Intensification Of Investment Activity Research Articles

Foreign securities: Issues and prospects for the Ukrainian stock market

The analysis of the current state and identification of problems of foreign investment in Ukraine are related to various factors and aspects, including the instability of the economic environment, insufficient development of the legal framework, etc. Therefore, the study aims to analyse the circulation/use of securities and identify problems and opportunities for the development of the Ukrainian stock market. To achieve this goal, various scientific methods were used, including synthesis and analysis, formal legal and other methods. It is established that due to the implemented reforms aimed at modernisation, the financial market of Ukraine is open to investors and has expanded opportunities compared to the past. It is noted that the war initiated by Russia has led to a significant increase in the investment gap between Ukraine and other countries. It is emphasised that new measures are needed that have the potential to contribute to economic recovery in the future and strengthen its resilience to possible economic shocks. To ensure the efficiency of the investment process, it is proposed to use the most appropriate and effective strategies that should be included in the provisions of the Resolution of the Cabinet of Ministers of Ukraine “On Approval of the State Strategy for Regional Development for 2021-2027”. The author proposes an integrated mechanism for attracting foreign investment, which provides for the establishment of a favourable investment climate and intensification of investment activity. Recommendations that can be used to improve legislation on attracting foreign investment in securities have been formulated and substantiated. These proposals may be useful for the practical activities of state authorities aimed at supporting foreign investment in securities in the current stock market of Ukraine

SPECIFIC FEATURES OF GOVERNMENT REGULATION OF UKRAINE’S AGRICULTURE SECTOR WITHIN MARTIAL LAW

The article reinforces the significance of scientific research through the complications of effective state regulation of Ukraine's agricultural sector, both during martial law and in the context of ensuring its long-term development in the post-war period. The fundamental concept of state regulation of the agricultural sector has been characterized. It has been discovered that, in the context of modern social changes, state regulation should act as a mediator in the relationships between the State, economic entities, and the population. Due to the aforementioned, the main purpose of the article is to establish the objective need for state regulation of Ukraine's agricultural sector in general, alongside the particulars of its implementation under martial law. For the determination of this aim, the following research methods were used: supervision, abstraction, scientific generalization and economic evaluation, that gave an opportunity to set forth conclusion. As a result, one of the most fundamental issues for the agricultural sector is determining the optimal combination of state regulation and self-regulation in practice. It is established that the state regulation of the agrarian sector in Ukraine under martial law has its own peculiarities related to the need to ensure national security and the responsibility to provide food for the population. To attain this objective, the author identifies the main points of vulnerability of Ukraine's agricultural sector under martial law and considers agricultural state regulation measures used to mitigate the negative impact of martial law on the state of the agricultural sector in 2023. The research concluded that, in addition to focusing on immediate problems, Ukraine's agricultural sector requires immediate attention and the creation of a long-term strategy for its future development. Furthermore, the following are the main areas of ensuring sustainable development of the agricultural sector in the post-war period: restoration of human capital and development of agricultural sector human potential; intensification of investment activity and maximum attraction of direct and indirect financial measures aimed at supporting farmers' economic activities; technological development and gradual restoration of technical capabilities for agricultural sector.

Economic growth of Ukrainian regions and determinants of financial resilience: Modeling the causal nexus

Stable economic progress and upward dynamics of economic growth in the regions depend on their level of security and ability to withstand adverse macroeconomic and other shocks, as well as the state of affairs in which risks cannot be transformed into threats and dangers. The study aims to assess the causal nexus and the level of sensitivity of regional economic growth components to changes in financial resilience determinants. The research methods include systemic and structural analyses (building an information and analytical model for studying financial resilience), Granger test (identifying causal relationships between the variables under study), risk theory (studying the nature of fluctuations), and spatial and temporal approach. Data from the regions (oblasts) of Ukraine between 2015 and 2021 form the informational and analytical basis of the study. The paper reveals that the targeted use of transfers for socio-economic progress, increasing investment capacity, and bolstering financial and budgetary autonomy through increasing local budget revenues are the dominant financial determinants of regional economic growth. The results show that the most dominant causal nexus exists between (1) budgetary efficiency, interest rates on consumer/mortgage loans, and SME development, (2) the volume of loans/deposits and labor market efficiency and SME development, and (3) innovation development and foreign economic cooperation. Intensification of investment activity is crucial for ensuring real changes in the economic structure of all regions, particularly outsiders, accelerating transformation processes, mitigating regional economic divergence, and increasing competitiveness. AcknowledgmentsThe study was conducted within the framework of the “Financial Determinants of Ensuring Economic Growth of Regions and Territorial Communities based on Behavioral Economics” project (№ 2020.02/0215) funded by the National Research Foundation of Ukraine (Competition “Support for Research of Leading and Young Scientists”).

