Attracting Investment Resources Research Articles

SCIENTIFIC AND THEORETICAL CONTENT AND ECONOMIC ESSENCE OF INVESTMENT ACTIVITY OF THE ENTERPRISE

Introduction. Effective investment activity provides stable development of the enterprise in the conditions of unstable market environment. Attracting financial resources in the activities of economic entities should strengthen their economic security and help overcome financial prob-lems. The investment activity of the enterprise strengthens its competitive position in the market. The purpose of scientific research is to determine the theoretical foundations of investment activities of the enterprise. Results. The macroeconomic role of investments is determined. Factors influencing the investment activity of the enterprise are considered. The importance of scientific and technical activities in the field of investment activities of the business entity is emphasized. The sources of formation of investment resources of the enterprise are characterized. The essence of investment activity of the enterprise is determined. The types of investment activity of the business entity are given. The position on determining the type of investment activity is substantiated. The integration of types of investments is considered. The definition of the investment process and investment cycle is given. The classification of sources for attracting investment resources is given. The objects of investment activity are described. The role of strategic assets of the enterprise as sources of economic security in the crisis is noted. The participants of the investment process are characterized and the essence of interaction of subjects within the framework of investment activity is revealed. Conclusions. The role of investment activity in the process of enterprise functioning is substantiated. Investment activity is defined as a prerequisite for the development and economic security of the enterprise. Emphasis is placed on the expediency of reforming the existing investment management system. Keywords: enterprise, investments, investment activity, investment process, economic security, development.

The role of foreign investments in the Ukrainian enterprises innovative development financing

The market economy opens wide opportunities for intensification of innovation, so therefore its characteristic feature is the acquisition, use of new knowledge and transformation of knowledge and technologies into a full-fledged factor of production. One of the characteristic features of the market economy and the national economy in general is the ability to attract foreign direct investment, which determines the rapid pace of the country's economic development. Foreign investments, in turn, are indispensable for Ukrainian enterprises in today's realities. Foreign direct investment indicates the long-term interest of foreign investors in the functioning of enterprises, it also stimulates development of enterprises through access to foreign capital. It is a way of development stimulation of enterprises through access to foreign capital. Thus, FDI is a way of combating the problem of low domestic savings. The dynamic development of market relations in Ukraine in the context of the transitive type market transformation requires new approaches to economic management both at the macro level and at the level of individual enterprises. The problems of creating such mechanisms for managing the activities of enterprises, which, in addition to ensuring a sufficient level of solvency, liquidity and profitability, would contribute to the direct growth of the general level of scientific and technical knowledge and, as a result, its use in order to boost business efficiency. In general, innovation is a novelty in the field of engineering, technology, labor organization or management, based on the use of scientific advances and best practices. Innovation is the result of innovative activity, as an activity aimed at transforming research and development or a new approach to the process of providing services. As a result of research the basic problems of financing of innovative activity of the enterprises are studied. Emphasis is placed on the fact that innovation activity involves attracting investment resources of foreign business entities to the process of development and implementation of innovations.

Management strategy for innovation and investment activities of an enterprise

The purpose of this paper is to develop a strategy for managing the innovation and investment activity of an industrial enterprise at various stages of its life cycle. Based on the analysis and assessment of the efficiency of the implementation of existing strategies, the relevant features of innovation and investment activities of enterprises have been identified. A methodological approach to assessing the meso- and macroeconomic effect of the implementation of transformations at the enterprise depending on the stage of the life cycle is proposed, and an algorithm for determining the most optimal development strategy, which is based on an analysis of the parameters of predicted stability, is compiled. As a result of the study, a new approach to the formation of innovative and investment development of an enterprise was formed, which allows taking into account not only the change in the internal indicators of the economic activity of an enterprise, but also the change in external parameters. In addition, the proposed approach allows determining the economic effect on the basis of a combined assessment of the dynamics of introducing product, technological and managerial innovations, taking into account the efficiency of attracting investment resources that ensure the implementation of innovative transformations.

