Abstract
Placing the economy of federal subjects of the Russian Federation in the trajectory of sustainable development, increasing its competitiveness are associated with the expansion and increase of effectiveness of investment activity in the regions. With present-day conditions in mind for improving the efficiency of functioning of regional economy one needs new tools and methods of management of regional investment projects based on the latest achievements of science and synthesis of international best experience. The article shows that the main aspect of management of regional investment projects is the analysis and estimation of their efficiency. It influences the pace of development, as well as solving regional socio-economic problems. The paper substantiates the necessity to complement the evaluation algorithm of regional investment projects with functional units of analysis of social, innovative, environmental consequences of projects. Basing on the systematization of the existing estimated figures, we propose the integrating efficiency indicator of assessment of regional investment projects efficiency. The article identifies the main methodological shortcomings in the regional practice of investment planning. Taking into account these shortcomings in the activities of regional authorities will create conditions for increasing the efficiency of administrative decisions in this field and on this basis will provide the dynamic development of a particular area. The authors develop a method of multi-criteria assessment of regional investment projects efficiency, which provides for the calculation of economic, social, innovative and environmental efficiency indicators, the application of the Pareto principle, the construction of vector diagrams enabling executive authorities to determine reasonably the priority directions of socio-economic policy. The results of the research have practical implications and can be used by local authorities in the selection of priority investment projects supported by public funding and guarantees, as well as in the preparation of regional special programs of socio-economic development. DOI: 10.5901/mjss.2015.v6n5s2p362
Highlights
The effectiveness of investment activity in the region largely depends on the validity of investment decisions taken by the executive authorities of the constituent entities of the Russian Federation while forming budget commitments for the financial year
To determine the contemporary meaning of "the regional investment project" concept it is necessary to consider its social nature. With regard to this requirement, we propose the following economic interpretation of this term: the regional investment project is an investment project implemented in the territory of one or more subjects of the Russian Federation, contributing to employment growth and raising income of the population, broadening the tax base, easing social strain, stimulating innovation, environmental safety and having a significant impact on socio-economic development of the region
Selection criteria for regional investment projects must meet the following requirements: – Regional significance of an investment project being confirmed by inclusion in the regional target program with a formal decision about funding at the expense of the budget; – having an exhaustive list of documents required for inclusion of investment projects in the program of socioeconomic development of the region; – conformance of investment projects objectives to the priorities of socio-economic development of the regional economy; – Positive innovation impact; – meeting all the requirements of ecological safety in the region
Summary
The effectiveness of investment activity in the region largely depends on the validity of investment decisions taken by the executive authorities of the constituent entities of the Russian Federation while forming budget commitments for the financial year. Under the conditions of own means deficit and the reduction of capital investment the successful development of the Russian Federation subjects requires not just increase in the volume of investments, and the growth of effective investments that provide competitive advantages of regions (Azzheurova, Minakova, 2010). This means that regional authorities should use a wide range of tools for enhancing investment processes and raising capital. On should note that the development of regional investment system directly depends on the rational management of regional investment projects
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
