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REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

PUBLISHER

Liburkina L. M.

SITE SECTIONS

Investment Processes

BUSINESS INFORM №1-2011

Scherbina V. K.
Economic Mechanism of Ensuring Human Development (p. 32 - 35)
The peculiarities of the mechanism of investment for ensuring human development have been uncovered in the article. The circle of investors which includes a state; unprofitable sector (social entrepreneurial activity) uniting international organizations, territorial communities, public organizations; commercial entrepreneurial activity; household (family) and a man have been considered.

Article is written in Russian

BUSINESS INFORM №2-2011, Vol.1

Sablina N. V., Lymar D. A.
Analysis of Attraction of Direct Foreign Investments Into Economy of Ukraine at Present Stage of Development (p. 12 - 14)
The article gives the analysis of inflow of direct foreign investments into economy of Ukraine, defines the basic problems of attraction of foreign investments into Ukraine and suggests the ways of their solution.

Article is written in Russian

BUSINESS INFORM №3-2011

Balaka I. M.
Analysis of the State and Prospects of Development of Real Estate Market of Ukraine (p. 16 - 20)
Ukrainian real estate market during the years 1991 – 2011 has been analyzed. The forecast concerning the situation at the real estate market for 2011 – 2012 has been made, considering investor's increasing interest.

Article is written in Russian

Bondarenko C. V.
Problems of Revaluation of Financial Investments for Purposes of Accounting (p. 20 - 22)
The article considered the problem of financial investments estimation for purpose of accounting at undeveloped fund market terms.

Article is written in Ukrainian

Zyma O. G., Kotysh O. M., Podgainaya V. A.
Harmonization of the Sum Total of Investment Value of Company (p. 23 - 28)
As a result of the conducted research the concept of final size of investment value of enterprise was specified, going is analyzed near her concordance. On the basis of advantages and lacks of existent approaches the authorial going was offered near the estimation of investment value of enterprise, that will allow to take into account interests of investor and recipient, and also to take into account the specific of enterprise.

Article is written in Ukrainian

Liebiedieva I. L.
Square Meter: Investment Attractiveness (p. 29 - 32)
The principles of evaluation of habitation cost in Ukraine are analyzed. On the basis of this analysis assumption is outspoken about factors which explain high investment attractiveness of capital building on the modern stage of development of economy of country.

Article is written in Russian

Momot T. V., Velychko K. Y., Yakovliev P. O.
Investment Attractiveness of Subjects of Economic Management in the Process of Mergers and Acquisitions: Improvement of Instruments of Evaluation (p. 32 - 36)
In the article is generalized existing approaches to the determination of investment attractiveness of join-stock company and methods of its evaluation. Directions of improvement of method of investment attractiveness evaluation of joint-stock company are suggested by the calculation of index of internally generating good-will.

Article is written in Ukrainian

Petriv M. V., Rudenko D. M., Sulyk Y. A.
Assessment of Risks of Investment Activity of Enterprises (p. 36 - 38)
Basic kinds and essence of risks of investment activity of corporation are examined. The estimation of risks and methods of their decline is conducted.

Article is written in Russian

Tsurkan N. G.
Risk Free Rate – Essence and Analysis of Experience (p. 39 - 41)
In article dependence rates less risk of business from the historical factor, and also economic essence of the given concept is defined. The analysis with definition of the award for risk for the different financial markets is carried out. Factors which influence level rates less risk of profitableness for business estimation of cost are defined.

Article is written in Ukrainian

Zmiienko M. O., Tulchynska S. O.
Essence of Venture Investment as Organizational Form of Investment Activity (p. 42 - 44)
In work the essence of venture investment, as element of the investment market of Ukraine is investigated. The basic directions of improvement of system of venture investment in Ukraine are defined.

Article is written in Ukrainian

Yermoshenko N. N.
Actual Problems of Regulation of Co-Investment Market (p. 45 - 48)
The article reviews the main problems of regulating of co-investment market. The attention is on the most problematic and controversial positions in Ukrainian legislation, which prevent the development of mutual funds in Ukraine. It is suggested to reconcile the most important terms to increase transparency of national market of co-investment and to restore the lost confidence to Ukrainian mutual funds.

Article is written in Ukrainian

BUSINESS INFORM №4-2011

Malysh I.
Peculiarities of Definition of Obsolescence When Assessing the Efficiency of Investment and Innovation Projects (p. 36 - 38)
The article considers the peculiarities of definition of obsolescence when assessing the efficiency of investment and innovation projects. It studies the basic types of obsolescence, pays special attention to consideration of the ways of calculation of the rate of compensation by the method of Ring and Inwood.

Article is written in Russian

Bazhanov O.
The problems and the prospects of bringing of foreign capital in the Kharkov region (p. 38 - 40)
The article is devoted to possibilities of bringing of foreign capital in the Kharkov region and the perspective directions for investing in the conditions of financial crisis. Also the recommendations for the improvement of investment climate of region are given.

Article is written in Russian

BUSINESS INFORM №5-2011, Vol.1

Vitlinskyi V. V., Mahanets L. L., Vinnychuk E. Y.
Modeling of Investment Flows with the Use of Methods of Econophysics (p. 48 - 51)
The article considers the possibility of using the methods of econophysics in economic research. It shows that the law of momentum conservation may be used when describing an inventory of money turnover and analyzing investment flows. It proves that the law of momentum conservation may be used for forecasting investment flows.

Article is written in Ukrainian

Bibko O. O., Guzhva V. M.
Multiagent system for management of investment portfolios (p. 52 - 54)
In this article the aspects of the portfolio investing and development of investment policy are considered; the expediency of the use of agent-based modeling under sphere of financial markets is substantiated and the multi-agent system for the investment briefcases management is considered.

Article is written in Ukrainian

Khirnyi O. V.
Economic and Legal Aspects of Investment Activity Regulation (p. 54 - 56)
The work analyses legislative and legal support of innovation activity in Ukraine, its positive and negative sides and suggests the variants of their improvement.

Article is written in Ukrainian

BUSINESS INFORM №6-2011

Kaminskii A. B., Lomovatska Y. V.
Methodological Bases of Information Disclosure in Schemes of Collective Investing (p. 55 - 59)
The article gives methodological bases of voluntary information disclosure in the schemes of functioning of institutions of collective investing, substantiates the content and expediency of disclosure of various information blocks and presents the results of assessment of information transparency of the biggest ICI and NPF according to the suggested methodology.

Article is written in Ukrainian

BUSINESS INFORM №7-2011, Vol.1

Afanasyev N. V., Salashenko T. I.
Efficiency of Investments in Cutting of Power-Intensity of Gross Regional Product (p. 30 - 34)
Indicator of energy efficiency of investments in region economy is proposed by the authors, the influence of the indicator on the energy intensity of graduate regional product is determined.

Article is written in Russian

Pazhyna S. L.
Organisational and Economic Mechanism of Activation of Investment Activity of the Region (p. 34 - 36)
In the paper, the economical and organizational part of the mechanism of activization of the invest activity of the region was constructed based on principals of the system analysis. This mechanism can increase efficiency of the politics for management of the region.

Article is written in Ukrainian

BUSINESS INFORM №7-2011, Vol.2

Yeskov A. L., Saveliieva V. S.
Importance of Investing into Development of Human Capital (p. 38 - 39)
Article is devoted research of forms of investment in the human capital. The considerable attention is given to intrafirm formation of the personnel. The method of the pure discounted cost for calculation of economic efficiency of vocational training of the personnel of the enterprise is offered.

Article is written in Ukrainian

BUSINESS INFORM №8-2011

Poltarak N. I., Isaenko Y. V., Pisligina S. V.
The Problems of the Development of Ukraine’s Investment Market (p. 56 - 59)
The Ukrainian market possesses a high potential and an investment attractiveness, but for their realization it is necessary well to know and take into account interests and aims of investors. The dynamics of receipt of direct foreign investments to Ukraine for period of 2009 – 2010 is resulted in the article, five categories of the most risky investments are considered and the measures of recommendation character are resulted for market of investment services of Ukraine development.

Article is written in Russian

Pankratova Y. N., Drynova N. S.
Investment as the Factor of Effective Regional Development (p. 59 - 62)
The article deals with modern trends, challenges and ways to boost investment activities in Ukraine in general and in the Kharkov region in particular.

Article is written in Russian

BUSINESS INFORM №9-2011

Kobylianska A. V.
The determinants of foreign investments into emerging economies (p. 63 - 66)
An article is devoted to the investigation of determinants of foreign investments into emerging economies. Main theories of international investments are considered, the main causes of investing are systematized, and relative importance of particular determinants of foreign investment into emerging economies is analyzed and showed.

Article is written in Ukrainian

BUSINESS INFORM №11-2011

Pushkar O. I., Pletnyov O. I.
Features of the investment policy of domestic enterprises (p. 48 - 49)
The features of national investment policy have been defined. The priority directions of investment line Ukrainian enterprises have been formed.

Article is written in Ukrainian

Dzenis V. A., Dzenis A. A.
Modern trends in foreign investment at the national and regional levels (p. 49 - 51)
The article stated strategic direction of the distribution of investment resources. Application of rating assessments when making investment decisions. Studied national investment projects and priorities for regional economic development.

Article is written in Russian

BUSINESS INFORM №12-2011

Kudryavtsev V. M.
The method of estimation of investment security of a transport enterprises (p. 33 - 36)
In this work methodical approach is offered in relation to determination of investment strength of transport enterprises security, which allows classifying the state of objects and attributing them to one of crisis areas, that is instrumental in acceptance of the grounded administrative decision.

Article is written in Ukrainian

Nusinova O. V.
Assessment of the safety level of development in implementing investment projects (p. 36 - 39)
Given the methodological approaches to the assessment of the impact of investment on the level of economic safety of the enterprise. Proposed safety factor of development, which takes into account not only the predicted change of indicators of the results of activity of the enterprise due to implementation of investment projects, but also the expected changes of the normative values of the indicators. Develop additional indicators of efficiency of investment projects, based on the value of the business.

Article is written in Ukrainian

BUSINESS INFORM №1-2012

Navrotska N. A.
The Dualism of Influence of Direct Foreign Investments on Receiving Countries (p. 67 - 71)
The main effects of positive and negative effects of FDI on the economy of the recipient is studied.

Article is written in Ukrainian

Yusaf AB Abdi Alsulaiman
Methodological Bases of State Regulation Efficiency Assessment of Trade Enterprises Investment Activity (p. 71 - 75)
In this article an author offers the method of determination of level of efficiency of government control of investment activity of trade enterprises with the use of method « standard differences». On the basis of this estimation there is possibility not only to estimate but also correct the mechanism of government control of investment activity in the field of trade.

Article is written in Russian

BUSINESS INFORM №2-2012

Kostyuk O. M., Lapina Y. G.
The Investment Banking Features in the Period of Crises (p. 41 - 43)
The article analyzes the current status and features of investment banking. The key question of this paper is to examine the practical rules for corporate governance in investment banks during the crisis. The authors underline the weaknesses of the components of corporate governance in investment banks during the financial crisis of 2008.

Article is written in Ukrainian

Miroshnichenko P. I.
Methodical approaches to assessment of the investment potential of the region: the analysis and application prospects (p. 44 - 49)
In the article the maintenance is defined and systematization of methodical approaches to assessment of the investment potential of the region is made. Advantages and obstacles of their use are analysed. The most perspective techniques which demand the further development for effective evaluation of the investment potential of the Ukraine’s regions are defined.

Article is written in Ukrainian

Novikova L. F., Ilyina A. V.
Problems and Prospects of Development Venture Investing in Ukraine (p. 49 - 52)
The place of venture capital is investigational in the economy of Ukraine. The selective indexes of the venture investing are analysed in Ukraine. The basic problems of the venture investing are exposed and the ways of their possible overcoming are offered.

Article is written in Ukrainian

Getalo N. S.
The Estimation of Financial Potential for Introduction of an Investment Projects Aimed at Reduction of Electrical Energy Consumption Related to Cost Price of Housing and Communal Services (p. 53 - 56)
The features of determination of the financial support for realization of investment projects on the electric energy economy in the structure of prime cost of housing and communal enterprises are examined. Base technical and economical parameters of electric energy economy are found out taking into account their discount by inflation indexes. Such approach allows to get effective indexes that take adequate account of the influence of real market factors.

Article is written in Ukrainian

BUSINESS INFORM №3-2012

Kudryavtsev V. M.
The model of investment and financial sources of financing the investment choice of the company for its investment security (p. 94 - 97)
In this paper, based on the investment approach of the financial model developed by the choice of investment and financial sources of investment financing, which will ensure the optimization of their structure to increase the level of investment security company.

Article is written in Ukrainian

BUSINESS INFORM №4-2012

Bogomolov A. I., Nevezhin V. P.
The New Technology of Investors Attraction to the Stock Market (p. 63 - 65)
It is considered technologies of attraction of private investors on the share markets on the basis of their association in «mutual aid cash desks» with fair distribution of risk and profits between them proceeding from the first and second Gossen's laws.

Article is written in Russian

Kononenko V. V., Pyrkh D. A.
The Use of Indexes in the Analysis of Foreign Investments Attraction (p. 65 - 68)
The inflow of investments to Ukraine is demonstrated by strong growth after a crisis 2008. Assists it moderate rates of height of the external borrowing, increase of investment attractiveness of separate industries (power, agriculture). But one of basic problems, which interferes with bringing in of foreign investments, – there is active intervention from the state in adjustings of course of national currency, that frightens off potential investors.

Article is written in Ukrainian

BUSINESS INFORM №5-2012

Zernyuk O. V., Zhovneryk Y. M.
The Assessment of the Regional Aspect of the Domestic Experience in Informational Supply System of the Investment Actions (p. 68 - 72)
There was held the assessment of the local (domestic) experience of the investment actions of information supply at the level of regions. The role of information, information supply and connection between subjects of the investment market was defined, and the ways of improvement were suggested.

Article is written in Ukrainian

BUSINESS INFORM №6-2012

Holovanova M. A., Melnikova V. I., Melnikova Y. P., Melnykov A. G.
Problems of Increase of Investment Attractiveness of Ukraine (p. 59 - 62)
The article is devoted to the analysis the investment-enterprise of climate of Ukraine, exposure of basic problems and advantages of realization of investment activity in a figure.

Article is written in Ukrainian

Pazhyna S. L.
Formation of the Space of the Regional Investment Activity Factors (p. 62 - 65)
The article develops the methodology of the formation of space of investment activity factors which is based on the consideration of the objective and subjective conditions of activity: investment potential and investment climate. The final result of the methodology application is the factors space for each of the component of the investment potential and climate.

Article is written in Ukrainian

BUSINESS INFORM №7-2012

Zaruba V. Y., Orlov P. A., Kosenko O. P.
Тhe Investment Estimation of Competitive Edges and Market State of Affairs of Industrial Enterprises (p. 24 - 27)
Questions of forming of the state of affairs of market of products which is the transmitter of scientific and technical progress are considered. The special attention is spared research of market indexes which render decision influence on the state of affairs of market: demand, suggestion, quality of products, price correlations.

Article is written in Russian

Krichevets Y. A.
Use of Cash Flow to Evaluate Investment Attractiveness of Enterprises (p. 27 - 31)
In the article the features of estimation of enterprises activity efficiency are explored. A necessity of application for the analysis of enterprises evaluate investment attractiveness of ratios, based on the net cash flow is grounded.

Article is written in Russian

BUSINESS INFORM №8-2012

Gorchakova I. A., Chepurko Y. S.
Investing innovative development of housing and communal services enterprises (p. 26 - 28)
The mechanism of bringing investments into innovative development of communal services enterprises are offered.

Article is written in Ukrainian

Isaieva N. І.
The Investment Process in Ukraine at the Present Stage (p. 28 - 30)
In today's investment environment are the most important means of ensuring the conditions out of the prevailing economic crisis, structural shifts in the economy, the provision of technical progress, improvement of quality indicators of economic activity at all levels. In this regard, the article offers an analysis of the level of foreign direct investment at the current stage and the search for ways to enhance the investment process as one of the most effective mechanisms of social and economic transformation.