СТРАХОВІ КОМПАНІЇ ЯК УЧАСНИКИ ПРОЦЕСУ ІНВЕСТУВАННЯ РЕАЛЬНОГО СЕКТОРУ ЕКОНОМІКИ

The article states that the constant interaction of the insurance company through investing in the real sector is the most important task for the progressive development of the domestic economy. It is shown that in industrialized countries the attitude to the insurance market is defined as a strategic sector of the economy and a powerful factor of positive influence on it. It is noted that the problem of attracting investment resources is that large insurance companies, which are the main accumulators of cash resources, are unable to organize full-fledged investment activities with a large number of medium and small enterprises. The article proposes a simplified scheme of complex interaction of participants in the investment process of the real sector of the economy, which is based on financial, economic and mixed (financial and economic) internal and external relations between all stakeholders of the market economy. In accordance with the proposed scheme, three cases of implementation of the proposed scheme and the implementation of relevant financial instruments have been identified. The substantiation of necessity of introduction of the offered scheme both for the enterprises of real sector of economy, and the insurance companies is given. The correspondence of the volume of investments and efficiency of operations of the insurance company is schematically given. The basic conditions of realization in practice of the offered mechanism of interaction of the enterprises and insurance companies are defined. The expected benefits for participants of such schemes of interaction are defined. A form of stimulating the investment process through insurance companies of the real sector of the economy through full or partial compensation of the insurance company by local budgets for the lost part of the profit is also proposed. It is noted that the implementation of this scheme of cooperation can be carried out on the basis of an agreement between local authorities, insurance company and enterprise. It is determined that such a policy of local authorities will provide real investment in regional enterprises, growth in production, employment, which in turn will increase tax revenues to the local budget.

СУЧАСНІ ТЕНДЕНЦІЇ ІНВЕСТУВАННЯ ГОСПОДАРСЬКОЇ ДІЯЛЬНОСТІ ПІДПРИЄМСТВ

Research of the current state and structure of capital investments both in Ukraine in general and in the Donetsk region in particular, in the period 2011 - 2019, identification of negative trends and prospects, indication of certain proposals for attracting investment resources. Methodology. The research methodology is generally based on the methods of system analysis, generalization and comparison. Results.The main provisions in the formulation of the concept of "investment" were indicated, the classification structure of investments on various grounds is given. The dynamics of changes in the volume of capital investment in the economy of Ukraine, and, in particular, in the economy of Donetsk region for the period 2011 - 2019, which in turn allowed to determine the causes of fluctuations. The analysis of the structure of capital investments by sources and types of economic activity of Donetsk region is carried out, certain conclusions are made about the changes that took place in the studied period. Recommendations for improving the efficiency of investment attraction are provided. Scientific novelty. The main factors that constrain the attraction of investment in the economy of Ukraine and in the economy of Donetsk region are given. The most priority branch of the region’s economy for investors has been identified, and a structural analysis of capital investments in the region’s economy has made it possible to find out at the expense of which funds the enterprises are renewing their fixed assets. There are some suggestions for effective investment. Prospects for investing in the national economy are substantiated. Practical significance. The results of the study form a practical basis for finding additional sources of investment in economic activity of industrial enterprises on a sustainable basis.

