Volume Of Capital Investments Research Articles

Investment attractiveness of enogastronomic destinations

Tourism is a multiplier of socio-economic development, a vital sector of the economy with significant investments and a wide range of dynamically developing sectors of the national economy. One of the priority directions for the development of modern tourism is the support and development of domestic and inbound tourism. An important research direction is the study of investment attractiveness in tourist destinations. Therefore, the need to attract investments in the service sector, the development of enogastronomic destinations that form a specific tourist product, will contribute to the development of entrepreneurship in this area, increase the economic effect and development of rural areas, which is an essential direction for ensuring sustainable development. The publication aims to research ways to increase the attractiveness of investment in enogastronomic destinations to increase their competitiveness. The article examines the issues of research on inestimities and ways of increasing investment attractiveness in enogastronomic destinations. The essence of the concepts "investment", "investment attractiveness", "public-private partnership" was determined. It is substantiated that until 2020, a positive trend was observed regarding the volume of capital investments in the country's economy. It has been proven that in modern conditions, an essential place in investment activities is the introduction of investments in tourist activities and developing tourist destinations. Factors affecting the assessment of investment attractiveness are determined. It is substantiated that public-private partnership is one of the critical mechanisms for implementing the policy of increasing investment attractiveness to solve significant socio-economic problems. The essence of public-private partnership in forming the investment attractiveness of food and wine destinations and the result of the interaction of the public and private spheres have been determined. The interaction of the state and business to solve socially significant tasks becomes relevant in connection with globalization, increased competition on the world market, the complication of social and economic conditions, and the need to ensure the appropriate competitiveness of domestic goods and services. A key factor of public-private partnerships in forming investment attractiveness and developing food and wine destinations is the guarantee of benefits from the joint use of resources. Keywords: tourism, enogastronomic destination, investment, investment attractiveness, public-private partnership

МОДЕЛЬ ОПТИМІЗАЦІЇ ПОДАТКОВОГО НАВАНТАЖЕННЯ НА СІЛЬСЬКОГОСПОДАРСЬКІ ПІДПРИЄМСТВА У КОНТЕКСТІ СТАЛОГО РОЗВИТКУ

The aim of the article is to develop an applied methodology for identifying promising areas of agricultural development in Ukraine, which is based on the optimization of the tax burden on the industry through the use of production and institutional function. The theoretical and methodological basis of the study is the concept of Laffer curve and methods of scientific knowledge (econometric methods of studying the impact of taxes on the economy, regression analysis). The study uses a methodological approach that allows to optimize the tax burden on agriculture, which increases the industry’s output at a significantly lower level of the tax burden. With the help of econometric modeling, the optimal values of the tax burden have been calculated; the main patterns of the impact of the tax burden on the economic growth of agricultural production have been determined. The modern development of agriculture within the framework of the concept of sustainable development should be aimed at achieving food security and slowing down global warming. In order to obtain opportunities for the real implementation of the declared sustainable development goals in practice, economic entities in the country’s agricultural sector must function effectively according to the criteria of socio-economic, environmental and financial efficiency. One of the most effective levers for achieving such components of efficiency in the current conditions of the development of agriculture in Ukraine is the optimization of the tax burden. It has been established that the indicators of the tax burden have a significant impact on the development trajectory of the industry and form opportunities for increasing the level of social protection of the population. To identify and model the impact of the tax burden on the development of agriculture and the possibility of achieving signs of sustainable development, it is proposed to use a four-factor production-institutional function. As econometric parameters of the functioning of the economic and production system of the agrarian sector, the level of wages, the volume of capital investments, land area, and taxes are chosen. The econometric parameters demonstrated by the elasticity coefficients of the selected factors made it possible to calculate the Laffer points of the first and second order, on the basis of which the level of the tax burden is justified, which contributes to the growth of agricultural production in the context of tax optimization. pressure on the industry. Further research should be aimed at developing a strategy for the development of agriculture in Ukraine

