Financing Of Capital Investments Research Articles

ANALYSIS AND PROSPECTS OF ATTRACTING INVESTMENTS TO THE ECONOMY OF THE REPUBLIC OF KARAKALPAGISTAN IN STATISTICAL METHODS

This article analyzes the prospects for attracting investments in the fixed capital of the economy of the Republic of Karakalpakstan, the variety of regulatory methods, factors affecting the dynamics and organization of investment processes, the state of investment support in the Republic of Karakalpakstan. KEYWORDS: Fixed capital, foreign investors, funds of local investment companies, financing of capital investments at the expense of state and local budgets, statistical research of investment activity.

SYSTEMIC AND STRUCTURAL CHARACTERISTICS OF INVESTMENT ACTIVITY IN UKRAINE

Investment activity is an important component of the financial and economic mechanism of the national economy. In the socio-economic turbulence inherent in Ukraine, significant challenges for the development of the state and its national economy, the role of investment activity in supporting socio-economic development at both the micro and macro levels is growing significantly. In this context, special attention is paid to the main characteristics of investment activity, and the subject of study is revealed in its systemic and structural features. The purpose of the article is to determine the systemic and structural aspects of investment activity in Ukraine, taking into account the influence of exogenous and endogenous drivers both at the level of enterprises and the state. The methodology used in this article consists of a systemic and structural analysis of investment activity in Ukraine, including the study of key components and factors, comparative analysis with other regions, and sectoral analysis. This comprehensive approach makes it possible to identify challenges and opportunities in the investment climate, which ultimately leads to the formulation of practical recommendations for improving investment activity in the country. The article examines the nature of investment activity in Ukraine at the current stage, emphasizing its systemic and structural aspects. The main risks and limiting factors for the adequate development of investment activities in Ukraine were identified both at the micro- and macro-levels. The main challenges to investment activity in Ukraine were studied with a focus on the main groups of stakeholders. Within the framework of the study, the main trends of investment activity in Ukraine were analyzed from the point of view of its system and structural architecture. The trends in the sectoral structure of foreign direct investments, as well as in the leading countries of their receipt are highlighted. The structure of the development of capital investments by spheres of economic activity, as well as the peculiarities of the financing of capital investments in their structural aspects were studied. In conclusion, based on the results of the research, scientific and practical proposals were made to support the development of investment activity in Ukraine in financial and economic, regulatory and legal, communication and promotion aspects. The conducted research can be useful for professional researchers, experts in financial and investment sphere, professional investors, business associations, financial institutions and state authorities. Prospects for future research are an extended analysis of the issues of the essence of investment activity from the point of view of its critical challenges for the creation of added value for stakeholders of different levels in a turbulent environment.

СУЧАСНІ ТЕНДЕНЦІЇ РЕАЛІЗАЦІЇ ДЕРЖАВНОЇ ФІНАНСОВОЇ ПОЛІТИКИ АКТИВІЗАЦІЇ ІНВЕСТИЦІЙНОЇ ДІЯЛЬНОСТІ

The article is concerned with studying the current trends in the State financial policy of intensifi-cation of investment. The analysis of capital investments as one of the main target indicators of the State financial policy of activation of investment activity is carried out. The scheme of influence of the instru-ments of the state financial policy of activation of investment activity on the main sources of financing of capital investments is proposed. The article considers tax incentives as an instrument of the State financial policy of activation of investment activity, which provides for the impact on the financial result of enterprises.In addition, the efficiency of using such instruments as public investment and investment loans is analyzed.It is established that tax depreciation and tax benefits have an impact on the intensification of investment activity, but the effectiveness of these instruments cannot be considered high in the context of actual growth of own funds of enterprises and organizations that are used for other purposes than investment; public investment is not sufficiently effective in the context of intensifying investment activity due to the significant dominance of current expenditures of the Consolidated Budget of Ukraine over capital expenditures; investment loans in the domestic practice of the State financial.