Article is written in Russian

BUSINESS INFORM №9-2012

Plastun V. L., Dombrovskyi V. S.
Approaches to Classification of Institutional Investors (p. 118 - 122)
The article reviews the main approaches to the classification of institutional investors as financial market participants among domestic and foreign scholars. Based on the study identifies key features that can be the basis for enhanced classification of institutional investors.

Article is written in Ukrainian

Malyutin A. K.
Delocalization of investments for smoothing of regional points of growing of national economy (p. 123 - 126)
In the article solution of problem of territorial delocalization of investments offers due to modernization of the regional systems of monitoring of investments; introductions of the regional system of insurance of investment risks; updating of the normatively-legal base at regional level.

Article is written in Ukrainian

BUSINESS INFORM №10-2012

Oganezova G. V.
Investment Approach to Health in Terms an Aging Population (p. 81 - 84)
In the article the advisability of investing in health care to create opportunities for economic growth in an aging population.

Article is written in Russian

Novikova I. V.
Value-Based Management for Investments: Contradictions and Advantages Analysis (p. 84 - 88)
The advantages and disadvantages of a value-based management approach are analysed, a Cash Value Added model is researched, its advantages and disadvantages are examined, capability of modifying is substantiated.

Article is written in Ukrainian

BUSINESS INFORM №11-2012

Kukhta P. V.
The Ways Of Improvement Of The Government Regulation Of Domestic Enterprises’ Investment Activity (p. 55 - 58)
The author has described the main investment trends in Ukraine and indentified prospective areas of the present investment activity of domestic enterprises government control system.

Article is written in Ukrainian

Pakulina A. A.
Investments as the Instrument of Development and Management of Regional and Municipal Social Complex (p. 58 - 62)
The article deals with the problems of social complex, to solve which the investment policy of the region should be directed. The aims and main factors of investment policy have been determined, that assist in concentration and rational distribution of the limited investment resources of the social complex of the region. The organizational-methodological principles have been formulated, the realization of which assists in municipal securities to become an essential channel to attract the money to finance the social objects.

Article is written in Ukrainian

BUSINESS INFORM №1-2013

Byrka M. I.
Due Diligence Procedure in the Process of Attracting Foreign Direct Investments to the Enterprises (p. 81 - 85)
This article analyzes the procedure of due diligence in the context of compulsory stage of the process of attracting foreign direct investments to the enterprises, that helps to estimate the advantages and disadvantages when making the investment decision. The main features of due diligence implementation have been considered, depending on the type of foreign investor. The basic types of due diligence, provided by specialized consulting firms, have been characterized.

Article is written in Ukrainian

Vakulich M. M.
An Analysis of Methods of Evaluation of Investment Climate in Ukraine in the Conditions of the Current Chaotically Structured Economy (p. 85 - 88)
The investment climate of country and methodical approaches is certain th is evaluation. The analysis of investment climate in Ukraine in the conditions of the current chaotically structured economy have been made. It was grounded priorities of investment policy of Ukraine in relation to activation of foreign investments and increase of their efficiency. The situation of Ukrainian investment climate and its peculiarities at the present stage of development are investigated in the article. The main reasons of investment environment deterioration are revealed, as well as the ways of is improvement are suggested. The place of Ukraine in international investment and its international rating are analyzed.

Article is written in Ukrainian

BUSINESS INFORM №2-2013

Chernyshova L. O., Sazonova V. V.
Specific Features of Attraction and Stimulation of Foreign Investment in Ukraine (p. 87 - 90)
The article defines a necessity of development of foreign investing into Ukraine. It contains analysis of the process of attraction of direct foreign investments into domestic economy. It considers main problems of worsening the investment climate in the state and offers a system of measures for stimulation of the process of attraction of direct foreign investments and elimination of negative tendencies in the Ukrainian economy.

Article is written in Ukrainian

Styrskaya O. I.
Specific Features of the Process of Investment Lending Under State Guarantees (p. 91 - 94)
The article specifies and considers six main stages of the process of provision of state guarantees with respect to payback of investment credits. It analyses dynamics of budget funds spent on performance of state guarantee obligations. It conducts comparative analysis of volumes of budget funds spent on coverage of guarantee obligations and volumes of main forms of state investment lending in Ukraine. It generalises measures of securing payback of a credit issued under state guarantees. It offers main directions of securing payback of investment credits issued under state guarantees.

Article is written in Ukrainian

BUSINESS INFORM №3-2013

Grishaeva Y. G.
Directions of improvement of the management mechanism of regulation of investment activity upon institutional bases (p. 111 - 116)
The article analyses prospective directions of improvement of the management mechanism of regulation of investment activity. It determines the place of the institutional component in this process. It justifies a necessity to regulate structural optimisation of investment flows by the sources of their origin. It offers to divide methods of regulative influence in the sphere of investment activity by levels of management. It develops a scheme of realisation of the system of regulation of investment activity in Ukraine.

Article is written in Ukrainian

Klimko T. Y., Makarovych V. K., Ohorodnyk V. O.
Specific features of investment processes in Ukraine in the post-crisis period (p. 116 - 121)
The article is devoted to assessment of investment processes in Ukraine. The article analyses equity investments per capita, volume of equity investments by regions of Ukraine, structure and sources of financing capital investments. The authors consider investments of foreign economic activity. Assessment of distribution of investments, their structures and volume helped to reflect main specific features of development of investment processes in the national economy. It reveals problems that hamper investment processes in Ukraine.

Article is written in Ukrainian

Shtal T. V., Dobroskok I. B., Tyshchenko O. O., Saparov E.
Analysis of investment climate in Ukraine and ways of its improvement (p. 122 - 125)
The article considers the notion of investment climate in the country, analyses dynamics of inflow of direct and portfolio foreign investments into Ukraine and also the volume of outflow of financial resources from Ukraine and volume of their accumulation in the country, considers the geographical structure of foreign investments and geographical structure of their distribution in the country. It identifies key factors that influence formation of investment attractiveness of the state for foreign investors, considers main positive steps of the national government and offers possible ways of attraction of additional foreign investments into Ukrainian economy.

Article is written in Ukrainian

BUSINESS INFORM №4-2013

Skrynkovskyy R. M.
Educational and Professional Potential of Personnel: Essence and Role in Formation of Investment Attractiveness of a Company (p. 121 - 126)
The article reveals the essence of educational and professional potential of personnel and investment attractiveness of a company. It provides a model of formation of investment attractiveness of a company. It establishes the role of educational and professional potential of personnel in formation of investment attractiveness of a company. It provides a mathematical description of influence of educational and professional potential of personnel on investment attractiveness of a company.

Article is written in Ukrainian

Kuzmin O. Y., Satalkina L. A.
Clusters as an important factor of attraction of investments to industrial plants (p. 127 - 134)
The article considers main theoretical aspects of the “cluster” notion. Based on the results of scientific and bibliographic sources it defines the essence of the “cluster” notion and describes its specific features. It also provides classification of industrial clusters, considers advantages and disadvantages of the cluster model of economy. It states stages of formation of clusters and considers models of cluster pools. It considers the process of establishment of clusters in some countries of the world with specification of prerequisites, specific features and results of this process. It determines influence of clusters on the process of attraction of investments and formation of investment portfolio of a plant. It forms a model of clusters influence on the process of formation of investment portfolio of a plant.

Article is written in Ukrainian

BUSINESS INFORM №5-2013

Chichkalo–Kondratska I. B., Korniienko A. A.
Modern Tendencies of Direct Foreign Investment into Ukrainian Industry (p. 86 - 90)
The article analyses modern tendencies of direct foreign investment into the industrial sector of Ukraine, considers dynamics of direct foreign investments, studies the sectoral structure of direct foreign investment and builds a common structure of direct foreign investments (DFI) by types of industry. It justifies importance of attraction of DFI into industry for ensuring competitive development of the Ukrainian economy and studies main problems of receipt and distribution of foreign investments into Ukrainian industry, namely: neglect of problems of investment activity for a long time at the state level, slowing down investment processes in the world, low level of crediting industrial production on behalf of international financial organisations, unfavourable investment and business climate in Ukraine, high level of inflation and shadow economy and also inefficient system of consumption of natural resources.

Article is written in Ukrainian

Mishchuk I. V., Adamovskaya V. S.
Specific Features of Managing Investments as a Factor of Increase of the Level of Economic Security of Enterprises of Mining and Smelting Complex (p. 91 - 95)
The article identifies that ensuring economic security of an enterprise at a set level requires necessary investment resources. It offers to consider investments not in the context of investment security as a component of economic security of an enterprise, but as a factor of influence upon the level of the latter. Investment projects on holding (achieving) the set level of economic security are offered to be considered alternative and non-uniformly scaled. The key stage of investments management is their assessment. The article justifies a methodical approach to assessment of economic efficiency of alternative non-uniformly scaled investment projects on the basis of reduced increases of their investments, in which, unlike in existing ones, determination of values of reduced increases of investments and relevant income on them is conducted by means of reducing sums of investments of both projects at the beginning of the period of their receipt, and sums of income by them – at the end of the assessed period. Moreover, different discount rates by each of the compared variants are taken into account depending on the level of their risk. The sums of the found reducd increases are compared with each other with consideration of the discount rate of the project with a bigger volume of investments. This allows justification of expediency of carrying out not only the sum of investments into an investment project of ensuring the set level of a certain component of economic security with lower volume of necessary investments, but also their increase in the alternative variant.

Article is written in Ukrainian

BUSINESS INFORM №7-2013

Voitko S. V., Shatkovsky A. V.
Indicative Approach to Assessing Investment Attractiveness of Countries: the Sphere of Renewable Energy (p. 141 - 148)
The article conducts assessment of indices and indicators that characterise the sphere of renewable energy at the international level. A number of indicators, such as All Renewables Index, Sustainable Development Index, Index of Economic Freedom, GDP per capita, International Index of Energy Security Risk and Renewable Energy Use are offered for the analysis. The selection is made from countries that are included into the Attractiveness Index from the point of view of investing into the renewable energy. The Index is developed by the international auditing company Ernst & Young. The article conducts assessment of these indicators, cluster analysis using the k-average method and builds graphs of distribution of countries in different co-ordinates. It conducts a comparative analysis of the obtained results with the Ukrainian indicators.

Article is written in Ukrainian

Buhun Y. V.
Investment Attractiveness of Science Intensive Companies in Ukraine (p. 149 - 154)
The article conducts a study of investment attractiveness of science intensive companies of Ukraine for further acceleration of technical re-equipment. The author uses methods of logical and comparative analysis and method of grouping. The article underlines that investing into innovation activity of a science intensive company is an important factor of successful development of an organisation, since it allows materialisation of advanced ideas and projects of scientists, managers and consumers on creation of product innovations. Investment activity is the main aspect of functioning of any commercial organisation, since company’s development is connected with a more rational investment of resources into different types of company’s assets, acquisition of which is necessary for carrying out production of products and services. The article shows that attention to the problem of attraction of investments into Ukrainian science intensive production is growing constantly during the past decade. The potential of the science intensive sector of high technologies is attractive for investors, however, slow development of investment processes testify to inefficiency of its use and point at existence of certain reasons that slow down these processes. Having conducted the study the author states that attraction of investments is one of the most important starting points for achievement of significant final results of economic activity of science intensive companies and investment attractiveness of science intensive companies is a generalised characteristic of subjects, their competitive advantages and shortcomings from the point of view of an individual investor by the formed criteria.

Article is written in Ukrainian

BUSINESS INFORM №10-2013

Semenov A. H., Vasylyev V. O.
Classification of Investments as an Economic Category (p. 43 - 49)
The article studies and analyses classification features of investments, provided by domestic and foreign economists. It systemises main classification features and identifies such ones that facilitate identification of investments as an economic category. It considers the most frequently used, from the point of view of revelation of economic essence of the “investments” category, classification features: by the object of investment, by the term of investment, by regional features of investment, by forms of ownership on investment resources, by the degree of risk and by the character of participation in investment. It presents a classification of investments with consideration of execution of the investment process, which would allow systematisation of understanding the essence of classification features of investments in accordance with the investment process.

Article is written in Ukrainian

Bandura M. V.
Problems and Prospects of Investment Growth of Ukrainian Economy (p. 50 - 54)
The article analyses the modern state of the Ukrainian economy, identifies problems of socio-economic development and substantiates prospects of growth of the national economy on the investment basis. The obtained results of the study of the priority and, at the same time, strategically important branches of the national economy allow making the following conclusions. First, the invested capital was poorly directed into priority branches of the economy. Second, the investment flows cover economically developed regions of Ukraine, not paying attention to less developed regions, which need a significant inflow of foreign investments. Analysis of main indicators of investment growth of the domestic economy allows making a conclusion that, despite availability of certain economic and political risks for foreign investors, the share of the foreign capital attracted to the national economy grows. However, it is an unhealthy factor for economic security against the background of negative dynamics of development of the Ukrainian economy.

Article is written in Ukrainian

Zaitseva I. S., Kotsiuba O. V.
Banks as Main Subjects of Investment Activity (p. 55 - 59)
The article considers the role of banking institutions as main subjects of accumulation and re-distribution of financial resources. It substantiates a need to encourage banks to conduct an active investment activity. The goal of the article is analysis of the share of investments in the loan-investment portfolio of Ukrainian banks and identification of dynamics of accumulation of funds into investment projects and securities and also identification of problems of investment activity of the banking sphere and development of proposals on their elimination. The article defines the “banking investments” notion. It considers significance of the investment activity of the banks for enterprises and the state in general. It considers factors that positively and negatively influence the banks’ investment activity. It identifies problems that interfere with normal functioning of banks and reduce volumes of loan-investment portfolios of banks. It gives proposals on elimination of the above said problems and improvement of quality of investment services, which are provided to state and non-state institutions by Ukrainian banks.

Article is written in Ukrainian

Zdrenyk V. S.
Problems of Classifying Financial Investments of Enterprises in Ukraine (p. 60 - 65)
The article contains critical assessment of approaches to classification of investments, which are given by different authors and is specified in regulatory and legal documents of Ukraine. It establishes that the literature contains a view regarding differentiation of types of investments, but not a consideration of their classification by different properties. It makes a conclusion that the issue of scientific justification of classification of financial investments is still not developed and absence of regulation by law creates difficulties with respect to classification of financial investments, which, in its turn, results in an improper reflection of this object of accounting on accounts and in accounting. On the basis of differentiation of users of information and their interests, the article offers to relevantly differentiate information about investments. It of a need in co-ordination of classifications in Accounting Regulations (standard) and Tax Code of Ukraine.

Article is written in Ukrainian

BUSINESS INFORM №12-2013

Ramskiy A. Y.
Finances of Homesteads and Their Role in Ensuring Demand and Supply in the Investment Market (p. 136 - 144)
The article is devoted to finances of homesteads as the main prerequisite of ensuring demand and supply in the investment market in Ukraine. It pays significant attention to clarification of the “finances of homesteads” definition. It detect the sources of formation and directions of use of financial resources of homesteads. It clarifies the composition of own and attracted financial resources of homesteads. Directions of use of financial resources by the balance approach include consumer expenditures, expenditures for acquisition of long-life commodities, real estate, land lots and investments (acquisition of investment products). The article reveals the dual role of non-circulating assets of homesteads depending on their use (personal or entrepreneurial for getting income). It also reveals factors that influence changing movement (flows) of financial resources of homesteads. It develops a format for balancing financial resources of homesteads by the indirect method and by the end use (assessment of financial state, formation of income and expenditures and movement of financial resources). It identifies the role of finances of homesteads in ensuring demand and supply in the investment market.

