Abstract
This paper summarizes the arguments and counterarguments within the scientific discussion on the issue of establishing the main factors that determine the parameters and dynamics of investment activity in the country based on sources of investment financing. The main purpose of the research is to study the formed in post-socialist countries features of investment management and to develop proposals for the introduction of innovative approaches to investment management considering the experience of developed countries and current trends in digitalization of the economy. Investigation of the topic of investment management in post-socialist countries in terms of resources of investment financing is carried out in the paper in the following logical sequence. First, the literature review and theoretical analysis of the issue allowed identifying the main sources of investment financing such as own funds of enterprises, household savings, banking sector loans, capital market financing, budget funds, foreign direct and portfolio investment, funds of international organizations. The second stage of the study held a comparative analysis of the role of each of the factors on the parameters and dynamics of investment activity in post-socialist countries. Methodological tools of the research methods are correlation and regression analysis. The statistical base of the study is the World Bank data on gross capital formation, gross savings, foreign direct and portfolio investment, long-term commercial bank loans, taxes on income, profit, and capital gains. The third component of the research is the study of the experience of developed countries in the use of innovative investment financing tools, analysis of the dynamics of digital capital management tools such as WealthTech. Based on the study findings, the authors proposed recommendations for improving the efficiency of investment management in post-socialist countries and options for adapting digital tools to attract investment and manage them. Keywords: digital capital management, financial innovation, gross capital formation, investment financing, WealthTech.
Highlights
In post-socialist countries, there are problems with the effective functioning of market mechanisms, raising, distributing and redistributing capital through the banking system, stock market and the use of market leverage
A dependent variable of this study is the indicator of gross capital formation, which consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories
According to the indicator of the gross capital formation in 2019, there are no regional patterns in the dynamics of investment activity
Summary
In post-socialist countries, there are problems with the effective functioning of market mechanisms, raising, distributing and redistributing capital through the banking system, stock market and the use of market leverage. In these countries, it is important to revive investment activity through government incentives, in the form of tax benefits, direct budget funding, as well as attracting targeted international assistance and loans from international organizations. Given the lower level of development, the effectiveness of investment management in post-socialist countries is more critical. The article aims to study the formed in post-socialist countries features of investment management and to develop proposals for the introduction of innovative approaches to investment management considering
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