ОПОДАТКУВАННЯ ПРИБУТКУ ПІДПРИЄМСТВ В УКРАЇНІ: РЕЗУЛЬТАТИ РЕГУЛЮЮЧОГО ВПЛИВУ

The article analyzes income tax revenues of enterprises to the budgets of all levels. The effectiveness of the implementation of forecasted assignments on the receipt of this tax was evaluated. The structure of tax revenues of the consolidated budget was studied, where the specific weight of income tax revenues was distinguished. The trend of changing the structure of tax revenues in recent years has been characterized. Attention is focused on the different role of individuals and legal entities in filling budgets during income taxation. The author analyzed income tax revenues of enterprises in relation to nominal GDP. Special attention is paid to the indicator of 2022. In 2022, there was a drop in nominal GDP in the country. The existing distribution of income tax between state and local budgets is also analyzed. Considered factors that reduce tax revenues to local budgets of Ukraine, to the budgets of territorial communities in particular. The author researched the rates of growth of losses of unprofitable enterprises and profits of profitable enterprises. These changes directly affect income tax revenue to the budget. The factors affecting these rates are characterized. The author considered the financial results of the activity of legal entities before taxation: the balance of the financial result before taxation; the financial result of enterprises that received profits; financial result of legal entities that suffered losses. In order to analyze the regulatory impact of the corporate income tax, the effective tax rate and the productivity coefficient of the corporate income tax were calculated. Budget losses due to the granting of benefits are also calculated. The author also assessed the state of fixed assets of enterprises in recent years. Considered volumes of capital investments. The dynamics of the level of the tax burden on the profits of enterprises and the volume of direct foreign investments in Ukraine are considered. The real dependence of the volume of direct foreign investments on the size of the tax burden on the profits of enterprises is calculated. The probability of such dependence is established. The author revealed the problems of unsatisfactory tax regulation of the activities of legal entities. Proposals were made to improve the corporate income tax mechanism, which would take into account the unused potential of the regulatory effect of the tax.

ОЦІНКА РОБОТИ ЗАЛІЗНИЧНОГО ТРАНСПОРТУ У КОНТЕКСТІ ЦИКЛІЧНОГО РОЗВИТКУ ЕКОНОМІКИ

The economic and productionactivity of the railway industry is influenced by the cycle of economic development when economic and financial crises create special conditions for the main activity of railway transport -carrying out the transportation process. The conditions of moderneconomic dynamics must be perceived as a correlation of the route of development of the railway industry, with the obligatory consideration of economic crises in the mechanism of activity. The resulting trend of the economic cycle is the dynamics of the gross domestic product and indicative of the efficiency of the reproduction process –the volume of capital investments and freight transportation. Railway transport of Ukraine, as a key component of the country's transport sector, which provides transport services in thesphereof production, circulation, and social sphere, performs a system-forming function in the cyclical mechanism and experiences the maximum load in the process of fluctuations, which is illustrated by the statistics of freight transportation and the dynamics of the gross domestic product during two major economic crises of 2008-2009 and 2019-2020. With a decrease in indicative indicators, the railway industry loses income from the main activity and the interest of investors. A new economic upswing depends on when the demand for the industry's products –for the transportation of goods and passengers -will increase. Taking into account the fact that the economic development cycle is an objective reality, and its dynamics are a reflection of the general dynamicsof the development of modern society under the influence of scientific and technological progress, the economic entity needs to take steps to anticipate, in the phase of elevation, so that with minimal losses meet and pass the crisisphase. Regarding the railway industry, these are steps to improve the investment policy with clearly defined priorities of investment activities, sources of financing investment programs taking into account specific features, improving the policy of fixedcapital management, forming countermeasures to investment risks, with their reorientation to the market situation, market monitoring and data forecast regarding the emergence of crisis phenomena, to promptly respond to economic changes through the mechanism of investment control, the use of world-class universal management methods in management. The adaptation of the work of railway transport to the conditions of dynamic economic cycles takes place against the background of changes in the system of economic values and requires the industry to master innovative technologies aimed at increasing the efficiency of work and expanding opportunities in new markets.