Фінансово-інвестиційний вимір вирішення екологічних проблем в умовах нової глобальної природоохоронної архітектоніки: імплементація передового іноземного досвіду

It is substantiated that under wartime conditions, formation of a new global nature protection architectonics and decentralization of power, the solution of ecological problems of socioeconomic development passes into a new financial and investment dimension, which requires diversification of sources of financing of capital investments and current costs in environmental protection. It is determined that in the dynamics of the nominal amount of financing of capital investments and current expenditures in environmental protection in the context of the main nature protection measures in 2000–2020, in general, there is an upward trend, which is caused by inflation-devaluation processes, rather than a real increase in assignations to environmental projects both in the public and corporate sectors. It is identified that in 2000–2020 there was a significant difference between the amounts of financing of capital investments and current expenses in the direction of increasing the amount of financial support for the operation and maintenance of environmental infrastructure, rather than their renovation and modernization. It is substantiated that the chronic deficit of financial and investment support for solving ecological problems is caused by excessive unification of sources and methods of financing the renewal of the network of environmental infrastructure objects and rationalization of the use of natural raw materials, which requires diversification of fiscal, budgetary and credit investment instruments of the environmental protection industry. It is determined that increasing investment flows in the environmental sphere of Ukraine depends on the inclusion in the range of priorities of the national environmental policy of the dominants of international environmental conventions, primarily the New Climate Agreement, which will allow obtaining financial preferences from global environmental funds and foreign governments. It is substantiated that the intensification of environmental activities at the level of local self-government will become possible due to an increase in the share of deductions of the natural resource rent and environmental tax to special funds of budgets of territorial communities, which will ensure targeted linking of eco-resource payments to solving the most pressing ecological problems of territorial entities

ТЕОРЕТИКО-МЕТОДИЧНІ АСПЕКТИ УПРАВЛІННЯ ОСНОВНИМИ ЗАСОБАМИ БУДІВЕЛЬНИХ ПІДПРИЄМСТВ

In the conditions of war, a decrease in the number of available resources, and the growth of global competition, only those producers who are able to effectively use resources, in particular the main means of production, can function successfully. Despite the significant number of developments, it is important to further research issues related to the management of fixed assets of construction enterprises.
 The purpose of the article is the systematization of theoretical and methodological approaches to the management of the main means of construction enterprises.
 Approaches to determining the essence of fixed assets are systematized. The systematization of approaches to defining the essence of the concept of "main means" showed that the main means should be understood as means of labour used to influence the objects of labour to obtain the final product.
 It was determined that fixed assets are classified by the nature of participation in the production process, by industry, by use, by groups, depending on the impact on the production process, by sources of acquisition.
 Management of the company's fixed assets involves constant monitoring of the existing composition of fixed assets and its comparison with the obtained financial results. Management of fixed assets should be carried out throughout the entire life cycle of the fixed asset object.
 The main methodological approaches to the assessment of fixed assets are summarized. Indicators that characterize the state of management of fixed assets can be divided into the following groups: provision of the enterprise with fixed assets; assessment of the technical condition of fixed assets; intensity of movement of fixed assets; assessment of the use of the active part of fixed assets; efficiency of use of fixed assets; management indicators.
 Prospects for improving the state of management of the capital assets of construction enterprises have been determined. Amortization policy is the most effective tool for revitalizing investment processes. Depreciation policy provides a reliable internal source of capital investment financing.

