). The results of Tobit modeling demonstrate a statistically significant positive impact of institutional quality, regulatory quality, rule of law, investment and natural resources on the acceleration of economic growth. Thus, the acceleration of economic growth observed in the countries of East Asia, the Middle East and North Africa is a direct result of successful policies aimed at improving institutional quality, promoting investment and harnessing the positive impact of natural resources.

The article summarizes the existing methodological approaches to assessing the level of investment attractiveness of industrial enterprises. The main methodological approaches to assessing the state of investment attractiveness management are studied. It was found that the most used methods of assessing investment attractiveness are: the method of expert assessments; rating method; integrated assessment of investment attractiveness; method of comparisons; matrix method; profitability triangle; differentiated approach; methods that are based on the use of artificial intelligence. The advantages and disadvantages of each of the methods are analyzed. The matrix approach to the assessment of the level of investment attractiveness of the researched enterprise has been further developed. Given the current state of domestic industrial enterprises, in the matrix method of assessing investment attractiveness in the matrix of quantitative indicators (liquidity, financial stability, return on capital, property indicators) indicators of business activity are replaced by indicators of bankruptcy probability. This is due to the fact that both indicators of business activity and profitability indicators characterize the efficiency of the enterprise. The absence of signs of bankruptcy will allow the investor to better assess the investment attractiveness of the enterprise. Indicators that should be included in the matrix include depreciation rate, renewal rate, asset mobility ratio, coverage ratio, quick liquidity ratio, absolute liquidity ratio, autonomy ratio, equity maneuverability ratio, financial risk ratio; return on assets; return on equity; profitability ratio of operating activities; beaver ratio, financial leverage ratio, asset coverage ratio with net working capital.

Introduction. At the current stage, the scientific-technological and innovative component in the activity of agricultural enterprises is gaining extraordinary importance. Studying the role of investments in agriculture, highlighting the factors that affect the investment attractiveness of the industry, will allow to develop effective strategies for the development of enterprises in the agrarian sector, to implement innovative solutions and mechanisms to improve the investment attractiveness of agricultural production. Methods. The authors used the following research methods: a systematic approach for understanding the agricultural enterprise as an open system under the influence of factors of marketing environment; monographic method for clarification of the essence of investment attractiveness and the detection of cause and effect relationships between investment attractiveness and innovative development, statistical methods for analysing the dynamics of investment processes in the agricultural sector of Ukraine and a graphic method for the identification of results. Results. As a result of the research, the importance of investment attractiveness as a prerequisite for the implementation of the marketing strategy of innovative development is substantiated. Factor affecting investment attractiveness is researched in the context of the agricultural industry, taking into account the peculiarities and specifics of the industry. An analysis of the essence of each factor was carried out, conclusions were drawn based on the analysis and methodical approaches for making strategic management decisions and forming innovative development strategies are outlined. Іt was established that the agricultural sector is potentially attractive for investment. The role of investments in agriculture in general is described, the need for investment support is substantiated, its implementation with the help of mechanisms of state involvement. Variants of innovative development strategies are offered depending on the level of investment attractiveness. Discussion. Further scientific research should be aimed at identifying and forecasting synergistic effects from the integrated application of marketing approaches, strategic management of the enterprise, increasing the level of investment attractiveness of enterprises in the agrarian sector. Keywords: investment attractiveness, agricultural enterprise, strategy, innovative development.

The article identifies the components of investment attractiveness of the country, reveals the importance of the main economic indicators of investment support for the development of the economy of Ukraine, in particular, analyzed the following indicators: index of investment attractiveness; indicator of ease of doing business; competitiveness index. The importance of attracting investments into the country's economy is determined, the obstacles to the implementation of economic investment projects are given, the prospects of development in the effective use of investments are considered, the dynamics of the index of investment attractiveness of Ukraine is analyzed. An analytical review of Ukraine's positions in the key ratings, which significantly affect the investment image of the state, was carried out. The article describes the level of investment attractiveness of Ukraine according to the methodology of the European Business Association. The main factors influencing the investment attractiveness are: internal political stability of the country, the established legal framework for entrepreneurial and investment activities, guaranteeing the inviolability of private property, the nature and rate of growth of the economy, the state of the stock market, financial and credit system, capacity and solvency of the internal market, natural resources, socio-cultural factors of the country. The key problems of improving the investment attractiveness are identified. Determines the relationship between the rating and the country's investment attractiveness. Conclusions have been made regarding the country's investment potential. The author's proposals on increasing the investment attractiveness of Ukraine are formulated.

The article examines the implementation of innovations in industrial enterprises, as well as their sources of funding in Ukraine and Europe. The role of innovation infrastructure as a driver of economic development of national and regional economy due to the formation of a holistic goal to scale innovation and the relationship of various stakeholders involved in innovation, the formation of the investment environment. The paper identifies problems and areas for improving innovation in the regions of Ukraine and the motives for implementing new projects. Based on the analysis of statistical data on the development of innovation in the regions of Ukraine and in order to identify strategic instruments of state regulation for the development and scaling of innovations, identified and described the shortcomings and conditions for the development of innovation infrastructure. Based on the study of statistical reporting of Ukraine and European countries, it is determined that the improvement of innovation policy and competition of enterprises is possible with the implementation of new technologies for the production and implementation of innovative services in different regions of the country. It is established that the indicators of development and scaling of innovations in the regions of Ukraine have a steady trend, which affects the destructive processes in the country, and funding such an important component of innovation development as research aimed primarily at the public sector, while in the European Union - at business sector. With effective government stimulation of the business sector and the provision of positive state, regional and local conditions, the situation regarding economic and innovation indicators in Ukraine may have a positive dynamics in the future. It is established that when forming strategies for the development of innovation infrastructure, it is necessary to pay attention to the feedback between the business sector and the interests of the country and gradually move to the European experience of innovation development. This strategy will create progressive models for coordinating the scaling up of innovation for the country's sustainable development.