Article is written in Ukrainian

BUSINESS INFORM №2-2014

Bilonog A. P.
Investment Potential of the System of Non-state Pension Provision of Ukraine (p. 105 - 110)
The goal of the article is the study of the issue of transformation of pension savings into the investment resource and justification of practical approaches and theoretical grounds of development of the system of pension insurance as a source of investments into Ukrainian economy. The article underlines problems of development and attraction of a wide circle of the population to the non-state pension provision. It identifies directions of solution of problems of accumulation of free financial resources and direction of them into investment projects. Results of theoretical and empirical studies testify to the fact that the pension system is capable of forming “long money”, which gives a possibility to invest capital for a long term, even in projects with slow payback, which is a significant advantage compared to the bank capital. Creation of an efficient institute of non-state pension provision should facilitate maximal attraction of saving of the population into economy of the country with the use of possibilities of insurance companies and non-state pension funds. It is expedient to continue study of mechanisms of provision of state incentives and guarantees for attraction of the population into active use of savings in the system of pension provision with the goal of formation of a significant investment potential for development of the national economy, which results in the necessity and urgency of study of these problems.

Article is written in Ukrainian

BUSINESS INFORM №3-2014

Shvets I. B., Skrylnyk A. S.
Optimisation of Investment Resources at Small Enterprises (p. 94 - 99)
The goal of the article lies in the study of the process of optimisation of the structure of investment resources, development of criteria and stages of optimisation of volumes of investment resources for small enterprises by types of economic activity. The article characterises the process of transformation of investment resources into assets and liabilities of the balances of small enterprises and conducts calculation of the structure of sources of formation of investment resources in Ukraine at small enterprises by types of economic activity in 2011. On the basis of the conducted analysis of the structure of investment resources of small enterprises the article forms main groups of criteria of optimisation in the context of individual small enterprises by types of economic activity. The article offers an algorithm and step-by-step scheme of optimisation of investment resources at small enterprises in the form of a multi-stage process of management of investment resources in the context of increase of their mobility and rate of transformation of existing resources into investments. The prospect of further studies in this direction is development of a structural and logic scheme of optimisation of volumes of investment resources at small enterprises.

Article is written in Ukrainian

BUSINESS INFORM №5-2014

Fesun A. S.
Target Funding as an Alternative Instrument of Investing Into Development Projects (p. 106 - 110)
The goal of the article lies in the study of the essence of development, development project and also sources, forms, methods and investment instruments, which the help of which its realisation is carried out. When conducting analysis and study of views of various scientists the article considered evolution of concepts of development, generalised views of researchers on definition of such notions as “development”, “developer” and “development project”. The article generalises and systemises sources, forms, methods and instruments of investing development projects and also shows the problem of imperfection of the mechanism of their application. The article critically compares advantages and shortcomings of the most popular investment instruments. Based on the analysis of criteria of selection of investment instruments, the article composes their most popular in Ukraine list. In the result of the study a new alternative investment instrument – target funding – was allocated as one of the most widest used. The article identifies the essence of funding and shows that the use of target funding provides a number of advantages for all participants of realisation of a development project. The prospect of further studies in this sphere is the search for the most optimal combination of alternative investment instruments, which are used by developers for realisation of development projects.

Article is written in Ukrainian

BUSINESS INFORM №6-2014

Dobrjanska М. V.
Methods for Assessing Investment Needs and Investment Support Enterprise (p. 69 - 72)
The purpose of the article is to study the methods of assessment of investment needs and investment supply of the company. Analysis of scientific papers on the problems of investment activity of enterprises revealed that the majority of scientists are not paying attention to assessing the investment of providing enterprises and identifying their investment needs. This fact can be explained by the fact that the investment needs of the enterprise are a measure of the level of its investment support. The study showed that the balance method, and the method of analogies specific capital intensity do not account for the need to forecast demand for products that will be produced, price fluctuations on it and possible changes in the value of resources that are required for the manufacturing of certain products. The studies proposed a new method of evaluating investment needs of enterprises, which will take into account: the change in the volume sales of products caused by fluctuations in demand for products; consideration of the need of real investments, the need for financial investment. Application of this method will allow them to be business leaders argue choice of rational investment decisions and the operational monitoring of the implementation process. The prospect for further research in this area is to develop new methods to assess the investment needs and investment maintenance of the company.

Article is written in Ukrainian

Iaresko R. S.
Risk Aspects of Investment Projects in the Field of Nuclear Energy (p. 73 - 79)
Based on the analysis of scientific papers on the formation of approaches to identify risks of the investment project at nuclear power plants, it was determined that this subject is a little-studied. As a result, the article has improved scientific and methodical approach to identify risks of the investment project at the plant on the basis of causation of risk categories (predictors of risk, forming factors, risk situations). Risk identification, carried out in the article, is to identify potential events and threats that are specific to nuclear power that is why it was proposed to group them by source effects. Thus the three key risk groups were formed: emergency, financial and environmental situation. Thanks to the identification of risks the appropriateness of assessing of potential risk groups based on economic parameters was justified and to determine the degree of their influence on the investment project, which will be reflected in subsequent studies.

Article is written in Ukrainian

BUSINESS INFORM №7-2014

Korohodova O. O., BalabaYaroslav O., Sorokin I. I.
Directions of Investment Activity of Multinational Companies (p. 77 - 81)
The article examines the factors and motives of foreign direct investment and directions of investment activity. We systematized the views of researchers in the sphere of influence of transnational business. The tendencies and directions of flows of foreign direct investment in the world, analyzed the factors predicting the global investment climate. On the example of a transnational company ROYAL DUTCH SHELL the areas of strategic investment planning were identified, the dynamics of growth of assets and changes in the number of employees of the corporation. We select the most attractive country for investments of transnational capital. Particular attention is paid to the assessment of the expansionist activities of multinational businesses. Proper recommendations were given. The prospect for further research in this area is to determine the impact of foreign direct investment in the world economic development, and at the conceptual level, there is a need to clarify certain concepts and their logical use in the practice of corporations.

Article is written in Ukrainian

Kubareva I. V.
The Mechanism of Ensuring the Investment Attractiveness of the Enterprise: the Essence, Particularly the Formation and the Functioning Basics (p. 82 - 88)
The aim of the article is to validate the mechanism for investment potential. Based on the analysis of scientific papers on the management of some activity of the company and the author's research in the field of investment attractiveness of enterprises the main characteristics and the essence of a mechanism to ensure investment potential were formulated. The urgency of the formation of the mechanism in matter was reasoned, the purpose and objectives of its functioning defined. Based on the classic concept of management a function of said mechanism was justified, which, in turn, forms the basis of the model of functioning and proposed sub-mechanisms. Conceptual model of a mechanism to ensure the investment attractiveness of the enterprise requires a basic platform as a set of methodological, resource, knowledge and organizational support of the investigated mechanism and creates the conditions for its operation. Work of the mechanism as a whole is provided by coherent interaction of its sub-mechanisms, continuous process, consistent implementation of functions and periodic updating of the parameters and tools. The study developed managerial bases of formation and functioning of a mechanism to ensure the investment attractiveness of the company, which is a fundamental principle of success in attracting investment and ensuring development of the company. The prospect for further research is the development of organizational support of the operation of the mechanism presented.

Article is written in Ukrainian

Odintsova T. M.
Household Savings as a Source of Investment Resources of the Ukrainian Economy (p. 89 - 92)
The aim of the article is to study the development of the economy through investment mobilization of household savings as statistical and dynamic process. In this paper a study was conducted of the mechanism of formation of employed workers savings according to the level of the average wage. Negative tendencies of predominance of annual income over expenditure per person were found. Pattern of employed workers savings according to their average monthly income was revealed by a regression analysis, calculation of the regression coefficients for groups of employees by income and a formula of saving was invented. It was recommended to intensify the state support to involve the population’s savings into the turnover.

Article is written in Ukrainian

BUSINESS INFORM №8-2014

Koba V. H., Horoshko K. O.
Methodical Approach to the Assessment of the Investment Potential of Inland Navigation Companies (p. 50 - 55)
This article focuses on the development of a methodological approach to assessing the investment potential of inland water transport enterprises of Ukraine, due to the need to improve their attractiveness. The analysis of scientific works of economists allowed to offer the evaluation stages of the investment potential of inland navigation companies. In this paper the methodical approach to the formation of a set of financial, economic, technical indicators to assess the investment potential of companies in the industry of inland water transport (IWT) was improved, taking into account the specifics of their activities. The assessment of the investment potential based on the calculation of the integral index was developed and proposed, which allowed to determine the ratings of major shipping companies in Ukraine and to identify the best for investment.

Article is written in Ukrainian

Zdrenyk V. S.
Bibliographic Analysis of the Reference Sources on Accounting and Control of Financial Investments (p. 56 - 60)
The purpose of the article is to study the subjects and areas of scientific research on the integration and control of financial investments. The analysis of the reference sources made it possible to group the main directions of research and to identify unresolved problems on this basis. The main of which are related to the definition of the nature and characteristics of financial investments, their classification, tasks of accounting and control and so on. D. That means those are theoretical problems. Another group of problems is related to the assessment, the organization of accounting, control and management of financial investments. At its core – those are problems of application (practical) character. The study points out the growing interest in solving the problems associated with financial investments in the context of academic degrees in various specialties. It is concluded that a number of unresolved problems leads to inhibition of the use of investment as an important stabilizing key factor of the economy. In the long term the analysis allows us to determine the most relevant areas of research and further development of the theory and practice of financial investments, including their accounting and control.

Article is written in English

BUSINESS INFORM №9-2014

Kyryku M. V.
The Methodical Approach to the Evaluation of the Level of Integration of the Sectorial Investment And Innovation Development, Taking Into Account the Economic Security of Investments (p. 81 - 86)
The article is aimed at development of a methodological approach to the evaluation of the effectiveness of European integration for investment and innovation development of the enterprises of the mining industry, taking into account the economic security of investments. The article studies the influence of world globalization processes on investment and innovation development of domestic industrial enterprises. Defined were potential socio-economic consequences, associated with the integration of Ukraine into the European economic area, which may adversely affect the development of the enterprises of the mining industry. The study draws attention to the need to establish an effective system of control over the European integration processes, innovation and investment development of export-oriented enterprises, taking into account the economic security of investment, the first step towards the creation of which should be the development of a methodology for evaluation of the level of integration of the sectorial investment and innovation development, taking into account the economic security of investment. The system of indicators for assessing the efficiency of European integration level of innovation and investment development of the mining industry enterprises is offered and the indicators of economic security of investment are defined. A polygon of the limits of the areas of maneuvering the integration level of investment and innovation development of the enterprises of the mining industry in the context of European integration was built, taking into account the economic security of investments, which provided the ability to provide rationalization for the necessary amount of foreign direct investment in the mining industry of the country, the amount of real investment in the industry and the amount of financing of the technical and scientific workings needed to stimulate the innovation way of development of the industry.

Article is written in Ukrainian

Zaitseva I. S., Kotsiuba O. V.
Analysis of the Investment Attractiveness of Ukraine in the Present Context (p. 87 - 91)
In the article the place of Ukraine in the international rankings, such as Doing Business, Tax Index of the European Business Association, the study by Research Branding Group is discussed. The dynamics of the situation in Ukraine in the field of starting up the business, taxation and protection of investors were analyzed. The structure of the investments inflows in Ukraine was considered, it was revealed that the foreign investments account for approximately 2% of all inflows. The dynamics of the foreign investments were analyzed and the main investor countries, namely Cyprus, Germany, Netherlands and others were defined. The dynamics of the foreign trade activities of Ukraine for the period of 2010 - first half of 2014 in agriculture, machine building and chemical industry as well as the investment activity in Ukraine in these industry branches were considered. This analysis was useful in order to determine the level of interest of the foreign sector in the production of the above-mentioned areas. Identified problems that slow down the development of the investment activity and reduce the competitiveness of agricultural, machine building and chemical industries.

Article is written in Ukrainian

BUSINESS INFORM №10-2014

Sigaieva T. Y.
Methodical Provisions on the Use of Tools for the Integrated Marketing Communications in the Process of Investment (p. 119 - 122)
The basic idea of the information exchange concerning investment activities is that relations (communications) with partners are viewed as a management object. The information communications is the narrow concept, a component of the information exchange, because in the process of investment not only communication flows, but also information flows are realized. Summarizing the existing conceptions of the information exchange, it can be noted that it is the process of information interaction between two or more subjects in order to change their views, or at least for one of them, an universal form of movement and development, which determines the existence of subjects of the information exchange.

Article is written in Ukrainian

Kovalchuk M. V.
Justification of the Structure of Organizational and Economical Mechanism of Investment Support of the Mineral Resource Base of a Mining and Ore Dressing Enterprise (p. 123 - 127)
The article analyzes the current definitions of organizational and economic mechanism of management and implementation of industrial enterprises tasks by the type of economic activity. The importance to the economy of the mineral resource base of ore dressing enterprises was emphasized. The definition of the organizational-economic mechanism of investment support mineral resource base of ore dressing enterprises. The expediency of accounting mechanism in the structure of the mineral resource and technological components was grounded. The interrelation between organizational and technological factors and mineral character through technological quality ore was found. The concept of “investment susceptibility” and “investment capacity”, as well as the technique of quantification for quarries infrastructure was formulated. It was proposed to determine the level of investment susceptibility of objects in the degree of mismatch of their functioning or design regulations. The boundaries of the investment resources for the maintenance of the mineral resource base were set, which are caused by the actual performance and design capacity of the mining quarry.

Article is written in Ukrainian

Zrazhevets I. I.
Evaluation of the Effectiveness of Venture Capital Investments (p. 127 - 132)
The aim of the article is to study the methods of evaluation of venture projects, which receive start-up capital for the first time to finance development of innovations, as well as the definition of the final effect of venture investments. Effective development of economy of Ukraine is impossible without modern transformation of financial relations that occur with the participants of investment processes. Feature of venture capital investment is the fact that for the sake of reducing the risk a venture capitalist not only invests money but is also directly involved in enterprise management, market research, information policy and the development of distribution channels. The main factors affecting the innovation risk were studied. The urgency of the application of modern methods of evaluation of investment projects was reasoned. The factors affecting the success of the venture projects were suggested. The definitions of venture capital investment and venture effect were given. Prospects for further research in this area are to improve methods for assessing venture projects, as well as the formation of the economic basis for the calculation of the venture effect.

Article is written in Ukrainian

BUSINESS INFORM №11-2014

Vovchak O. D., Nadievets L. M.
Peculiarities of the Investment Activities of Banks as Financial Intermediaries in Ukraine (p. 94 - 101)
The article is aimed at allocation and study of the peculiarities and specific features of the investment activities of commercial banks in terms of transformation processes in the contemporary Ukraine. It has been determined that a key role in transformation of the temporary free investment resources into capital on the domestic investment market is dominated by banks. The foreign practice of providing investment services on the example of the United States was studied and the major directions of activities of domestic banks in the investment market were allocated. Peculiarities of the investment activity of Ukrainian banks were analyzed, it has been revealed that banks are key buyers of state and corporate bonds and equities of enterprises and are carrying out an active trade with them in the securities market. Activity of these financial intermediaries in the stock market, in the context of its appropriate development remains insufficient, and the structure of investments in securities – inefficient when compared with foreign counterparts.

Article is written in Ukrainian

BUSINESS INFORM №3-2015

Odintsova T. M.
Mechanism for Transformation of the Population Incomes into Investments (p. 122 - 126)
The article is aimed to study the mechanism of transformation of population incomes into investments and elaborate proposals to improve the efficiency of attracting savings in terms of the unstable monetary market of Ukraine. In the article, the key factors contributing to the transformation of population savings into investments have been allocated, as well as the reasons for the constraints of this process in the conditions of the economy of Ukraine. Also considered is the problem of economic balance, in which compliance of the level of investment with the level of savings has to be established. Possible ways to attract savings into the real sector of the economy has been proposed. Rates of economic growth in the country are determined by the level of implementation of investment activities by means of the population savings and incomes.