Characteristics of the investment potential of the enterprise and its sources

The article reflects the problems of the Ukrainian economy, which are associated with a low level of investment activity and focuses on the effectiveness of attracting investment resources in the processes associated with the reproduction of investment potential, as a component of the overall potential of economic entities. It has been determined that investments are precisely that source for business entities that allow them to constantly support the vital activities of their business, and a shortage of investment resources can lead to a crisis. The contribution of world science to the study of issues related to investment attractiveness, the development of a theory of the formation of the methodological foundations for assessing and managing investment potential is reflected, and the existence of a scientific gap with respect to a single approach to the designated components is diagnosed. Based on the analysis of various points of view of domestic and foreign researchers regarding the disclosure of the essence of investment potential, various approaches to its determination are considered, their assessment and the formulation of their own views on this category are presented. It is proposed to study investment potential on the basis of resource, probabilistic and effective approaches, as fundamental. A close relationship between the elements of economic potential, and providing the effect of synergy, is revealed. The main features of the sources of formation of investment potential are considered. Based on the characteristics of the investment potential, the legislative base and the views of scientists and economists, a classification of the sources of its formation has been proposed, which includes labor, financial, economic, innovative, production, managerial and information resources. It has been proved that the resource component of the investment potential is its sources, which in turn are also directly related to the general economic potential of the enterprise, forming a unified system of functioning with it.

ACTIVATION OF THE INVESTMENT ACTIVITIES OF THE AGRARIAN ECONOMY SECTOR BASED ON THE FORMATION OF REGIONAL AGRICULTURAL CLUSTERS

The process of forming regional agro-industrial clusters in the Cherkasy region as a basis for intensifying investment activity in the agrarian sector of the economy, in our view, can be considered as a priority task, the solution of which will contribute to the realization of strategic goals of socio-economic development of the region. At present, the focus on priority acceleration of economic growth and improving the quality of life of the population requires the use of effective methods and techniques of national economy, the modern development of which is characterized by the occurrence of certain crisis phenomena that have a negative impact on the socio-economic model of the country.In the agricultural sector, a number of agro-industrial units, lacking quality agricultural raw materials, are considering the possibility of creating integrated formations in order to integrate the processes of production of raw materials and finished products and to find means of investing in production processes. For all agro-industrial units, regardless of the form of integration chosen, the key is that they integrate the entire production process - from the agricultural producer to the consumer of the finished product. The members of the system ensure the promotion of the product throughout the technological chain: production - processing - implementation, which ultimately contributes to the effect of crisis management. Without mediocre participation of the state, science, education, developed infrastructure, this technological chain does not produce a positive result. The most relevant and effective tool for crisis management is the cluster approach, recognized in many developed countries, based on taking into account the positive synergistic effects of regional agglomeration, ie geographically adjacent producer and consumer proximity, network effects, application of knowledge and skills at the expense of coaching association.The purpose of the article is to summarize theoretical and practical approaches to the study of investment activity in the process of formation of agro-industrial clusters and to determine the basic conditions for activation of the investment-innovation component of the cluster policy of agro-industrial production.One of the ways of intensifying the investment development of regional agro-industrial clusters can be the introduction of innovations. Economic clusters enable the authorities to implement the strategy of socio-economic development of the region in the direction of providing competitive advantages of the economy, introduction of innovations and specialization of the territorial economic system.The article is devoted to the problem of activation of investment activity of agrarian sector of economy on the basis of formation of regional agro-industrial clusters. Two main organizational and economic models of cluster organization of inter-firm interaction are distinguished: network and centrifugal. It is suggested to use a combined approach to implement the cluster policy.Production of basic crop and livestock products in agricultural enterprises has been analyzed and positive tendencies for increase of production volume have been identified, except for milk production, which has a negative tendency to decrease.The model of interaction of the participants of the regional agro-industrial cluster in the conditions of the investment process is developed and its role in activation of the investment activity of the region is substantiated. It has been found that the main driving force of the cluster is the raw material zones of processing enterprises, which serve as the poles of the concentration of factors of production of raw materials and capital and ensure the effective return on investment within the cluster.The scheme of management of investment-innovation processes of agro-industrial cluster is presented. It is determined that the integration needs to be deepened within the cluster, since agricultural production is not yet ready for consumption.The level of agricultural investment development, which is steadily increasing, is analyzed, although the region occupies the lowest places among the regions of the country in terms of attracting investment resources. The directions of intensification of investment activity of agrarian production are offered.