ОСОБЛИВОСТІ ІНВЕСТИЦІЙНОЇ ДІЯЛЬНОСТІ УЧАСНИКІВ РИНКІВ КАПІТАЛУ

Further development and intensification of investment activity in the capital markets are among the main factors behind Ukraine's intensive economic growth. Increased volumes of transactions with financial assets and other liabilities in the capital markets in the economic cycle lead to a natural interest of different groups of investors in these markets, in particular, the money market, as well as the securities and derivatives markets. At present, the capital markets of Ukraine are underdeveloped and lag far behind other markets of leading countries, failing to fulfill their main function—investment. The purpose of this article is to substantiate the theoretical and methodological foundations of investment activity of various groups of capital market participants. It is determined that the main subjects of capital markets are investors—individuals and legal entities that manage investment resources and purchase financial instruments in the capital markets to receive income/profit from investment and/or to acquire certain rights that they grant to owners of financial instruments in accordance with the law. Investors are divided into individual, institutional, and corporate investors. An important step towards studying different investors operating in the capital markets is their classification. Based on a synthesis of the work of Ukrainian and foreign researchers, the author summarizes their classification by the most important features, which are interpreted in various ways, affecting investment activity in the capital markets. Yield/profitability is necessary for attracting financial resources in the capital markets, providing consultations, and covering investment risks in the process of placing and circulating financial instruments. This function is realized by investment financial intermediaries, such as brokers, dealers, and investment banks. The real basis of any investment process is a consistently implemented investment cycle, which consists of stages. Each asset management entity is an integral part of investment processes that have their own goals and interests, without which investors lose their motivation to participate in investment activities, and therefore investment activity decreases at the macro level. Each stage of the asset management process of institutional investors is characterized by the performance of relevant works and operations carried out by various participants in capital markets, which are necessary to meet investment demand through the formation of investment proposals in such markets.

Banking tools for stimulating the investment activity of business entities

The research is devoted to the investment activity of domestic enterprises in the conditions of a changing and difficult-to-predict economic environment, which is currently an extremely relevant issue. Intensification of investment activities is traditionally considered the main driver of economic growth and ensuring the expanded reproduction of production potential. The purpose of the article is to study the main factors affecting the investment activity of enterprises with an emphasis on the instruments of the national banking sector, to single out the most important of them, to investigate the strength of their influence and, on this basis, to forecast the volume of bank lending as a source of financing investment activity. Methodical approaches to the interpretation of the definition of "investment activity" were analyzed, the main factors affecting the analyzed aspect of entrepreneurial activity were identified as the basis for determining the capabilities of business entities to increase their investment activity. The possible impact on the investment activity of enterprises of instruments of the domestic banking sector and the monetary policy of the National Bank of Ukraine has been singled out and analyzed. The current state of the relationship and the stimulating effect of the banking sector's tools on the investment activity of enterprises has been studied. An econometric model of the influence of individual factors on the volume of bank lending to economic entities and, as a result, their investment activity, was built. A close interrelationship of the identified features was revealed and a forecast of possible ways of further development of the investigated aspect of entrepreneurial activity was made. The theoretical significance of the conducted research lies in the expansion of scientific views on the stimulating effect of the banking sector's instruments on the investment activity of enterprises. The practical value lies in the formation of recommendations for the integration of banking sector tools into the process of stimulating the investment activity of enterprises. We consider it expedient to direct further research in the context of research into opportunities for improving this area of activity of the domestic banking system.