Article is written in Ukrainian

Morhachov I. V.
Sufficiency of Infrastructural Support of Investment-Innovation Processes in Ukraine at the National and Regional Levels (p. 127 - 131)
The aim of the study is a qualitative analysis of the level of sufficiency and real issues of the infrastructural support of investment-innovative projects, established in Ukraine and its regions. Issues of the infrastructural support of investment-innovative processes, existing in the country at the national and regional levels, have been identified. Proposals to address the identified issues have been formed and substantiated. It has been determined that existence of investors who buy the securities not to receive dividends, but in order to resale them, makes the equity investments the cheapest source of resource mobilization for supporting the investment and innovative projects. Attention has been drawn to foreign stock exchanges as a promising source of relatively cheap equity capital for implementing innovative projects in the regions. Attracting such capital will allow to ignore the law of reducing the maximum productivity. Disadvantages and advantages of insurance support of investment-innovation processes through the deployment of increased tax revenue from the projects on financial supporting their members have been considered.

Article is written in Ukrainian

BUSINESS INFORM №4-2015

Bludova T. V., Korniіenko O. O.
Correlation of Indicators of Migration and the International Investment Position of Ukraine (p. 130 - 137)
The goal of the paper is to study the functional relationship of directions of the international migration flows (IMF) and international investment position (IIP) of Ukraine. With the help of systematization and synthesis of scientific works by many scientists, six contemporary centers of attraction of labor force were analyzed. As result of research, a hypothesis about the functional relationship of IMF and IIP of countries has been suggested. It has been displayed that an important aspect of the globalization impact on national economies are extremely strong growth rates of foreign direct investment, which are ahead of the dynamics of world trade. The main macroeconomic indicators of Ukraine for 2012-2014 were analyzed. Dynamics of the relationship between IIP and GDP with approximation of discrete values of the function in the form of 5-th order polynomial with negative trend of sharp decline was displayed. The structure of major migratory flows of Ukraine was discussed. The balance dynamics of the international migration of Ukraine and the population size for the time span of 2002-2013 was presented. According to the suggested hypothesis, functional dependency of the interstate migration balance relative to the population of Ukraine based on the IIP and relative to GDP in the form of a polynomial of 3-rd order was considered, allowing to draw conclusions about growth of the migration balance of Ukraine with a reduction in its international investment position. Prospect of further research should be studying of similar functional dependencies for the other countries of the world.

Article is written in Ukrainian

Korepanov G. S.
Statistical Evaluation of the Investment Attractiveness Potential of the Municipal Units of Kharkov Region (p. 137 - 143)
The article is aimed at substantiation of a system of statistical indicators, which characterize the basic factors of investment attractiveness at the municipal level, evaluation of their impact on the overall level of investment attractiveness of districts and cities of Kharkiv region on the basis of calculation of the relevant indexes. In order to reason the inclusion of certain indicators in the common system of indicators of investment attractiveness of the region's economy, the nature and specifics of calculation of the used indicators were considered in detail. A differentiation of the municipal units of Kharkiv region in terms of investment attractiveness was proposed to be conducted using methodical approaches to the calculation of an index of the foreign direct investment potential UNCTAD, which provides for the calculation of the integral index as a plain arithmetical mean of the normalized values of the selected indicators. During the study, indicators of investment attractiveness potential and ranks of municipal units of the Kharkiv region by the factors in 2013 were calculated. To visualize the distribution of municipal units by the two factors of investment attractiveness, which would be of interest for investors, has been proposed to build a matrix of quartile distribution, an example of distribution of towns and districts of the Kharkov region by the factors of «attractiveness of market» and «availability of the necessary infrastructure» has been provided.

Article is written in Ukrainian

BUSINESS INFORM №6-2015

Melnyk A. G.
The Modular Principle of Generating Investment Proposal for Priorities of High Technologies Development (p. 79 - 86)
This article discusses a number of approaches to identify priority areas of attracting investments in high technologies development in conjunction with the priorities of international cooperation of Ukraine in the patent and research areas. A methodical approach to enhance effectiveness of the development of investment proposals for attracting foreign investments in the development of the hi-tech sector of Ukraine has been suggested. Also the «patent-modular model» for developing the «patent-technological module for attracting investments into the development of high technologies» has been suggested, which in practice allows to intensify investment activities by foreign investors in the priority directions of high technologies development in Ukraine. Several benefits of applying the modular principle of generating investment proposal for attracting foreign investment in the high technologies development in Ukraine have been substantiated.

Article is written in Ukrainian

BUSINESS INFORM №7-2015

Sapohovska O. V.
Features of Auditing the Evaluation of Risks of Investment Projects (p. 108 - 113)
Business entities in the course of their activities are faced with different kinds and types of risk and uncertainty. In a period of financial and economic instability of the domestic economy, bankruptcy risks of investment activities of business entities has appeared. This raises the need to evaluate risks and prevent them in a timely manner, which also includes the use of audit procedures. A study on risk evaluation methods allows to establish an economically substantiated position to make investment decisions for effective operation of investment projects. Implementation of individual investment projects requires the development of an effective management system, at the center of which lies a proper evaluation of risks of investment project together with providing an independent evaluation by an auditor. Therefore, a methodology for evaluation of risks of investment when carrying out audit should be developed, taking into account the main features of investment activities of an organization and the specific management objectives for improving the efficiency of implementation of the enterprise's investment policy.

Article is written in Ukrainian

Nosyk O. M.
Destructive Transformations of Human Capital in Ukraine: the Investment Aspect (p. 113 - 118)
The article analyzes the investment destructions of national human capital, which are developing in the current period in Ukraine. Sectoral destructions, which cause an investment gap between the industrial and agricultural sectors of the national economy concerning the financing of human development, have been disclosed. The subjective destructive transformations of human capital have been displayed as an imbalance between State expenditures for social protection and social security of the population and its expenditures for the development of socio-humanistic sphere; between costs, spent by households for health, education, recreation, culture and their other consumer expences; between costs by economic entities for labor remuneration and other costs; between costs of the State, firms and households for the creation and accumulation of human capital. Negative effects of investment imbalance for reproduction of human capital has been substantiated. Formation of the socio-humanistic model of innovational development of economy has been defined as a condition to overcome the investment destructions of human capital.

Article is written in Ukrainian

BUSINESS INFORM №8-2015

Zahozhai V. B., Kazak O. O.
Methods of Analyzing the Structural Shifts of the Investment Income of Machine-Building Enterprises (p. 102 - 107)
The article focuses on the features of methods of analyzing the structural shifts in the machine-building industry sector. It has been revealed that the coefficient of the structural shifts enables to get a summary assessment of the rate of change of the specific weights of the individual parts of a totality and represents qualitative structural shifts in the process, which is studied. This coefficient shows how many percentage points on average deviate from each other the comparable specific weights. In case, when changes in the structure of investments by the types of economic activity from year to year do not occur or they occur to a small extent, the coefficient of the structural shifts is approaching zero. The more is the specified coefficient, the larger shifts can be observed in the structure of the studied phenomenon, and thus, investors are changing directions of the brought-in investments investments much more. The article considers the structural shifts of the investment incomes of machine-building enterprises of both Ukraine and the Russian Federation. Dynamics of the investment incomes during the global financial crisis of 2008-2010 and in the post-crisis period have been estimated.

Article is written in Ukrainian

BUSINESS INFORM №9-2015

Shuba M. V.
Ukraine in the International Rankings of Investment Attractiveness: an Analysis of the Views of Global Agencies and Organizations (p. 135 - 139)
The article is aimed at determination of the Ukraine's positions in the most prominent global investment and credit rankings. The article considers the estimations of Ukraine by the Index of investment attractiveness, carried out by the European Business Association, by the Index of economic freedom, the rating of investment attractiveness by the International Business Compass, Doing Business rating, credit ratings by the agencies S&P, Moody's and Fitch. The positive characteristics as to the investment climate in Ukraine have been summarized. To establish a relationship between the economic growth of Ukraine and inflows of the foreign direct investment, a coefficient of steamy correlation between GDP and the foreign direct investment in Ukraine has been calculated. The result of the calculation is indicative of the close relationship and a direct linear dependence between these indicators.

Article is written in Ukrainian

Romanchuk Z. Z., Vankovych D. V.
Improvements of the Financial Regulation in Attracting Investments into the Economy of Ukraine (p. 140 - 145)
The article is aimed to study the experience of foreign countries on improvement of the financial regulation of investment activity. For Ukraine at the present, appears of great importance borrowing positive foreign experience as for the financial regulation of investment activity in order to reach out to the world level of attracting investments into the country's economy. Thus, peculiarities of the tax and budget regulation of investment activity in countries such as the United States, France, China, United Kingdom, as well as the countries of Central and Eastern Europe, were considered. Ways to create effective public policies in these countries to intensify investment and the creation of a favourable investment climate were analyzed. Possibility of using experience of these countries in the implementation of the financial regulation of investment activity and improving the investment attractiveness of the Ukrainian economy has been considered.

Article is written in Ukrainian

Pilko A. D., Kis V. V.
Investment Climate and Investment Potential of Region as Objects for Modeling (p. 146 - 152)
The aim of this article is to highlight the major findings of the conducted analysis of existing approaches to evaluation and modeling of the investment climate and investment potential of region, as well as developing own guidelines to the assessment and modeling of the main characteristics of the investment component of the region's development with further defining the prospective directions of their development. The concepts of «investment climate» and «investment potential» have been summarized and specialized, own definitions for these categories have been proposed. The major requirements for the formation of an information base of economic-mathematical modeling of the processes of evaluation and analysis of investment climate and investment potential of region have been identified. The main factors that should be taken into account in the process of reviewing the investment climate and investment potential of region as modeling objects have been specialized. Addressing the objective of assessment and modeling of the investment climate and investment potential of region, the first steps towards which are made in this article, may lead to the development of perspective direction of monitoring the investment climate, the level of efficiency in the use of the investment potential of region, as well as the respective target programs for securing the investment component in the development of the regions of Ukraine.

Article is written in Ukrainian

Sigaieva T. Y.
A Methodical Approach to Determining the Economic Efficiency of Investment Projects (p. 153 - 157)
The article is aimed at analyzing investment projects by the constituents of the economic efficiency in order to clarify the methodical support of determining economic efficiency and provide the comprehensive nature of the project, taking into account interests of the State, territorial communities, partners, investors and enterprise. The system of indicators for an integrated assessment of the economic efficiency of investment projects has been proposed, a characteristic of which is definition of an integral indicator, calculated by both integral indicators and significance of the three proposed components of economic efficiency: public, which takes into account interests of the State and the entities of the market environment (partners and consumers); business, which characterizes interests of enterprise that are implemented in the organizational, technical-technological and socio-environmental effects; investment, considering interests of investor by the traditional indicators of economic efficiency of investment project.

Article is written in Ukrainian

BUSINESS INFORM №11-2015

Chernyshova L. O., Kozub V. O., Nosach L. L.
Analysis of the Ukraine's Investment Climate Attractiveness forForeign Investors (p. 102 - 107)
The article is concerned with an analysis of attractiveness of the investment climate in Ukraine, highlighting issues of foreign investment and finding ways to deal with them effectively. The major signs of investment attractiveness for foreign investors have been identified. The volume of foreign investments in Ukraine's economy has been analyzed. The impact of investing on the level of innovation development of branches of the country's economy has been estimated. The efficiency of investment for 2010-2014 has been determined, which is characterized by the GDP growth rate in Ukraine. For a more in-depth studying the efficiency of foreign investment, a regression analysis has been carried out, reflecting dependence of the GDP growth rate from the volume of foreign investments per capita, in comparison with the previous period, as well as the growth rate of foreign investment in Ukraine. Benefits of foreign investment to Ukraine, allowing it to become one of the leading countries to attract potential investment, have been summarized. The basic obstacles to attracting foreign investments into the economy of Ukraine have been systemized and solutions that will enhance the investment attractiveness of the State as well as improve the investment activities aimed at innovative development of economy, have been proposed.

Article is written in Russian

BUSINESS INFORM №12-2015

Lupak R. L., Polyova I. M., Vasyltsiv V. H.
Management of Improving the Investment Support of Enterprises (p. 88 - 92)
In the article, relevance of reviewing the processes to improve the investment support of enterprises is proved, which is expected proceeding from the prerequisites for developing the contemporary status of the State economy. The article considers investment support of enterprise as a totality of activities aimed at formation and use of investment capital, which is being directed to its financial-economic development in the environment of transformational changes of economy in both the State and region. It has been found that for enterprises at the subregional level characteristic is their functioning in an investment-unattractive environment, which is not conducive to either formation or an effective use of the investment and financial-economic support in terms of their own innovative development. On the basis of certain problems and obstacles, aiming at improving the investment support, enterprises need to develop and enhance the integration connections, become familiar with creation of new and supporting the existent actors of investment infrastructure and investment intermediation, focusing on development of road transport, housing, social and other infrastructure, intensifying activities of local self-government bodies in the preparation and promotion of promising investment projects to achieve deregulation of economic, commercial and, in particular, investment activities.

Article is written in Ukrainian

BUSINESS INFORM №1-2016

Lubenchenko O. Е.
Role of External Audit in Attracting Foreign Investment and in the Domestic Companies' Entering the IPO Market. (p. 89 - 94)
In this article, a way of attracting investors in the long-term perspective, namely: entering the IPO (Initial Public Offering) markets by the domestic economic entities, has been considered. Also essence and objectives of IPO, advantages and disadvantages of holding the IPO have been determined. The main stages of the enterprises' entering the IPO market have been allocated: preparing for the IPO; entering the exchange; further statements by public company to investors. The key role of external auditors (auditing firms) on the stages of preparing the enterprise to entering the IPO market has been defined, popular auditing services have been listed. Investment accounting methods have been examined. Reflection in accounting the profit and its distribution mechanism in terms of investor and issuer, depending on the method of investments accounting according to international accounting standards, have been considered.

Article is written in Ukrainian

Tatarulyeva A. O.
Modeling Efficient Process of the State Regulation of Attracting Foreign Direct Investment in the Maintenance of Metallurgical Industry Sector of Ukraine (p. 95 - 100)
The article is concerned with building a model of efficient process of the State regulation of attracting foreign direct investment (FDI) in the maintenance of metallurgical industry sector of Ukraine, taking into account stochasticity of the parameters of innovation processes. On researching the relationship between the international investment position and the number of patent applications in the countries of Central and Eastern Europe, it has been determined that an inflow of investments is not conducive to holding of the newest scientific developments, which are confirmed by the patents. Studying the relationships between international investment position and the volume of provisions for research and advanced development in the countries of Central and Eastern Europe, provided to disprove the hypothesis on the impact of the FDI attracted on the volume of provisions for research and advanced development. In order to study the impact of FDI on innovation component of economic development, impact of international investment position on the share of the enterprises, which are implementing innovations, has been researched. According to empirical studies, growth of direct foreign investment activities will not affect innovation activity. However, the relationship of foreign investment and financing the costs for carrying out scientific and scientific-technical works in the metallurgical industry sector does have a polynomial dependence. The carried out studies provide for conclusion that uncontrolled and non-systematized inflow of foreign pseudo efficient investment in Ukraine could pose a threat to the country's economic development.

Article is written in Ukrainian

Shcherbakova І. B.
Methodical Instrumentarium for Evaluating the Expediency and Efficiency of Attracting Investments by Small Industrial Enterprises (p. 101 - 105)
The article presents methodical instrumentarium for evaluating the expediency and efficiency of attracting investments by small industry enterprises. Its features have been specified as follows: 1) determining the expediency and efficiency of ways to attract investments in the aspect of investment attraction; 2) determining the expediency and efficiency of ways to attract investments, taking into consideration efficiency of project; 3) determining the integral expediency and efficiency of ways to attract investments; 4) taking into consideration variance of ways to attract investments; 5) inclusion in the evaluating the expediency and efficiency of attracting investments by small industry enterprises of variations: rejection of investment attraction; rejection of project implementation; 6) ease of calculating the indicators of the methodical instrumentarium and brevity of the methodical instrumentarium; 7) includes a summary of project, which briefly and clearly provides information-analytical data on: enterprise as the project proponent; theme of the project; values of calculated indicators in evaluating the expediency and efficiency of attracting investments; 8) developes a commercial presentation of project.