КОНКУРЕНТНІ СТРАТЕГІЇ ІННОВАЦІЙНО-ІНВЕСТИЦІЙНОГО РОЗВИТКУ СУБ’ЄКТІВ АГРАРНОГО ВИРОБНИЦТВА

Introduction. Ensuring the sustainable development of domestic agricultural producers involves achieving and maintaining a sufficient level of economic efficiency and competitiveness for the implementation of expanded reproduction. This, first of all, implies the formation of an appropriate level of competitiveness through the creation of sustainable competitive advantages of products and manufacturers. This process is impossible without attracting investment resources and introducing innovations in order to create competitive advantages, strengthen market positions and increase the level of concentration of productive capital. The latter necessitates a comprehensive strategic planning, which would be based on the innovative orientation of investment activities. The purpose of the article is to form theoretical and methodological and applied principles of competitive strategies formation of innovation and investment development of agricultural production entities. Method (methodology). Methods of comparison, analysis, theoretical and logical generalization are applied in the course of research. The dialectical method of research became the methodological basis. Results. The author’s vision of the definition of “competitive strategy” is offered in the article. The classification of competitive strategies is developed. A model of a strategic rhombus is proposed as a theoretical basis for determining areas for improving the mechanisms of managing the competitiveness of agribusiness entities, which includes five elements: arena; conductor; differentiators; sequence; economic logic. The proposals of applied character concerning realization of competitive strategies of innovative-investment development of subjects of agricultural production are substantiated. Key words: competitive strategies, subjects of agricultural production; innovation and investment development; competitiveness management.

FORMING THE CONDITIONS OF INNOVATIVE DEVELOPMENT OF ENTERPRISES IN THE TRANSFORMATION ECONOMY

The aim of the article is to study the innovative capabilities of a production enterprise, it is determined that the inefficient use of innovative ideas by enterprises results from the need to increase the economic development of industrial enterprises and the introduction of innovative ideas and projects, as well as the development of a model of innovative development of the corresponding type. The subject of the study is: factors of generating signs of innovation, the influence of scientific and technical developments on the industrial enterprise is determined. The analysis of the existing structure allows us to determine precisely the priority directions of innovative development in the conditions of global changes and integration into the world economic space of post-socialist enterprises, taking into account constructive and key factors ensuring their resultant effect. In addition, a closed scheme of the formation of a system of strategic innovation development, which will allow the verification of the adequacy of predictive values and ensure the achievement of strategic innovative performance of the business entity, is proposed. Methodology. The article uses classical methods of scientific research, among which are: observation, scientific abstraction and comparison, analysis and synthesis. Results. The conducted research is based on the thesis that structural and dynamic shifts within the production enterprise and their transition to a qualitatively new level of economic growth are only possible if active development of innovative resources of different nature will increase the ability of the enterprise to self-development, improve competitive positions, and make it possible to become an equal partner in the world community. Practical implications. Explains the complex causes of the current state of industrial enterprises, namely, former socialist enterprises, their problems were identified, and the ways of the enterprises’ exit to the new level of development are proposed taking into account the constitutive and key factors of ensuring the effectiveness of the innovation activity itself. The closed-loop scheme of strategic innovation development of a production enterprise is suggested in the practice of management that will protect an enterprise from the inefficient use of innovative resources and innovative opportunities on the basis of a counter-check on the adequacy of the constructed forecasts and the feasibility of carrying out innovative changes and attracting investment resources. Value/originality. This research was carried out within the framework of the scientific work of the Department of Theoretical and Applied Economics of the National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute” (№ 0112U007817) on the theme: “Globalization of the directions of formation of industrial potential in conditions of post-industrial transformation”.

