Specific Investment Projects Research Articles

DEFINING STRATEGIC INVESTMENT PRIORITIES IN BUSINESS ACTIVITIES

This paper underscores the role and position of investment activity within the framework of strategic enterprise management. It explores the economic essence and distinct characteristics of the investment process, which encompasses the issuance and accumulation of production resources as investment goods and services. It is argued that the investment process at an enterprise can be viewed from two perspectives: as a complex of potential alternative investment decisions based on available financial resources and the capability to attract additional funds (implemented through the development of the enterprise's investment policy strategy); and from the standpoint of each specific investment decision (the rationale and specific investment projects). The paper provides comprehensive recommendations that cover all aspects of the investment process to enhance the methodological support for selecting strategic investment priorities to ensure the enterprise's sustainable development. Distinctive features of financial and investment resources in the system of resource provision for enterprise development when forming an investment development strategy are highlighted. A matrix for defining the plan's priorities for investment provision of enterprise development is developed. It is substantiated that investment risk depends on numerous factors that directly influence the choice of investment strategy. To generalize the impact of these factors, a rating indicator is proposed, which considers the characteristics of investment attractiveness and the level of investment risk. The composition of attributes for assessing the investment attractiveness of the enterprise is justified, including the state of critical factors determining investment efficiency: technical-technological base of production; level of resource availability and efficiency of their use; economic parameters of business activity and financial condition of the enterprise; market demand dynamics and competitive intensity on the target market; level of management organization. Recommendations are provided for determining investment risk based on a summary of quantitative assessments of a complex of dangers and threats that are individual to each investment process participant.

Assessment of the level of investment attractiveness of Ukrainian economy using multidimensional average method

In the article it has been estimated the level of investment attractiveness of the Ukrainian economy using multidimensional average method. For this purpose, the structure of national investment attractiveness was identified and five main components that are political, economic, social, scientific, technical, natural and geographical. The political component of national investment attractiveness is characterized by the following indicators: world press freedom index, economic freedom index, political freedom index, and ease of doing business index. The economic component of national investment attractiveness is characterized by the following indicators: GDP per capita, unemployment rate and government debt in GDP. The social component of national investment attractiveness is characterized by the following indicators: literacy rate, Gini coefficient, happiness index. The scientific and technical component of national investment attractiveness is characterized by the following indicators: number of scientists and engineers per million people, number of technological parks in the country, the research and development (R&D) effectiveness index. The natural and geographical components of national investment attractiveness are characterized by the following indicators: size of electricity production, share of renewable resources in region electricity generation, percent of agricultural land in the country. The listed indicators were distributed on stimulants and disincentives and normalized. Results of calculations show that the level of investment attractiveness of the Ukrainian economy is quite low (ICIA = 0.393) and even lower than that in most analyzed countries (by 0.012 compared with Poland, by 0.023 compared with Hungary, by 0.049 compared with Romania, by 0.06 compared with Bulgaria), but it is higher than the level of investment attractiveness of Moldavian economies. The integral coefficient of investment attractiveness in Ukraine is characterized by the highest value of the general coefficient of natural resource component (GCN&G = 0.368). For comparison, in Poland, the value of that indicator equals 0.284, in Slovakia it equals 0.231, in the Czech Republic it equals 0.264. Instead, in accordance with the general coefficients of scientific and technical components, Ukraine is an outsider of Eastern Europe: GCR&D = 0.162 in Ukraine, GCR&D = 0.363 in Moldova, GCR&D = 0.401 in Slovakia, GCR&D = 0.442 in Romania. In addition, general coefficients of economic and social components are quite low (GCE = 0.435 and GСС = 0.412 accordingly) due to several institutional and financial factors, namely imperfect legal framework, low level of trust of major market participants in government, low financial literacy of population, high probability of non-repayment of loans. To raise the investment attractiveness of the Ukrainian economy, it is necessary to create new industries and markets, reform the taxation system, stabilize the banking system, improve the work of insurance companies, create institutions that would be involved in mobilizing investment resources for specific investment projects and programs.