The Influence of the Social and Economic Situation on Agribusiness

Ukraine is known for its extremely fertile and high-yielding black soil. This incredible national wealth is also the reason for significant interest on the part of private agribusiness companies and international investors, who today consider Ukraine a strategic partner in addressing global food security. The socio-economic factors determining the state of agribusiness are well known, however, they affect this area in different ways in different countries. The purpose of the academic paper lies in representing the author’s concept of the socio-economic conditions under which the transformation of agribusiness in a developing country takes place, in which the agricultural sector is a priority. Methodology. The authors put forward a hypothesis that the solution to this problem requires the development of agribusiness, a promising tool for which is financial support, including on the part of the state. In the process of conducting the research, in order to test the hypothesis outlined, the authors use methods of modelling socio-economic systems, as well as systemic, problematic analysis, methods of statistical analysis, induction and deduction. Results. As a result of the study, the authors come to the conclusion that the most important problem for the development of agribusiness in Ukraine is the lack and low availability of financial resources, which is caused by the high seasonality of the business, its low profitability and, accordingly, its low investment attractiveness. Integration of agribusiness spheres will help to solve this problem and increase the availability of financial resources for agricultural enterprises, which allows modernizing equipment and production technology, reducing production costs, increasing profitability and competitiveness. The academic paper considers the features of the socio-economic environment in which the agribusiness of Ukraine operates, noting the state of the agricultural market and the largest players on it. It has been determined by trend analysis that while maintaining existing trends, the volume of capital investment in agriculture by 2030 may increase by almost 1,8 times compared to 2020. Along with this, the main negative factors of agribusiness determining its effectiveness have been outlined, namely: significant fluctuations in world food prices and the devaluation of the national currency; import dependence on certain groups of goods and the raw material nature of exports of agricultural products and a significant percentage of production of certain types of agricultural products in households. By the way, the academic paper has also considered the impact of the most significant factor of influence in 2020-2021 - the pandemic, which has significantly changed the ratio of supply and demand in agricultural markets and caused changes in the commodity structure of exports. It is also concluded that agribusiness in this socio-economic situation remains profitable and requires the revival of financial support for this important sector of the national economy.

FINANCIAL IMBALANCES AND THEIR IMPACT ON THE DEVELOPMENT OF UKRAINIAN REGIONS IN ECONOMIC INSTABILITY

Abstract. The COVID-19 pandemic has revealed significant structural flaws, caused deterioration of living and labor conditions, and slowed down economic growth paces for both regions and the country as a whole. It makes the domestic economy vulnerable to various stresses that, in turn, increases the vulnerability of financial systems and reduces their financial resilience. The paper aims to analyze the trends and factors causing financial imbalances of regions in economic instability and substantiate the consequences for their economic growth. The theoretical foundations of financial imbalances are expanded by decomposing financial stability, financial vulnerability, and financial instability. The interpretation of the concept of financial imbalances is expanded. The financial imbalances of Ukrainian regions in 2015—2020 are detected based on the suggested algorithm using the selected indicators. Depending on the year and type, the paper reveals the regions with a consistently low level of financial imbalances, high negative level, and a noticeable accumulation of financial imbalances. The causes of their emergence are explained, including the low capacity of the state to secure a sufficient amount of revenues and thus the budget balance, the low quality of planning and executing the budgets, weak relationship between budget programs and strategic priorities of regional development, domination of consumer expenditures over the development expenditures, inadequate public regional policy, falling volume of capital investment and poor investment attractiveness, declining production and thus deteriorating financial results in basic types of activity in the region, falling income of the population at the background of aggravated social tension and growing unemployment. The author suggests arrange of measures to prevent the emergence of financial imbalances and a set of efficient tools to regulate them. The paper emphasizes the need to develop a unified system of indicators in Ukraine similar to the scoreboard in Europe to measure imbalances on both macro and regional levels in order to detect prospective risks of imbalances emergence and expand the opportunities for their elimination or regulation. Keywords: financial imbalances, regional development, financial instability, financial capacity, financial vulnerability. JEL Classification H73, O40, R13 Formulas: 0; fig.: 2; tabl.: 2; bibl.: 16.

ESTIMATION OF THE EFFICIENCY OF THE MANAGEMENT SYSTEM OF WATER USE PROJECTS IN THE CONTEXT OF IMPLEMENTATION OF THE SUSTAINABLE DEVELOPMENT STRATEGY

The article deals wiith topical issues of a comprehensive assessment of the effectiveness of the water management system in industrial cities of Ukraine. It was claimed that it is advisable to draw attention to assessing the impact of the consequences of the transformation of technogenically altered water systems on the socio-economic safety of industrial cities. It was also noted that an integral part of the implementation of the regional development strategy in the diagnosis of the state of water resources in cities on the territory of Ukraine, the search for optimal ways to neutralize the negative consequences of the activities of economic entities. The monitoring of factors influencing the state of water resources (drinking water in Ukraine’s industrial cities in particular) has been carried out. Accordingly, it was established that the insufficient level of environmental innovations in the industry, as well as the volume of capital investments in wastewater treatment and the development of water protection activities are the factors of restraining safe waste management, reducing the water intensity of GDP (as a partial goal of reducing the resource intensity of production). Taking into account the fact that the effectiveness of measures to form the effectiveness of the water management system in Ukraine’s industrial cities is questionable, an integral model for assessing the effectiveness of the water management system in industrial cities of Ukraine has been developed, which is the basis for the search for optimal ways to neutralize the negative consequences of the activities of business entities. The proposed in the article measures can solve the problem of ensuring the socio-economic security of cities. This study confirms the importance of promoting environmental innovation in the industry, as well as increasing capital investment in wastewater treatment and water conservation. Special attention was paid to the selection of indicators for the integral assessment of the effectiveness of the water management system.

