State Investment Policy Research Articles

PRIORITIES OF FINANCIAL SUPPORT OF STATE INVESTMENT ACTIVITIES AND INVESTMENT POLICY IN GEORGIA

The article discusses current issues of financial support of state investment activities and investment policy, analysis of current practice and current situation. The study analyzes the financial and credit regulation of investments in Georgia and the relationship with the investment environment, its positive and negative aspects,the relationship of investment property financial decisions to a sequence of political, socio-economic and cultural factors, as well as challenges and opportunities in this area. The attention was focused on aspects such as: ensuring the stability of the macroeconomic and political environment, developing fiscal and monetary policies, taking into account the interests of the production sector, creating a transparent, efficient, stable and legal environment, removing bureaucratic and corruption barriers, revitalizing the work of agencies promoting investment activities. Moreover, there are estimated "SWOT factors" strengths and weaknesses of the investment environment of Georgia, its capabilities and threats. The author notes that Georgia will be able to interest investors in further expanding the production capacities in which they have already invested, only if it provides: - socio-economic stability within the country, - development of communication structures, - high level of education. Georgia has such an important factor as cheap labor force (due to low qualification of workers and high level of unemployment), which is one of the decisive factors for placing investment funds in the country. The author has focused on the growth of such financial resources in the structure of foreign investments, which will be directed to the restoration and development of production based on the state's interests. Improving the business institutional environment necessary for creating new industries, accelerating the process of economic liberalization and increasing the efficiency of the financial sector. Keywords: investment environment, funds, credit rating, public debt, foreign investments, transport sector.

АМОРТИЗАЦІЙНА ПОЛІТИКА ЯК ПАРАДИГМА ІНВЕСТИЦІЙНОЇ БЕЗПЕКИ УКРАЇНИ

Abstract. The article examines the depreciation policy as a paradigm of investment security of Ukrainian enterprises. It has been proven that the depreciation policy as a component of the state's investment policy is a specific lever aimed at the economic activity of separately functioning business entities. Its main goal is to create conditions for reproduction and renewal of fixed assets, activation of investment processes to accelerate innovation. A paradigm of investment security based on depreciation policy is proposed, which allows to systematize rational methods of distribution of the cost of fixed assets (minus the liquidation value) during the entire period of operation, taking into account the information-analytical and innovation-investment component. It is proved that the depreciation policy, as a component of the investment policy of enterprises in an institutional environment, forms a multiplier "domino" effect due to an increase in the value derivative of assets, which ensure a great accumulation of the depreciation fund. The method of assessing the investment security of enterprises on the basis of ensuring the depreciation policy has been determined. A graphic model of the digressive method of calculating depreciation deductions is given. The rates of growth of the cost of fixed assets and the degree of their wear and tear in Ukraine are analyzed. The growth index of capital investments in the fixed capital of Ukrainian enterprises by sources of financing in Ukraine was determined. The functional dependencies of costs for the improvement (reconstruction, modernization) of fixed assets on the amount of accrued depreciation of the enterprises of the Steppe zone of Ukraine were determined. The estimated amount and intervals of depreciation of fixed assets at enterprises are calculated. A forecast of the increase in depreciation rates on average for one enterprise is presented, provided that the enterprise's profit is directed to ensure investment security.