Establishment of Priority Development Areas in Transbaikalia: Problems and Prospects

The problem of advanced socio-cultural development of Zabaikalye Territory is considered in the context of its entering into entity composition of the Far Eastern Federal District. The need of searching the mechanisms to advance the region’s development is preconditioned by considerable lagging of Zabaikalye in the socio-economic development indicators from the FEFD entities. Establishment of the priority development areas is considered as one of such mechanisms. The possibility of their establishment is assessed in terms of the historical experience that Zabaikalye has in establishing territories and zones beneficial terms and preferences. The article makes assessment of this experience, analyses the factors that determines the results of using the mechanisms provided. It demonstrates that establishment of the territories with beneficial business terms did not exert a considerable impact on the rates of economic growth and results of social development in Zabaikalye Territory during all stages. In the capacity of competitive advantages the region had to create special economic zones, free economic zones and priority development areas, the Territory used the mineral resources endowment, the geographical position at the border with PRC. In order to assess the prospects of establishing the priority development areas in Zabaikalye, the article presents the well-known theoretical approaches of P. Krugaman and N.V. Zubarevich, shows that the competitive advantages of natural character do not provide a sustainable socio-economic growth. It substantiates that acceleration of developing the territories and levelling out the socio-economic differences can be made possible on the basis of developing the human potential and the sector of social services. The authors voice concerns that in the existing terms of Zabaikalye Territory’s degradation Establishment of the priority development areas is problematic. Prospective use of the benefits and preferences claimed for in the Project of Establishment of PDA «Zabaikalye» require priority development of the social sector, provision of the social levelling-out. The need to activate the social processes and to form the regional development program that meets the complexity of the socio-economic situation is determined by the growing completion level between the microregion’s entities for attracting investment resources. In this situation, the Zabaikalye Territory’s odds to permanently take a hold on the periphery of the FEFD socio-economic development are rather high.

FARM HOUSEHOLDS AND THEIR ROLE IN THE DEVELOPMENT OF THE AGRICULTURAL ECONOMY SECTOR

FARM HOUSEHOLDS AND THEIR ROLE IN THE DEVELOPMENT OF THE AGRICULTURAL ECONOMY SECTOR

Current Problems Of Accounting Investment Activities Of Enterprises Of Ukraine

In connection with the strong development of production processes and the economy of the country as a whole, the question arises about attracting financial investments for the company and improving the investment climate in general. In the context of the protracted economic crisis in Ukraine, the issue of attracting and improving investment processes becomes a priority. After all, thanks to the financial investments of the investors, the enterprises are able to improve the quality of their products, to upgrade the equipment, which enables not only to lose a potential buyer, but also to enter new markets, including European ones. So, we can say that Ukraine is a rather promising country for the investor, but a range of diverse problems makes it less appealing for attracting investment resources and foreign partners. Overcoming the existing problems and implementing the proposals will create the preconditions for improving the investment climate in the country. In the study of financial investment as an accounting object it is important to note that in these market conditions, the investment process is quite important, necessary and very relevant today. This is confirmed by the annual statistics on the volume of financial investments made in the country's economy. In general, financial investments are an important element of the functioning of firms. They provide financial stability and enable companies to apply the latest technology, improve quality and put into practice ideas and inventions. Under such conditions, it is important to identify and find ways to overcome the current problems of accounting for financial investments in Ukrainian enterprises.

Фінансове регулювання розвитку територіальних утворень: методи та інструменти

Досліджено проблему фінансового забезпечення соціального, економічного та екологічного розвитку територіальних громад України в умовах децентралізації влади; запропоновано нові підходи до визначення взаємовідносин державного бюджету з місцевими бюджетами; визначено джерела фінансових ресурсів території та проаналізовано можливості їх залучення; здійснено огляд наукових підходів українських вчених-економістів щодо класифікації джерел фінансового забезпечення територіальних громад; доведено що вирішальна роль у забезпеченні розвитку територіальних утворень належить державі та її соціально-економічній політиці щодо збалансованого розвитку економічно відсталих та слаборозвинених територій. Досліджено сучасний інструментарій фінансового регулювання розвитку територіальних утворень в умовах децентралізації; проведено класифікацію інструментів фінансового забезпечення розвитку територій на бюджетні та позабюджетні; обґрунтовано необхідність залучення додаткових джерел фінансових ресурсів у територіальні утворення; розроблено механізми залучення потенціалу фінансово-кредитних установ території, фондового та страхового ринків для фінансування програм регіонального розвитку; розроблено механізм залучення інвестиційних ресурсів для фінансування програм регіонального розвитку; запропоновано ефективні методи формування, розподілу і перерозподілу фінансової бази регіону; систематизовано кількісні та якісні параметри фінансового забезпечення збалансованого розвитку.