РОЗВИТОК ІНДУСТРІЇ ГОСТИННОСТІ В СУЧАСНИХ УМОВАХ: ТЕНДЕНЦІЇ ТА ЗАХОДИ ПОСИЛЕННЯ КОНКУРЕНТНИХ ПЕРЕВАГ

Анотація. Присвячено дослідженню тенденцій розвитку індустрії гостинності в регіонах України. Розглянуто зміст та значення індустрії гостинності в соціально-економічному розвитку регіонів. Визначено зміст досліджуваних дефініцій, узагальнено та сформульовано підходи до визначення співвідношень понять «індустрія гостинності» й «індустрія туризму». Визначено основні показники, що характеризують споживання послуг індустрії гостинності. Доведено що основними такими показниками є внесок індустрії туризму у ВВП, обсяги туристичного збору. Визначено, що стан і розвиток індустрії гостинності характеризують також обсяги капітальних інвестицій за видами економічної діяльності у сфері тимчасового розміщення та організації харчування. Проведено аналіз зазначених показників у динаміці та в регіональному розрізі. Охарактеризовано тенденції розвитку індустрії гостинності в сучасних умовах. Виявлено суттєві регіональні диференціації щодо сплати туристичного збору в Україні, а також зниження майже всіх показників розвитку індустрії гостинності. Проаналізовано дані Всесвітньої ради з подорожей і туризму щодо стану індустрії гостинності в Україні. Виявлено скорочення загального внеску подорожей і туризму в зайнятість України 2020 року до 6,3 %. Визначено напрями і заходи посилення конкурентних переваг індустрії гостинності в регіонах України. Визначено умови діяльності суб’єктів господарювання індустрії гостинності, до яких віднесено гнучкість і здатність швидко адаптуватися до сучасних умов ринку, упровадження заходів безпеки та гігієни, оптимізації форм підприємницької діяльності, розвиток цифрових технологій, посилення ролі здорового харчування, розширення асортименту продукції та послуг туристичних регіонів, швидкий розвиток послуг доставки, орієнтація на екологічну діяльність, посилення вимоги до кваліфікації персоналу тощо. Доведено, що перспективними напрямами підвищення конкурентних переваг індустрії гостинності в сучасних умовах є підвищення рівня фінансування галузі, активізація зусиль органів місцевого самоврядування щодо цільового використання коштів від туристичного збору на місцях, а також застосування інструментів стратегування та програмування розвитку індустрії гостинності регіонів, об’єднання стейкхолдерів індустрії в кластери, альянси тощо. Ключові слова: конкурентні переваги, індустрія гостинності, регіональний розвиток, туристичний збір. Формул: 0; рис.: 3; табл.: 1; бібл.: 14.

МОДЕЛЮВАННЯ ЗАЛЕЖНОСТІ МІЖ ОБСЯГОМ КАПІТАЛЬНИХ ІНВЕСТИЦІЙ У ТИМЧАСОВЕ РОЗМІЩУВАННЯ Й ОРГАНІЗАЦІЮ ХАРЧУВАННЯ ТА КІЛЬКІСТЮ ТУРИСТІВ

At the present stage in Ukraine the tendencies of development of the sphere of services, in particular tourist activity, hotel and restaurant business, etc. are intensifying. Tourism is one of the most dynamic and promising sectors of the world economy. The development of the tourism industry of Ukraine requires significant investments, attraction of innovative technologies, use of the latest developments and achievements of the world community and the experience of countries with a high level of tourism development. The article analyzes the dynamics of capital investment in temporary accommodation and food and beverage activities, as well as the dynamics of the number of tourists served by tour operators and travel agents. The preconditions and factors that influenced the change in the volume of capital investment and the number of tourists during the analyzed period 2010–2020 were identified. The simulation was performed using correlation-regression analysis by constructing an equation of pairwise linear regression with subsequent estimation of its parameters by the method of least squares. The statistical significance of the equations was verified using the coefficient of determination and Fisher's test. Regression lines have been built, which allow to visually assessing the relationship between the amount of capital investment in temporary accommodation and catering and the number of tourists. The reasons for the high dependence of the number of tourists on the volume of capital investment in catering and the moderate dependence on the volume of capital investment in temporary accommodation are explained. The study of trends in capital investment in tourism, temporary accommodation and catering will identify the strengths and weaknesses of tourism, hotel and restaurant business, as well as problems, threats and barriers to the development of the tourism market.