Article is written in Ukrainian

BUSINESS INFORM №2-2016

Gernego I. O.
Economic Relations of Social Investment (p. 103 - 108)
The essential role of social investment for development of a contemporary community has been specified. The composition of participants of economic relations of social investment has been generalized. This provided to substantiate the role of each of these participants in order to implement social investment priorities. In that connection, attention has been drawn to the possibilities of combining theoretical substantiations with the applied aspect of the question. Experience of developed countries in realization of economic relations of social investment has been substantiated. In particular, social directions of activity of specialized financial institution in Germany have been determined. An example of implementation of social investment by the bank Barclays PLC (United Kingdom) has been provided. Along with foreign experience, certain aspects of formation of economic relations of social investment in Ukraine have been considered. For example, activities of the Ukrainian Fund of social investments has been analyzed. It has been concluded about the need and possibilities for further improving the economic relations of social investment in our country.

Article is written in Ukrainian

Shcherbakova І. B.
Adaptability of Theoretical Foundations in the Definition of the Concepts of «Investment Activity» and «Investment Project» to Attraction of Investments by Small Industrial Enterprises, Based on Project-Oriented Business Partnership (p. 108 - 113)
The article presents an analysis of the scientific opinions on the definitions of the concepts of «investment activity» and «investment project» to highlight their adaptability to contemporary conditions of economic management of industrial enterprises, namely in terms of promoting attraction of investments by small industrial enterprises. A review provided an opportunity to identify certain aspects of the existing theoretical approaches that do not contribute to overcoming the shortages of financing projects by small industrial enterprises: lack of emphasis on attracting investment; peculiarities of the size of enterprises are not considered; lack of availability of characteristics of a project-oriented business partnership. The article discloses dual content of the studied concepts both in general and in practical sections. In General, the results displayed in the article, serve as a foundation for: a) defining characteristics as to attracting investments by small industrial enterprises and classifying factors, which impact this process; b) reviewing the project-oriented business partnership as an alternative way of attracting investments for small industrial enterprises.

Article is written in Ukrainian

BUSINESS INFORM №4-2016

Teneta V. M.
Using the Elements of Fuzzy Logic Methods in the Evaluation of Investment Risks (p. 96 - 100)
The article considers the problem of evaluation of investment risks in the face of uncertainty. The article displays the main aspects of informational incompleteness: inaccuracy, ambiguity, and vagueness, describes their causes. The essence of the basic methods for evaluating investment risks: correction of risk adjustment, analytical estimation, expert estimation has been considered and their main advantages and disadvantages have been allocated. Benefits of fuzzy logic in analyzing investment projects under conditions of uncertainty have been displayed. The algorithm of forming the base of rules in the system for fuzzy output has been described. Mechanisms for fuzzy output have been analyzed by different algorithms. The essence of the most common packages such as Fuzzy Logic Toolbox and Flex Tool for MatLab Mathworks, Fuzzy TECH, CubiCalc, FIDE, as well as JFS package has been considered. The necessity of introducing a system for evaluation of investment risks based on fuzzy logic has been substantiated. The model can be used as a basis for establishing systems for supporting the decision-making in the management of investment risks.

Article is written in Ukrainian

BUSINESS INFORM №6-2016

Yablonska-Agu N. L.
A Methodological Approach to Establishing Investment Strategies for the Innovation Activities of Enterprises (p. 90 - 94)
The article is concerned with developing a methodological approach to establishing investment strategies for the innovation activities of enterprises according to their investment attraction and the innovativeness of investment proposals. The article proposes to perform selection and formation of the investment strategies for innovation activities of enterprises using the matrix, the axes of which are manifestations of the investment attractiveness of enterprises and the innovative level of an investment project proposals. In accordance with defined boundaries of the quality intervals of these two manifestations, nine quadrants of the matrix have been allocated, in which, as proposed by the author, investment strategies in accordance with the following classification attributes can be allocated: implementability of the selected strategies, methods of investing, investment attractiveness of enterprise, the innovative level of an investment project, combining the investment attractiveness of enterprise and the innovativeness of an investment project. The main stages of a methodological approach to establishing investment strategies for the innovation activity of enterprise have been allocated, which include: substantiation and selection of indicators of the investment attractiveness of enterprise together with the innovation level of an investment project, positioning enterprises on the basis of the indicators' values in the matrix of strategies, prognosing the position of enterprise for a certain period, making the managerial decisions on implementation of the selected strategy in accordance with the quadrant of the matrix, in which the enterprise will be allocated after implementation of the prediction calculations of its coordinates.

Article is written in Ukrainian

Usatenko O. V.
The Essential-Logical Model of Venture Investing by the Venture Funds for Accounting Purposes (p. 95 - 100)
The article is aimed at identifying the essence of venture investing as both the object of the venture activities accounting and the economic category. Regulations, approaches by scientists to defining the concept of «investment» and their classification have been analyzed. The economic essence that takes into account the forms of investment has been determined, which is of importance to the accounting system, and indicates the purpose of investment. The classification attributes that provide to allocate a number of characteristic features specifically inherent to the venture investing have been allocated. The outlined essential-logical model of venture investment displays that the economic nature of venture investment consists in implementing by a venture investor the economic operations on placing monetary means of participants into securities of the innovation risky businesses, or contribution of a share to the statutory capital of such a company, or the granting of a long-term loan for the purpose of making a profit. The essential-logical model will help the accounting system when identifying venture investments, their clear classification and allocation of characteristic features for selecting a method for valuation of the venture investments along with determining accounts for their accounting.

Article is written in Ukrainian

BUSINESS INFORM №9-2016

Holian V. A.
Institutional Traps When Investing in Ukrainian Economy (p. 47 - 58)
Both the prerequisites and the specifics of emergence of institutional traps when investing in Ukrainian economy have been disclosed. Attention is focused on the not equivalent redistribution of the natural-resource rent, which is a significant determinant of the continued wasteful use of natural resources while maintaining high standards of physical deterioration and obsolescence of fixed capital in the most areas of material production. Structure of the capital investments in Ukrainian economy in 2002, 2009, and 2015 has been analyzed, which provided to reveal a low activity by foreign investors due to the many institutional barriers and insignificant participation in the expanded reproduction of fixed capital of Ukrainian banks and other financial institutions. Institutional traps of clotting activity of foreign investors in Ukraine are thus the following: long-term purposeful policy of local political and business elite to conceal the objects of attraction for foreign investors; excessive passivity of individual units of the central executive powers in attracting foreign investments; lack of real opportunities to use community infrastructure by non-residents, on the basis of public-private partnership agreements; institutional restrictions on the free circulation of agricultural lands.

Article is written in Russian

BUSINESS INFORM №10-2016

Parieva N. O.
Investment Process of Production Enterprise as a Monitoring Object (p. 66 - 70)
The article considers features of monitoring the investment process for production enterprise. The main elements of the management of investments have been presented, its importance for the further monitoring of investment process has been determined. Three main blocks of factors have been considered, which must be taken under advisement when monitoring the: type of investment, stage of the investment process, and monitoring phase. It is shown that, depending on the stage of development of enterprise and its objectives in the market, a production enterprise can claim priority from one of three types of investments: capital investments, investments in innovations, and investments in working assets; investment process runs through seven major stages, the monitoring consists of four stages. For clarity, a hypothetical production enterprise has been considered, to show on its example dependence of monitoring of the investment process from various factors; it has been analyzed, how these factors may impact the result of monitoring.

Article is written in Ukrainian

Karpinskyi B. A., Maksymiv D. Y., Karpinska O. B., Hasiuk R. V.
Decentralization as a Catalyst for Vitalization of Investment Platforms in the System of Cross-Border Integration (p. 71 - 78)
The article is aimed at substantiation of the backbone role of decentralization (financial, political, administrative) and decentralized processes in the vitalization of the formation of investment platforms. The article substantiates significance, role and place of investment platforms in the financial-economic system of the State in the current conditions of integrative transformation and globalization of markets. Chances and benefits of forming investment platforms within the cross-border integration of Ukraine with other countries in the context of decentralization have been synthesized and systematized for the first time. A comprehensive structural economic model of functioning of an investment platform has been built, which provides an opportunity to allocate and reflect on the benefits of its functional-economic structure in terms of the interstate (cross-border) integration in the context of decentralized changes. In addition, this model allows selecting the optimum settings for generating the investment platform for economy of Ukraine. Implementation of two investment platforms in the most favourable regions of the State has been proposed: the first (center in Lviv) will create access to the largest global market for goods and services – the EU; the second (center in Odessa) will provide reducing transaction costs and vitalization of investment processes through maritime trade routes.

Article is written in Ukrainian

Pyroh O. V., Stelmakh K. P.
The Scientific-Methodical Provisions for Evaluating the Efficiency of Investment of Modernization of Fixed Assets of the DLC «Stryy-Avto» (p. 79 - 84)
The article examines the issues of efficiency as to evaluation of investment and modernization of fixed assets of the machine-building enterprise «Stryy-Avto». The overall volume of direct investments in Ukraine today is declining, investment climate deteriorates, machine engineering needs capital investments, which would help developing and creating a quality product, resistant to competition in the international markets. The scientific-methodical approaches to evaluating the structure of fixed assets consist of calculating indicators, which specify the technical condition, generalizing the particular aspects of the functioning of enterprise. In the basis of the proposed method lays calculation of indicators of efficiency of investment, investment activity, and adjusted indicator of quantity of investment projects, as well as cumulative indicator of investment efficiency of modernization. Prospect for further research should be the evaluation of the status of investment development of mechanical engineering in the region as a whole.

Article is written in Ukrainian

BUSINESS INFORM №11-2016

Kopylyuk O. I., Muzychka O. М., Kholod Z. M.
The Investment and Innovation Component in the System of Economic Security of Ukraine (p. 81 - 87)
The article is aimed at deepening the theoretical bases of formation of the investment and innovation security and evaluating the level based on systematization of the factors of influence and threats. On the basis of a theoretical generalization, an authors’ own approach to definition of the economic essence of concept of «investment and innovation security» has been presented. The level of the investment and innovation security of Ukraine has been determined on the basis of a set of indicators and indicators, their ranking depending on the degree of approximation to the optimal or critical value has been suggested. This approach provides to allocate both the existing and the potential threats, and to develop preventive and reactive activities to ensure the necessary level of the investment and innovation security at the macro, meso and micro levels. Prospect for further research in this area will be developing provisions of the innovative and investment policy and analyzing its impact on the productive and other components of the economic security of country.

Article is written in Ukrainian

BUSINESS INFORM №12-2016

Maliuta I. A., Lapovets I. A.
Mergers and Acquisitions as one of the Investment Strategies of TNCs (p. 59 - 65)
The article is aimed at identifying substance and objectives of the strategy of mergers and acquisitions as one of the investment strategies of TNCs, exploring trends in the market of mergers and acquisitions worldwide. It is found that the strategy of mergers and acquisitions is a system of measures to transform several companies into one and represents a complex of actions, directed to increase in the total asset value through the synergistic effect. It is found that this strategy is one of the principal investment strategies of TNCs and is actively used for the basic strategies of stabilization (protection) and reduction. The positive effects of M&A for TNCs have been determined, possible threats have been provided. It is found that the market environment in 2015 was conducive to mergers and acquisitions, as evidenced by the total value of the concluded deals – 4.3 US Dollars Trillion. The largest share of M&A in 2015 falls on both the health care and the energy sector. By the regional distribution, the greatest activity of M&A was observed in the North America and the Asia-Pacific region.

Article is written in Ukrainian

Kolomiyets O. G.
The Impact of the Venture Financing System on Development of the IT Sector in Ukraine (p. 65 - 70)
The article is aimed at studying the characteristics of venture financing impact on development of the IT sector in Ukraine, allocation of major problems in the course of their interaction, and identifying possible ways of overcoming them. The article analyzes the main functional parameters of the venture investment system in Ukraine and outlines the major trends of their development in the current conditions. An evaluation of the sectoral structure of the venture investments in Ukraine has been done, as result of which has been determined, that Ukrainian system of the venture investment does not demonstrate a clear orientation towards financial support for innovative enterprises in the sphere of high technologies, and is in a greater degree focused on the short-term projects with moderate or low risk in other areas of the economic activity. An analysis of development of the venture investment in the IT sector in Ukraine and its structure by the Internet segments has been carried out. By using the regression analysis, connection between the level of innovative development of the country and its attractiveness for venture capital and private investment has been disclosed, the leading role of the IT sector in the innovative development of Ukraine has been substantiated.

Article is written in Ukrainian

BUSINESS INFORM №1-2017

Komirna O. V., Katrych O. V.
The Control-Analytical Support for Estimating the Investment Attractiveness of Enterprises (p. 67 - 72)
The article discloses essence of investment attractiveness of enterprises, the theoretical and practical foundations of the control-analytical support for estimating the investment attractiveness of economic entities are elucidated. It has been determined that investment attractiveness is a certain totality of factors and characteristics of enterprises which allow investor to choose it as an object of investment. The results of analysis show that investment activity of economic entities in 2015 was positive, mainly due to both private investment and the growth in the State financing. The indicators which will enable potential investors to decide as to an investment object and to estimate risks of investment have been characterized.

Article is written in Ukrainian

Patryak O. T.
Operations with Investor’s Corporate Rights: the Aspect of Control (p. 73 - 78)
The article substantiates the expediency of applying control of operations with corporate rights of investors, outlines the program for monitoring corporate rights of the investor that will allow to use a systematic approach to solving problems of control, coordinate the control procedures, and regulate their information support. The advisable operations at the stages of preliminary, current and final control are identified. Summarizing the results of the study of the control system of corporate rights of the investor it should be emphasized that the developed program of monitoring at each stage will allow to comprehensively assess the expediency, legality, accuracy of implemented operations, identify mistakes and develop recommendations for avoiding them in the future.

Article is written in English

BUSINESS INFORM №2-2017

Iegorova O. M.
The Theoretical Aspects of Essence of Investments and Investment Activity of Enterprise (p. 89 - 94)
The article presents an analysis of the scientific viewpoints regarding the definitions of «investment» and «investment activity» in order to study the theoretical aspects of their essence. The economic importance has been disclosed, both the controversial and the problematic aspects have been substantiated, an own definition of the considered concepts has been proposed. Applying the modification approach to determining the economic essence of investment has provided the opportunity to determine their characteristics (direct connection with the material provision, profit, assets, objects of economic activity, economic resources, capital, which is expressed by time period) and the main target direction – acquisition of income, the positive result of activity of enterprise, economic improvement, increase in capital, the socio-economic effectiveness. In general, the results of the article can serve as foundations for determining the characteristics of investment for both the natural and the legal persons, engaged in the investment activities.

Article is written in Ukrainian

BUSINESS INFORM №3-2017

Otlyvanska G. A.
The Management of the Investment Activity of Enterprise on the Basis of Value (p. 159 - 163)
The article is aimed at studying the investment activity of enterprise in the context of the contents and objectives of the value-based management. The contents of the investment activity as an object of economic management, in view of its role and its function component in the formating the value of business for stakeholders, has been disclosed. A chain of developing the value characteristics of enterprise for stakeholders has been formulated. The logical relationship between results by directions of investment activity of enterprise and changes in the economic activity of enterprise have been traced. The key quantitative and qualitative value characteristics of influence of investment activity have been determined, financial and economic indicators that can serve as value indicators for assessing the impact of the investment activity of enterprise on business value for stakeholders have been identified.

Article is written in Russian

BUSINESS INFORM №4-2017

Odintsova T. M.
Forecasting the Optimal Factors of Formation of the Population Savings as the Basis for Investment Resources of the Regional Economy (p. 95 - 102)
The article is aimed at studying the optimal factors of formation of the population savings as the basis for investment resources of the regional economy. A factorial (nonlinear correlative-regression) analysis of the formation of savings of the population of Ukraine was completed. On its basis a forecast of the optimal structure and volumes of formation of the population incomes was carried out taking into consideration impact of fundamental factors on these incomes. Such approach provides to identify the marginal volumes of tax burden, population savings, and capital investments, directed to economic growth.

