Index Of Investment Attractiveness Research Articles

A Fair Investment Environment: The Impact of the Shadow Economy, the Harshness of the Courts Against Corrupt Officials, Tax Pressure and Restrictions on Business

Creating a fair investment environment is crucial for economic growth and attracting domestic and foreign investors. The purpose of this study is to find out how the shadow economy, harshness of courts against corrupt officials, tax pressure, and restrictions on business affect the fair investment environment. Therefore, two economic-mathematical models are built using multiple least squares regression analysis, in which the outcome variables are: in model 1 ‒ control over corruption, which is a component of the Global Governance Index; in model 2 ‒ the European Business Association’s Investment Attractiveness Index. The composition of the factor attributes in both models is the same: Corruption Perceptions Index by Transparency International; level of shadow economy according to the Ministry of Economy of Ukraine; the number of criminal cases in courts under the article “Acceptance of an offer, promise or receipt of an undue benefit by an official” using open data from the Unified State Register of Court Decisions; total tax and fee rate, which reflects taxes and mandatory payments as a percentage of commercial profit, determined by the World Bank Group methodology; assessment of “Starting Business” by Doing Business, according to the methodology of the World Bank Group. The modeling is based on the example of Ukraine for 2012‒2022. Calculations based on Model 1 show that restrictions on business have the greatest impact on the corruption control indicator (a 10% reduction in restrictions leads to a 3-point reduction in the need to control corruption), the shadow economy and tax pressure have an average impact (a one-point increase in them will increase the level of corruption by 0.4 points). The harshness of the courts against corrupt officials has the least impact (most corruption cases in Ukraine do not reach the courts). Calculations based on Model 2 show that the complexity of starting a business exerts the greatest impact on investment attractiveness (if it decreases by 15%, investment attractiveness will increase by almost 1 unit). The average impact is exerted by the increase in the shadow economy (a 10% increase in the shadow economy leads to a rise in investment attractiveness by 0.4 units). The insignificant impact is exerted by the tax burden and judicial punishment of corrupt officials.

ЗАЛУЧЕННЯ ІНОЗЕМНИХ ІНВЕСТИЦІЙ В ЕКОНОМІКУ УКРАЇНИ: ТЕНДЕНЦІЇ, ПРОБЛЕМИ ТА ПЕРСПЕКТИВИ ПОВОЄННОГО ВІДНОВЛЕННЯ

The global environment for international business and cross-border investment remains challenging in 2023. Although the economic obstacles that shaped investment trends in 2022 have subsided somewhat, they have not disappeared. Commodity prices, which spiked during the war in Ukraine, have come down, but the war continues and geopolitical tensions remain high. Recenupheavals in the financial sector in some developed countries are adding to investor uncertainty. The purpose of the study is to identify trends, diagnose problems, and develop promising directions for attracting foreign investment to the economy of Ukraine. In order to solve the set goal, the following scientific tasks were solved in the course of the study: the dynamics of the inflow of foreign investments and the structure of FDI into the national economy were analyzed by regional characteristics and by types of economic activity; the deterioration of the investment attractiveness of the national economy due to the reduction of the stock of FDI of Ukraine and the decrease of the index of investment attractiveness is substantiated; identified the strengths and weaknesses, opportunities and threats of attracting foreign investments to the economy of Ukraine based on the results of the SWOT analysis. In order to solve the set goal, the research determined FDI trends in the national economy and made conclusions about "investment shocks" associated with the global financial crisis of 2008, the start of the war in Donbas, COVID-19 and the full-scale war in Ukraine. This conclusion was reached by comparing the dynamics of the Investment Attractiveness Index of Ukraine with the flow of FDI into Ukraine, the trends of which were synchronized. For greater thoroughness of the research, the main foreign investors in the corporate segment were identified by the authors as companies (brands) that already had facilities in Ukraine at the time of the full-scale war and corporations that announced their intention to reinvest funds in Ukraine to support their assets. The authors substantiated the strengths and weaknesses, opportunities and threats of attracting foreign investments to the economy of Ukraine based on the results of a SWOT analysis.