Современные инструменты привлечения инвестиций в предпринимательский сектор Республики Таджикистан

The paper discusses some actual problems of attracting investment resources, and considers many investment instruments that can increase the access of the business sector of Tajikistan to external financing of investments.

The mechanism of attracting investments in modernization of public utility facilities

The purpose of the study is to develop theoretical provisions and practical tools for attracting investment resources for the renewal of the fixed assets of the housing and communal services enterprises (hereinafter Housing and Communal Services). In the article the condition and reveals, the trends in the development of the housing and communal services have been analyzed, the forms and methods of the attracting investment resources have been explored, a model for identifying the most priority projects for the reconstruction and renovation of the communal infrastructure have been formed, a mechanism for searching for and attracting extra-budgetary sources of the investment has been developed, and an algorithm for monitoring the effectiveness of the using extra-budgetary sources of the investment has been formed. The research was carried out using a system approach, economic and mathematical modeling, general scientific methods, methods and statistical analysis. The processing of the information obtained through analysis and modeling was carried out using modern methods that support collection procedures.

CURRENT STATUS AND PROBLEMS OF FINANCIAL PROMOTING OF SUSTAINABLE DEVELOPMENT OF AGRO-INDUSTRIAL SECTOR

Introduction. At the current stage of development of the economy of Ukraine the agro-industry sector acts as a kind of locomotive and determines its volume, supply and value of the main types of food for the population. It greatly affects socio-economic development state, forming 14% of gross value added and more than 40% of exports of countries. Almost 90% of the food needs of the country's population satisfies for the expense of domestic production. Active development of the world markets for agricultural products requires the formation of an effective one mechanism of financial support of production and investment activity agro-industrial sector of Ukraine taking into account global sustainable goals development. Purpose. The purpose of the article is to find out the features, trends and problems of financial support for the sustainable development of the agro-industrial sector of the economy, substantiation of directions for its improvement Results. The article focuses on the issue of financial security of sustainable development of the agro-industrial sector of the economy, indicators that affect the volume of sales revenue enterprises of the agro-industrial sector. The structure of the sources of financial support of the enterprises of the agro-industrial sector is analyzed and positive and negative tendencies towards its formation are found out. The features of the formation and use of profit as the main source of formation of own capital of enterprises of the agro-industrial sector are analyzed. It is revealed that there is a tendency to decrease the profitability of indicators of enterprises negatively affects the financial security of their sustainable development. Conclusions. It is substantiated that in order to improve the system of financial support for the sustainable development of agro-industrial enterprises the sector needs: – to apply anti-crisis measures, which include the mechanism of the state financial incentives for socially responsible ecologically safe business entities; – to develop a mechanism for state financial incentives production of organic agricultural products; – to develop effective regional strategies for attracting investment resources taking into account the peculiarities of each region's development; – to develop an effective mechanism for lending agro-industrial the economy sector.

Peculiarities of Implementation Export Credit Agency in Ukraine: Investment Aspects

This study examines the role of the ECA as an important element in the system of attracting investment resources. The functioning of the ECA is seen as an institutional stimulus for improving investment climate, promoting export, increasing the competitiveness of the national economy and developing export potential in both the private and public sectors. The author examines the opportunities that ECA creates in financing capital investment, which is especially important for state-owned companies in Ukraine. The author emphasizes the importance of ECA in creating conditions for attracting financial resources on favourable terms for state corporations which seek to purchase foreign expensive equipment, that do not have analogues on the domestic market. Major objective of this study is to develop recommendations concerning creation prerequisites for practical implementation of ECA in Ukraine. The author proposed new financial instruments which with support from international donors will contribute to the effective activity of ECA in Ukraine. These include the instrument of the provision of guarantees to the national EСA for the entry into international capital markets - ECA's emission guarantees; guarantees of support of EСA`S projects that will facilitate the cooperation with foreign financial institutions; as well as financial instruments that will perform the compensatory function of equalizing market interest rates for large projects and for long periods of time. The importance of establishing the register of Ukrainian state-owned enterprises which will be included into the ECA`s program in cooperation with IMF, WB, EBRD and other IFOs is emphasized.