АКТИВІЗАЦІЯ ІНВЕСТИЦІЙНО-ІННОВАЦІЙНИХ ПРОЦЕСІВ У ХАРЧОВІЙ ПРОМИСЛОВОСТІ РЕГІОНУ, ЯК СКЛАДОВА ЗАБЕЗПЕЧЕННЯ ЙОГО РОЗВИТКУ

The article examines the current trends of investment and innovation processes in the food industry as a competitive sector of Ukraine's economy. The role and place of investment support for the successful implementation of innovative transformations in the food industry are defined. Adequacy and availability of investment resources is the most important prerequisite for the development of innovation processes in competitive sectors of Ukraine's economy. The food industry is one of them. However, the realities of investment and innovation activity in the food industry of Ukraine indicate a low technological level of food production, inconsistency of the quality of manufactured products with world and European requirements. This is a threat to the functioning of Ukraine's food industry and ensuring its economic security in general. The main sources of financial support for investment and innovation activities of the food industry are their own financial resources; borrowed financial resources; funds received from the sale of securities; funds from the state budget and local budgets; funds of foreign investors. The state of investment and innovation activity of the enterprises of the food industry of the Nikolaev region in modern conditions is investigated. The results of the study indicate a low level of innovation activity of enterprises in the region. The volume of capital investments in the development of the region's food industry has decreased. The article substantiates the directions of activation of investment and innovation processes in the food industry of the Nikolaev region. The necessity of forming a certain model of management of investment and innovation processes of development of the domestic food industry, including at the regional level, is determined. This will help restore the investment and innovation potential of food production, stimulate and motivate investment and innovation activity of food industry enterprises. They take into account the influence of market mechanisms, factors of the internal environment, means of government incentives and regulation of innovation. Implementation of these recommendations will promote development of the Nikolaev region.

ЕКОНОМІЧНИЙ РОЗВИТОК РЕГОНІВ УКРАЇНИ: МОДЕЛЮВАННЯ НА ПАНЕЛЬНИХ ДАНИХ

At the current stage, the development of the economy of Ukraine is impossible without considering territorial features, in particular, the strengths and weaknesses of the functioning of regional economic systems, favorable and negative trends in their development. The purpose of the investigation is analyzing and modelling the specifics of economic growth, the factors that influence it, in terms of individual regions of Ukraine at a certain point in time, to develop such a model that would be suitable for further forecasting. A vector autoregression model based on longitudinal data of economic development across regions of Ukraine is used for achieving the purpose. The investigation implemented a model of economic development of the regions of Ukraine based on longitudinal or panel data. As factor variables for the model, the retail trade turnover, the volume of sold industrial products, capital investments, the volume of manufactured construction products, the volume of exports, and the number of the employed population were used. The resulting variable is gross regional product. Input information on factor variables and gross regional product was collected across the regions of Ukraine for the period 2000–2020. After conducting a number of tests (causality test and series stationarity test, Durbin-View-Hausman test, and Wald test), the model was specified as a panel autoregressive model with cross-sectional fixed effects. For such a model, it was necessary to apply the estimated generalized least squares method (panel EGLS), which is based on the assumed inequality of variance and therefore provides the opportunity to obtain the best linear estimates. In general, the quality assessment of the built model gives good results, the determination ratio is close to unity. In the regions of Ukraine, 99.69% of changes in the gross regional product are explained by changes in the values of the gross product itself, the volumes of capital investments, realized industrial products and exports, as well as the turnover of retail trade, with a corresponding lag, according to the r squared value. The proposed model of economic development of regions is adequate to reality and can be used for forecasting. Of course, russian war against Ukraine will make adjustments to the development of the economy of the country and its regions in the future. Therefore, the model characterizes the pre-war situation and may inadequately describe the development of economic processes after Ukraine's victory in the war.