Engineering and consulting services for project management in construction

Engineering is described as an engineering and consulting activity related to the solution of various engineering tasks during the development and creation, as well as the improvement of products, systems or processes. Within the specific investment and construction project, practical engineering is professional services of a research, design, production and technological nature. The objective of this research is to study the issues of engineering and consulting in construction, the application of model laws on engineering and engineering activities in construction, questions about the need for engineering and consulting services for project management in construction. The following tasks were solved in the research itself: the need for the introduction of engineering and consulting services for project management in construction was identified and justified; checkpoints were identified of processes at the stage of completion of the construction digitalization project (by project participants) required for the provision of engineering and consulting services; indicators were identified to assess the effectiveness of the construction digitalization project; criteria have been developed for assessing the effectiveness of the implementation of the construction digitalization project and an algorithm for the integrated functioning of the work of Russian consulting engineers in construction. Consulting engineers in construction may use the results and recommendations of this research in the practice of engineering and consulting.

FORMATION OF THE SYSTEM OF ORGANIZATIONAL SUPPORT OF INNOVATIVE AND INVESTMENT ACTIVITIES OF AGRICULTURAL ENTERPRISES

Introduction. It is appropriate to include the organizational and management structure and relevant units that develop and make management decisions in the field of investment, as well as managers with the appropriate level of professional training, for whom the rights, duties and responsibility. At the same time, the formation of the organizational structure of management of investment processes at the enterprise is influenced by many factors, in particular, the size of the enterprise, forms and volumes of investment activity, organizational and legal form, etc. Methods. In the process of conducting research, general scientific and special methods of economic research were used, in particular: systematic approach, comparative, dialectical, abstract and logical methods. The results. It has been proven that the process of creating a management system for innovation and investment activities with an appropriate organizational structure consists of organizational, administrative and technical measures that require initial investments. These organizational measures should include a set of measures to coordinate the activities of developers and users of the investment activity management system, which are bound by resources and deadlines. In order to form a system of information support for the process of substantiating and making a decision on investment in agricultural production, the model has structural subdivisions that allow assessing the capabilities of the enterprise and investors in relation to the implementation of a specific investment project. The characteristic features of the management of innovative and investment activities of agricultural enterprises are singled out: the dominance of investments in real investments; the main goals involve the implementation of tasks of a tactical nature; lack of a special unit for coordination and regulation; the investment decision is taken collegially; among the project documentation, a business project is most often developed; there is no practice of developing documents for operational management of the “capital budget” and “calendar plan” during the implementation of an investment project. Discussion. Under the conditions of Russia's military aggression against Ukraine, business entities are forced to radically change the management system of innovation and investment activities, focusing mainly on the use of their own financial resources. In this regard, there is a need to form a system of organizational support for attracting investments in the implementation of innovative projects aimed at increasing the volume of production of products with a high level of added value by subjects of entrepreneurial activity in the field of agribusiness. Keywords: innovation, investment, activity, agricultural enterprise, information.

Problems of Ensuring the Balance of Regional Budgets in The Conditions of Sanctions Pressure

Having successfully passed the tests of the pandemic, the Russian economy has faced new challenges. Unprecedented sanctions have been imposed on our country by unfriendly States. They affected the Bank of Russia and are related to the management of reserves and assets, as a result of which more than half are blocked. A number of Russian banks have disconnected from the SWIFT payment system and restricted cross-border transfers. Against the background of such a difficult geopolitical situation, the regional economy and the budget system were under serious threat. However, the «pandemic» experience gained allowed the Government of the Russian Federation, the Parliament, and regional management teams not to react slowly to the events taking place and take the necessary steps to contain external sanctions pressure. Priority actions were aimed at stabilizing the situation in financial markets, tax incentives and reducing regulatory restrictions, import support, speeding up budget procedures and the use of funds from state-owned companies, support for SMEs and system-forming enterprises. The rights of the Government of the Russian Federation have been expanded and the opportunity has been given to direct the funds of the NWF for the purchase of Russian government securities and shares of Russian issuers, to identify specific investment projects in the tourism industry. In addition, legislative norms have been adopted that allow regions to respond quickly to changes in the geopolitical situation and the economic situation and reduce the impact of negative factors on the budget system. This article examines the issues of the state of regional budgets in modern conditions, analyzes the state measures taken to preserve the stability of the budget system, and also suggests mechanisms aimed at further strengthening and stabilizing the situation in the regions to ensure the balance of regional budgets.