ЗАГРОЗИ ТА РИЗИКИ ФОРМУВАННЯ ТА РЕАЛІЗАЦІЇ ІННОВАЦІЙНО - ІНВЕСТИЦІЙНОГО ПОТЕНЦІАЛУ УКРАЇНИ ТА НАПРЯМИ ЇХ УСУНЕННЯ

For innovation, investment activity, use and increasing of innovation-investment potential effective management of innovation-investment processes is necessary, which involves analysis of their current state, identification of factors and risks affecting them. The complexity and multifactorial nature of these processes make it necessary to study the prospects for building innovation and investment potential, and the place of active government actions in this process. The article examines the prospects for building innovation and investment potential. The main strategic tasks of building innovation and investment potential are defined, such as the development of legislative and regulatory documents regarding the transition of Ukraine's economy to an innovative path of development; constant monitoring of the state and development trends; determination of scientific and technological level and production technology, finding priority areas of development; objective assessment of scientific potential; establishment of effective scientific and industrial relations and forms of transfer of intellectual property, provision of targeted state support to enterprises carrying out their own development of innovative products and technologies. Using a graphic method and analysis, the dynamics and structure of the investment resources involved in the economy of Ukraine and the sources of financing of innovative activities were determined. Measures to increase innovation and investment potential have been determined. The risks and problems that hinder the formation and implementation of innovation and investment potential in Ukraine are systematized, and the need for their timely detection and elimination is substantiated. It is argued that the basic condition for building innovation and investment potential should be neutralization of key risks that make it impossible to create a favorable investment climate, including important issues of forming incentives for building innovation and investment potential, taking into account and systematizing possible additional resources for innovation at the state level The main criteria of the state's investment policy for a continuous and constant flow of effective investments in innovation are determined, namely: science-based economic policy of the state; the development of the domestic producer with a priority on the introduction of innovations, the growth of solvent demand within the country and the capacity of the national market.

Activation of innovative and investment activities of industrial enterprises at the current stage

Peculiarities of the industrial enterprises’ investment and innovation activities implementation in Ukraine are examined. A comprehensive analysis of the investment and innovation processes development in Ukraine is carried out. In particular, the dynamics of capital investments and their relationship with Ukraine's GDP as well as foreign direct investment into the economy of Ukraine are analyzed. An analysis of innovative activity in Ukraine is carried out. In particular, the dynamics of indicators characterizing innovative activity (the number of innovatively active industrial enterprises, expenditures on innovations of industrial enterprises, the number of industrial enterprises introducing innovations (products and/or technological processes), the number of introduced innovative products (goods, services) of industrial enterprises, the volume of innovative industrial products (goods, services) sold are studied. The main factors affecting the innovation and investment activity of industrial enterprises at the present stage, in particular, military aggression, imperfection and ineffectiveness of state regulatory mechanisms, low development of the stock market, decrease in economic potential are identified. Ukraine's place in the Global Innovation Index for the period 2017-2022 is analyzed. The main problems that have a significant impact on investment activity and innovative activity in our country are identified. The problem of the impact of the war in Ukraine on investment and innovation activity in the country is studied. Measures to increase the effectiveness of state regulation of investment and innovation processes in Ukraine, the formation of a stimulating and active state investment and innovation policy through preferential lending mechanisms, state guarantees of investment attraction, improvement of the legal framework and elimination of conflicts in the current legislation regulating investment and innovation processes in the country are proposed.

Оценка инвестиционных рисков в сельском хозяйстве России

The article is devoted to the problems of formation of investment attractiveness in the context of minimizing investment risks in agriculture in Russia. The authors consider the basic concepts of risk theory, including in agriculture. The researchers proposed methodological approaches to the assessment of investment risks, including the identification of risks, their classification and grouping, calculation and assessment of risks. The assessment of investment risks was carried out by calculating the complex integral indicator determined on the basis of financial, economic and social risks, based on the operation of maximization and double rationing. Based on the approbation of methodological approaches to the assessment of investment risks in agriculture in the context of the regions of the Russian Federation, the authors conducted the ranking and grouping of regions and identified a group of regions with minimal investment risks and extremely high risks. In order to minimize investment risks, the article formulates proposals for improving measures of state regulation and investment policy at the federal and regional levels.