ЗАЛУЧЕННЯ ІНОЗЕМНИХ ІНВЕСТИЦІЙ В ЕКОНОМІКУ УКРАЇНИ В УМОВАХ КРИЗИ

The article is devoted to the study of the issue of encouraging investment in the economy of a country that is conducting active hostilities, finding a balance between stimulating infrastructure and industry, the implementation of plans for economic recovery. The purpose of the article is to analyze foreign direct investment in the economy of Ukraine and the city of Kyiv, to determine the prerequisites for their involvement. It is proved that the process of inflow of foreign direct investment Ukraine's economy is uneven: from the fall in 2020, due to the COVID-19 pandemic, to the growth of FDI balance and foreign direct investment in the pre-crisis period. The economic downturn in the state is accompanied by a decline in investment in industry and other sectors of the economy. It should be noted that the rate of decline in investment processes is higher than the rate of decline in industrial production. One of the most attractive for foreign investment was and remains Kyiv, which accounts for up to 50% of foreign direct investment in the economy of Ukraine. Over the last ten years, the volume of capital investments in the city's economy has more than doubled. Active hostilities have changed the priorities for sectoral investment in favor of industries that address basic human needs: agriculture, construction, infrastructure and processing. In order to be able to invest in the military economy, additional levers are needed in the form of state guarantees of protection against non-military troubles. For post-war recovery, the rate of investment should be about $ 70 billion annually. In this regard, it is necessary to work on centralized planning of economic development and identification of enterprises that need to be restored, create a viable portfolio of attractive investment projects and develop ready-made design solutions for potential foreign investors. The paper proposes directions for improving the investment climate and the level of investment attractiveness of Ukraine due to the redistribution of investment directions, for which balancing investments between infrastructure and industry will prevail; creation of mechanisms to protect the interests of investors; motivation of investment entities to long-term use of investments; stimulating the processes of reinvestment of enterprises at the expense of own and borrowed funds and improving investment legislation and ensuring its stability

Народнохозяйственная производственная функция России с учетом инфраструктуры в 1990-2020 гг.

In the period 1990-2020, the econometric methods were used to study the national economic production function of Russia, one of the arguments of which is the transport and communication infrastructure represented by the main funds of transport and communications. The results of the study indicate a continuing decline in the elasticity of Russia's GDP in transport and communication infrastructure in 2020 at a lower rate than in previous years. The dynamics of the marginal rate of technological substitution of production factors in 2009-2020 is researched. Among the main reasons for the decline in the elasticity of GDP for transport and communication infrastructure, the economic downturn and a decrease in the volume of capital investments in transport and communication industries were highlighted. It is noted that the spread of the Wuhan coronavirus in Russia has somewhat slowed down the rate of decline in the elasticity of GDP in infrastructure due to the sharply increased role of its communication component. For the successful implementation of the policy of advanced infrastructure development announced by the President of Russia, it is necessary not only to increase the volume of investments in infrastructure bottlenecks, but also to adopt an additional set of measures aimed at stimulating economic growth, among which, in the conditions of sharply increased foreign economic and foreign policy restrictions for Russia from our Western and overseas neighbors in 2022. it is possible to highlight the weakening of the centuries-old dependence of the Russian economy on raw materials and, as academician S.Yu. Glazyev, the transition of our country's economy to a new technological order.

Features of investment development of agricultural enterprises

Investments in agricultural enterprises affect the volume of national GDP. At the same time, the development of the investment process in agriculture can have a significant synergistic effect, as investments belong to the gross accumulation of capital, which is one of the components of GDP. Real investment inflows to enterprises in the agro-industrial complex during 2015–2019 tended to increase. In 2019, compared to 2015, the volume of total capital investment in agriculture, forestry and fisheries increased by UAH 28.975 million or 196 %, which is a favorable condition for the development of domestic agricultural enterprises. During 2015–2020, there is a positive increase in capital investment in Ukraine's economy as a whole, but the share of capital investment in agriculture tends to decline annually, especially in 2020 compared to 2019, by 17 %. The decline in investment activity in agriculture is due to unstable macroeconomic and political factors in our country, limited purchasing power, the beginning of the global economic crisis, the gradual devaluation of the national currency, low efficiency of the agricultural sector. The volume of investment averages about 10 % of the total amount of capital investment in the country is quite low, despite the fact that the agricultural sector of our country has a fairly high potential for development and significant investment attractiveness. The dynamics of the share of investment in the national GDP and gross investment in the economy of Ukraine is characterized by a positive trend towards gradual growth during 2015–2019. In 2010, the volume of investments in the agricultural sector amounted to 1.5 % of GDP of our country and 3.3 % relative to gross investment, and in 2015 these figures were 2.3 % and 3.5 %, respectively. In 2019, these figures were 1.7 % and 4.8 %. That is, we can state that during the analyzed period there is an increase in the role of investment in the agricultural sector of the economy and in the formation of sustainable economic development potential of Ukraine. According to the results of 2018, agricultural enterprises and organizations of all forms of ownership at the expense of all sources of funding mastered 64 billion UAH. capital investment, which is 127 % compared to the period of 2017 and 340 % compared to 2013. In 2014–2015, there was a decrease in investment activity in the agricultural sector due to the economic crisis in the country. In 2019–2020, the volume of capital investment in agricultural enterprises decreased by UAH 11 billion, which is a sign of deteriorating investment activity in the agricultural sector.