METHODOLOGICAL ASPECTS OF STRATEGIC PLANNING OF THE CAPITAL-FORMING BASE OF ENTERPRISES IN KNOWLEDGE ECONOMY

Abstract. This paper is devoted to the substantiation of methodological aspects of strategic planning of the capital-forming base of enterprises in accordance with the objective features of the knowledge economy. Regarding the basic researched category — «capital» — it is proposed to interpret it according to financial approach. At the same time in the context of business management and its development it is important to consider the peculiarities of capital-forming base, in particular, taking into account theories of intellectual (human) and information capital. In this case, the capital-forming base of the enterprise is proposed to be understood as a set of assets (financial, tangible and intangible) in its ownership and / or disposal, and theirs usage forms the potential of the entity’s development over time. At the same time, the formation of the capital-forming base of the enterprise in the conditions of knowledge economy formation should be based on the principles of complexity, systemicity, strategicity and innovation. The main priorities of the formation of the enterprises’ capital-forming base include: 1) ensuring stable operation over time by creating a sufficient margin of safety; 2) accumulation of potential for sustainable development; 3) the formation of the company’s ability to innovative transformation.
 Strategic planning of the capital-forming base of enterprises is proposed on the basis of a foresight approach. In this paper the critical analysis of its advantages and disadvantages for solving the scientific problem and the semantic distinction between ‘forecasting’, ‘foresight’, ‘prediction’ has been held. It is proved that the effectiveness of the foresight approach for strategic planning of the enterprise’s capital-forming base is ensured by a logical combination of five factors: 1) clarity of formulation of foresight targets and variation of their implementation; 2) validity and depth of understanding of the grounds for decision-making by all participants of the foresight; 3) reflection of target priorities in specific research, investment and other projects; 4) independence of foresight participants’ identification of their positions, except for the order of interaction of participants (determined by foresight organizers); 5) possible change of positions of participants depending on initially accepted determinants. Also, the implementation capacity of strategic planning of enterprise’s activity directly depends on the availability and quality of industry strategy’s development made by the relevant government institutions.
 Methodological features of strategic planning of the capital-forming base are considered on the enterprises of the construction industry. It is formed the contour determinants of innovative transformation drivers of the construction industry (as the fundamental basis of strategic planning of the enterprises’ capital-forming base) in the following semantic directions: technological, ecological, personnel, economic, managerial. In turn, for strategic planning of the capital-forming base of construction industry enterprises technological, social, personnel, financial and managerial components have been identified and for each unit the operational measures have been formulated.
 Keywords: capital, capital-forming base, enterprise, strategic planning, foresight approach, sustainable development.
 JEL Classіfіcatіon G31, L52, O21, L1
 Formulas: 0; fig.: 2; tabl.: 2; bibl.: 25.