USE OF MEANS OF MONEY-CREDIT REGULATION OF ECONOMIC PROCESSES: EXPERIENCE OF FOREIGN COUNTRIES WITH MARKET ECONOMY

The purpose of the article is to analyze the means of monetary regulation of economic processes in foreign countries with market economies. Monetary regulation acts both as an element of stabilizing the economic situation in the country and as one of the components of public policy. For banks, monetary regulation is considered as one of the methods of managing their activities by the central bank. It is determined that the study of improving monetary policy in the context of globalization remains relevant, especially during the implementation of anti-crisis economic policy of the state. The main goals and regulatory functions of individual tools are shown. The use of monetary policy instruments abroad in the aspect of development is analyzed. Development trends, problems of monetary policy regulation are considered. An analysis of the features of medium-term strategy and tactics in the use of instruments of monetary regulation by central banks of the United States and the European Union in the financial crisis have been done. The policy of central banks is fundamental in shaping the financial and credit and banking systems of EU member states and determines the stability of the euro and the main indicators of economic development. The monetary mechanism of economic processes regulation is considered, which includes a set of forms, tools and methods of economic activity intensification, relations and interaction between subjects and objects of regulation of economic processes and provides sustainable economic development. The basic strategies of monetary policy and broad monetary tools of monetary policy are analyzed. The main instruments of monetary policy are outlined: inflation targeting, interest rate policy, open market operations, reserve requirements regulation, and the impact on the national currency exchange rate. It is pointed out that the credit systems of leading foreign countries are quite similar in their structure, they have a number of similar features. It is noted that in accordance with the main priorities of economic policy, an important prerequisite for sustainable economic growth is the intensification of investment activities by economic means, among which the leading role belongs to monetary policy.

Оцінка рентабельності транспортної галузі України та шляхи її підвищення за допомогою активізації інвестиційної діяльності

The article is aimed at assessing the profitability of the transport industry of Ukraine, studying the factors that affect its level, and outlining ways to increase this profitability through the intensification of investment activity. The article explores issues that relate to improving profitability and always be relevant to any economic entity. It is noted that carrying out the assessment of the profitability of the transport industry of Ukraine is an urgent issue, because on the basis of the results obtained, it is possible to develop and introduce effective mechanisms to increase its level and development. The factors that affect the level of profitability of transport industry enterprises are specified. Problematic issues for the transport industry are considered, which include: lack of effective investment policy; acute shortage of financial resources for having updated the material and technical base and rolling stock; insufficient level of implementation of innovative methods and technologies in activities. An assessment of the profitability of the transport industry of Ukraine in recent years is carried out, which indicates the presence of destructive occurrences in the industry, which is caused by a number of problems, namely: economic and geopolitical crises in the country; high level of physical and moral wear of main assets. According to the results of the study, ways to improve the development of transport and transport infrastructure of Ukraine and increase its profitability are proposed. It is concluded that in the holistic system of analysis of the efficiency of enterprises in the transport industry, the profitability indicator belongs to a leading place due to the complexity and informativeness of this economic category. And for the intensive development of the industry, investments and innovations are needed to help bring transport services to a new level.

Risks of investing in the agricultural sector of Ukraine's economy in the context of modernization of the industry

Investment is an important element in modernizing agriculture. However, the studied industry is characterized by features that lead to risky activities. The purpose of the article is to study the problem of investing in the agricultural sector of Ukraine's economy and determine the degree of risks of this process in the context of modernization.
 Studies show that investment is a necessary part of modernizing the agricultural sector of the economy. The specifics of investment in the agricultural sector of the economy, primarily due to the characteristics of the industry, ie depends on a variety of climatic, social, economic, financial and other factors. A key component of the investment process is to identify effective sources of funding. The analysis shows that 90% of the total investment in agriculture in Ukraine is the own funds of enterprises and organizations. In second place - loans in the form of loans and other loans (8.6%). Investment resources of the state and local budgets are extremely low – 0, 3 and 0.1%, respectively. All risk factors of the industry can be divided into internal and external.
 Agriculture is an important sector of the economy, on the development of which depends the food security of the population. Economic analysis of the industry has shown the need for its modernization. One of the directions of modernization of agricultural production is the intensification of investment activity, which is at a low level of development due to the riskiness of the industry.