Foreign Investments as a Factor Ensuring Economic Security of Ukraine

The article explores the theoretical foundations of the concepts of «security», «national security», «economic security», «investment security», and their interrelations within the components of a state's national security. The necessity of attracting foreign investments while considering economic security is emphasized. The authors propose their interpretation of the definition of «investment security in the sphere of foreign investment». Characteristics of national interests in the field of investment security are provided, and directions for forming a system to ensure it are identified. Sources of threats to attracting foreign investments for the domestic economy are identified. The dynamics of the balance of payments according to the financial account and the volumes of foreign direct investments for the years 2014-2023 are examined, providing insight into the country's investment climate. Attention is drawn to the significance of Ukraine's investment attractiveness index, which has been the lowest in the past decade since the onset of full-scale military aggression. This indicates that the investment climate in Ukraine does not contribute to an increase in foreign investment volumes. The analysis focuses on key indicators of investment security, including the investment attractiveness index and the ratio of net FDI inflows to GDP. It is elucidated that since 2016, there has predominantly been a deficit in the balance of payments, and the share of accumulation of foreign direct investment relative to GDP has not reached the threshold level of the indicator. It is highlighted that apart from state-level security factors, there are those that depend directly on the activities of economic entities, particularly the level of timeliness of accounting and analytical support for foreign investments. The main directions of ensuring economic security in the process of attracting foreign capital are determined.

АНАЛІЗУВАННЯ ІНВЕСТИЦІЙНОГО КЛІМАТУ УКРАЇНИ В ПЕРІОД ВОЄННОГО СТАНУ

For Ukraine, the investment climate is one of the main factors in ensuring its stable development, which means that all economic activities in the country are on a sustainable socio-economic development path. The investment climate is an important and determining factor in the decision of foreign or domestic investors to invest. It is a combination of investment attractiveness factors and investment risk factors. The article provides a detailed analysis of Ukraine's investment attractiveness for foreign investors. The problematic aspects of legislative and managerial nature in attracting foreign investment are highlighted. The real state of investment attraction in 2019–2022 is reflected. The index of investment attractiveness for 2019–2023 is investigated. The dynamics and structure of foreign direct investment in the economy of Ukraine by types of economic activity for 2019–2022 are presented. Foreign investment is undoubtedly one of the leading drivers of economic growth for many countries, including Ukraine. Foreign investment can increase competition in the market by investing in lagging enterprises, improve the welfare of citizens, and strengthen the competitiveness of recipient enterprises on the global stage. Studies have shown that the net inflow of foreign direct investment significantly exceeds the net outflow. Although the investment attractiveness index is still low, the number of top managers who believe that new investments in Ukraine will be profitable has almost doubled. The government continues to develop legislation to capitalize on this potential with numerous draft laws on corporate governance and other economic reforms aimed at bringing Ukraine in line with EU standards and regulations currently being advanced. In Ukraine, the most attractive sectors of the economy for foreign investors are financial and insurance activities, trade, and information and communications. Ukraine's increasing movement toward integration with the EU opens up potential opportunities for investors seeking access to the EU market. The support from the European community and the United States is significant. After Ukraine's victory, the investment attractiveness of our country will certainly increase.

Аналіз надходження прямих іноземних інвестицій в Україну

The purpose of the study is to analyze the state, dynamics and structure of foreign direct investment (FDI) inflows in Ukraine. Such research methods as analysis, synthesis and comparison, graphical method were used. The article considers the theoretical foundations of the category of foreign direct investment, reveals the characteristic features. The significance of investments for the country’s economy is substantiated, a list of advantages of Ukraine in the context of investment attractiveness is provided. An analysis of the dynamics of foreign direct investment in the Ukraine showed that over the past 22 years there have been significant fluctuations. It is found that this is due to a number of factors, including: military operations, political instability, the coronavirus pandemic, and economic crises. The dynamics of the index of investment attractiveness of Ukraine is also considered; it is concluded that Ukraine has a fairly average investment attractiveness. However, at present there is again a relatively positive trend towards an increase in FDI inflows into the country’s economy, and under the conditions of a balanced economic policy, the end of the war, and the attraction of new investors, this trend may continue. Having considered the dynamics of the structure of foreign direct investment balances by country, it was possible to identify that in the period 2015–2022 the EU countries have invested in Ukraine’s economy. At that, the presence of countries that act as offshore zones is identified. This, in turn, carries certain threats and is a consequence of bribery and tax evasion. An important task of the Government of Ukraine should be to increase the level of attraction of economically and innovatively developed investments from leading countries, as well as to reduce the outflow of capital to offshore countries. Solutions in this direction can be the creation of innovation zones, the fight against corruption and the reform of the tax system. This will help attract new foreign investment, as well as increase the level of competitiveness of Ukraine in the world space. An analysis of the dynamics of the structure of foreign direct investment balances by types of economic activity for the same period showed that such sectors as industry, wholesale and retail trade, financial and insurance activities, real estate transactions represent the largest share. At the same time, such sectors of our country’s economy as energy, information technology, construction, industry (including agro-industry), transport and logistics, critical materials and green metallurgy have the greatest growth potential. In some of these areas, despite the existing challenges and problems, a positive investment trend is already noticeable today – large-scale projects are being developed and implemented. Prospects for further research in this direction are building a multifactor model for analyzing the impact of economic factors on the dynamics of foreign direct investment, as well as building a model for forecasting the indicator for future periods.

