Investment Attractiveness Of Region Research Articles

Formation of Sustainable Investment Attractiveness of Regions Under the Conditions of COVID-19

The decline in the forecast indicators of the economy and production activity, the structural transformation of international production and consumer preferences, the reduction in income from bonds and world tourism, the massive layoffs of workers that led to an increase in unemployment and a decrease in household income, deferred investments and the reorientation of investment flows, both in economic sectors and in the regional context, are all the result of the impact of another challenge called COVID-19. The COVID-19 pandemic has changed and continues to change many characteristics of the economy and society. Together with the onset of the Fourth Industrial Revolution and the transition to the digital era, as well as taking into account completely new realities of the development of future generations, which are regulated by the concept of sustainable development, the formation of investment attractiveness is also taking place in a fundamentally different way. In this regard, the article substantiates the need to introduce the category sustainable investment attractiveness into everyday use. The author’s vision of the interpretation of this concept is presented. A procedure for forming a stable investment attractiveness of regions in the conditions of COVID-19 has been developed.

Ensuring the investment attractiveness of Russian regions in the conditions of post-pandemic reality

Ensuring the investment attractiveness of Russian regions in the conditions of post-pandemic reality

Statistical analysis of investment attractiveness of China’s regions

This study is devoted to the application of methods of applied statistics to the study of investment attractiveness of regions of China. Methods of applied statistics are widely used in various engineering research, medicine, economics, sociology, astronomy, ecology, physics, information technology, etc. statistical tools is an integral part of the study. Data taken from the World Bank website and the China Statistical Yearbook. The main topic of this research is: What factors are most strongly associated with investment attractiveness in the economy of modern China? Such a study can only be carried out based on the analysis of economic data, especially in the conditions of the modern digital economy. Consequently, the problem under consideration belongs to the field of applied mathematics. First of all, need to choose a mathematical model and research method. This paper uses the method of regression analysis - one of the most important methods for analyzing economic data. Regression models are mathematical models built from empirical data. Observations (empirical data) are the numerical data on the level of investment in the regions of China, as well as the numerical values of various factors. For each year, a multiple regression model is built using the least squares method, its statistical significance is checked, statistically significant factors are selected (statistically significant coefficients for the factors correspond to them). Calculations are carried out in Excel and SPSS, using subroutines and. Mathematical functions, but at the same time, an algorithm for analyzing the initial data based on a stepwise regression algorithm has been developed, in which only one factor with the least significant coefficient (maximum p-value (t)) is discarded at each step and then an algorithm for choosing the most important factors for investment attractiveness was developed, the essence of this algorithm is that the regression models are compared for each year and how many times each factor was included in the model is calculated algorithms can be attributed to the application of methods informatics in this work. The choice of the most important factors that determine the level of investment attractiveness is made to solve the problem of managing the economy. Attracting investments is important for the effective development of every region, every city, every district. With the receipt of significant investments, it is possible to solve the problems of economic and social development. Determination of the most important factors will make it possible to most effectively solve the problem of managing the economic development of each region, each city, each district.

ОЦЕНКА ИНВЕСТИЦИОННОЙ ПРИВЛЕКАТЕЛЬНОСТИ РЕГИОНАЛЬНЫХ ТЕРРИТОРИЙ

The article summarizes the main factors of regional investment attractiveness and presents the weight value of each of them. They are characterized by key and qualitative indicators used to assess the level of investment attractiveness of territories, taking into account the risk component. The author's algorithm for assessing the investment attractiveness of territories has been developed, which allows, based on the calculation of dynamics coefficients, to classify territories according to the level of investment potential development, taking into account the corresponding risks. The approbation of the algorithm on the example of the regions of the Siberian Federal District is presented. This made it possible to classify the territories by the level of investment attractiveness into three groups. They show the levels of investment attractiveness of regional territories.