ДЕРЖАВНЕ РЕГУЛЮВАННЯ ЗОВНІШНЬОЕКОНОМІЧНОЇ ДІЯЛЬНОСТІ УКРАЇНИ

The article is devoted to the issues of security, support, development of state regulation of foreign economic activity of the agro-industrial complex of Ukraine and economic development of the state. It is determined that foreign trade regulation is carried out to balance the economy and balance of the domestic market of Ukraine, stimulate progressive structural changes in the economy and create the most favorable conditions for attracting our economy to the world division of labor and bringing it closer to market structures. The commodity structure of export-import operations of the agro-industrial sector of the state is studied. The prospects of processing of agricultural products and measures to stimulate the relevant processes are determined. It is proved that the improvement of state regulation requires first of all measures to stimulate the development of biogas production for own needs and long-term export. Subsidies for agricultural milk producers. Encouraging greater use of pellets produced from agricultural waste within the state by setting export quotas. Stimulating the processing of grain crops into finished products with subsequent sale abroad. Excellent visa duties on critical food imports to compensate for the rising cost of relevant products for the population. It is determined that most pellets are exported, which in the context of energy shortages in Ukraine should be regulated by imposing restrictions on export transactions for the sale of solid biofuels. It is proved that the processes of differentiation in stimulating the state through subsidies and soft loans will allow to adapt the production capacity of the agro-industrial complex to the conditions of world markets and increase exports. It is determined that the priority areas of work in the state regulation of the external sphere of agriculture should be: - Attracting foreign investment in agriculture through constant monitoring of proposals from investors, establishing contacts with international financial institutions and international organizations; support of specific investment projects in the field of modernization of agricultural enterprises and providing comprehensive assistance in their implementation; implementation of measures to deepen the activities of executive bodies in the field of practical implementation of the Program of European and Euro-Atlantic Integration of Ukraine; promoting the intensification of foreign economic relations of agro-industrial enterprises and their entry into the foreign market under martial law.

The cost-benefit concept in the economic assessment of the effectiveness of investments in public projects

The concept of costs and benefits is a concept that analyzes public (social) benefits and public (social) costs in the implementation of public or commercial investments. In general, the concept is aimed at assessing the social (public) consequences of the implementation of a specific investment project, which actualizes the content of this study, since commercial evaluation of investment projects is a "traditional" and understandable mechanism, unlike public or social evaluation. The object of the study is investments that have public (social) significance at different levels of participation of all stakeholders. The subject of the study is the mechanism for implementing the concept of costs and benefits in the implementation of a specific investment project. The purpose of the study is to reveal the content of cost–benefit analysis in foreign and domestic practice. Research methodology – theoretical methods of analyzing economic knowledge on a heuristic basis according to generally accepted methods of scientific cognition. The results of the study: 1. The section Materials and methods includes the content of cost-benefit analysis in the following areas: commercial, budgetary, public projects; 2. It is explained that the concept of budget effect from the implementation and development of investments is mainly a characteristic of domestic practice of economic evaluation of investment projects; 3. In the section Research results based on the theoretical analysis, the authors highlight the entire process calculation of public (social) utility (profitability) or social costs and benefits in the form of five stages; 4. In the Discussion section, the existing specific disadvantages of cost-benefit analysis are highlighted, which should be offset by the scaling of scientific research in the subject area.

Key instruments of state regulation of the industrial sector

The article provides an analysis of financial and non-financial instruments of state regulation of the industrial sector. The studies carried out on the use of support measures by high-tech and innovative enterprises in different sectors of the economy show their high interest in obtaining it. It was revealed that the maximum demand for a state support measure is about twenty-five percent, while on average it does not exceed 10%. The concern is caused by the inability of enterprises to use several support measures at the same time, most often they apply for one measure for a specific investment project. The use of support measures in combination will allow industrial enterprises to effectively implement their strategic plans and form an increasing vector of industry development.

Investment cooperation between Russia and India

The long-term cooperation between Russia and India in the investment field is analyzed. This cooperation is of great strategic importance not only for the development of these countries, but also for solving problems at the global level. The world is currently undergoing large-scale changes affecting various spheres of public life. On the basis of Russian and Indian statistics, as well as statistics of international organizations, conclusions are drawn about the uneven distribution of foreign direct investment between Russia and India, and their different position in the international movement of capital is indicated. Examples of specific investment projects between TNCs of the two countries are given. Prospects for investment cooperation between the two countries have been substantiated. The purpose of this research is to study investment cooperation between Russia and India. The theoretical basis of the study was the works of Russian and foreign authors, which examine the issues of the socio-economic situation of developing countries, and in particular, the economic development of India and Russian-Indian relations. The work used methods of analysis and comparison of theoretical positions, as well as methods of statistical and analogy, expert assessments. It was found that the most interesting projects for the Indian economy are the extraction of oil and other minerals, construction, trade, and real estate. For Russia, the sphere of manufacturing is of particular investment interest, as well as the sphere of trade and the financial sector.