Corporate Governance Reforms in State Enterprises & Parastatals and Capital Investment Financing in Zimbabwe

Corporate Governance Reforms in State Enterprises & Parastatals and Capital Investment Financing in Zimbabwe

Corporate governance reforms in state enterprises and parastatals, and capital investment financing in Zimbabwe

Corporate governance reforms in state enterprises and parastatals, and capital investment financing in Zimbabwe

CAPITAL INVESTMENTS IN UKRAINE: ANALYTICAL EVALUATION AND DIRECTIONS OF INCREASING INVESTMENT ATTRACTIVENESS

The purpose of the paper is to study the current state of capital investments in Ukraine, to identify areas to improve investment attractiveness. Methodology The theoretical and methodological basis of the study are modern theories of market economy. The following methods were used in the research: inductive, deductive, analysis and synthesis, historical and logical, graphic. Results. It is established that the economic activity of individual economic entities, regions and the country as a whole is largely characterized by the volume and forms of investment. Development of the state is impossible without a sufficient level of investment, their focus on priority sectors of the national economy and effective use. Investments are an important factor of progressive development of any economic system. The obstacles to the effective implementation of the investment mechanism are indicated. It was found that the volume of investment in the domestic economy remains low due to an unfavorable investment climate caused by an imperfect legislative framework, underdeveloped stock market and financial and credit system, strong tax pressure, inefficient use of depreciation deductions, and low level of transformation of savings of the population into investment. The analytical assessment of capital investments in Ukraine, the dynamics of their change, by types of economic activity in 2016-2020 was carried out. The volumes of capital investments in Ukraine by types of assets in 2016-2020 were studied. The sources of financing of capital investments and their structure are characterized. The directions of increasing investment attractiveness are defined. The most priority directions are replacement of worn-out machines and equipment, automation and mechanization of the production process, reduction of production costs and environmental protection. Practical implications. As a result of the study, priority areas to improve the investment attractiveness of business entities, which will contribute to investment security, through a balanced and sound public policy to support investment activities and implementation of the proposed recommendations for businesses and public authorities.

Indicators of State Financial Support for Capital Reproduction in the Agricultural Economic Sector: The European Union and Russia

Financial support of the agricultural sector of the economy in the current context is the leading function of state regulation since it is strategically important for national security. The effectiveness of state financing of the agricultural sector of the economy involves ensuring the positive dynamics of its development and establishing appropriate estimate indicators. In this regard, the cost and streams of state financial support for the agricultural sector of the economy should be as effective as possible. The purpose of the article is to substantiate the priorities of state financial support for the capital reproduction in the agricultural sector of the Russian economy based on a comparison with the European Union. The article clarifies the essence of various approaches and mechanisms, as well as indicators of state support for the agricultural sector of the economy of the EU and Russia, indicators of agricultural production volumes supported by the state, as well as nominal protection coefficients (NPC). The authors conclude that the financial policy of capital reproduction in the agricultural sector of the Russian economy is aimed at ensuring its long-term sustainable expanded intensive innovation-based reproduction. At the same time, the key to its implementation is a clear identification of the mission of financial policy, strategic and tactical tasks, ensuring their feedback and adaptation to changes in the internal and external environment of the agricultural sector of the economy, as well as considering the risks of capital reproduction. At that, the basis for supporting producers in the EU is the financing of capital investments of farmers, while the basis for supporting producers in Russia is providing support based on commodity products.