Article is written in Ukrainian

BUSINESS INFORM №5-2017

Oryshchyn T. M., Boberska N. V.
The Investment Climate of Ukraine and Ways for its Formation (p. 66 - 70)
The article is aimed at studying the factors that determine the positive investment climate in Ukraine. These include the potentially inclusive market, the availability of abundant natural resources, the sufficient scientific and technological potential, the significant agricultural potential (advantageous geographical location, favorable climate, fertile soils), the developed infrastructure, the skilled labor resources, and a developed legislative framework for the issues of foreign investment. The current status of the investment climate in Ukraine, which is characterized by a high level of risk, has been analyzed. Relevance of such necessary measures to improve the investment climate in Ukraine has been substantiated: countering the corruption, reform of the judicial branch and the law enforcement bodies, development of a favorable investment image, facilitation to the investment infrastructure and the stock market, and support for small entrepreneurship.

Article is written in Ukrainian

Kovalenko S. O.
Improving the Investment Attractiveness of the Kharkiv Region in the Context of Decentralization (p. 71 - 75)
The article is concerned with a study of the problems related to attracting foreign investors, as well as developing practical recommendations to improve the investment attractiveness of the Kharkiv region through applying the cluster approach in the context of the reform of decentralization of power. The dynamics of volumes of foreign investment in the economy of Kharkiv region during the recent years was analyzed. The status and prospects of development of the agro-industrial complex of the Kharkiv region were studied. The advantageous views that would attract foreign investors were allocated. Establishment of territorial communities, taking into consideration the prospects of maximum use of the resource and productive potential of the territory through creation of a cluster in the agricultural sector, have been proposed. The need for a special commission on clustering issues, whose main functions will be to provide advice, to address organizational issues of cluster creation and operation, has been substantiated.

Article is written in Ukrainian

BUSINESS INFORM №7-2017

Petrenko K. V.
The Investment Climate of Ukraine in the Context of Integration: Problems and Directions for Improvement (p. 71 - 75)
The article is aimed at an integrated studying the investment climate in Ukraine in the context of the integration and globalization of economy. The theoretical aspects of the «country’s investment climate» and «investment attractiveness» were considered, the status and dynamics of development of Ukraine’s investment climate characterized in accordance with international ratings, and the main problems and directions for improving the investment climate in Ukraine were defined. The article provides the main factors influencing the country’s investment attractiveness. It has been found that there is a number of problems that adversely impact the formation of an attractive investment climate. The tendencies towards improving the investment climate in Ukraine were researched. It has been found that for a better function of the investment market, cooperation with European and international organizations should be deepened.

Article is written in Ukrainian

Karpinskyi B. A., Maksymiv D. Y., Karpinska O. B., Hasiuk R. V.
The Strategiology of Formation of the Baltic-Black Sea Transnational Techno-Resource Corridor on the Basis of Management by Objective and Involvement of Investment Platforms (p. 76 - 85)
The article is aimed at determining the feasibility and elaborating a strategiology of formation of the Baltic-Black Sea transnational techno-resource corridor in the context of the activation and implementation of the financial and economic cells, including investment, of growth in the European region on the basis of management by objective and targeted involvement of investment platforms at maritime boundaries (Gdansk, Odessa). It has been substantiated that formation of the Baltic-Black Sea transnational techno-resource corridor will strengthen Ukraine’s position in the European region and also enhance the European Union’s importance in the European-Atlantic space. For the first time, the functional (financial-economic) difference between the proposed techno-resource corridor and the existing technological, transport, and financial corridors has been inherently disclosed. The socio-economic advantages of formation of this corridor at the level of both the two States (Poland, Ukraine) and the individual economic entities together with the population have been presented. The targeted formation of the indicated techno-resource corridor on the basis of of management by objective will ensure a qualitative reorientation of the national economy and quantitative financial returns, proceeding from the rational use of both available resources and the untapped potentials of economic agents and territories.

Article is written in Ukrainian

BUSINESS INFORM №9-2017

Tymoshenko O. V., Liskovetska T. P.
The Features and Prospects for Attracting Foreign Investment to Ukraine in the Context of Ensuring Economic Security of the National Economy (p. 87 - 92)
The article analyzes the features of attracting the foreign direct investment to the Ukrainian economy and assesses the main indicators of the degree of impact of investment on the economic security of the national economy. Conclusions have been drawn on the negative tendencies as to the flow of foreign direct investment to the Ukrainian economy during the period 2010-2016, with a significant decline in their volume in 2014-2015. It has been substantiated that the priority factors for attracting investments are the geographical location and the socio-economic development of regions. In studying the structure of foreign direct investment, conclusions have been drawn on the significant imbalances in their distribution by type of economic activity. On the basis of the carried out calculations, it has been specified that volume of private remittances is much higher than the volume of foreign direct investment. The article proposes the conceptual directions in national policies to improve the investment climate in Ukraine and substantiates the priority mechanisms for promoting foreign investment in the context of improving the economic security of national economy.

Article is written in Ukrainian

BUSINESS INFORM №10-2017

Protsykevych A. I.
The System of Investment Processes in the IT Service Market and the Methodical Foundations for the Governmental Regulation (p. 154 - 158)
It has been determined that investment processes in the IT market enable the development and efficient use of affordable investment resources to develop and ensure the competitiveness of market players. Different approaches to interpretation of essence of investment processes have been identified. It has been proven that in order to implement an effective public policy in the IT services market, investment process must be seen as a macroeconomic system of relationships in the formation, attraction and use of investments in the IT services market, implementation of investment projects by the IT business entities. With that, systematic approach to understanding investment process brings to the fore an awareness of its typology, which in turn affects the applied instruments and means of public investment policy in this sphere. It has been found that the characteristics of governmental regulation of investment processes in the market for IT services are first and foremost determined by the aspects of the market functioning, the selected objects of trade, the basic constituents of investment activity, and the institutional framework.

Article is written in Ukrainian

BUSINESS INFORM №11-2017

Moroz M. O.
Modelling the System of Ensuring the Investment Security (p. 158 - 167)
The article explores approaches to modelling the system of ensuring the investment security. Necessity of observance of investment security of Ukraine has been substantiated. The author’s own vision of the modelling essentials has been provided. The eligibility for consideration of the system of ensuring the investment security of Ukraine in the functional, structural, process, formative, and factor aspects has been proved. The target setting and tasks of a functional model of the system of ensuring the investment security have been defined. The functions, subjects, organizational-economic mechanisms of the system of ensuring the investment security of Ukraine have been characterized. A structural model of the system of ensuring the investment security has been presented. Special attention has been given to the definition of objects of direct and indirect influence, control and controlled subsystems, aggregate of indicators, safe levels, principles of formation of the investment security system. The process and formative models of the system of ensuring the investment security, as well as the algorithm of the complex assessment of the level of investment security, were analyzed in detail. Measures to ensure the investment security of Ukraine have been defined.

Article is written in Ukrainian

BUSINESS INFORM №12-2017

Reshetnyak O. I.
The Methods of Investment Risk Assessment in Business Planning (p. 189 - 194)
The article is aimed at studying the existing methods of assessing investment risks in relation to business planning. The essence of the concept of «investment risk» is considered, a classification of investment risks is provided. It is determined that investment risks can be analyzed using qualitative and quantitative methods that complement each other. The necessity, while assessing an investment risk, to consider only the scenarios of decrease in profitability of the investment project in comparison with the expected value on the basis of calculation of seven standard deviation has been substantiated. While calculating seven standard deviation, it is suggested to use not the modan or median value of the considered range of profitability for the whole aggregate of scenarios, but the average market profitability. Further research should be directed to the development of such methods of investment risk assessment, which would allow to combine quantitative and qualitative methods of assessment and management of investment risks in the process of business planning in conditions of uncertainty.

Article is written in Russian

BUSINESS INFORM №1-2018

Amalian A. W., Amalyan N. D.
Start-up First Term Sheet: Stumbling Blocks to Avoid (p. 104 - 110)
Start-up relationships with business angel and/or venture capital are similar to a marriage – but with a divorce in mind. The latter necessitates a proper prenuptial agreement signing at the very beginning of the relations. In case of business angel and/or venture capital we are speaking about Term sheet, determining pricing, powers and duties of the board, as well as information, participation and protective rights for the partners. Standard Term sheet consists of three buckets of provisions, defining: (i) terms impacting start-up valuation and economic division of profits and proceeds upon a liquidity event, (ii) terms impacting control over decision making and (iii) investor protection terms. This article focuses on financial and economic aspects of funding agreement, exposing some tricky parts of the Term sheet, threatening to transform potential win-win deals into rupture of relations, crash of the company or even legal battles. The results of the analysis are used to substantiate growing in popular appeal thesis that raising too much money can be detrimental for a startup.

Article is written in English

Dergachova V. V., Kuznietsova K. O.
Public-Private Partnership as an Institutional Instrument of Investment in the Country’s Economy (p. 111 - 116)
The article is aimed at researching the world experience of efficient interaction between the public and private sectors, defining the main advantages of the implementation of public-private partnership (PPP) relations, identifying problems in the legislative base on regulation of the PPP process in Ukraine. Introduction and formation of public-private partnership as an instrument of attraction of investment resources and interaction of public and private sectors are considered. It has been found that lack of financing and negative experience of privatization of the State property caused the introduction of the PPP institute in the world practice. However, there is no single unified approach to the regulation of relations in the sphere of PPP presently, which would meet the needs of all countries. In Ukraine, this mechanism is being implemented, but it is not a widespread practice because of terminological discrepancies and lack of a uniform procedure for providing the State support to the implementation of PPP. The advantages of the PPP implementation for the public and private sectors have been determined.

Article is written in Ukrainian

BUSINESS INFORM №4-2018

Bryukhovetskaya N. Y., Ivanenko L. V.
The Factors and Indicators of Investment Activity of Enterprises and Value Added in Ukraine (p. 74 - 80)
The article is aimed at identifying, on the basis of statistical analysis and using the data obtained by the known international institutes, the significant indicators (factors) of investment activity of enterprises and the high added value in current conditions. The results of the correlation analysis, conducted according to the World Bank data, which were based on the indicators of 210 world countries as of the end of 2015, with the help of the IBM SPSS 27 package, have allowed allocating of the statistically significant indicators and factors of the high level investment activity of enterprises and added value. These indicators characterize: development of economic institutions, size of economy, openness of economy, organization of financial market; development of education, science and introduction of innovations; development of the sphere of information and communication technologies. In the future it is planned to carry out a separate independent deep theoretical, analytical and methodological research of the identified factors of investment activity of enterprises from the standpoint of development of the internal market and ensuring of economic security of the State.

Article is written in Russian

Kravchun A. S.
The Self-Organization Mechanisms in the Structure of the Investment Platform of the National Economy (p. 80 - 86)
The article analyzes the existing approaches to definition of the self-organization process in complex socio-economic systems, disclosing the main characteristics and features of this process. The author has proved that the processes of self-organization take place at all hierarchical levels of economy, the mechanisms and forms of self-organization at the world-wide, national, meso- and micro-levels have been characterized. The available mechanisms for the system’s transition into the status of self-organization are researched, the interrelation of change in the status of socio-economic system is identified, and upon this basis a mechanism for self-organization of small and medium businesses with the purpose of attracting investments has been proposed. Also expediency of using such type of collective investment as investment crowdfunding is substantiated.

Article is written in Ukrainian

BUSINESS INFORM №5-2018

Klymchuk M. M.
The Mechanism for Investing the Enterprises as Institutional Participants in a Construction Energy Cluster (p. 149 - 154)
The article is aimed at forming a mechanism for investing the enterprises as institutional participants in a construction energy cluster, within the terms of which there will be a possibility to research the attracting of additional financial resources for the implementation of energy saving measures through the issue of municipal bonds. Studying the practice of local borrowing in Ukraine has demonstrated the fragmentation of the existing system, however, provided an appropriate regulatory framework and taking account of the experience of other countries, the development of local borrowing market can become a source of financial resources for the implementation of energy saving projects. Based on the results of the carried out research, proposals on the formation of a mechanism for investing the enterprises as institutional participants in a construction energy cluster are presented; levers, instruments, methods of financing energy saving measures are identified in the structure of such a mechanism; the coordinating center of construction energy cluster is defined, and participants of this integration formation are suggested. Depending on the level of economic system, the advantages of implementing the mechanism for investing the enterprises as institutional participants in a construction energy cluster are allocated.

Article is written in Ukrainian

BUSINESS INFORM №9-2018

Chumak L. F., Ivchenko M. M.
The Management of Investment Attractiveness of Enterprise (p. 71 - 76)
The article is aimed at developing proposals as to increasing investment attractiveness of enterprises on the basis of results of investment attractiveness assessment together with management status. The essence of investment attractiveness of enterprise is considered. The basic functions of management of investment attractiveness of enterprise are defined. Requirements to the methodolgy of determining the investment attractiveness indicator are provided. Also a sequence of formation of investment attractiveness at enterprise is provided. A number of measures to increase the investment attractiveness of enterprise are proposed.

Article is written in Ukrainian

BUSINESS INFORM №11-2018

Sytnyk N. S., Repeta M. M.
The Investment Security of Ukraine: Status and Prospects of Improvement (p. 100 - 106)
The article is aimed at studying the current status of investment security of Ukraine and determining prospective ways to improve its investment attractiveness. The role of investment security of the State in the economic development is substantiated and its main goals at both the national and the international levels are identified. The components of the investment security system and principles of its functioning in the conditions of modern development of economic processes are considered. Ukraine’s positions in the global rankings, characterizing the investment climate and the business environment of the State, are researched. The authors systematize information on the volume of foreign direct investments in the Ukrainian economy, the main countries-investors of these capital investments, as well as on the main sectors of the national economy the investment resources were directed to. On the basis of macroeconomic calculations, the most important indicators of investment security in 2017 are analyzed. Practical recommendations for increasing the volume of investment capital in the national economy and improving the level of its Investment security. are proposed. Prospects for further research in this direction are development of the strategic investment policy to ensure the reliability of investment security, taking attention of all factors to influence its current status.

Article is written in Ukrainian

Bolkvadze N. I., Syvak R. B.
The Investment Priorities of Global Investors in the Energy Sphere (p. 107 - 113)
The article is aimed at researching priority sectors of investment in the energy sphere. The share of global investments in electric energy, oil, gas, development of renewable energy sources, and also in energy efficiency is analyzed. It is indicated that global investments in energy sector have decreased somewhat, in particular the investments in renewable energy sources have reduced the most. Energy investments of the world countries where the largest investors are the countries with the developed economies, namely China and the United States of America, are researched. Investment trends in the energy sector of both developed and developing countries are defined. The role of renewable energy sources in increasing access to electricity and promoting investment in electric energy decentralization technologies is allocated. The general investments and investments of the exchange market in renewable energy sources are analyzed, their priority sectors are defined. The risks that can reduce investments in energy in general and in renewable energy sources in particular are indicated.

Article is written in Ukrainian

BUSINESS INFORM №12-2018

Slobodianiuk N. O., Shoker R. I.
Modeling the Mechanism for Investment Provision of Financial Security of the Country (p. 100 - 107)
The article analyzes the role of investment provision in the financial security of the State. The article is aimed at modeling the mechanism for investment provision of the country. On the basis of morphological analysis of essence of definitions of «investment provision» and «investment security» the authors’ interpretation of such categories is suggested and their key components are defined. The mechanism for investment provision of financial security of the State is proposed, its basic elements are substantiated and their role in the structure of this mechanism is defined. The main problems of investment provision are researched and directions of their solution are suggested. Optimal strategies of investment provision are determined. The correlation between the integral indicator of investment security, financial security and the status of technological mode of the country is researched. Prospects for further research on this issue are defining of the determinants of investment provision, calculating the integral indicator of financial security of the country, as well as assessment of the effect of the proposed strategies based on the positive experiences of the highly developed countries.