CURRENT ISSUES OF PUBLIC FINANCE MANAGEMENT IN UKRAINE

Abstract. The article describes the approaches to defining the essence of understanding «public finance» and «public finance management» in the context of administrative and financial decentralization. A study on the current state of economic development of Ukraine is carried and the public financial management system is analyzed. The dynamics of the ratio of revenues and expenditures of the State and local budgets is shown and the national and subnational levels in the financing of public expenditures are described. The sequence of achieving a new level of welfare of the population is presented and the ways of state influence on local economic development are outlined. The content of the state’s activity on financial resources management and public importance of finances is given. Particular attention is paid to the financial capacity of UTC and the existing positive developments within the decentralization reform in Ukraine. The need to improve the management of public finances was emphasized, as it was evidenced by the size of the budget deficit. The division of budget expenditures by functional classification between the national and subnational levels is presented and the decline of financial independence of subnational budgets is witnessed. An assessment of the level of confidence in financial asset management services of territorial communities based on the calculation of the relevant index is made, and the relationship between the selected indicators (the monetary expenditures of the population; deposits of individuals in investment funds; population savings; volume of capital investments; volume of investments in Ukraine; assets of investment funds) and the level of public confidence in the management of UTC financial assets is researched. Keywords: financial management, public finance, financial capacity of territorial communities, financial assets. JEL Classification H70, H89, R59, Q01 Formulas: 1; fig.: 5; tabl.: 3; bibl.: 20.

CAPITAL INVESTMENTS IN UKRAINE: ANALYTICAL EVALUATION AND DIRECTIONS OF INCREASING INVESTMENT ATTRACTIVENESS

The purpose of the paper is to study the current state of capital investments in Ukraine, to identify areas to improve investment attractiveness. Methodology The theoretical and methodological basis of the study are modern theories of market economy. The following methods were used in the research: inductive, deductive, analysis and synthesis, historical and logical, graphic. Results. It is established that the economic activity of individual economic entities, regions and the country as a whole is largely characterized by the volume and forms of investment. Development of the state is impossible without a sufficient level of investment, their focus on priority sectors of the national economy and effective use. Investments are an important factor of progressive development of any economic system. The obstacles to the effective implementation of the investment mechanism are indicated. It was found that the volume of investment in the domestic economy remains low due to an unfavorable investment climate caused by an imperfect legislative framework, underdeveloped stock market and financial and credit system, strong tax pressure, inefficient use of depreciation deductions, and low level of transformation of savings of the population into investment. The analytical assessment of capital investments in Ukraine, the dynamics of their change, by types of economic activity in 2016-2020 was carried out. The volumes of capital investments in Ukraine by types of assets in 2016-2020 were studied. The sources of financing of capital investments and their structure are characterized. The directions of increasing investment attractiveness are defined. The most priority directions are replacement of worn-out machines and equipment, automation and mechanization of the production process, reduction of production costs and environmental protection. Practical implications. As a result of the study, priority areas to improve the investment attractiveness of business entities, which will contribute to investment security, through a balanced and sound public policy to support investment activities and implementation of the proposed recommendations for businesses and public authorities.

The development of high-tech industry in economy

The paper reviews the aspects of commercialization of scientific-technical products, discovery of the objects included in financing process, development and commercialization of scientific outcomes, the commercialization of the results of scientific-technical studies. As a result of natural progress, the demand for the commercialization of the outcomes of scientific-technical studies in the society increases. Full-scale studies on the commercialization of scientific results for prospective and successful measures in various fields, as well as the training in this sphere have special significance. Currently, the balance between the knowledge and the resources globally trends to the knowledge. Therefore, the education throughout whole life is a key element. The volume of capital investments in the development of non-material actives (intelligent database (ETCI), education and software) in various countries is equal or exceeds the own capital. The shift to the new stage of scientific-technical advance stipulates the necessity of strengthening of innovative activity and the implementation of the new approach. Consequently, the urgent task is the study of the methodological framework of information support of organizational and technological reconstruction of scientific researches. The paper briefly describes the stages of commercialization process and concerned parties.