СУТНІСТЬ ПУБЛІЧНИХ ФІНАНСІВ ТА ЇХ МІСЦЕ В ФІНАНСУВАННІ КАПІТАЛЬНИХ ІНВЕСТИЦІЙ ЧЕРНІВЕЦЬКОЇ ОБЛАСТІ

The article reveals the essence of public finance as the main tool of the mechanism of regulating financial stability and achieving optimal efficiency of fulfillment of obligations in the process of providing public goods within the financial capacity of the state. After all, in the context of political and financial crises, the military situation in the east, the COVID-19 pandemic, the inadequacy of social development and economic transformation, the need to ФІНАНСИ, ГРОШІ І КРЕДИТ 124 Випуск IІ (82), 2021 study the effectiveness of such a regulatory mechanism is particularly acute. The main scientific approaches to the formation of public finance, which should be considered as a basis for purposeful public administration and is characterized by a set of measures to influence the socio-economic development of Ukraine. The factors influencing the amount of public finances and the ability of the state to perform its functions of financing various expenditures and development programs are studied. The main factors that caused the negative trends in the formation and use of public finances, as well as the shortage of public financial resources are identified. In order to study the decentralization direction of local self-government development and the participation of state support for regional development, the dynamics of the total amount of public finances as a source of financing capital investments of Chernivtsi region is analyzed. The task of determining the volume of participation of public finances in the financing of capital investments is realized by carrying out a structural analysis of the sources of financing of capital investments in the region. The main problems of public finances are considered and proposals are presented, the implementation of which will balance the market economy, correctly determine the amount of resources needed for the state, improve the efficiency of formation and use of budget funds, overcome corruption, reduce abuse in tax reporting by businesses, optimize social programs and benefits and have their financial support.

Діагностика інвестиційного забезпечення розвитку регіонів України

On the basis of a systematic approach, a meaningful analysis of the volume of capital investments in the context of the regions of Ukraine was carried out and the importance of increasing investment support for the territories that underwent decentralization changes was determined. The analysis of the sources of financial support for capital investments in the regions of Ukraine is carried out and it is shown that their overwhelming share is the own funds of enterprises and organizations, and in second place in terms of their share in the sources of financing of real investments are funds from local budgets. The analysis of own funds of enterprises and organizations in the sources of financing of capital investments in the regions of Ukraine was carried out. As a result of diagnostics of investment support of development of regions of Ukraine, the main factors of influence on this process are revealed.

АНАЛІЗ ТА МОДЕЛЮВАННЯ ВПЛИВУ ІНВЕСТИЦІЙНИХ ВКЛАДЕНЬ НА РОЗВИТОК ЕКОНОМІКИ УКРАЇНИ

Recently, the investment sphere has become an increasingly relevant topic for many countries of the world. The limited ability of the state to invest in its own economy determines the search for external sources of financing - foreign direct investment. Implementation of the investment strategy of economic growth of any country requires constant monitoring of the state and development prospects of the investment sphere. A real display of the actual results of the analysis of investment deposits contributes to a clear understanding of the features, problems and prospects for the development of the investment process. This is essential for the development of timely and effective country-level solutions. The article is devoted to modeling the impact of investment in the country's economy, especially with the effect of delay. The article analyzes the modern dynamics of investment indicators, the structure of funding sources and highlights the prospects for development. The role of the state through budgetary investments in the growth of the country's economy beyond the boundary threshold of A. Fuente, which is at a two percent level of the country's GDP, has been investigated. The dynamics of the rate of change in the annual GDP and the share of state financing of capital investments in Ukraine is analyzed. The analysis of investment security by basic indicators has been carried out. The percentage ratio between the volume of investments to GDP was determined and analyzed (the threshold value of the indicator is not less than 25%). The dynamics of foreign direct investment (cumulative growth) in Ukraine is approximated by a fourth-degree polynomial. The relationship between the volume of exports and imports of foreign direct investment and the growth rate of the country's economy, namely GDP, has been determined. A model is built with the effect of saturation of the dependence of GDP on foreign investment by the Koyck method. The constructed multivariate and lagged models can be used in assessing and forecasting the volume of FDI and GDP in Ukraine for the future. The coefficients of the lagged model were calculated, which confirmed the hypothesis of Butnik O.M. about the slowdown, attenuation of the pace of economic development without external foreign investment (analogy with a closed oscillating circuit).