Resolution of investment conflicts between the state and foreign companies in the context of crisis prevention

Currently, there are no conditions in Ukraine to ensure a high-quality business climate that would guarantee the security of investments. In the past, this has already led to conflict situations, which has resulted in a number of cases being brought against the state. The purpose of the study is to investigate the mechanism of resolving investment conflicts between the state and foreign companies. For this task, such methods as formal legal, dogmatic, legal hermeneutics, logical analysis, deduction, induction, and others were used. In the course of the study, an analysis of the international doctrine that regulates the provisions for resolving investment disputes, namely, the Washington Convention and the Seoul Convention, was carried out. It is determined that the number of foreign direct investments in Ukraine from 2012 to 2023 significantly decreased, and the investment attractiveness index reached a critically low value over the years, which indicates a negative attitude of business to current conditions. It is indicated that as a result, 15 proceedings were initiated at the International Centre for Settlement of Investment Disputes. It is revealed that in these cases, violations such as failure to provide equal and fair treatment are most often reported. Based on this, the need to improve the investment climate in Ukraine is determined. It is proposed to reduce the cost of access to the protection system for small and medium-sized enterprises; reduce the time for dispute resolution; and ensure the consistency and accuracy of arbitration decisions. The practical value of the results obtained is that the implementation of the recommendations provided will help to attract foreign investment necessary for the recovery and development of the country’s economy, and will also eliminate the problematic factors that lead to the opening of proceedings against the state

A comprehensive evaluation of private sector investment decisions for sustainable water supply systems using a fuzzy-analytic hierarchy process: A case study of Ha Nam province in Vietnam

This study examined the factors that affect the private sectors' willingness to invest in rural water supply. The study applied a mixed methods approach, including an overview of relevant studies, expert consultation, exploratory factor analysis using SPSS software, and a fuzzy-analytic hierarchy process to identify and evaluate the factors applicable to Ha Nam province in Vietnam. Some factors were distinguished that are significant to private investors’ rural water supply investment decisions, including tax incentive policy, policies to support preferred access to loans and credit, a state risk-sharing mechanism, a mechanism to adjust water price, community support, high community demand for clean water, and input water quality. In addition, the study constructed an investment attractiveness index to evaluate the attractiveness of private sector investment for two typical rural water supply projects in Ha Nam province. This index can be used as a basis for the government to design appropriate incentives to attract investment from private investors and construct an investment attractiveness map.

MANAGEMENT AND EVALUATION OF INVESTMENTS AS A COMPONENT OF THE ECONOMIC SECURITY OF THE STATE WITH THE USE OF ACCOUNTING AND ANALYTICAL SUPPORT, STATISTICAL METHODS AND MARKETING RESEARCH

The article is concerned with analyzing the investment component of the economic security of the State and diagnostics of enterprises' activity. The article considers the theoretical foundations of the investment component of economic security: the essence of the concept of "economic security", the main tasks of achieving economic security, the segmentation of sectors of the national economy by stages of investment development and the main measures of the State to regulate the investment component of economic security are presented. The article considers accounting and analytical support of the investment component of the economic security of the State and diagnostics of activity of enterprises. In order to develop statistical research methods in the analysis of the investment component of the economic security of the State and diagnostics of enterprises, the concept of "investment climate" is interpreted, the components of the investment attractiveness index and their components are systematized. By accumulating general information, the article substantiates an assessment of the economic security of the country, regions, enterprises in various spheres and diagnoses the real state of economic entities. The article considers the issues of investment marketing and marketing research as a diagnostic process in wartime: the goals and principles of investment marketing, investment marketing strategies aimed at increasing the market share using the main factors of marketing activity are outlined, the specifics of marketing research are reviewed. It has been found that in order to create an investment-attractive climate, even in the context of military operations, it is necessary to expand marketing research using modern tools already used in the practice of the world's leading developed economies.