The pricing of green bonds: Are financial institutions special?

The financial system plays a major role in the transition to a low-carbon economy. We shed light on this analyzing recent developments in the bond and debt markets. First, we study the pricing of green bonds at issuance. We find a premium for green bonds issued by supranational institutions and corporates but no yield differences in case of issuances by financial institutions. We also document an effect for external review and repeated access to the green bond market. Second, we show that banks that issue green bonds reduce lending towards carbon-intensive sectors, but limited to the loan amounts granted in the role of lead bank in the deal. This mixed evidence about lending suggests that, at the time of issuance, investors may not be able to identify a clear link between the green bond issued by a financial institution and a specific green investment project, which would explain the absence of a green premium for financial issuers.

МЕХАНІЗМ ESG-ІНТЕГРОВАНОГО УПРАВЛІННЯ ЦІННІСНО-ОРІЄНТОВАНИМ РОЗВИТКОМ ТРАНСПОРТНОЇ КОМПАНІЇ

Introduction. In the context of market liberalization, transportation companies must take into account current trends in social development and strive to maximize their own value, both by increasing profits and by demonstrating a high level of environmental, social and corporate responsibility. This highlights the need for the formation of organizational and economic mechanism to ensure the economic development in the transportation company in accordance with the concept of value-based management. Purpose. Mechanism formation of the ESG-integrated management of value-based development in the transportation company. Results. The concept content of the organizational-economic mechanism is outlined, according to the results of critical analysis it is emphasized that its creation, functioning and further development should be goal-oriented and differentiated depending on the context. In the process of scientific research through analysis, blocks and elements were identified, the synthesis of which led to the possibility of developing a mechanism for ESG-integrated management of value-based economic development in the transportation company in the form of a scheme and reveal its general content. Conclusions. According to the results of the study, it was found that the basic blocks of the mecha-nism are the support system; theoretical and methodological principles; specific functions; direc-tions of realization of value-based management in the transportation company. Specific functions include company value analysis, ESG-analysis, ESG-integrated company value analysis, ESG-integra-ted risk management, specific business processes such as freight and / or passenger transportation, infrastructure, production and service, and specific investment projects, financial systems and integrative effects of development, which reflect global trends of value creation for all stakeholders. Keywords: value-based management, development, cost, ESG, transportation company, mechanism.

Cross-border Cooperation in the Field of Investment Activity with Regional Development Implications

The article focuses on the issue of cross-border cooperation in the field of investment activity and its impact on the sustainable regional development. In particular, subsidy funds of the European Union are closely linked to regional development. This article covers the research of mapping the situation of cross-border cooperation of the territory of interest, which is partly formed by the South Moravian Region in the Czech Republic and partly by the Trnava and Bratislava Regions in the Slovak Republic. This area comprises 43 municipalities in the Czech Republic and 70 municipalities in the Slovak Republic. The questionnaire survey carried out showed that cross-border cooperation is more applied in the Czech Republic, while the Slovak Republic is more sceptical about the cross-border cooperation projects. Based on the evaluation of the questionnaires, a specific investment project was chosen between the municipalities of Mikulčice and Kopčany, which was financed through the European Regional Development Fund, specifically the Interreg V-A programme the Slovak Republic – Czech Republic. Analysis of the current state of financing was carried out for this project with proposals of possible other financing options. At the end of the article, the impact of the project on the sustainable development of border regions is evaluated.