PROBLEMS AND GUIDELINES OF THE DEVELOPMENT OF CONSTRUCTION ENTERPRISES IN THE CURRENT CONTEXT OF ECONOMIC ACTIVITY

Abstract. The study was aimed at revealing the problems were faced by domestic enterprises of the construction industry and enterprises of related industries of the national economy of Ukraine, which are customers or consumers of construction products. The importance of efficient work of construction enterprises for the economy as a whole was substantiated. It was emphasized that the search for mechanisms to improve the efficiency of the construction industry is complicated nowadays by processes of intensification of the political and financial crisis in Ukraine, which also are slowing down the development of integration processes into the European Economic Area. The decisive role of creating a favorable investment business climate, the consistent transition from domestic to European standards in construction, the reforming the legislative and regulatory framework in the industry have been defined. According to the official data of the State Statistics Service of Ukraine, the dynamic of the volume of construction products was analyzed and the trends and consequences of changes in the industry were substantiated. It was proved that the efficiency of construction enterprises depends on a number of factors that are specific to enterprises in this industry, the main of these factors are: the use of construction products is possible only at the place of its production and there is a significant dependence of the industry on natural factors that in case of the unplanned events have negative affect to the duration of the technological cycle and lead to additional loss of resources; features of temporary interaction between enterprises and organizations of different sectors of the national economy during the creation of construction products necessitates technical-economic and technical-technological intra-and inter-industry links. It was emphasized that the systematized characteristics of the industry are the prerequisites on which the anti-crisis strategy of enterprise development should be based, which determines the priority directions of development and the mechanism of their financing. The analysis of the structure of sources of financing of capital investments in Ukraine was carried out. The complexity of the conditions of operation of construction enterprises was proved, which increases the responsibility and independence in making management decisions to ensure the efficiency of their economic activities in the current conditions of integration into the EU. The guidelines for the development of construction enterprises were outlined, taking into account the current trends in the industry and the economy of Ukraine as a whole, which will further form an anti-crisis strategy for the development of the industry aimed at integrating the domestic economy into the European Economic Area.

Capital Investment as a Component of State Investment Policy at the Regional Level

The article examines the processes of inflow of investments into the economy of Ukraine, highlights the main problems and factors affecting investment activity and investment attractiveness of the country and regions. Functions of investments without which effective management and development of the economy of the state are impossible are considered. The peculiarities and tendencies of the investment activity in Ukraine are revealed, the ways to intensification of attraction of capital investments are determined. It has been found that the process of attracting capital investments in the Ukrainian economy has significantly slowed down due to the political and economic crises of recent years. As a result, the financial condition of enterprises has deteriorated, the number of unprofitable financial institutions has increased, the volume of bank lending to enterprises has decreased, the investment activity of foreign investors has decreased. Attention is drawn to the fact that the successful realization of the objectives of the socio-economic development of the regions depends on the efficiency of the organization of the investment process. The revitalization of the investment process is the main component of economic requirements, which are intended to identify real changes in the structure of the economy of the country and the region, to accelerate the transition of the economy to a qualitatively new level of industrial development, to improve the quality of domestic products and its competitiveness in the world market, to contribute to overcoming interregional disproportions, to provide growth in the state. The dynamics and structure of capital investments in Ukraine and Kharkiv region in 2017-2019 are analysed. The structure of capital investments for this period by sources of financing, types of economic activity, types of assets is studied. The conclusions on the materiality of the changes and direction that have occurred during this period have been made, the positive and unfavourable changes in the formation of capital investments have been characterized. It is determined that the socio-economic development of Ukraine is impossible without sufficient financing of capital investments. First of all, it is about modernizing the production of high-tech and competitive high-value-added goods and increasing their exports, as well as the introduction of innovative and energy-saving technologies. It is stated that the conditions for attracting investment in Ukraine are political, economic and financial stability, investment guarantees, improvement of legislative acts regulating investment activity and general improvement of the investment climate. Keywords: investment activity, capital investments, dynamics, structure, economic development, investment processes.