ІНВЕСТИЦІЙНИЙ КЛІМАТ УКРАЇНИ В ПОВОЄННІЙ ВІДБУДОВІ

The article defines the importance of a favorable investment climate and the main prerequisites for attracting funds to the domestic economy in post-war reconstruction. Attention is focused on the results of investment impact on certain sectors of the economy, and which sectors require priority capital investments. The Index of Investment Attractiveness of our country and the problems affecting the formation of this Index have been analyzed. The directions of development of the investment climate in Ukraine during the war and in the post-war period have been highlighted. It has been found out about the creation of a unique electronic platform Advantage Ukraine for the purpose of attracting foreign investors to the Ukrainian economy, which collects more than 500 investment projects and opportunities in ten sectors of the economy. Among the possibilities that have been discussed are: the construction of "smart networks", the introduction of energy balancing capacities, gas extraction using advanced technologies, "green" metallurgy using direct recovery iron – these are things that can be implemented as a priority. The issue of guaranteeing the security of investments in war and post-war times remains the most painful issue today, which is one of the most restraining factors for investors. In addition, assumptions have been made about restoring the production potential of Ukraine's economy and creating a favorable business climate for attracting financial resources from abroad with the help of partner countries. The importance of restoring the inflows of direct foreign investments to overcome the consequences of Russian military aggression has been highlighted. The influence of macroeconomic factors on the investment activity of foreign investors has been outlined on the basis of a correlation-regression analysis of the influence of these factors on the inflow of foreign direct investment into the national economy. Directions for increasing the investment attractiveness of Ukraine's economy in modern conditions of development have been given. Based on the conducted research, ways of increasing the investment attractiveness of Ukraine in modern conditions have been proposed.

PROSPECTS FOR ATTRACTING INVESTMENTS IN THE ENERGY SECTOR OF UKRAINE UNDER THE CONDITIONS OF MARTIAL STATE

The article examines the current problems and prospects of attracting investments in the energy sector of Ukraine in the conditions of martial law, which was introduced on February 24, 2022. In order to reveal this issue in detail, we studied the interpretation of the concept of "investment" by various domestic scientists and proposed our own interpretation of this concept. Ways of attracting investments were studied and it was determined that two factors have the most negative impact on this process: the unstable political and economic situation in Ukraine, which is largely caused by the start of a full-scale war. The state of attracting investments by the energy sector of Ukraine was analyzed and it was determined that in the period from 2015, the volume of investments increased, with the exception of 2020 and 2022, which indicates the positive dynamics of the development of the energy sector. The relationship between changes in the investment attractiveness index of Ukraine and the volume of investments was also noted, we note a direct dependence. In the conditions of martial law, Ukrenergo and Naftogaz attract the largest share of investments through cooperation with international organizations. We also investigated the state of renewable energy in Ukraine in the pre-war period and during a full-scale war. Until 2022, Ukraine actively and rapidly developed such generation, however, during the war, a large part of the capacities was destroyed. Taking this into account, we came to the conclusion that the most promising, as of 2023, is the attraction of investments in the restoration of critical infrastructure and in the development of renewable energy, because this is an integral element for successful integration into the European Union. Currently, Ukraine is actively working on this issue, developing energy strategies for the development of the renewable energy sector, for example, by 2030, it is planned to achieve a share of RES of 32% and improve energy efficiency by at least 32.5%. In the research process, such methods were used as: synthesis, analysis, analogy, abstraction, methods of statistical processing. The results were summarized using a systematic approach.