Державне регулювання інвестиційної діяльності в сільському господарстві: нормативно-правовий аспект

Based on the analysis of the world practice of the State regulation of investment activity in agriculture, the article sets priorities that include the development of a regulatory framework, formation of international and the State investment programs, accumulation of investment resources and financing of specific agricultural investment projects. Normative-legal regulation of investment activity in agriculture is analyzed based on consideration of aggregate measures carried out by public authorities, adoption and implementation of legal acts in accordance with institutional powers. The legal basis of this process is the Laws of Ukraine, decrees of the President of Ukraine, resolutions of the Cabinet of Ministers of Ukraine, orders and directives of the relevant government institutions. For their analysis, a historical digression was made and the evolution of the formation of the normative-legal mechanism of the State regulation of investment activity in agriculture, in particular by periodizing this process, was revealed. The separation of five stages of formation of the normative-legal mechanism of the State regulation of investment activity in agriculture allowed to pay more attention to qualitative changes in agrarian policy, gradual introduction of private land ownership, regulation of agricultural land use. The necessity of further improvement of the legal framework of investment activity in agriculture as an effective factor in the formation of a favorable investment climate and the implementation of relevant activities is substantiated. In this context, the significance of the adoption by the Verkhovna Rada of Ukraine of the Law "On Amendments to Certain Legislative Acts of Ukraine Concerning the Conditions of Circulation of Agricultural Land" and its alleged introduction of market circulation of agricultural land is revealed. It should be expected that the practical implementation of its provisions will help attract long-term lending to agricultural production and significantly expand investment activities.

Investment activity and environmental protection: Balancing investors’ interests and environmental challenges

At present, the issue of environmental pollution is gradually becoming one of the central problems facing individual countries and the international community. Meanwhile, the analysis of investment projects shows that most of them are focused on profit making, without due consideration of public environmental interests. In this regard, there is a serious need to find a balance between the interests of investors and the interests of society and citizens in preserving and improving the natural environment. In such circumstances, the state environmental policy should be based on an optimal combination of both administrative methods of influencing investors (penalties, environmental taxes, compensation for environmental damage) and the promotion of so-called environmental investment which implies the development and implementation of a specific investment project, whose goal will be to solve a specific environmental problem. The authors identify various legal forms of environmentally oriented investment, as well as formulate proposals for improving the current legislation in this area.

Go Out for Jobs? Foreign Investment Projects and their Impact on Firms’ Domestic Employment Growth

Many governments, especially those of emerging economies, have policies in place to stimulate their firms to internationalize and engage in outward foreign direct investment (OFDI). Although it may serve interests other than that of economic development, it is unclear to what extent it contravenes policy aimed at raising employment, an area particularly important for countries if they are to make progress on sustainable development goals. This study looks at three dimensions of OFDI promotion policies typically adopted by emerging economy governments, as they encourage firms to choose acquisitions over greenfield investments, and support large firms with considerable presence in a region of interest as their national champions. I study how these firm- and investment-related characteristics affect how emerging market multinationals grow their own domestic employment after undertaking a specific foreign investment project, whereby I draw on the resource-based view and agency theory to formulate hypotheses. Analyzing detailed data pertaining to 409 such projects by firms from 13 emerging economies, this study finds support for these hypotheses. An important implication is that key elements of OFDI promotion efforts such as China’s ‘Go Out’ policy tend to have negative consequences for domestic employment, thus revealing important policy trade-offs.

THE IMPLEMENTATION OF DIGITAL TECHNOLOGIES AT THE STAGES OF AGRICULTURAL PRODUCTION

The preconditions and possibilities of digital technologies implementation at the stages of agricultural production have been researched in the article. The key stages of agrarian production have been identified and the impact of digital technologies on each production stage has been analyzed in detail, with in-depth detailing of the preconditions and possibilities for their realization. The scheme of the use of digital assistants in the technological process of growing crops has been developed, which is a prerequisite for building a strategy of gradual implementation of precision farming technologies in the practical activity of enterprises. The most promising and popular digital precision farming technologies that are most often introduced by agricultural enterprises in the territory of our country have been highlighted. Precision farming technologies, which in addition to the theoretical substantiation of the efficiency of implementation, require the development and appropriate calculations of the cost of implementation of specific investment projects for the acquisition of appropriate digital instruments, determining the sequence of implementation of technologies and payback periods of funds invested by agricultural enterprises. It has been stated that the use of specialized software products and services will allow agricultural enterprises to carry out technological operations and management processes in a more informed, timely and balanced manner, taking into account the available (accessible) amount of information on satellite monitoring, meteorological services and pharm-management systems. It has been emphasized on the necessity to build a system of accounting automation at the enterprise and write-off of inventory, which will make it easier to control the compliance of the accounting and actual residues of the TMC at the storage sites and to provide the manager with complete, timely and reliable information on their movement within the enterprise. The step-by-step implementation of digital precision farming tools at the agricultural production stages will help to get rid of certain diseases of crop cultivation, such as overspending of crops, plant protection products, fuel and lubricants, fertilizers and more.