Investment Support of Management Competitiveness of Regional Industrial Complexes

The role of investment support of management competitiveness of regional industrial complexes was researched in this paper. It is noted that in order for regional industrial complexes to be competitive on the national and world markets, significant financial investments in the development of regional industries are needed. Formation of a quality system of investment support for the development of industry at the regional level is a priority task for the development of regional economic systems. It is established that in order to create an effective system of management competitiveness of regional industrial complexes it is necessary to implement a set of actions that will promote the development of industry and its investment provision with a view to qualitatively attracting investment resources through various forms of investment. The need to create a mechanism for investment support of management competitiveness of regional industrial complexes is revealed, which should contain the following blocks: legal, organizational and regulatory. The mechanism of management competitiveness of regional industrial complexes should operate in a mode that is given by this subsystem, and content is a set of consistent implementation processes that determine the complex management impact on all management objects that participate in the activities of regional industrial complexes. It is established that the state’s current economic policy in ensuring the development of Ukraine’s competitiveness should take into account such steps as harmonization of internal standards with international ones, creation of the same competitive conditions, development of human and intellectual capital, protection of property rights. It is concluded that the complex of actions proposed by the author to create an effective system of management competitiveness of regional industrial complexes determines the main forms and methods of stimulating investment in industry and allows to create conditions for efficient competitiveness management of regional industrial complexes.

Investments are the basis of economic integration of Abkhazia and Russia

The article identifies factors influencing investment process, forms of attracting investment resources, identifies the preconditions necessary for the formation of a favorable investment climate and the role of public authorities in management and regulation of investment activity. The necessity of attracting Russian investments in the real sector of the economy of Abkhazia, which promote the modernization and development of the economy on the innovation basis, is substantiated. Investment interaction is developing process, during which its participants come together to form relatively stable economic relations of production and structural nature. Moreover, the relations prevailing in the investment area between Abkhazia and Russia, allied countries and strategic partners, the investment interaction form a close integration of communication.

Капітальні інвестиції як основний елемент розвитку НТП на підприємствах машинобудівної галузі України.

The article considers various scientific approaches to the definition of the concept of This allowed us to analyze in more detail such an economic category as investment. With the help of scientific methods of cognition, the author offered his own interpretation of the concept of investment, which allowed to deepen this concept, to supplement it. In conditions of stable crisis processes in the country's economy, the question of the expediency of developing knowledge-intensive industries remains open. Scientific and technical development of the machine-building industry of Ukraine is impossible without attracting investment resources. Therefore, the development of investment processes at machine-building enterprises is justified. Investments in capital assets are key to the sustainable development of not only a single industry, but also the economy of the country as a whole. The transition from the traditional policy of investment activity to the expanded policy of the investment process at the machine-building enterprises made it necessary, on the other hand, to look at the urgency of the issue of capital investments. On the basis of research on this issue, the author proposed his own interpretation of the concept of investment, as an investment in the acquisition, production by own forces, modernization, reconstruction, for own use, on the basis of sound risk, material non-current assets, intangible assets, financial non-current assets, service more than one year. The question of the sources of capital investment of the machine-building enterprises of the country is still open. Therefore, it is advisable to further study the issue on the part of the need to involve both centralized and decentralized financial resources in order to obtain the necessary investment result. They should be the scientific and technological development of the industry with the subsequent increase in the profitability of machine-building enterprises.