УКРАЇНА ЯК ГЛОБАЛЬНИЙ ГРАВЕЦЬ У СВІТОВІЙ ЕКОНОМІЦІ В ТРЕТЬОМУ ДЕСЯТИЛІТТІ ХХІ СТОЛІТТЯ

The purpose of the study is to identify the prospects for the development of the national economy and the transformation of the infrastructure of Ukraine in the post-war reconstruction based on the study of the resource base, intellectual potential and the vision of other countries' development of our country. The research methodology is a critical analysis of the state and development prospects of elements of the socio-economic system using rating, comparative analysis and logical judgments. Based on the study of scientific articles, it has been proven that Ukraine has a high resource potential. Also, the country's economic system significantly affects the stock market, energy, food and fertilizer markets. We occupy the first place in Europe in terms of proven reserves of uranium ores and the first position in terms of arable land, the first place in the world in the export of sunflower and sunflower oil. We rank second in the world in terms of reserves of titanium, iron, and mercury ores, as well as in the installed capacity of nuclear power plants. The country ranks third in Europe in terms of shale gas reserves and the area of black soil. The results of modelling according to the National Institute Global Econometric Model (NiGEM) are given: a decrease in the level of world GDP by 1.0% and an increase in global inflation to 3.0% in 2022. The main negative consequences of the Russian-Ukrainian war are highlighted. The main economic factors of influence include the opportunity cost of military investments; humanitarian losses of the financial system; the burden of post-war reconstruction. The work proves that the resource economy can provide insignificant revenues to the budget. It is emphasized the need to start the production of goods and the provision of services in the field of high technologies, in particular, based on Industry 4.0. Based on the analysis of the Human Capital Index, the need to develop the intellectual potential of Ukraine is substantiated. The main points for increasing the Investment Attractiveness Index are given. The practical significance of the results lies in the possibility of developing the national economy of Ukraine based on the existing resource base, taking into account the intellectual potential to raise the subjectivity of the country to the level of a global player and successful integration into the cohort of countries with developed socio-economic systems.

INVESTMENT ATTRACTIVENESS OF UKRAINE AS A DOMINANT ATTRACTION OF FOREIGN DIRECT INVESTMENT FROM THE EUROPEAN SPACE: ANALYSIS, EVALUATION

The purpose of study is to determine the investment attractiveness of the country and regions as factors that are critical to attracting foreign direct investment from the EU. Foreign direct investments serve as a source of capital growth, providing the most effective integration of the national economy into European and contributing to the attraction of advanced technologies, modern methods of business management as well. Прямі іноземні інвестиції – джерело приросту капіталу, що забезпечують найбільш ефективну інтеграцію національної економіки в европейську та сприяють залученню передових технологій, сучасних методів ведения бізнесу. Over the past ten years, there is an unstable dynamics of foreign direct investment receipt to economy of Ukraine. FDI in Ukraine from the EU countries is conventionally divided into three stages: 2010-2013 - a relatively stable level, 2014-2016 - a rapid fall, 2017-2020 - moderate growth. Based on the results of international ratings, the need to determine the investment attractiveness of Ukraine in the conditions of ecological and economic imperative is proved.Particular attention is granted to identify Ukraine's position by the Environmental Performance Index compared to countries of the world and Europe. The methodology for determining the investment attractiveness of the country is proposed, which provides for the formation of a General Index of investment attractiveness of the country based on international Indexes:DoingBusiness, Global Competitiveness, EBA Investment Attractiveness, Environment Performance Index. Significant differentiation of FDI funds in the regions of Ukraine is explained by their economic development, the largest volume enters industrially developed regions. A significant correlation between FDI in Ukrainian regions and volume of products in the regions was revealed. The determinants of the attractiveness of the regions that influence the decisions of investors to invest are identified. The methodical approach to assessing the investment attractiveness of the regions of Ukraine, which is based on generalized indicators of financial- economic and ecologically oriented direction, is proposed. The assessment was carried out and a dynamic analysis of the investment attractiveness of regions according to the proposed methodology was made, which allowed to determine their rating of investment attractiveness.