Applying TOPSIS to evaluate labour market resources as a factor of regional investment attractiveness

Investment attractiveness, defined as the ability to induce investors to choose a particular location for investment, plays a key role in the process of foreign direct investment inflow to the host country, also regarding its individual regions. The investment attractiveness is determined by an optimal combination of numerous factors, including resources and labour costs. This article evaluates labour market resources on a regional basis and, using the TOPSIS method (Technique for Order Preference by Similarity to Ideal Solution) that permits ordering of decision variants in terms of their similarity to the benchmark, being the most desirable alternative, a ranking of provinces was made in this respect for 2012, 2016 and 2020. The results of the study may be useful in the decision-making process concerning the choice of investment location in Poland by companies involved in foreign direct investment (FDI).

RATING ASSESSMENT OF INVESTMENT ATTRACTIVENESS OF ADMINISTRATIVE-TERRITORIAL FEATURES OF LAND RESOURCES AND INVESTMENT PROMOTION

The article is devoted to the search for an effective model of the functioning of ecofriendly agricultural land use and the agriculture-based economy of Ukraine, taking into account the rating assessment of the investment attractiveness of administrativeterritorial features of land resources and areas focused on stimulating investment activity. The article analyzes and studies uses, development trends, and mechanisms of support of state promotion of investment attractiveness of land resources. The research considers a list of actions oriented to develop areas and mechanisms of motivation support, which are generated by investment attractiveness and the nature of their distribution and efficiency of use given green technologies. The goals and objectives of ecological and economic use of natural resources by generating investment attractiveness of land-resource potential as a scientific prerequisite for the advancement of land relations in Ukraine are studied. The authors highlight priority sectors of the economy eliciting the potential of environmental management, land resources, and investment attractiveness promotion. The problems of land relations and land use were analyzed and outlined, and relevant solutions were proposed. Several substantial mechanisms for supporting state incentives for investment attractiveness are identified and formulated. A list of measures for the environmentally sound development of market land relations in Ukraine is offered. Areas for environmental land use regulation, which are one of the most crucial and positive platforms for improving regional investment attractiveness, are established.

Investment attractiveness of Vinnytsia region from the point of view of international investors

Methods. The research methodological basis is the system of general and special scientific methods, in particular such methods as comparison – to evaluate the key parameters of business systems development; analysis and synthesis – to summarize the study results; mathematical methods such as determining the correlation dependence – to analyse the correlation between selected exogenous factors with the key parameters of business systems. Results. The list of global indicators that influence the development of business systems is proposed. The key parameters of international and domestic business systems development are identified. The parameters of business systems development are grouped according to the criteria of adaptability, reliability, flexibility, mobility and sufficiency. A set of indicators that determine the development of business systems is systematized. The diagnostics of the influence of exogenous indicators on the change of key parameters of business systems development is carried out. Strategic guidelines for the development of business systems based on diagnostic results are formed. The limitation of the research is that the diagnostic methodology does not take into account the specifics of the development of business systems in all countries and requires adjustment of relevant factors. Novelty. The originality and value of the study lies in the formation of a methodology for diagnosing the impact of global indicators on the development of business systems. In monitoring the impact of global factors on the development of business systems, it was diagnosed that not all of the selected parameters affect the key parameters of business systems development, so when forecasting development trends, it is advisable to consider only those that have such an impact. Practical value. The list of exogenous factors which it is expedient to use in forecasting of development of business systems is offered. The practical implications of the methodology for diagnosing the impact of global indicators on the development of business systems can be used in the process of strategic management of companies.

АНАЛИЗ УСЛОВИЙ РАЗВИТИЯ ГОСУДАРСТВЕННО-ЧАСТНОГО ПАРТНЕРСТВА НА ТЕРРИТОРИИ РОССИЙСКОЙ ФЕДЕРАЦИИ

The article discusses the prospects and obstacles to the development of public-private partnerships in the Russian Federation. Particular attention is paid to the application of effective foreign practices of cooperation between the state and business. The article proves that creating the necessary conditions for the development of public-private partnerships will increase the investment attractiveness of regions and municipalities of the Russian Federation, improve the economic situation, and also reduce the volume of public investment in infrastructure facilities at all levels of project implementation

Integration of Ukraine into the world financial space under contemporary conditions of development of the global financial services market