Інвестиції як основа зростання аграрної економіки України

The purpose of the article is to theoretically substantiate the leading role of investment in economic growth and development and to confirm the relationship between investment and economic growth on the example of empirical analysis of the agricultural sector of Ukraine’s economy. Research methods. Methods: dialectical method of scientific knowledge, analysis and synthesis, systemic generalization (study of the evolution of theories of economic growth; determining the list of factors for the analysis of economic growth, drawing conclusions), correlation and regression analysis (quantitative measurement of capital investment). in the agricultural sector on the gross value added of the agricultural sector, household income on the volume of investments in the agricultural sector and the rating of investment attractiveness of Ukraine on the gross value added of the agricultural sector). Research results. The leading role of investments in economic growth have been theoretically substantiated. The main factors of economic growth of agrarian economy has been established. A regression models have been built for dependence of gross value added of the agricultural sector on the volume of capital investments; of volume of capital investments in the agricultural sector from household incomes and of gross value added of the agricultural sector from the rating of investment attractiveness of Ukraine (Ease of Doing Business). Scientific novelty. Based on the establishment of the main factors of growth of the agricultural economy, econometric models has been built, which are based on linear regression and allow to determine the degree of dependence between gross value added of the agricultural sector and the volume of capital investment; between volume of capital investments in the agricultural sector and a household incomes, and between gross value added of the agricultural sector and the rating of investment attractiveness of Ukraine (Ease of Doing Business). Practical significance. Conclusions, proposals and practical recommendations can be used in the development of state programs for the development of the agricultural sector of Ukraine's economy. Tabl.: 1. Figs.: 3. Refs.: 20.

Analysis of trends in services sector development in the economy of Ukraine

The subject of research is the theoretical, methodological, and practical aspects of services sector development in the national economy. The purpose of the article is to identify the features and contradictions of services sector development in the economy of Ukraine. The methodological basis of the study is general scientific and special methods of scientific knowledge, conceptual terms of modern economics, and scientific works of domestic and foreign scientists on the functioning and development of the services sector. The methods of induction and deduction, unity of historical and logical, comparative analysis are used in the work - at revealing the basic tendencies and contradictions of services sector development, substantiation of the essence of service, its specific signs, and classification characteristics. Results of work. The tendencies of services sector development in the economy of Ukraine are determined. The intensive development of the Ukrainian services sector started only with the beginning of the market relations formation. In the economy of Ukraine, there is a strong tendency to exceed the total contribution of the services sector to national GDP against the contribution of industrial production and agriculture. Besides, the dynamics of the employment structure of Ukraine by economic activity types shows that the share of the economically active population working in the services sector is much higher than in primary and secondary sectors with a steady upward trend. The volume of capital investment in the services sector exceeds these indicators for both spheres of material production. There is a constant growth of intermediate consumption of services as necessary production resources. The main areas for attracting investment resources are capital-intensive industries, at the same time the level of investment activity in the areas of knowledge-intensive services is threateningly low. The expenditures on services consumption in the general structure of household expenditures are insignificant. The Ukrainian economic system is export-oriented in the sphere of services and has a positive foreign trade balance in services. Field of application of results. The conclusions and results obtained in the article should be used in the educational and scientific process of economic faculties of universities, in the activities of service enterprises as well. Conclusions. The industrial specialization of the national service sector, its focus on low- and medium-tech capital-intensive industries, low share of household expenditures in the service sector, the tendency to neglect the intellectual development of the individual, and insufficient attention to innovative economic development make it possible to determine the current state of and trends of services sector development as a quasi-post-industrial, where the absolute numerical indicators have already been achieved, and qualitative indicators of development are remaining at the industrial level.

Укрупненное обоснование объемов ресурсного обеспечения национальных проектов развития России

The purpose of this article is to concretize the main strategic goals formulated by the President of the Russian Federation in order to accelerate the country's economic development in terms of creating new production capacities in priority areas of economic and social development — national projects, as well as to substantiate a methodological approach to calculating the required volume of their resource provision. In addition to literary sources and official statistical reporting, normative and legal documents (strategies and government programs) in the field of strategic planning of the activities of the domestic defense industry branches were also used as an information base for the paper. The article addresses the following issues: 1) ranking according to the level of capital investments efficiency in various sectors of the Russian economy is made; 2) methodological approach to forming a forecast assessment of the required volumes of capital investments and labor resources to ensure the established rates of the country's economic development is proposed; 3) mechanism for identifying the volume of production depending on the capital investments amount is developed.