ПРЯМІ ІНОЗЕМНІ ІНВЕСТИЦІЇ: СТАН ТА ПЕРСПЕКТИВИ РОЗВИТКУ

The article is devoted to an analysis of the state and prospects for attracting foreign direct investment into the Ukrainian economy under martial law. The essence of the concept of “foreign direct investment” explored and its characteristic features are determined. It established that in the legislative acts of Ukraine only the concept of “foreign investments” presented for consideration and their content described. The role of transnational companies at the present stage of attracting foreign investment to Ukraine outlined. A list of transnational companies operating in the domestic investment market provided. An analysis of the dynamics of foreign direct investment in Ukraine carried out based on the principle of direction. The unstable nature of cash flows revealed. It established that a significant part of foreign direct investment in the overall structure made up of those directed to Ukraine. However with the advent of war in 2022, the already not very high investment attractiveness of the Ukrainian economy decreased. This significantly complicated the economic situation in the country and significantly decreased its investment activity. An assessment was made of the scale of capital reinvestment in Ukraine through “round tripping” operations. Their unstable dynamics established and it revealed that the most significant volumes of foreign direct investment were directed to industries and institutions engaged in wholesale and retail trade. The main investor countries for round tripping operations presented, of which a significant part belongs to Cyprus and the Netherlands. Because of the study, factors identified that negatively affected the processes of foreign investment in Ukraine and related to the war and business rules. Recommendations developed that take into account general economic and institutional conditions for activating the foreign investment market in Ukraine. Separate effective mechanisms for their implementation presented. The need to formulate a state investment policy to further attract foreign investment into the Ukrainian economy for recovery after the war noted. This is due to the priority of restoring the domestic industrial and agricultural complex, increasing the country’s export potential by implementing strategies to overcome the economy’s dependence on imported energy resources, etc.

Технологии бережливого производства как основа рационализации регионального инвестиционного стандарта

The article deals with the theoretical and practical aspects of application of the concept of lean manufacturing in implementation of the state investment policy in terms of the regional investment standard instruments. Successful concept of lean manufacturing, formed in the field of production and business, finds its application in optimizing the processes of interaction between investment process participants and public authorities. One of the elements of the Regional Investment Standard is the code of investment rules containing algorithms for the investor's actions in the process of implementing investment projects. Methodology of the end-to-end investment flow, based on the concept of lean manufacturing, optimizes the content of the code of investment rules as a part of the Regional Investment Standard. Practical implementation of this methodology in the pilot regions from among the subjects of the Russian Federation made it possible to reduce the terms of the investor's client trip and to eliminate duplicate actions in the interaction of the authorities and the investor. The review of scientific sources conducted by the authors, containing theoretical justification and approaches to adapting the concept of lean manufacturing to the field of public administration, including economic processes, is interesting for science and practice. Analysis of the actual data characterizing the results of introduction of the end-to-end investment flow model makes it possible to visualize the effect of this concept in the investment policy. The results of the research described in the article are interesting from the perspective of practical use by the government bodies in realization of the investment policy of the region, as well as by the researchers of problems of the investment sphere. Conclusions of the authors substantiate introduction of the Lean manufacturing technology into the code of the investment rules of the Regional Investment Standard, which will help reduce the time for investor to pass the client path.

ОРГАНИЗАЦИОННО-ПРАВОВЫЕ АСПЕКТЫ СОВРЕМЕННОЙ ИНВЕСТИЦИОННОЙ ПОЛИТИКИ РФ

The investment policy of the Russian Federation, as part of the national policy, is aimed at achieving common socio-economic goals, using its own mechanism of implementation and appropriate tools. Economic stability in the country, conditions and quality of life of citizens depend on its effectiveness. Effective investment policy, in a generalized form, leads to an increase in the rate of economic growth and welfare of citizens. Of particular relevance in the implementation of the state investment policy at the present stage of development are the issues of uniform movement of investment capital, which allows to meet the economic and social needs of the constituent entities of the Russian Federation. In this regard, the issues of organizational and legal order of investment policy implementation are brought to the forefront, since only with a competent approach to them can be counted on a concrete result to achieve the goal. The article studies the current order of steam support of the investment policy conducted in Russia, its organizational and institutional form and tools.