Methods. The results of the study were obtained with the use of the following methods: system analysis – in the study of the state of attracting foreign investments in the regional economy; statistical analysis – to determine the dynamics of innovation and investment activities in the regions; regional analysis – to identify the specifics of regional investment policy; expert assessments in determining the main problems in the system of investment of the regional economy; inductive and deductive used in the analysis of the essence of the mechanism of foreign investment in the regional economy. Results. The article reveals the basics of investment attractiveness of the region and the factors which affect it. In addition, the problems of forming a favorable investment climate of a particular region (on the example of the Vinnytsia region) and the country as a whole are indicated. The volumes of foreign investments in the main capital of organizations and enterprises of different forms of ownership in the Vinnytsia region have been shown in recent years and a comparative analysis of the latest data with previous years has been carried out. The largest countries from which investments are received in the region and the reasons, which interfere with the entry of foreign capital of other countries are specified. Ways to improve the investment climate and promote the entry of new foreign investors are proposed. Novelty. The priority ways and directions of increasing the efficiency of foreign investment at the level of Vinnytsia region enterprises are determined, that today all regional information of investment nature is presented in various information sources and provided in different forms of reflection, which complicates the search for data, does not provide their full and systemic vision, and as a result - does not form grounds for comparing different regions (countries) from the position of their investment attractiveness. Practical value. It consists in the possibility of applying certain and submitted proposals for the formation of investment attractiveness of regions, which eventually manifests itself in the ability of the region to attract investment resources and is formed under the influence of a number of factors. The results of the study will contribute to the improvement of the investment climate of the region by identifying strengths and identifying existing and possible risks in attracting additional resources to the region.

Межрегиональная конкуренция за стратегические экономические факторы

The present research featured various ways to increase the investment attractiveness of regions, realize the potential of their development strategies, and assess the resource provision of their strategic priorities. The limited resources and ever-growing interregional competition mean that regions strive to increase their competitiveness and attract the missing resources. The paper introduces a new approach to the problem: the factors of economic development of regions should be divided into basic and mobile. These two groups are to be analyzed for the level of provision of the regional strategic development. Such approach can help local authorities to attract resources and implement the sustainability of the regional strategy, thus increasing the local strategic investment attractiveness and improving the quality of life in the region. Regional governments should select priorities that have a high potential for attracting mobile resources from other regions. The paper also contains an algorithm for analyzing the resource provision of strategic priorities.

Development of the State System of Territorial Complex Management

Russia is currently at a fork in its economic trajectory. In this regard, issues of territorial development are particularly relevant in the country’s transition to investment-type economic growth. The investment process is the main subject of technical analysis, quality control and regulation at the state and regional levels of management. The purpose of the article is to identify the relationship between such regional characteristics as the state of the investment climate, investment attractiveness, socio-economic situation, index of physical volume of investment in fixed assets based on the analysis of state policy in the field of territorial development. The research used methods of comparative, statistical and system analysis, deduction and induction, generalization, and theoretical modeling. As a result of the study, it was revealed that the state actively supports regions – growth points where special economic zones and territories of advanced development are created, but at the same time, there is an active state support for regions with a low level of socio-economic development. A study of the basic characteristics of the investment development of the Russian regions showed that those regions in which there is a favorable investment climate tend to have high investment attractiveness. However, there is no direct correlation between the level of socio-economic development of the region and the state of its investment climate. Therefore, in order to increase the investment attractiveness of Russian regions, it is necessary to create such macroeconomic goals for Sevastopol that will help to intensify the results of investment processes, remove various bureaucratic barriers for investors in the region, develop tools for the coordinated use of territories, and actively develop interregional cooperation.

Prof. Dr.

The use of ecological and agrochemical indicators to assess the agro-industrial properties of soils and the formation of a system of indicators of regional investment attractiveness of soils of agricultural lands is the basis for intensive development of the agro-industrial complex of the L’viv region of Ukraine. The following parameters are important for assessing the investment attractiveness of land soils: the content of humus and mobile compounds of Phosphorus and Potassium in soils, the reaction of soil solution, as well as calculations of the balance of humus and nutrients. The proposed indicators of investment attractiveness of soils of the L’viv region are the key to the introduction of a balanced type of land use, which is characterized by high crop yields and a deficit of nutrients in the soil, and thus minimizes possible investment risks.