Соціальна відповідальність бізнесу: поняття, типологія та чинники формування

In the article the authors analyze the approaches to the definition of "social responsibility". The paper substantiates the relevance of implementing the principles of corporate social responsibility. The authors study the types of social responsibility and its manifestations. It is concluded that corporate social responsibility initiatives are based on four different categories, namely ethical responsibility, philanthropic responsibility, environmental responsibility and economic responsibility. The implementation of the principles of economic responsibility is extremely important, because in this case, economic decisions are made, taking into account their overall impact on both society and business. Thus, economic responsibility can improve business operations by engaging in sustainable practices. It is proposed to divide all factors influencing the formation and development of social responsibility of the company into two groups: factors of action (tax system and public administration systems; government surcharges, subsidies, rewards, etc .; creation of special funds, savings, etc .; volunteering and private initiative ; other factors) and factors of provision (development of investment activity; formation of mechanisms of motivation and stimulation of involvement in the decision of social problems; construction of effective management systems; introduction of public-private partnership). The group of factors of action influences both at the national and local levels. Provision factors are based on the intensification of investment activities, which is the basis for innovation, which in turn will provide additional cash flow and create a strong financial and economic base for the formation of social responsibility systems. The article describes one of the possible options for the process of financial and economic support of social responsibility. It is substantiated that the consideration of these factors by business entities in their activities will help increase social investment, improve the image of companies, increase their attractiveness as participants in the business environment.

Modelling an impact of enterprises’ investment activity on the level of a region’s sustainable development using fuzzy logic apparatus

The social and economic component of regional development characterizes the processes that take place with the participation of all subjects of a regional economy, which are aimed at achieving economically feasible results while ensuring stable improvement of the level and quality of life of the population. Theoretical and practical issues related to the interconnection of interests, goals and objectives of the social and economic development of systems of different levels are of great importance. It should be noted that the "points of economic growth" in the region are enterprises located in its territory. The potential of their socio-economic development can be revealed through the synergy of interests of the region and enterprises. The mechanism for achieving this can be modeling an impact of enterprises’ investment activity on the sustainable development of the region. The urgency of enhancing enterprises’ investment activity in the region, in particular – in conditions of growing unsustainable market conditions, is obvious, as ensuring the efficiency of their operation and intensification of investment activity is one of the most important functions not only of each enterprise but also the region and the state in general. In industrial regions, the regional government is interested and ready to assist in the enterprises’ upgrading, as it directly faces a lot of problems associated with their low technological level. The use of outdated technologies, physical and moral depreciation of equipment invariably cause a low level of labor productivity, high costs of manufacturing, its low quality, which leads to a decrease in the competitiveness of enterprises in the region. Such enterprises have a negative impact on the environment. All this together affects the level and quality of life of the population, which is a key indicator of the effectiveness of regional authorities. Thus, it can be noted that in modern conditions the emphasis in the transition to investment and innovation development is naturally shifted to the level of regions. Ensuring balanced social and economic development of regions in dynamic conditions of structural and organizational transformations and uncertainty is an crucial, complex and multifaceted problem, for the effective solution of which it is necessary to use effective means of economic assessment of feasibility, effectiveness and risks of socio-economic transformations, as well as appropriate means of assessments and regulations, which should include tools for indicative management.