Depreciation as a source of investment resources of an agricultural enterprise

Purpose. The aim of the article is generalization of scientists' approaches to the recognition of depreciation as a source of investment resources of agricultural enterprises and development of practical recommendations on the use of depreciation as a component of their own financial resources in order to recreate the material and technical base of farms in the corporate sector of the agrarian economy. Methodology of research. The following general scientific methods are applied in the course of the study: analysis and synthesis of generalized opinions of scientists on the treatment of categories of “depreciation” and “amortization”, concretization and abstraction – in the development of measures to create a unit depreciation and investment fund, systematic and complex approaches to obtaining evidence the roles and locations of depreciation, as sources of investment resources of agricultural enterprises, as well as abstract and logical methods of research – in determining the economic feasibility of indexing fixed assets. Findings. It has been proved that the formation of depreciation charges by agricultural enterprises is an important instrument for stimulating investment activity. It is proposed to exempt from the income tax part of the taxable profit that participates in the formation of the investment financing fund, in the form of indexation of accumulated depreciation, taking into account the level of inflation. It is established that depreciation can be considered in the market economy as a source of financing of capital investments on the basis of its financial component – real funds in the proceeds from the sale of goods (products, works, services), which should be accumulated for the purposeful use. Originality. The feasibility of introducing a production method of depreciation for 4-5 groups of fixed assets in crop production in the formation of costs to determine profit before tax. In order to increase the role of depreciation as a source of updating and modernization of agricultural capital, it is advisable to: develop a new tax strategy, in particular, preferential taxation, introduce an additional tax burden when using depreciation not for the intended purpose; to pursue an active policy of accelerated depreciation and to introduce methods of state control over the targeted use of depreciation; to use the instruments of state support of accumulation of depreciation in the form of real money in deposit or special accounts with banks; to create regional unitary amortization and investment funds with state participation. Practical value. The proposed method of formation of the fund will allow enterprises to store depreciation resources that are directed to reproduction of fixed capital in their indexed value terms that is, taking into account inflation, which will facilitate the conduct of extended reproduction of production by modernization of the technical base. Obviously, such an approach to the formation of a depreciation accumulation fund is possible only with the break-even operation of agricultural enterprises. In the case of an unprofitable operation of the enterprise, depreciation deductions are directed to cover the losses and have no purpose. This means that depreciation for the recovery of property, plant and equipment is absent, which leads to the conclusion about the crisis. Key words: depreciation; investment; agricultural enterprise; reproduction; fixed assets.

State regulation of development of investment programs in the sphere of construction in the conditions of cyclicality of the economy

The article is devoted to determining the effect of cyclicality on the development of the Ukrainian economy and the implementation of state investment programs in construction.The purpose of the article is to substantiate the feasibility of state anti-cyclical regulation of construction through the implementation of state investment programs and to develop proposals for the structure and order of formation of the appropriate organizational and economic mechanism. To do this, the impact of cyclicality on the development indicators of the construction industry should be determined, and the nature of the relationship between Ukraine's GDP of construction and investment activity and the list of public investment programs related to construction should be considered. The main indicators chosen to determine the economic cycles are GDP, GDP of construction. The state investment programs, which are directly or indirectly related to construction, are reviewed, ways and methods of their state regulation are determined. State support for the implementation of investment projects is provided by: co-financing at the expense of the state budget, providing state guarantees in accordance with the law on credit funds for the implementation of investment projects, crediting at the expense of the state budget funds, offsetting from the state budget interest on loans necessary for the implementation of investment projects .The analysis of sources of financing of capital investments in Ukraine for the years 2002-2018 was carried out, we determined that the share of state and local budgets in the sources of financing was the largest in 2014 (15%), 2010, 2017 and 2018 (more than 10% ). Moreover, the share of public investments is gradually decreasing, while the financing of investment projects at the expense of local budgets increases annually.It is determined that increasing the financing of state investment programs at the bottom of the economic cycle can stimulate the growth of the economy in the next phase. State regulation of investment programs in the construction sector is an effective tool for counter-cyclical economic management.