The subjective dimension of state investment policy in Ukraine

The subjective dimension of state investment policy in Ukraine

Topical issues of application of methods of state financial support in the field of implementation of investment projects

This article discusses the issue related to the study of the features of the application of methods of state financial support in the context of the implementation of investment projects. The author considered the concepts of investment and investment activity, described their characteristics and differences from each other, as a result of which it is possible to distinguish related concepts, for example, investment projects. In addition, this paper examines legal and administrative methods, the use of which has the same value as financial support, and also describes methods aimed at improving the investment climate. An important place in this work is devoted to the analysis of the investment policy pursued by the state in the field of support for the implementation of investment projects. The author described the main directions in which the investment policy of the state is implemented, as well as identified and characterized the key tools that are used by the state. The author highlighted such a tool as a special investment contract, because it is the most applicable in modern economic conditions. In addition, this paper examines the problems and barriers that make it difficult to apply methods of state financial support in the implementation of investment projects, as well as the specifics of their impact on specific economic processes. In the final part of the work, the author summarizes the results concerning the implementation of the state's investment policy and the system of state financial support used in the implementation of investment projects, and also suggests how it is possible to increase the effectiveness of state financial support in this area.

Formation of an effective state investment policy in the field of energy in Russia

Formation of an effective state investment policy in the field of energy in Russia

State Investment Policy: Current Status and Development Prospects

Presents the results of a study of the state investment policy of the Russian Federation. The monitoring of the volume of foreign direct investment, the results of international rating studies of the investment potential of Russia, the volume of investment in fixed capital by sources of financing and by types of economic activity was carried out. It is concluded that there are a number of problems that hinder the inflow of not only foreign, but also domestic investments. In order to increase the investment attractiveness of the Russian economy, it is proposed to use the experience of the United States in the development of insurance services for domestic and foreign investments.

Investment and innovation mechanism in the system of economic regulation of agroindustrial production

The essence of the state investment policy in the agroindustrial complex is shown. The indicators of investment of fixed capital, its availability, movement and condition in agricultural organizations of Belarus, including by regions, are analysed. Proposals are given to improve the mechanisms for investment, lending and import substitution in the agricultural sector, aimed at improving the efficiency and sustainability of domestic agroindustrial production.

Фінансовий сектор – джерело сталого фінансування в економіці

Introduction. The world economy has been experiencing a systemic financial crisis since 2008, as a result of which highly developed countries have been in a state of depression and teetering on the brink of deflation. This crisis coincided in 2020 with the global crisis of a sharp decline in real GDP caused by the COVID-19 pandemic. The conditions for a possible entry of the country's economy into stable growth are ambiguous. Problem Statement. Highly developed countries have taken steps to regulate the sharp decline in real GDP due to the pandemic, leaving financial markets overflowing with cheap liquidity. This threatens to increase inflation, the collapse of stock markets and the continuation of the global financial crisis if cheap liquidity does not become an investment resource for sustainable financing. Purpose. Study of the interaction of the real and financial sectors in the country's economy through changes in the amount of cash in circulation and with the help of the state's investment policy on sustainable financing and determining the consequences of the collapse of the value of financial securities. Materials and Methods. The data of the International Finance Corporation was used, according to which, in particular, in emerging markets, there are opportunities for climate investment worth about 23 trillion dollars. US by 2030, while in Ukraine they are estimated at 73 billion dollars. USA. Results. A study of the interaction of real and financial sectors in the economy through the state's investment policy for sustainable financing and identified the consequences of the collapse of the value of financial securities. It has been determined that an increase in cash from the financial sector proportionally reduces inflation and a decrease increases it. Therefore, when targeting inflation within specified limits, the banking system must change the amount of cash in the economy in proportion to its change in the financial sector. With a constant amount of cash in the economy, inflation decreases proportionally if the cash of the financial sector and the currency balance increase. Conclusions. Government regulation of investment in the real sector and investment by the financial sector in stable financing may be another impetus for economic growth and overcoming the systemic financial crisis.