INVESTMENT ATTRACTIVENESS OF UKRAINIAN AGRARIAN SECTOR

The article deals with the problems of investment attractiveness of the agricultural sector in Ukraine. It is defined that engaging investment in agricultural sector is based on a wide range of aspects that go beyond agricultural policy, in particular macroeconomic policy. Such coherent policy is an essential part of a beneficial investment climate for both native and foreign investors. The definition of investment attractiveness has been determined that is one of the most relevant and frequently used in economy today. It was found that for UAH1 of capital investment for the manufacturing of food and tobacco products in January-March 2019, UAH 3, 38 was accounted for agricultural sector. Rating of investment attractiveness of agrarian branches is stated. It is outlined that Kyiv and Kyiv region agro-industrial complex is ranked the first position as well as the second, third and fourth positions are shared by Zaporizhia, Dnipropetrovsk and Poltava regions. . It should be noted that over 10 years the share of investments in financial and insurance activities has significantly decreased. The foreign and native experience has been studied, and an effective transformation of the agrarian sector of economy has been established that is based on the intensification of investment activities and a significant increase in the levels of investment. It has been determined that during the period of constrained investment resources at the state level, the investment attractiveness of the region is the key requirement through which the investment strategy and investment policy of enterprises and the state as a whole are formed. Consequently, the issue of increasing relevance becomes the investment activity of individual regions and identifying promising ways to attract resources. It was determined that nowadays the priority area for investment in agriculture should be updating and modernization of agricultural equipment. Therefore, it is necessary to carry out technical re-equipment and reconstruction of livestock farms and complexes, to update the vehicles with high-quality, modern machines of the new generation. It is necessary to create a comprehensive strategy for increasing the investment attractiveness of Ukraine, which includes a number of aspects in the context of support and development of both the current comparative advantages of the economic system and the prospective ones, correspond to the development trends of the global economy and provide the foundations of Ukraine's economic safety. It is proposed that the first step in restoring investment attractiveness is the adoption of the law on state support for investment projects with substantial investments.

DIRECTIONS OF URBAN DEVELOPMENT OF INNOVATIVE INDUSTRIAL TERRITORIES (ON THE EXAMPLE OF LVIV)

The introduction of urban policy aimed at attracting innovative technologies to stimulate socio-economic development of territories, intensification of investment activities in the regions and rational use of land resources, has necessitated scientifically sound changes in urban planning - the formation of technology parks and technopolises.
 In the Lviv region, as in Ukraine as a whole, the process of forming the infrastructure of innovative entrepreneurship (business centers, business incubators, technology parks) has only just begun and has not yet received proper development. It should be noted that the significant scientific and educational potential of the Western region and in particular the city of Lviv can be used much more effectively.
 In 2025, the current master plan for the development of Lviv will end. On the eve of elaboration of the new master plan of Lviv it is necessary to define and reserve within its suburban zone the territory for construction of objects of industrial sector, including sites of innovative development (technology parks, industrial parks, transport and logistics centers).
 This choice should be associated with the planning organization and development of transport infrastructure in the region. The most promising of these positions are areas close to road junctions of international and national importance.
 Urban planning proposals for the formation of innovative production areas should be reflected in the development of investment passports of local communities in the region as a key marketing tool for informing the domestic and international business environment and promoting them to the external level to potential investors.

Investment attractiveness in the system of management and business reputation of agricultural enterprises

The article considers the issue of increasing the investment attractiveness of agricultural enterprises in terms of the effectiveness of their management system and business reputation. It is proved that in the conditions of digital transformation of the economy, as well as the manifestation of crisis phenomena, in particular, the Covid-19 pandemic, certain adjustments are made in business processes, which requires agricultural enterprises to improve the quality of management and management system in general. It is established that the effectiveness and quality of management are indicators of the level of development of the management system, which characterize the potential and actual levels of potential of the management system of any business entity. It is substantiated that the business reputation of an agricultural enterprise in terms of digitalization is a decisive factor in increasing the investment attractiveness of the organization, and the quality of the management system is characterized by the degree of development of senior managers and professionalism of employees who contribute to achieving business reputation. The components of the formation of external and internal business reputation of the enterprise, which determine the added value, are systematized in the form of a reputational premium that its owner can receive when selling his organization on the market. The definition of investment attractiveness of an agricultural enterprise as a general characteristic that reflects the efficiency and reliability of investing in the development of the enterprise includes the state, innovation and efficiency of its assets, their liquidity, solvency and financial stability, as well as strategic prospects for the industry. It is proved that the quality of the management system of the enterprise affects the business reputation of the enterprise, the awareness of investors about the profitability of the business, the profitability of shares, which contributes to the intensification of investment activities. The system of a balanced system of indicators has been adapted to assess the impact of business reputation on the investment attractiveness of an agricultural enterprise. It is substantiated that in order to protect investments, the shareholder exercises managerial influence on the enterprise, increasing investment attractiveness is formed by the investment management subsystem and the dividend management subsystem. Key words: investment attractiveness, business reputation, management system, agricultural enterprise.