Анализ инвестиционной привлекательности Рязанской области

Annotation. The article considers various approaches to assessing the investment attractiveness of the region, identifies their advantages and disadvantages, and conducts a comprehensive assessment of the investment attractiveness of the Ryazan region using various methods that take into account the level of investment risk and investment potential of the region. A SWOT analysis of the investment attractiveness of the Ryazan region is carried out with the identification of factors that hinder the attraction of investment in the region. Systematic measures are proposed to increase the investment attractiveness of the Ryazan region.

Energy as a Factor of Investment Attractiveness of Regions for Agricultural Enterprises

The aim of the article is to identify and assess the relationship between the investment attractiveness of regions for agricultural enterprises and the energy factor. Classical theories of the location of agriculture emphasise the importance of the market factor. The energy factor has so far been ignored, despite the global trend related to the increasing importance of production scales and rising energy consumption in agriculture. There are also no methodological proposals that allow a comprehensive assessment of the investment attractiveness of regions for agricultural enterprises, taking into account the leading location factors. The article presents the author’s methodological model based on the weight-correlation method of valorisation of investment attractiveness of regions for economic entities that invest in agricultural production. It contains a sub-aggregate describing the energy factor. This proposal is a contribution to the theory of the location of agriculture in the field of location factor analysis. The developed methodological model is used to explain location decisions of agricultural enterprises at the regional level. Access to energy as well as energy management increase locational advantages and reduce the economic risk of carrying out agricultural activities in economic units, which contributes to an increase in the sustainability of agricultural production. This is especially true in areas dominated in the past by state-owned and cooperative enterprises, which are the dominant group of enterprises in this area after privatization. The proposed methodology was positively verified on the example of Polish regions, as a significant influence of the energy factor on investment attractiveness at the local level was demonstrated.

A Transformation of the Approach to Evaluating a Region’s Investment Attractiveness as a Consequence of the COVID-19 Pandemic

The global COVID-19 pandemic has caused a transformation of virtually all aspects of the world order today. Due to the introduction of the world quarantine, a considerable share of professional communications has been transformed into a format of distance interaction. As a result, the specific weight of traditional components of the investment attractiveness of a region is steadily going down, because modern business can be built without the need for territorial unity. It should be stated that now the criteria according to which investors decide if they are ready to invest in a region are dynamically transforming. The significance of the following characteristics is increasingly growing: the sustainable development of a region, qualities of the social environment, and consistency of the social infrastructure. Thus, the approaches to evaluating the region’s investment attractiveness must be transformed. Moreover, the investment process at the federal level involves the determination of target areas of regional development. Despite the universal significance of innovative development, the region can develop much more dynamically when a complex external environment is formed that complements its development model. Interregional interaction, as well as an integrated approach to innovative development, taking into account not only the momentary effect, but also the qualitative long-term transformation of the region, will significantly increase the return on investment. At the same time, the currently existing methods for assessing the investment attractiveness of the region are usually heuristic in nature and are not universal. The heuristic nature of the existing methods does not allow to completely abstract from the subjectivity of the researcher. Moreover, the existing methods do not take into account the cyclical properties of the innovative development of the region, which lead to the formation of a long-term effect from the transformation of the regional environment. This study is aimed at forming a comprehensive methodology that can be used to evaluate the investment attractiveness of a certain region and conclude about the lines of business that should be developed in it as well as to find ways to increase the region’s investment attractiveness. According to the results of the study, a comprehensive methodology was formed to evaluate the region’s investment attractiveness. It consists of three key indicators, namely, the level of the region’s investment attractiveness, the projected level of the region’s investment attractiveness, and the development vector of the region’s investment attractiveness. This methodology is based on a set of indicators that consider the status of the economic and social environment of the region, as well as the status of the innovative and ecological environment. The methodology can be used to make multi-dimensional conclusions both about the growth areas responsible for increasing the region’s innovative attractiveness and the lines of business that should be developed in the region.