The Capital Budgeting of Corporate Social Responsibility

This paper focuses on the evaluation of Corporate Social Responsibility (CSR) investment projects from the perspective of the triple bottom line. One of the most relevant roles of CSR is the mitigation of the negative externalities generated by corporate investments, which often requires undertaking specific investment projects that fall in the scope of CSR. The main goal of these CSR projects is to improve corporate sustainability instead of maximising financial value creation. Thus, they must be evaluated for their impact on the natural, social, and financial capitals, answering these three questions: What is its efficacy for the mitigation of the externalities under consideration? What is its economic efficiency for stakeholders? What is its financial sustainability? The proposed evaluation method interlinks monetary with physical units by generating dimensionless indicators. The paper also presents a metric that unites in a single indicator the effects on the natural, social, and financial capitals. Reliable capital budgeting decisions must fit with corporate strategic planning. Since this principle also holds for CSR, the paper includes a section on the strategic planning of CSR. A numerical illustration and a case study, developed with the aid of text mining techniques, show the applicability of the findings of this paper.

Applying the savings and credit scheme to finance projects for comprehensive multi-storey development

Subject. We consider the efficiency of comprehensive multi-storey development as an investment project and the main criteria for attracting borrowed funds through bond issue; analyze special features of the two-tier financing scheme for multi-storey development with a detailed calculation of values. Objectives. The study aims to design a universal financing scheme with the possibility to modify parameters for specific investment projects in the construction sector for practical application by construction companies. We focus on developing an effective alternative to escrow accounts enabling better distribution of financial burden on the company over the entire life of investment project. It should ultimately prevent the increase in the price per square meter of residential and non-residential premises and the longer construction period. Methods. We employ methods of analysis, synthesis and modeling of savings and credit scheme of financing. Results. To simplify understanding the application of the bond loan by developers, we prepared a specific investment project for the existing construction company with a step-by-step calculation of the savings and credit financing scheme. Conclusions. Earlier, the bond loan as a borrowing tool has not been detailed and formulated as a clear mechanism for funding company's activities. We offer our own description of the application of savings and credit scheme to finance projects for comprehensive multi-storey development with step-by-step calculations.

Sustainable Development Modelling of Regional Agritourism Clusters (Case of Belarus)

Goal – construction of models that describe the social, environmental, and economic sustainability of rural areas in the context of the development of agritourism, which would make it possible to determine the leading factors for their sustainable development. Research methodology – the research applied the procedures of goal setting, measurement, establishing criteria, forming and choosing alternatives, algorithms, methods of PLS‑PM modeling, and methods of qualitative modeling. Score/results – a systematic solution to the numerous environmental, social, and economic problems of the development of agritourism cluster is not achievable without appropriate economic and mathematical models and tools for their support, which would make it possible to accurately predict the main indicators of the sustainable development of agritourism, identify the main factors of sustainable development, determine the degree of the effectiveness of certain management decisions. Originality/value – based on the applied software products developed in this way, support systems for making complex management decisions can be formed that make it possible to identify all potential scenarios for the development of any complex systems and transitions between them, as well as provide a predictive function for evaluating key blocks. In the future, the proposed toolkit can be used to model and optimize the sustainable development of specific tourism investment projects in rural regions, as well as to select investment areas at the regional agritourism cluster level.