ІНВЕСТИЦІЙНА ПРИВАБЛИВІСТЬ УКРАЇНИ: ОСНОВНІ ТЕНДЕНЦІЇ, ПРОБЛЕМИ ТА КЛЮЧОВІ ВЕКТОРИ ВИРІШЕННЯ

The article examines the essence of the concept of "investment attractiveness" and defines the main prerequisites for attracting funds to the economy of Ukraine. In essence, the country's investment attractiveness is a characteristic that reflects the profitability or disadvantage of investing money in the country. Attention is focused on the results of the influence of economic, social and geopolitical factors on the country's investment attractiveness. Key factors of Ukraine's investment attractiveness are highlighted.
 The authors analyzed the size of direct foreign investments in Ukraine during 2018–2022. The list of the main investor countries in Ukraine in 2021 is given. The most attractive industries for foreign investment in Ukraine have been analyzed. The investment attractiveness index of Ukraine was evaluated during 2018-2022.
 We believe that one of the prerequisites for the stable economic development of the country and its regions is the formation and maintenance of a favorable investment image in the minds of potential investors. The defining task of state policy in the field of investment activity is the formation of a favorable investment climate and the reduction of investment risk for foreign investors.
 The main problems of the development of investment activities in Ukraine are outlined. Russia's full-scale military aggression against Ukraine continues to lead the list of factors that have a negative impact on the investment climate, attacks on the Ukrainian energy system are in second place, and corruption is in third place. Among the few positive changes, the business leaders highly rated granting Ukraine the status of a candidate for EU accession, the cancellation of customs duties and quotas for Ukrainian exports and "transport visa-free" from the EU.
 The authors provide strategic guidelines for the formation of a positive investment climate in Ukraine and analyze the causes of an unfavorable investment climate. Ways to increase investment attractiveness in Ukraine are proposed.
 We believe that investment attractiveness is a complex multifaceted economic category and reflects the complexity of the macroeconomic space from the point of view of the existing investment climate, the state and level of development of the relevant investment infrastructure. Effective implementation of investment activities is the foundation for the development of the economy of Ukraine, accelerates its integration into the European socio-economic space.

CONCEPTUAL IMPERATIVES FOR OPTIMIZING LABOR MIGRATION FLOWS FROM UKRAINE

The purpose of the article is to substantiate the impact of labor migration of citizens abroad on the international competitiveness of the country, as well as to outline the conceptual imperatives of optimizing the flows of labor migration from Ukraine to preserve the human capital of the country. Methodology. During the study, the dialectical method of scientific knowledge was used, as well as methods of scientific abstraction, generalization of analysis and synthesis, deduction and induction, the method of statistical and comparative analysis, the graphical method. Results. To identify the reasons for the threatening scale of Ukrainian labor emigration, the country's ranking positions in international rankings of economic freedom, ease of doing business, safest countries to live in, global competitiveness, investment attractiveness index and the Global Innovation Index were studied. Competitive advantages and threats to the Ukrainian labor market are described. Practical implications. It is proposed to reduce the excessive volume of labor migration from the country through the use of innovation potential (given the obvious competitive advantages of Ukraine in the innovation sphere, according to the authors, they have the potential for optimal adjustment of labor migration from Ukraine). A conceptual scheme for the optimization of labor migration flows from Ukraine has been developed. It is based on the assertion that human capacity building in the field of innovation is possible through international innovative cooperation in the system of higher education; one of the main opportunities for rapid innovative development of Ukraine is the participation in international innovation clusters (the application of cluster policy will contribute to the competitiveness of economic entities due to the potential of effective interaction between its participants due to their close geographical location, provides increased access to innovation, technology and highly skilled personnel, as well as reduced transaction costs; clustering is an effective mechanism for attracting foreign direct investment; the integration of national clusters into global value chains can significantly increase the level of the national technological base, increase the speed and quality of economic growth by increasing the international competitiveness of enterprises in the cluster. Value/originality. The scientific novelty of the results obtained consists in deepening the theoretical and methodological foundations and developing practical approaches to the optimization of labor migration flows from Ukraine to ensure an adequate level of international competitiveness of the country. In particular, a conceptual scheme for the optimization of Ukraine's participation in migration processes has been substantiated and the steps of Ukraine's innovation policy for the preservation of the country's human capital have been outlined.