Multi-dimensional analysis of regional investment attractiveness in Poland

Research background: A given region's investment attractiveness is a set of conditions that depend primarily on the policy of the country that is the recipient of direct foreign investment, encouraging or discouraging foreign investors from making decisions about locating investments in a given area. These conditions include the economic conditions, the infrastructure, the political and legal system, the business environment, and the sociocultural environment. a foreign investor, the motive for exporting capital abroad is the search for benefits that can be derived from the business activity conducted there, including easier entry into new markets. Purpose of the article: The main aim of the paper is to distinguish groups of voivodeships (NUTS 2 level) that are relatively homogeneous in terms of investment attractiveness, which is conducive to the inflow of foreign capital and the implementation of investment projects involving foreign capital. Methods: Distinguishing groups of voivodeships similar to each other in terms of the level of investment attractiveness is made by applying hierarchical cluster analysis. The dendrogram illustrates the hierarchical structure of clusters of similar objects according to the analysed set of variables. The quality of the clustering result is also assessed by determining the silhouette index. Comparative and descriptive analysis of CSO statistics are additional methods used that have contributed to the achievement of the aim of the paper. The research period covers the years 2000?2018. Findings & value added: The investment attractiveness of a voivodeship is closely related to the level of its economic development. Therefore, the following voivodeships are listed at the top of the investment attractiveness rankings: Mazowieckie, Dolnośląskie, Śląskie, Małopolskie, and Pomorskie. The conducted study has confirmed that the creation of special economic zones and the development of regional smart specialisations contribute to the inflow of foreign capital. It is worth noting that the assessment of investment attractiveness is relative. The comparison of the innovative attractiveness of voivodeships is based on the use of the average value, overestimated by cities, i.e. central hubs, attracting investors. The regional perspective on investment attractiveness using multi-dimensional statistical analysis methods is the added value of the article.

КОМПЛЕКСНАЯ ОЦЕНКА ЭФФЕКТИВНОСТИ ИНВЕСТИЦИОННОЙ ПОЛИТИКИ АРКТИЧЕСКИХ РЕГИОНОВ РОССИИ.

The article is devoted to the formation and improvement of mechanisms for the implementation of regional investment policy, the effectiveness of which depends not only on the activation of investment activities and increasing the investment attractiveness of regions, but also on their sustainable socio-economic development in general. Based on the author's methodological toolkit, which makes it possible to assess the effectiveness of the regional investment policy in conjunction with the institutional conditions for the implementation of investment activities and the practice of strategic planning of investment development, the author carried out a comprehensive assessment of the effectiveness of the investment policy of the regions of the Arctic zone of the Russian Federation (AZRF), which is strategically important for the sustainable development of the national economy macroregion, which determines the exceptional relevance and significance of the study. The author calculated integral indicators for three structural blocks of a comprehensive assessment of the effectiveness of the investment policy of the Arctic regions. Based on the results of calculations within the framework of the first structural block, it was determined that the most holistic 27institutional environment was created in the Krasnoyarsk Territory, the Murmansk Region, the Republic of Sakha (Yakutia) and the Yamalo-Nenets Autonomous District. Analysis of the quality of regional investment strategies within the framework of the second structural block showed that the most elaborated document is the investment strategyof the Murmansk region. Within the framework of the third structural block, it was determined that the most effective investment policy is carried out in the Arkhangelsk region —the only Arctic region where the integral performance indicator exceeded the average Russian level. In the rest of the Arctic regions, the measures taken to achieve the main goals of investment development are still insufficient. It is concluded that in order to increase the efficiency of the investment policy of the Arctic regions, it is necessary to strengthen the role of strategic planning in the practice of regional investment management, improve information support for investment activities, and stimulate scientific, technical and innovative activities.