Modeling the innovative development of the economy based on the investment demand prognosis

The effectiveness of innovation activity is largely determined by the relevant infrastructure which is the basic component of a developed economy. The correlation between the development of the innovative economy and the intensification of investment activity is revealed. On the basis of retrospective analysis of trends and patterns in the development of investment activity, an assessment of the resource support of the investment process in the Republic of Tatarstan is carried out. The need for advanced development of the production potential of the investment and construction complex of the region and the material and technical base on the basis of the development of the local raw material base is justified. An economic and mathematical model of the interaction of investment recourses that determine the level of innovative development of the region is proposed. On the basis of the theory of factor models, the quantitative relationships between the factors that have the greatest impact on investment development are investigated. They are: gross regional product, investment in fixed assets, the volume of contract work, the volume of investment in housing construction, the cost of research and development in the gross regional product, the share of innovation costs in industrial investment.

Investment activities of banks, insurance companies, and non-government pension funds in Ukraine

Successful solution of main problems and contradictions in the development of financial intermediaries’ investment activities largely depends on their timely detection, which is facilitated using trend forecasting models. The research aims to determine the current investment potential of financial intermediaries in the Ukrainian economy, find out the features and general problems, and identify the main perspective directions for the development of their investment activities. The article reveals the main internal and external factors and the source of development and inhibition of Ukrainian banks’ investment activities, insurance companies, and non-government pension funds. Based on the analysis, the investment structure patterns for key groups of financial intermediaries were defined. The forecast of their investments for 2020–2022 allows comparing the investment activities of selected financial intermediaries and offering conditions for the intensification of investment activities for banks (formation of reserves and cash flows control), insurance companies (to develop investment strategies), and private pension funds (to allow investing funds in collateralized government debt securities).

Політика України в розбудові вітчизняного інвестиційного клімату

The purpose of the article is to study the main trends occurring in the investment climate of Ukraine, to analyze the main factors that have both positive and negative impact on the competitiveness and investment attractiveness of the domestic economy. As a result of the analysis, Ukraine’s position in the international ratings on investment attractiveness was assessed; the main directions of capital investment were identified, and investor countries were pointed out. Priority state projects are indicated, which are to increase the level of high-quality investment resources. At the same time, significant problems were identified that need to be addressed immediately in order to prevent a slow-down in creating an attractive investment climate for foreign and domestic capital. Systematization of a number of factors allowed to emphasize the need not only to attract to the economy financial resources from other countries, but also to intensify state policy that would promote the investment of Ukrainian funds through a system of incentives, and create the rule of law. Investment plays a central part in the development of a country’s economy; it is investment that makes it possible to implement the latest technologies or innovation; or to significantly expand production capacity of a business entity; or to solve a number of social problems. At the same time, the intensification of investment activity is impossible without promoting the accumulation of domestic financial resources, through a system that would stimulate Ukrainian people to save, and through institutional investors, to transfer capital to the real sector of the economy. Prospects for further research in this area are the following: to determine the degree of the state involvement in the development of a competitive economy; to find the ways to eliminate the imbalances and exogenous and endogenous factors that have a chilling effect on the investment process in Ukraine.