Assessment of the state innovation and investment policy of the Russian Federation and its impact on the activities of companies

Assessment of the state innovation and investment policy of the Russian Federation and its impact on the activities of companies

Foreign Experience in the Implementation of Regional Investment Policy and the Possibility of Its Application in Russia

This article examines the features and trends in the implementation of state investment policy at the level regions in selected foreign countries. The author conducts a comparative analysis of the investment policy of the selected countries, identifies the priorities, tools and goals for the implementation of the analyzed investment policy practices. The author concludes that it is possible to use the best foreign practices in the implementation of investment policy at the Russian regional level.

Global trends in foreign investment and their role in the post-war reconstruction of Ukraine’s economy

Methods. The results of the study were obtained using general and special methods and scientific approaches, namely: methods of abstraction and comparison, economic-statistical and logical-analytical analysis – to diagnose and assess global investment flows and foreign direct investment in Ukraine; methods of mathematical statistics – for factor analysis of the dependence of changes in GDP in the country on changes in PPI; method of theoretical generalization – to justify the choice of mechanisms for attracting foreign investors and intensify investment activities. Results. A thorough analysis of global investment trends, methods and mechanisms of attracting foreign direct investment to the country was conducted. The nature of trends in global investment flows and types of investment clusters created within the world economy is established. The experience is considered of stimulating foreign investors of Invest in Lithuania, an agency for promoting foreign investment in Lithuania, which is a benchmark in Europe due to its professionalism and organization. Investment flows in Ukraine are analyzed, key problems, challenges and risks of Ukraine’s investment policy to attract foreign direct investment are identified. It is established that, in contrast to global trends, foreign direct investment in Ukraine has not become a significant factor in Ukraine’s economic development, which is confirmed by the lack of correlation between changes in GDP and changes in FDI. It is proved that in the post-war economy FDI will become a driver of economic growth in the context of a new economic model, integrated into the Western and world political and economic space, yet focused on national interests. A set of instruments and mechanisms to encourage foreign investors to participate in developing the country’s economic potential in the post-war period is highlighted; they take into account the specifics of the national economy and meet the strategy of economic revival of Ukraine. Novelty. Effective mechanisms for implementing Ukraine’s state investment policy to stimulate foreign direct investment in the post-war economy are proposed, which take into account global investment trends and best practices in stimulating foreign investors. Practical value. It consists in developing proposals for using tools and mechanisms to attract foreign investors, considering the specifics of the post-war economy of Ukraine. The findings and results of the study will help to build the country’s investment potential, restore the destroyed national economy and create a strong economy.

Аспекты повышения трудового потенциала региона на основе системы дополнительного экономического образования

The article analyzes the main factors that can affect the socio-economic development of the region, from the point of view of training labor resources in the field of economic education. The influence of the state's investment policy on the development of regions on the basis of advanced training of personnel of organizations and enterprises is considered. The necessity of forming a client-oriented approach in the system of additional economic education, taking into account the peculiarities and potential of the region, is substantiated. Possible prospects for the development of the region based on the elements of the potential of additional economic education are presented.

Податкові інструменти стимулювання інвестиційної діяльності: державно-управлінський аспект

Розкрито сутність податкових інструментів стимулювання інвестиційної діяльності, серед яких: податковий кредит, податкові канікули, пільги на реінвестування, інвестиційні надбавки, вирахування і звільнення від сплати податків, спеціальні інвестиційні резерви тощо. Сформовано рекомендації для органів виконавчої влади щодо використання податкових інструментів з метою стимулювання інвестиційної діяльності суб’єктів господарювання.

State investment policy in the development of production of finished metal products in Uzbekistan except machinery and equipment

State investment policy in the development of production of finished metal products in Uzbekistan except machinery and equipment