Article is written in Ukrainian

BUSINESS INFORM №1-2019

Kravchun A. S.
The Role of Self-Organization for Development of the Investment Platform of National Economy in Conditions of Imperfection of Technology Transfer (p. 114 - 118)
The possibility of using self-organization as an instrument of development of investment platform in Ukraine is substantiated; the status of innovation and investment activity is analyzed; the influence of the State on formation of the self-organization systems is determined; the preconditions for creation of a self-organization system on the basis of the «quadruple multiplicative spiral» are formulated. It is proved that the crisis led, on the one hand, to the fall of the Ukrainian economy, and on the other – to the intensification of innovation process, which corresponds to the law of periodic innovation update. It is stated that the State regulation during crisis leads to artificial equilibrium, which is quickly disturbed when the controlling processes be weakened. The shadow economy is presented as an example of the successful self-organization. As a result, legislator restricts opportunities for the emergence of new forms of self-organization. The hypothesis is put forward that for creation of efficient and effective investment platform in Ukraine it is necessary to built not on the normative-legal basis, but on the law of structural harmony of systems. The author proposes to lay the model of «quadruple multiplicative spiral» as a basis for the development of the investment platform in Ukraine, which will help to form a stable system of self-organization, which in turn will be able to adapt to modern economic conditions in order to get the maximum effect from the interaction of «University – Power – Business – Consumers» in the future.

Article is written in Ukrainian

BUSINESS INFORM №3-2019

Buleev I. P., Bryukhovetskaya N. Y.
Paradigm, Models and Mechanisms for Activization of Investment Activity of Economic Entities (p. 75 - 83)
The status of investment activity of economic entities of Ukraine in the conditions of limited sources of financing is researched. The paradigm of activization of investment activity of enterprises in the conditions of systemic crisis and falling markets is substantiated, identifying the factors constraining development and capitalization of enterprises in modern conditions; prerequisites for the functioning of enterprises are indicated. The selected purpose of the paradigm is developed industry with Industry 4.0, as well as the concentration of internal sources and development resources. The methodology adopted trialectics and the concept of three forces. The conceptual conditions of realization of the paradigm are substantiated as follows: construction in Ukraine of modern, developed industrial-agrarian State with cardinal growth of investments, internal sources of development, with priority of internal credit. The principles of development and capitalization of enterprises are formulated. The mechanisms for realization of the paradigm of activization of investment activity of enterprises are suggested. Advantages and disadvantages of both production-monetary and credit-emission models of investment activity of economic entities are considered. Expediency of use of the credit-emission model of financing of large investment projects is substantiated.

Article is written in Russian

BUSINESS INFORM №4-2019

Mosiyevych O. O.
The Factors of Venture Projects Selection in the Terms of Investors’ Decision-Making on Venture Financing (p. 124 - 130)
The article is aimed at researching the factors of selection of venture projects and ranking their importance in the decision-making by domestic investors on venture financing. A comprehensive study on investment decisions as to financing of venture projects was carried out, 31 investors were surveyed, including questions about the factors of selection. The survey respondents defined the factors influencing investment choices and then evaluated them according to their importance. The results of the research confirmed and underlined the supremacy of the project team in the minds of the domestic venture investors. In the selection of venture projects, investors consider a management team as a more important factor than business-related characteristics such as business model, product, technology. However, the value of the business model factor increases for investors in the later stages of financing. In addition, the results of the study indicate that in the later stages investors are more concerned about investment valuation than the ability to add value to the project.

Article is written in Ukrainian

Zlotenko O. B., Rudnichenko Y. M.
Formation of the Strategic Component of Ensuring the Economic Security of Investment Activity of an Industrial Enterprise (p. 131 - 138)
The article is aimed at researching the process of formation of elements of the mechanism for ensuring the economic security of investment activity of an industrial enterprise. The structure of elements of the mechanism for implementation of strategic directions of the enterprise management within terms of formation of a complex strategy of economic security of enterprise is analyzed. The stages of formation and implementation of managerial decisions in the sphere of economic security in general and security of investment activity in particular are considered. The importance of strategic decision-making on attraction of investment resources taking into view risk factors of investment activity is specified. The necessity of the process of monitoring the achievement of strategic goals, as well as analyzing the efficiency of strategic decisions in the economic security of investment activities is determined. The necessity for creating a system of motivation of subjects directly participating in the formation, start-up and operation of the researched organizational mechanism is substantiated in view of differentiations of the potential expectations of the owners of business and enterprises’ staff.

Article is written in Ukrainian

BUSINESS INFORM №5-2019

Bolgarova N. K., Panevnyk T. M.
Priority Aspects of Investment Attractiveness of Ukraine (p. 56 - 61)
The relevance of the study aimed at determining the priority aspects of the investment attractiveness of Ukraine is determined. The place of Ukraine in the world ranking in terms of GDP per capita is considered. The necessity of improving the investment attractiveness of the country is substantiated. The theoretical positions covering the essence of investment attractiveness are considered. The main world definitions of investment attractiveness, based on priority rankings and indices, and the position of Ukraine in the rankings are considered. The analysis of the priority indicators of investment attractiveness of Ukraine, namely, foreign direct investment and capital investment is carried out. The dynamics of foreign direct investment is analyzed, the structure of the receipt of share capital from major investing countries is determined. The main macroeconomic factors contributing to the growth of foreign direct investment are identified. The leading economic activities in terms of development of capital investments are identified, and a high level of diversification of the Ukrainian economy is confirmed. The ways for improving the investment attractiveness of Ukraine are proposed.

Article is written in Ukrainian

BUSINESS INFORM №6-2019

Moiseienko O. M.
The Economic Paradigms of Power in Light of Problems of the Investment Attractiveness of the State (p. 55 - 60)
The article discusses the economic paradigms of power in light of problems of the investment attractiveness of the State. The author proposes the following set of measures, sanctioned by the State: deregulation of economic power, which implies increasing the level of economic freedom of investors and reducing unnecessary administrative functions of the State and consists in elaboration of specific economic rules; shifting the emphases from the control of the availability and correctness of paperwork on the current investment activities of investors to the control of the activity itself and the real behavior of investors in the market; creating mechanisms of responsibility of investors not only to the State, but above all, to other participants in investment processes: shareholders and depositors of financial institutions; strengthening the responsibility of investors should be accompanied by an increase in the responsibility of the State for violations of the rights of investment actors in the course of permissive and controlling functions; the maximum reducing of administrative barriers and replacing them with other ways of regulating investment processes meets with the necessity on the part of the State to reform the judicial system as the main way to resolve disputes, which would allow to set up a mechanism for the economic responsibility of market actors according to a private initiative, not a government initiative. The author concludes that the proposed measures would create a positive institutional investment environment in Ukraine, which could facilitate the activation of investment processes in the national economy. However, in our opinion, the task can be fulfilled only with the active participation of economic authorities in solving key economic issues, and so strengthening the role of the State in the economy will completely match the needs of the country’s modern development.

Article is written in Ukrainian

BUSINESS INFORM №7-2019

Petrunia Y. Y., Razzhyvin V. M.
The Indicators of the Status of Investment-Innovation Activity: the Methodical Approaches to Definition in the Context of Ensuring the Regulatory Activity (p. 66 - 70)
Evaluation of the status of the investment-innovation activity in the national economy involves the use of a certain system of indicators. Among other, in the system of indicators of the investment-innovation processes, there is the function of transfer to regulatory institutions of the State of information regarding the quality and efficiency of these processes, facilitating the correct managerial choice of instruments for appropriate impact. Different approaches to the development of such indicators are analyzed. It is determined that the known index-rating indicators are not sufficiently relevant for solving the task. The authors suggest a methodological approach to the formation of a system of indicators of investment-innovation activity, which considers refusal of the search for a global-integral indicator; formation of certain groups of indicators in accordance with the investment-innovation process aspects that should be evaluated; filling the groups with relevant indicators that rely largely on statistical information.

Article is written in Ukrainian

BUSINESS INFORM №10-2019

Khimii B. I.
European Bank for Reconstruction and Development: Cooperation with Ukraine (p. 64 - 69)
The article covers the essence and role of the international financial organization: the European Bank for Reconstruction and Development (EBRD). The basic principles of the development of relations between the EBRD and Ukraine are analyzed. The basic principles of the EBRD’s activities in Ukraine are defined, development trends and features of cooperation are highlighted. The dynamics of the Bank’s investment projects in Ukraine are analyzed in quantitative terms. The current status of the projects’ financing is characterized. The author researches the main areas of financing (infrastructure, financial sector, energetics, industrial, trade and agribusiness sectors) regarding the joint projects of Ukraine and the EBRD aimed at increasing the competitiveness of the economy, supporting structural reforms, improving the standard of living and well-being of the population. Focus is made on the factors that limit the development of this cooperation. The structure of the EBRD’s crediting portfolio in Ukraine as of August 31, 2019 is analyzed. In order to understand the role of the European Bank for Reconstruction and Development as a strategic partner, influencing the development of the national economy, the projects under implementation in different industries are analyzed and the basic positive aspects of the impact of these projects are defined. The main areas of technical assistance provided by the Bank are displayed. Prospect for further research in this direction is determining the ways to increase the investments by the European Bank for Reconstruction and Development in Ukraine and the benefits of attracting its financial resources to support development processes and stabilizing the national economy.

Article is written in Ukrainian

Savitska O. Р., Shchur O. M., Savitska N. V.
Intensification of Investment Processes in Ukraine (p. 69 - 77)
The article examines the current status of foreign investment development in the Ukrainian economy, highlighting the main positive changes in enhancing the efficiency of investment policy at the State level. Tendencies of direct investment (in forms of equity and debt instruments) in Ukrainian economy for the time period of 2010–2018 are analyzed. The reasons for the small amount of foreign investments invested in Ukrainian economy are provided. With the help of econometric models, a forecast concerning the attraction of direct investment (equity capital and debt instruments) in Ukraine and direction of investments in other world countries from Ukraine has been formed. The share of foreign direct investment in Ukraine’s GDP is calculated. The dynamics of direct investments from the European Union and the Russian Federation are analyzed. The structure of direct investment (equity) revenues in Ukraine on the part of the investor countries (the largest volumes) in 2018 is characterized. As result, the pivotal directions of growth in the investment attractiveness of Ukraine are allocated, this in summation will increase interest on the part of foreign investors and enhance the foreign direct investments into the national economy. The authors indicate some positive changes in the direct foreign investment in Ukraine and the need to make every effort at all administration levels of «the State-region-city-enterprise» to adopt an effective and efficient system of measures to strengthening Ukraine’s investment attractiveness at the international level.

Article is written in Ukrainian

Voronina O. O.
The Influence of the Institutional Environment on the Dynamics of FDI in Ukraine (p. 77 - 82)
The publication considers the issues regarding creation of a favorable investment and business climate in order to attract foreign direct investment (FDI), which constitute an integral part of an open and efficient economic system. On the other hand, direct investors do not have the opportunity to leave the market quickly, as they risk the long-term large volumes of financial investments. The FDI is therefore recognized as the main catalyst for the economies of developing countries and countries with transition economy. This aspect reveals the need to create an enabling environment for the foreign capital’s interest in the domestic market, as the progressive share of the FDI in the national capital structure can improve competitiveness of the country, aimed at an efficient integration into the global economic system. It is identified that the presence of such economic advantages as a favorable natural-geographical position, highly skilled labor force, high potential for structural distribution of the economy, developed infrastructure may be insufficient for the investor’s positive decision. A proper status of the institutional environment in the recipient country is a compelling factor for the FDI. A favorable institutional environment helps to avoid the transaction costs that result from the bureaucratic and judicial barriers, low levels of property rights protection and performance of contracts, corruption, political and economic instability, etc.

Article is written in Ukrainian

BUSINESS INFORM №11-2019

Seredyuk T. B.
Conceptual Bases and Strategic Directions for the Development of Diffusion of Innovations in the ICT Sector (p. 84 - 92)
The article substantiates the need to consider the phenomenon of diffusion of innovations (DI), which constitutes an important condition and a driver of innovative economic development. This is especially topical for the information and communication technology (ICT) sector, which has come to the fore in the context of modern technological trends. The emergence of digital economy increases the importance of diffusion processes of new ICTs, which actualizes the topic of the article. This is especially important for Ukraine due to the need to intensify the innovative development of the ICT sector in order to move from the outsourcing to the product model. The article is aimed at presenting the conceptual bases and strategic directions of the development of DI in the ICT sector. According to the author’s plan, this will become the starting point for developments in the sphere of improving the specific DI mechanisms in the discussed sector. As the basis for the development conception are allocated three approaches that constitute a framework of development of DI in the ICT sector: noospheric; ecosystem; social. The noospheric approach is allocated as the basic one, which implements planetary thinking, gives grounds for organizing collective activity, circulation of knowledge. Also allocated are the main provisions of the conception, which function as its core (goal, principles, essence of diffusionism, orientation to develop own innovation potential and substitution of imported technologies, etc.). A national system for supporting DI in the ICT sector is suggested, which particularly has an institutional and organizational structure. The subjects, objects, levels, functions, forms or subsystems and other elements of this system are allocated. Conceptual provisions as to the development of cooperation in the sphere of DI, the connection of this process with the development of the territories are substantiated. Expanding the role and enhancing the quality of government intervention is a key issue. A scheme of synthesizing elements of the government support for DI in the ICT sector is elaborated. Recommendations have been made as to creation of social conditions for DI and deepening public-private partnerships. The presented conceptual bases and directions for the development of DI in the ICT sector are expected to be useful for the development of measures of the scientific, technological, innovative, educational policies, as well as to complement existing approaches in the sphere of support for innovation activities.

Article is written in Ukrainian

BUSINESS INFORM №12-2019

Namliieva N. V.
Threats to Investment in Ukraine’s National Economy in Terms of Instability, Preventive Measures (p. 88 - 94)
The first priority of sustainable development of the national economy is to intensify Ukraine’s investment activities by identifying and neutralizing existing threats, preventing them from occurring in the future and developing directions to minimize them. The article is aimed at identifying existing threats to investment in Ukraine’s national economy in the face of instability and defining preventive measures. In the course of research the author has identified the following threats to investment in Ukraine’s national economy in the face of instability: the armed confrontation in eastern Ukraine; rising inflation; reducing Ukraine’s economic resilience; lack of positive political developments in the external situation; loss of economic ties and strategic partners; directing the State budget to military operations; fastidious demands from foreign financial partners. A prerequisite for activizing the process of investing in the national economy, which provides for its stabilization and development is the development of measures to minimize and prevent threats to investment along with government support for this process. Two main forms of the State support for investment activities are topical: direct (most often financial) and indirect (mediated). In order to activate the State investment regulation, it is proposed to implement a number of measures in the economic, legislative, information spheres, as well as the application of industry and organizational measures, improving the institutional and financial environment and active propaganda measures. A promising direction for further research appears the development of criteria and indicators of assessing the feasibility of investments in various sectors of the national economy both by other countries and by Ukrainian investors.

Article is written in Ukrainian

BUSINESS INFORM №1-2020

Zelenko O. O., Gutsan T. G., Hura A. O.
Investment Climate in Ukraine’s Economy: Current Status and Directions of Improvement (p. 100 - 107)
The article is aimed at analyzing the investment climate in Ukraine’s economy and possible ways to improve it. To this purpose, components of the investment climate in Ukrainian economy are considered as follows: macro-economic, micro-economic, legal, political, social, and financial-credit. On the basis of an analysis of the components of investment climate, it is concluded that, despite the presence of a number of significant advantages, it is generally unfavorable to investors. This state of affairs is largely related to the economic policy that has been effective in Ukraine for a long time. Ways to improve the investment climate in the economy are proposed, which include: development and implementation of a structural-investment policy (defining long-term priorities for development of the national economy and elaborating effective stimulation measures); budget-fiscal policy measures (reducing the number of taxes, simplifying their administration), monetary policy (transition to stimulative monetary policy); reducing bureaucratic procedures on the way to attracting investments, countering corruption (full start-up of anti-corruption bodies and organizing their efficient cooperation); reform of the judicial system, the SSU, the police, etc. Attention is drawn to the debt policy of the State as a factor that negatively affects the investment attractiveness of the national economy. The importance of investments for development of the economy, fundamental changes in the global economy in view of the fourth industrial revolution make relevant further research in the dynamics of the components of the investment climate of Ukraine’s economy and analysis of economic policies aimed at improving it.