До питання про класифікацію індикаторів фондового ринку

The purpose of the article is to create a new approach to the classification of stock market indicators in economic theory. Three groups of indicators are proposed, including indicators of supply and demand, evolvement of stock market, and localization. The group of indicators of supply and demand is created on the basis of the market analysis standard in marketing research, including: capacity, capitalization, stock market turnover, stock indices, P/E index. Within the framework of this group, it is also proposed to use the indicator of IPO share in the capitalization of stock market, which demonstrates the degree of openness of the market and investors to new companies and is opposed to the characteristics of the conservatism of the stock market. Stock indices are considered separately and their classification is schematically created according to the calculation method, providing the stock indices, calculated using the method of arithmetic mean simple, geometric mean and arithmetic mean weighted. The belonging of the largest existing stock indices to a certain type in accordance with calculation is demonstrated. A practical explanation of the various approaches to the methodology for determining stock indices is presented. In the second group of development indicators, the following are highlighted: liquidity, profitability, volatility, and concentration of the stock market, by which it is possible to assess not only the quality characteristics, but also the level of evolvement of the stock market. The third group was created on the basis of localization, which interprets the characteristics of the stock market depending on its geographical affiliation. This group includes: the degree of development of equity capital, openness, transparency of the stock market, the level of risk of a separate country, the investment attractiveness index, the index of attractiveness of both venture and direct investments. It is identified that certain indicators determine the level of other indicators within this group. For each of the three groups of indicators, the essence of the indicator, the methodology for calculation and application were examined. There is also an explanation of the signs by which the indicators were assigned to a certain group of indicators in the proposed approach to their classification.

Ensuring security the movement of foreign direct investment: Ukraine and the EU economic relations

It is well known that an important positive result of attracting foreign direct investment for the country's economy can be the receipt and subsequent distribution of more advanced production and management technologies. That is why the injection of foreign capital is necessary not only for direct financing but also for the general development of the invested country. The purpose of this article is to consider the theoretical, methodological and practical aspects of ensuring the level of security of investment attractiveness of the world's economies in the polystructural space of foreign direct investment and to highlight the aggregated factors of the investment attractiveness index that characterize the investment climate, investment activity and the state of economic development of the country. To determine the synergistic impact of foreign direct investment on the indicator of the country's investment attractiveness the methods of analysis, synthesis, comparison and mental modelling were used. As a result, it was found that the EU countries are one of the largest investors (the share 65-90% of all investments) in the polystructural space of international investment. It was concluded that in the context of deepening cooperation and realizing the unique capabilities of the states in shaping the global investment climate, it is necessary to ensure a high level of employment of the population by creating new jobs, updating the transfer and introducing the latest technologies, solving social problems at the general level; to carry out an investment modernization of the economy to increase the fixed assets of enterprises; to implement a more effective investment policy.

Модифікація оцінки інвестиційної привабливості підприємства

Abstract. Introduction. The need to find sources of funding, to attract new investors and expand the range of economic partners necessitates a constant review of approaches to assessing the investment attractiveness of enterprises in order to increase its reliability, transparency and objectivity. Purpose. The purpose of the study is to identify the features of the assessment of investment attractiveness and improve its methodology. Results. The investment attractiveness of the enterprise has been defined as a complex and multifaceted concept that covers economic, technological, financial, environmental and social components and gives a comprehensive description of the potential object of investment, thus justifying the investor’s decision to invest funds with the prospect to return them and raise more. Methodological approaches to determining the investment attractiveness of economic entities have been compared; and a modified methodology developed by the authors has been proposed. The proposed methodology summarizes the value of a number of important economic, social and environmental indicators. The integrated index of investment attractiveness of domestic agricultural holdings Astarta-Kyiv, APK-Invest and MHP has been determined according to the following indicators: increase of capital and capital investment; the share of bank loans in the capital of an enterprise; the level of taxation and protection of investors’ interests; the ratio of receivables and payables; the ratio of the average monthly salary at an enterprise with the corresponding indicator at the regional level; increase in greenhouse gas emissions. It has been substantiated that application of a complex approach in the process of assessment of investment attractiveness of an enterprise (taking into account economic, social and environmental parameters) makes it possible to make informed investment decisions and to promote active development of a modern enterprise. Conclusions. This study suggests that the investment attractiveness of an enterprise is generated by a number of absolute and relative indicators, which are formed under the influence of all activities of the enterprise, as well as depend on its social, environmental and innovation policies.