Relationship between Regional Socio-Economic Development and Corporate Ratings of Russian Companies

The search for new sources of regional development is important due to the slowdown in economic growth and the need to shift the emphasis of industrial policy from the macro level to the level of regions and individual companies. In this regard, we consider the participation of companies in reputation ratings as a new source for increasing the investment attractiveness of regions. Additionally, we examine the relationship between corporate and regional ratings: corporate ratings demonstrate a company’s compliance with the sustainable development goals, which, in turn, improves the socio-economic performance of regions. We revealed the positive influence of high corporate ratings on the socio-economic development of regions, opening a new area for interdisciplinary research combining corporate finance and regional economics. On the example of 130 biggest Russian public non-financial companies, we obtained several significant results that allow determining the impact of corporate ratings on the socio-economic situation of regions and corporate financial performance. The ratings include Sustainable development Index of the Russian Union of Industrialists and Entrepreneurs (RUIE), Environmental responsibility rating of the World Wildlife Fund (WWF) Russia, and Corporate social responsibility rating of the Association of Managers of Russia (AMR). The calculations showed that the participation of companies in the ratings of WWF Russia and RUIE positively affects the indicators sustainable development of regions where these companies are located. Simultaneously, the influence of companies’ participation in the rating of WWF Russia is higher than the influence of participation in the RUIE rating. In addition, reputation ratings have a positive impact on the return on assets and market capitalisation of Russian companies. Thus, we proved that participation in corporate ratings leads to an increase in performance. However, the effects of participation in various ratings differ. For example, to increase its conditions and performance, a company should be a leader of the rating of RUIE and just participate in the rating of WWF Russia. The rating of AMR influences the market capitalisation the most. The obtained findings indicate the need for expanding the participation of Russian companies in corporate ratings and enable research in the field of sustainable development of companies.

ОЦІНКА ІНВЕСТИЦІЙНОЇ ПРИВАБЛИВОСТІ ЧЕРКАСЬКОЇ ОБЛАСТІ

Introduction. At the current development stage of the world economic relations, investment activity plays the role of an important component. Investment is an important factor in the economic growth of any country. It can be stated that the investment flow is strongly correlated with investment attractiveness. In this regard, improving investment attractiveness is a key task of the economy. There are a large number of methods for determining the investment attractive-ness in the scientific literature, most of which use a rating approach and statistical analysis. The purpose of the article is to determine the investment attractiveness of Cherkasy region. Results. The essence of the concept of investment attractiveness in the region is described. The dynamics of the investment attractiveness of Cherkasy region is analyzed, based on the indicators of economic development. The vector of investment and economic development in the region is determined for 2015 – 2020. The sources of financing and directions of capital investment in the region are investigated. The specialization and the most investment-attractive sectors of Cherkasy region are found. The factors of negative impact on the investment attractiveness of the region are determined. Conclusions. According to the results of the study, Cherkasy region is defined as an investment attractive region. Because the dynamics of the main economic indicators tend to increase, most of the capital investments in the region are carried out at cost of enterprises' own funds. The most investment-attractive sectors of the region's economy are agriculture and industry. The significant amount of the region's capital investment goes to public administration and defense. Local authorities are being encouraged to pay attention to the small amount of investment proceeds in such sectors as education and health. The method that was described in the study for determining investment attractiveness by analyzing a number of economic indicators in dynamics is advisable to apply to all Ukrainian regions. We see prospects for further research in the development of a methodology for determining and creating methods for improving investment attractiveness at different levels. Key words: the investment attractiveness of the region, economic development, capital investment, specialization, gross regional product, business entities, foreign investment, Cherkasy region.

Foreign Direct Investments in the Regions of Ukraine in the Conditions of Globalization

The importance of foreign direct investment (FDI) for the economy of the host country is demonstrated, and the advantages and risks of attracting foreign capital for the economy of Ukraine are emphasized. An analysis of the dynamics of foreign direct investment in Ukraine is carried out, with a focus on sectoral and geographical structure. Differences between the productivity of enterprises with foreign investment and that of domestic enterprises are noted. The assessment of investment potential was carried out using a multifactor comparative analysis, and a calculation of investment attractiveness is made on the basis of the standardization of indicators for the regions of Ukraine. The correspondence between the investment potential and investment attractiveness of the regions is indicated, as well as the low level of investment attractiveness of certain regions in Ukraine. Priority measures for the intensification of foreign investment activity in Ukraine in the conditions of globalization are discussed.