MORTGAGE AS A TOOL FOR ADDRESSING HOUSING NEEDS

Mortgage lending is investigated as an effective tool for solving residential problems of the country’s population. The advantages and disadvantages of types of mortgage loans and models of the mortgage market are considered. The German (one-tier) model and the American (two-tier) model of the mortgage market are characterized. Conclusions have been made regarding the state of mortgage lending in European Union countries. The interest rates on mortgages in the countries of the world are analyzed and differences of mortgage lending are revealed in some of them. An estimation of the state of mortgage lending in Ukraine is given. The issue of state support to the mortgage sector is considered, which will facilitate the intensification of investment activity in this area and housing construction. The socio-economic motives of effective solution of the housing problem of residents of the Vinnytsia region were revealed, the analysis of the domestic normative-legal base and application of its norms in practice were carried out. Study of foreign experience has provided an opportunity to highlight different methods by which the state regulates relations in the process of mortgage lending. The peculiarities of provision of mortgage loans to the citizens of the country are highlighted and ways of further development of mortgage lending in Ukraine are elucidated, which can timely and adequately respond to external and internal challenges and threats, and strengthen the economic security of the state. The ways of further development of mortgage lending in Ukraine are suggested: development of the strategy of mortgage market development taking into account foreign experience, introduction of a mortgage insurance system, stimulating the population to mortgage and increasing the amount of social programs, creating of a quality bail on mortgage loans, securitization of the mortgage lending market, reduction of interest rates on mortgages etc.

Evaluating the Performance of the Policy and Potential Investment Development of Northern and Artic Municipalities

ABSTRACT The article considers the efficacy of municipal investment policy in the Russian North and Arctic, as well as the budget security and investment potential of municipalities during financial crises. The measures taken by federal and municipal authorities to create a favorable investment environment are given a performance evaluation. In terms of potential northern municipal investment, it is concluded that the growth and intensification of investment activity depend on the locations and capabilities of city-forming enterprises. Therefore, future investment in the northern regions will be primarily dependent on the stable functioning of oil-and-gas municipalities and monotowns.

Problems and perspectives for attracting investments in economy of Ukraine

The purpose of the article is to study the current problems of investment processes in the conditions of transformation of the Ukrainian economy. The relevance of the research was due to significant changes in political, economic and social processes of Ukraine. The research was conducted using general scientific and special methods and methods of research, such as theoretical analysis and synthesis, methods of grouping, modeling, comparison, as well as methods of systematization and scientific synthesis, in particular on materials: Ministry of Economic Development and Trade of Ukraine, research conducted by the Doing Business Group of the World Bank, rating of Moody’s Investors Service, rating of Global Competitiveness Index 2017/2018 and of European Business Association. The most actual factors of influence of political, economic, criminal and legislative processes on investment potential of Ukraine were analyzed. It was defined that the economic of Ukraine is characterized by the deficiency of capital, progressive technologies, mutual integration of scientific and industrial spheres, developed management and high-tech production and the recommendations to create favorable conditions for investment were made. Positive changes were noted in creating a legal framework for the promotion, protection of investments and intensification of investment activity in Ukraine.

State regulation and investment support at the regional level: Kaluga region experience

The article is devoted to the actual problems of state regulation and support of investment activity at the regional level. The importance of creating a favorable business environment for sustainable development, ensuring the flow of investment and the intensification of investment activities in particular at the regional level is shown. The experience of Kaluga region in state support and regulation of investment activity is considered. The complex of development institutions created in the region for these purposes is described. The legislative framework of state support for investment activities, including the provision of tax incentives and preferences is defined. Infrastructure investment projects implemented in the Kaluga region, including the most massive of them – industrial parks, are listed. Seven categories of investors that receive state support in the Kaluga region are given. Requirements for investors to be assigned to each category are analyzed. Their tax privileges and preferences, primarily on such taxes as the tax on profit of organizations and tax on property of organizations are described. It is noted that despite the development and implementation of a wide range of measures for state support of investment entities, Kaluga region has recently begun to give up its leadership position. An attempt to explain the current situation is made. In this regard, it is of interest to search for new measures to improve state regulation and support investment activities both at the Federal and regional levels, some of which are discussed in the article. In particular, the need for greater orientation of measures for state support of investment activities of small and medium-sized businesses was noted. The feasibility of direct inclusion of investors – residents of industrial parks in the system of state support measures was underlined.