Investment attractiveness of Ukraine: realities and perspectives

Subject of research. The purpose of the study is the investment attractiveness of Ukraine and ways to improve using the Index of Investment Attractiveness of Ukraine. The purpose of writing this article is to identify ways to improve the investment climate in Ukraine. Methodology of work - methods of statistical analysis and synthesis, method of graphic modeling of investment attractiveness of economic climate in Ukraine. Results - As a result of the study, the following priorities were identified for 2021 to improve the investment climate in Ukraine: reboot of the judicial system; de-oligarchization of power; development of an effective and independent anti-corruption infrastructure; getting rid of bureaucracy; reduction of administrative and tax pressure on business; appointment of pro-European reformers to public office; restoration and support of cooperation with international financial institutions; law enforcement reform and effective fight against smuggling, including through increased fiscalization; establishing equal rules of the game for business. Scope of results. Economic branch: management of national economy, macroeconomics, economic theory. Conclusions. The biggest obstacles to the Ukrainian market as a result of the survey identified - exchange rate fluctuations, close ties between the economy and politics, insufficient legal order, corruption of public authorities, labor shortages and access to finance.

How can the effects of EIA procedures and legislation foreseen for the mining operation activities to mining change positively in Turkey?

Environmental criteria have an impact on the decisions made whether to realize mining operating activities or not alongside with criteria for production and investment such as reserve, cut off grade, sales price, cost. In this direction, according to the Environmental Impact Assessment (EIA), it is determined whether mining projects will be carried out or not. Necessary arrangements have been made in the EIA Regulations since the first time they came into force in Turkey. And environmentally sensitive EIA reports were prepared to carry out mining activities. Additionally, the participation of local community to the EIA process is ensured and mining enterprises also contribute economically to the mining region. Turkey has adopted legislation similar to EU legislation and carried out its applications in EIA and other environmental legislation in compliance with EU legislation for the European Union (EU) membership. Thus, in Turkey, being sensitive to the environment, EIA for mining is carried out under a tighter audit and more controlled way compared to EU countries locally and no mining projects that do not comply with the environment are approved and current activities are halted. However, bureaucracy has increased in EIA assessments, permitting processes have been prolonged, and mining investments have become difficult. This situation can be observed with the decline of Turkey in the worldwide rank regarding the mining investment attractiveness index (IAI) category and the other categories determining it, or with the fact that Turkey doesn't have a steady progress when compared to the EU member states. For the solution of the problems in Turkey, it was suggested that legislation which would enable projects with EIA Positive decisions to be carried out by being subjected to only one law and being obtained from one institution was made. Also, it is beneficial to take account of the suggestion which says each mineral group shall be subject to different processes in terms of EIA due to the fact that each may have a significantly different environmental effect. According to the survey conducted, majority of mining sector agrees with this view.

Investment attractiveness of the tourism industry under current conditions

The concept of investment attractiveness of tourism as a set of micro- and macro-factors is investigated in this paper. These factors form the general idea of the potential investor about the state and level of tourism development in the country and give him the opportunity to determine how attractive and profitable are the country’s investments in this area. It is noted that according to a the European Business Association research, in 2016–2020 Ukraine demonstrated decrease in the commitment of respondents to invest in the country, as evidenced by the decline in investment attractiveness index. The economic significance and peculiarities of attracting investments in the domestic tourism industry are highlighted. The dynamics and the forecast of investments in the investigated sphere are analyzed. It is found that the largest amounts of investment resources in 2019 came from countries such as Cyprus, the Netherlands, Switzerland, Austria, Hungary, Poland, USA and others in insurance, industry, wholesale and retail trade, professional and scientific and technical activities, construction. The essence of factors influencing the development of Ukrainian tourism, including lack of organizational support for the industry, non-compliance of recreation facilities with world quality standards, outdated nature of the material and technical base of the tourist complex, low quality roads in rural areas, etc. is revealed. The main problems that complicate the attraction of investments are characterized and a list of measures to increase the investment attractiveness of the domestic tourism industry is proposed. We believe that the most effective among them are development of strong tourism policy of the country, popularization of domestic tourism opportunities, improvement of material and technical condition of tourist «magnets», creation of new and marking existing tourist routes, improvement of the excursions and recreation services market, creation of digital catalog of services and products, improvement of the level of information and advertising support of tourist activities, improvement of the tourists at tourist sites safety.