Methodology for Determining the Factors that Affect the Current State of Implementation of Investment Strategies in Public Administration

The main feature of the modern state investment policy is the creation of conditions for extending extra-budgetary sources of financing of capital investments and attraction of investments of own and foreign investors in the economy of the country based on the further improvement of the regulatory framework and state support of productive investment projects. State regulation of the investment process is carried out to implement economic, scientific and social policies. The constructed classification can be used by the heads of public administration institutes in developing business plans for investment projects, creating a model for managing an investment project, monitoring the implementation of a business plan for an investment project, developing regulatory management decisions aimed at adjusting the business plan and actions of executors of the investment project.

An option pricing approach to corporate dividends and the capital investment financing decision

AbstractIn light of a growing trend toward viewing dividends as an investable asset class, this article opens up a new perspective on their valuation. We show that dividends can be viewed as options on the cash flow of the firm. That is, a firm either pays zero dividends, in which case the option expires out‐of‐the‐money, or it pays a positive dividend, the value of which corresponds to the option's moneyness. The exercise price is determined by the capital budget, the flexibility of the company to use external financing, and whether it has minimum and maximum dividends. The model is also capable of accommodating a stochastic capital budget, which allows for uncertain growth opportunities and their correlation with the firm's cash flows. We also present an application of the model using actual data for a large multinational company.

Problems and prospects of management of investment attractiveness of subjects of business

On the basis of the analysis of the scientific views of researchers, the essential characteristics of the category of “investment attractiveness” as an object of management are specified. According to the results of the study of macroeconomic indicators (GDP, gross fixed capital formation, financing of capital investments, financing of innovations, direct foreign investments), the current problems of investment attractiveness in the country are determined. The investment attractiveness of Ukraine is analysed in accordance with the international indices. The sequence of investment attractiveness management of business entities is proposed, where priority is given to the strategies of the financial regulation by the development of business entities. The urgency of the formation of a financial regulation strategy based on an estimation of investment attractiveness is substantiated. The priority directions of increase of investment attractiveness in the framework of realization of the strategy of financial regulation by development of the business entities, which stipulate the choice of sources of financing, optimization of the structure of capital, asset restructuring and financing of innovations are determined.

FINANCIAL AND ECONOMIC MECHANISM OF ENSURING INVESTMENT ACTIVITY OF ENTERPRISES WITHIN INSTITUTIONAL MODELS OF FINANCING THE REAL SECTOR OF ECONOMICS

The subject matter of the article is economic relations arising among subjects of investment activity within institutional models for financing the real sector of the economy. The goal of the work is the development of a financial and economic mechanism for ensuring the investment activity of enterprises within institutional models for financing the real sector of the economy with determining the optimal ratio of sources for financing investment resources on macro and micro levels when implementing the state-regulator and state-investor models of financing. The following tasks were solved in the article – the essence of institutional models for financing the real sector of the economy was determined and their main characteristics were compared; the financial and economic mechanism to ensure the investment activity of enterprises within institutional models state-regulator and state-investor was developed. The following methods were used: the logical generalization and comparison, analysis and synthesis, induction and deduction, system analysis. The following results were obtained. The basic institutional models of financing the real sector of the economy were studied; basing on the comparison of the characteristics of models where the X and Y-economies predominate, the elements of the financial and economic mechanism for ensuring the investment activity of enterprises were determined; the elements of the mechanism were systematized in accordance with the prevailing interests of the subjects of ensuring investment activity depending on the investment goal on the basis of the selected model of the economic development and financial policy in the country. A set of methods and tools that actuate economic laws in financial relations under two institutional models of financing is emphasized. The order for determining the optimum interrelation of sources of financing of capital investments on macro and micro level is offered. Conclusions. The developed financial and economic mechanism includes the procedure for selecting methods and instruments of indirect stimulation (state-regulator) or direct financial support for investment activity of enterprises (state-investor) on the basis of the selected model of economic development and financial policy in the country. At the present stage of the development of Ukraine, a financial mechanism is needed to ensure the investment activity which includes the elements of two models, where the state simultaneously acts as both a regulator and an investor (mixed type).