Kazakhstan is the leader in attraction of foreign investments among is central the Asian countries. Today multinational corporations – the main tool in business expansion internationally. This article is devoted to studying of activity of the main participants of process of globalization of economy – multinational corporations in Kazakhstan. Authors considered the main directions and volumes of streams of direct foreign investments to the country in recent years. Key indicators of PII in the country and the prospects of development are defined. In article major factors of attraction of direct foreign investments are studied. The review of scientific literature on the factors defining inflow of direct foreign investments to Kazakhstan is made. Results showed that, despite existence of various motives in adoption of investment decisions by multinational corporations, direct foreign investments to Kazakhstan are generally sent to the raw sector of economy. In article the analysis of inflow of direct foreign investments in a section from 2014 to 2019, is carried out to priority sectors of economy of the Republic of Kazakhstan which mining industry, processing industry, professionally scientific and technical activity and innovative development are. In work questions of investment into priority sectors of economy of RK were investigated. Analytical also statistical methods, a dialectic method of knowledge and observation formed a methodological basis of a research. The main volume of foreign investments still goes to the spheres which are not demanding large-scale investments and characterized by fast payback. Thus, drawing a conclusion on a research of trends of functioning, outflow and inflow of direct foreign investments on priority sectors of economy of the Republic of Kazakhstan, in industry structure of investments, the main share is occupied by the mining industry, and the oil and gas industries still are on one of the first places on the level of the involved investments. Such industries as construction and manufacturing industry receive the smallest number of foreign investments. Article has the scientific value and novelty of a research where relevance of work is application of an integrated approach to a research of the international investment activities and a role transnational corporation, in identification of the internal and external regularities defining the direction and dynamics of investment activities in the Republic of Kazakhstan.

The post-war recovery of Ukraine will depend on the content of the investment strategy, an essential condition for the implementation of which is the active involvement of banks in these processes. As an important element of the economic system, the banking system has a significant impact on the processes of reproduction and growth, providing credit to the real sector of the economy. Investment lending is one of banks’ most important functions; however, even before the war, the banking system did not have sufficient financial resources for this. The ability of banks to direct resources to investments depends on the action of many factors and requires an appropriate level of development stability. The process of banks attracting financial resources is complex, as is their further use. Investments are not a priority for banks, but they are of strategic importance for the development of the economy. The authors consider the banking system’s stability as their ability to form and effectively use financial resources, and from the standpoint of the post-war recovery of Ukraine, the stability of banks acquires special importance as a condition for the implementation of the investment strategy. In the course of analyzing the impact of banks on the investment strategy, indicators that characterize investment processes were investigated, in particular the amount of investment, the share of investment in GDP; indicators that reveal trends in the development of the banking system (number of banks, size of their assets, size of loans and structure of the loan portfolio). The war significantly affected both the activities of banks and investment processes. The level of investment activity in Ukraine was and remains low, but it critically does not meet the needs of recovery and economic growth. The number of banks decreased during the war years, the loan portfolio decreased, and the resource base decreased, but in general, the banking system ensured the stabilization of macroeconomic processes. Thus, in Ukraine, the banking system has a low level of involvement in investment financing. Changing the situation depends on increasing the level of stability of the banking system and a clear justification of the content of the investment strategy. Among the priority areas for implementing the investment strategy, which will depend on the state of the banking system, are the restoration of infrastructure, modernization, and innovation of the economy – these are the areas that will require the involvement of powerful credit resources.

The paper considers the links between financial system, economic growth and environmental pollution and damages through: (1) investment in the real economy; and (2) financial instruments for environmental policy. The literature on the effect of finance on pollution is dominated by econometric studies of the effect of financial variables on the Environmental Kuznets Curve. The paper reviews this literature and finds that financial development in general, apart from financial crises, tends to reduce pollution. The paper will explain how financial crises affect the environment through reductions in effective demand, by forcing a switch to earlier technologies, and by encouraging the use of lower-cost, more polluting fuels. The paper explores the causative links between the nature of the recession and the reduction in long-term GDP growth via reductions in the share of investment in GDP. This is followed by an exploration of the necessity of investment and green banking in encouraging environmentally friendly development pathways. It will discuss the problems in modelling the effects of the financial system on the real economy, especially in respect of long-term growth and environmental pollution, with a focus on climate change and the mitigation of climate change.

China’s exceptionally large share of investment in GDP has been widely noted. Rebalancing away from investment to consumption has been on China’s agenda to realize more sustainable growth. As investment growth slows, the question is whether consumption could replace investment as a growth engine. This paper empirically explores the drivers of Chinese household consumption and specifically tests whether investment has affected household consumption beyond the standard income channel. Our empirical results using both national- and provincial-level data suggest that investment has had a significant impact on household consumption beyond the household income channel. The effects are particularly strong in the post-Global Financial Crisis period, suggesting that the Chinese government’s stimulus measures, which aimed mostly at investment spending, have significantly affected households’ decision to consume both through households’ current and expected future income channel.