Article is written in Ukrainian

BUSINESS INFORM №2-2020

Chkan I. O.
Foreign Investment in the Agrarian Sector of Ukraine: Status, Development Aspects (p. 95 - 100)
The article is aimed at evaluating the status of foreign direct investment in the Ukrainian economy and defining the impact of foreign investment on the development of the country’s agrarian sector. It is defined that by attracting foreign investment, the competitiveness of national products is increased, for which they must come in the form of not only material resources, but also new equipment, technologies, know-how, patents for conducting reconstruction and modernization of agriculture, etc. The carried out analysis shows that part of the agrarian sector in the investment portfolio of investors in Ukraine remains the smallest in comparison with trade, construction and industry. The study has identified that in order to improve the competitiveness of the national economy, it is necessary to improve the legal and organizational framework, preserve and improve the mechanisms for ensuring a favorable investment climate. At the same time, increasing the volume of foreign investment in the country’s economy will not solve the issue of increasing the level of economic development. Prospects for further research are to find and implement additional ways to revitalize investment processes in the agrarian sector, in face of many adverse factors, such as political instability (military actions in the east part of the country), the constant reform of the economic spheres, underdeveloped infrastructure, problems in the money sphere, high level of corruption, distrust in the judiciary system, and others.

Article is written in Ukrainian

Maidaniuk S. I., Pryvalova N. V.
Considering the Ecological Components When Evaluating Investment Performance (p. 101 - 107)
The article defines that the evaluation of investment performance is the determining factor for the decision to invest. This operation is basic in establishing attractiveness both at the country level and at the level of an individual facility and, as a result, with a positive effect, this leads to increased economic activity. It is specified that methods of evaluating the investment attractiveness of region, which have found their application in different countries, can be combined into two groups: international and national. At the same time, an essential limitation for the direct application of international methods in Ukraine is the presence of significant differences in the conditions of conducting the investment activities. Consideration of ecological factors at different stages of investment decision making is carried out in view of the UNIDO methodology. As a result, the following conclusions have been drawn: 1) two types of analysis (EIA, together with cost-benefit analysis) should be conducted consistently and interconnected; 2) indicators for evaluating the cost-efficiency of investments according to international methodologies do not include external effects (in particular, the impact on the ecological situation in the region, where a project be implemented) neither as the project costs nor as the project revenues; 3) problem of national methodologies methods, same as with the international ones, lies in the existence of parallel processes – calculations of the economic efficiency of the project and substantiation of its ecological admissibility; 4) substantiation of the investor’s decision to invest and the need to implement ecological measures is possible only by including ecological components in the economic indicators of the evaluation of investment performance.

Article is written in Ukrainian

BUSINESS INFORM №3-2020

Kramarenko I. S., Irtyshcheva I. O., Senkevich O. F., Тоpсhіi O. O., Voit D. S.
The Infrastructural-Transformational Processes of Formation and Development of the Investment Potential of Region (p. 67 - 74)
The article is aimed at researching the infrastructure and infrastructural-transformational processes of the formation and development of the investment potential of the region. Infrastructure provision of investment processes in the Black Sea region is analyzed. The analysis showed that, in general, the region has a fairly strong infrastructure potential, which, if used efficiently, is an important basis for developing the investment potential of the economy. A comparative analysis of development of the region’s transport and logistics subsystem of investment potential showed that, despite the rather high performance indicators of enterprises in the region, there are some problems in the territories of the region related to the state of road surfaces, especially on roads of regional importance; reduction of service infrastructure and lower, compared to the average indicators’ values, functional characteristics of individual services. It is substantiated that the infrastructure potential of the region due to insufficient governmental support and certain transformations going on in the economy is not used thoroughly and requires the development of comprehensive strategic solutions to optimize and adapt to the needs of the region’s economic development in the long term.

Article is written in Ukrainian

BUSINESS INFORM №4-2020

Venhurenko T. H., Plakhotnyuk V. V.
Analyzing the Investment Attractiveness of Ukraine (p. 103 - 111)
The article is aimed at analyzing the investment climate of Ukraine and defining the existing problems of attracting foreign investment to the country’s economy. The article carries out a static analysis of the main macroeconomic indicators of Ukrainian investment climate. The approaches of domestic economic scientists to the definition of the concept of «investment climate» are considered. The main factors influencing the investment attractiveness of the State, region and economic entity are defined. The interdependence of the factors of influence of the macro- and micro-levels on the level of their investment attractiveness is specified. In particular, the level of investment attractiveness of enterprise depends to a certain extent on the investment attractiveness of the State and its regions. The authors analyze the dynamics of foreign direct investment in the Ukrainian economy for the period of 2002-2019, as well as carry out comparisons with the volume of foreign direct investment from the Ukrainian economy, and the main changes in their proportions. The countries of the European Union, which provide more foreign investment to Ukraine, are considered. A comparison of rating scores of Ukraine for the last six years according to five world rankings, characterizing the investment attractiveness of the State, is made. It is concluded that the investment climate in the country has improved, but unfortunately there have been no significant changes. It is identified that the investment climate of the State remains unfavorable for the external investor. Taking into account a number of existent negative factors with regard to the investment attractiveness of the country, as well as its course towards European integration,it is necessary to implement efficient reforms, one of the priorities of which should be improving the investment attractiveness of the country.

Article is written in Ukrainian

Geleverya Y. M., Serhiienko Y. I.
The Investment Attractiveness of Regions as the Basis of the Country’s Sustainable Development (p. 111 - 117)
The article is aimed at a comprehensive and systematic analyzing the existing theoretical basis for the investment attractiveness of territories and developing practical proposals and recommendations to address the problems of investment attractiveness of Ukraine’s regions in the current conditions. Approaches to defining the economic essence of investment attractiveness are generalized, investment attractiveness is presented as a relative concept, reflecting the opinion of a certain group of investors regarding the proportion of risk level, profitability and value of financial resources in a particular country, region or industry; on the other hand, investment attractiveness is shown as an aggregate of certain objective features, properties, means, opportunities of the economic system, which determines the potential effective consumer demand for investments. Indicators by which it is possible to analyze the level of investment attractiveness are determined. They are combined into three large groups of factors, which on the part of investors are the determining factors for the investment attractiveness of territories. It is defined that investment attractiveness plays an important role in activating investment processes at the regional level in the context of administrative, financial and regulatory decentralization. A high level of investment attractiveness guarantees a stable investment in the country, additional revenues to the State budget, better social environment in the country. It is scientifically based that attracting investment in the region’s economy is a key task in today’s economic environment. It can be rationally solved by increasing the investment attractiveness of Ukraine’s regions for potential investors, where the main task should be to optimize the regulatory, financial and administrative conditions for investment, which determine the choice of the investor regarding a specific object of investment, be it a separate project, an enterprise as a whole, a corporation, a city, a region or a country.

Article is written in Ukrainian

Kochura T. O.
Global Trends in Venture Capital Development and Their Impact on the Investment of High-Tech Projects (p. 118 - 126)
The article covers the essence, features and impact of venture investments on the innovative development of the economy with solution of the problems of financing the knowledge-intensive productions in the conditions of limited resources of the State. It is defined that venture capital has a positive impact on the development of the stock market, stimulating production structures to implement the latest technologies, as well as on stopping the drain of highly qualified professionals from the country. The experience of foreign countries in the use of venture capital is analyzed. The relevant statistics are provided that can be used to analyze the activity of venture capital investments world-wide, as well as the most common directions of their application. The main problems and trends of venture investment in Ukraine, factors that either positively influence or limit the development of venture business in the country are identified. Taking into account the fact that the use of venture forms of financing helps to achieve the fastest possible development of high-tech sectors of the economy, it is noted that one of the directions of creation of knowledge-intensive productions, which can become hotbeds of growth of the post-industrial economy, can be considered the defense-industrial complex (DIC), which includes almost all high-tech spheres and enterprises. As an example for Ukraine, with emphasis on the innovativeness of development of the defense industry, which subsequently fundamentally influences the development of technological opportunities of civil industries, scientific research and development, higher education system, quality of labor force, can be mentioned Israel, where the State has taken on the main function of supporting venture business and creating favorable conditions for attracting venture investments. Promising areas of effective use of venture capital have been defined. Recommendations are made on the need to increase the volume of venture capital investments in high-tech projects with a focus on the defense-industrial complex.

Article is written in Ukrainian

Kramarenko I. S., Kozachenko L. A.
Positioning of Ukraine’s Investment Potential in the World Rankings (p. 127 - 132)
The article is aimed at analyzing the positions of Ukraine’s investment potential in the world rankings and making recommendations to raise them. The analysis of the investment climate in Ukraine from the point of view of domestic investors and international rating organizations is carried out, allowing to organize the available potential and define the barriers that form its current status. It is noted that, despite the improvement of the investment climate over the past two years according to certain positions, the existing barriers, especially of economic, political and security nature, significantly hinder the development of investment activities. The existent opportunities are leveled by the current financial, political, ecological and man-made risks, and the instability of legislation and the unpredictable macroeconomic situation are holding back the start of the large-scale and long-term investment projects. Ukraine has significant resource potential and an extensive infrastructure network, and the factors of investment attractiveness from the point of view of foreign investors remain significant. However, the current tendencies characterized by inefficient and irresponsible use of natural resources have led to their gradual reduction together with environmental pollution, and the effective short-term investment policy does not contribute to an efficient reproduction of basic means of production and infrastructure.

Article is written in Ukrainian

BUSINESS INFORM №5-2020

Pryimakova Y. A.
Investment and Innovation Processes in Ukraine: the Current Status and Changes in the Post-conflict Period (p. 117 - 128)
Specific conditions of Ukraine’s economic development in the conditions of unresolved conflict in the east of the country require constant analysis of the current status of investment and innovation processes, opportunities for introduction, obstacles and development prospects in the conditions of post-conflict reconstruction of the economy. This data can be used to forecast structural changes in the national economy. In making forecasts and developing investment scenarios for different conditions of conflict and post-conflict periods, it is proposed to apply the instrumentarium of economic and mathematical modeling. Based on the results, it is possible to identify existing imbalances that hinder the successful development of investment and innovation processes, as well as to set trends in investment and innovation processes under different scenarios of their development. The specifics of possible investment scenarios in the countries with unresolved armed conflicts on their territory that have overcome barriers to attracting investment are specified. Existing factors of influence on the status of both internal and external investment are presented. Conditions of reducing the risks of investment both in the zone of armed conflict and in the territories controlled by the government are determined. The advantages of raising capital in real assets for the development of the national economy are defined, as opposed to the current tendency of growth of portfolio investments (usually speculative). Prospect for further research is to develop scenarios for the development of investment processes in the country in order to revive business activity, improve the security and sustainability of the country and its regions in the post-conflict economic recovery.

Article is written in Ukrainian

BUSINESS INFORM №6-2020

Petrovska S. A., Kubyshkin D. O.
The Public and Private Investment in the UK Housing Market from the 2nd Half of the 19th Century to the End of the 20th Century (p. 77 - 86)
The housing market is a key component of any economy and the economic activity in general. With use of a sound socio-economic policy, it can be used as an engine of economic growth. Funding the housing market is an investment project per se. In the context of this issue, a study on the efficiency of investment in the housing market by public authorities, on the one hand, and private enterprises on the other, as well as the impact of such activities of each of the subjects on the market and society as a whole, is relevant. The research is aimed at analyzing the legal norms and methods of regulating UK housing relations from the 2nd half of the 19th century to the end of the 20th century through public and private investment, determining the efficiency of these investment subjects and their impact on the housing market. The basic legal rules for regulating UK housing relations from the 2nd half of the 19th century to the end of the 20th century are analyzed. It is determined that the expansion of government intervention and, subsequently, the direct exercise of the State’s investor functions in the housing market was related to the need to ensure public health and assist the poorest. The methods of government intervention (setting norms, standards, taxation, price and interest rate regulation, etc.) and their impact on the status of the housing market are highlighted. Data on the number of residential units created by sources of funding are presented and analyzed. Attention is drawn to the social problems that have become the catalyst for interventionist policies. The main problems and shortcomings of public housing investment are disclosed, in particular: construction of an inefficient bureaucratic system, its tendency towards self-expansion; institutional failure to acknowledge flops; lack of dialogue between local governments and municipal housing buyers, unlike the private sector, which has the ability to respond to the circumstances of objective reality, acknowledge shortcomings and eliminate them.

Article is written in Ukrainian

Udovychenko S. М.
Modern Tendencies of Investment in Donetsk Region and their Impact on the Development of the Region (p. 87 - 93)
The dynamics of the innovative development of the country’s economy depends to a large extent on the efficiency of investment processes in the regions. Capital investment is one of the types of financing with the investment nature. Tendencies in investment, studying problems and prospects for the development of capital investments, the status of innovative shifts at the regional level require constant monitoring. The research is aimed at studying the regional investment and innovation features of Donetsk region in solving its own economic tasks. The article examines such factors of investment attractiveness of Donetsk region: geographical location against the developed regions or countries; development of the transport network; availability of natural resources and quality labor force; location of production facilities; sufficient infrastructure support for innovative processes. The emphasis is put on the fact that political stability is the determining factor in the formation of the investment climate of both the region and the country in general. An analysis of the total volumes of the adopted capital investments in the regions, capital investments by the sources of financing and into the certain types of economic activities of Donetsk region is carried out. Data on the volumes of investments per capita by region in 2010 and 2019 are compared. The generalizing indicator, which reflects the status of economic and social processes of the region, is the gross regional product (GRP). The regions with the largest and smallest increase in GRP volume are identified, and attention is focused on the Donetsk region’s leading positions as to GRP in actual prices. The most productive regions of Ukraine are allocated according to the GRP indicator per capita.

Article is written in Ukrainian

BUSINESS INFORM №7-2020

Chekmasova I. A.
The Reinvestment of Incomes as the Main Component of Foreign Direct Investment into Industry of Ukraine (p. 77 - 82)
The article is aimed at studying the status and dynamics of the FDI flows into the industry of Ukraine for the period of 2015–2019, taking into account the reinvested income of foreign investors. The methodological approaches to statistical account of foreign direct investments that meet international standards and recommendations of the International Monetary Fund are considered. The essence and content of the reinvested incomes as an economic category and a key component of foreign direct investment are defined. The analysis of statistical reports on the structure and dynamics of foreign direct investment into the industrial sector of Ukraine for 2005–2015 is analyzed. It is found that the sectoral distribution of investment resources is focused on the low-tech branches of the raw-material extractive industry and does not meet the needs of structural and technological modernization of production. The author defines the industries with a significant seizures of foreign capital in the form of reinvested income, which indicates low efficiency of doing business and requires special attention. Stopping the outflow of funds from the major industries of Ukraine and attracting new real investors is possible through the improvement of the State policy aimed at normalizing the investment climate, renewing the industrial economy and promoting innovative transformations. Prospects for further research in this direction are determining the relationship between the reinvested incomes and financial results of enterprises in the industrial sectors of Ukraine.

Article is written in Ukrainian

BUSINESS INFORM №10-2020

Kovalchuk N. О., Smolnikova K. A., Zhaloba K. I.
The Value and Content of Investment and Innovation Activities of Domestic Enterprises (p. 89 - 95)
The article is aimed at deepening the scientific-methodological principles of management of investment and innovation activities and analyzing its current status in Ukraine. Investment and innovation activity is peculiar to any enterprise, representing one of the most important aspects of its development. The article covers the peculiarities of interpretation of the concept of «investment and innovation activity». It is defined that a single point of view has not yet been yielded among both domestic and foreign scholars. On the basis of the analysis of their approaches to defining the concept of investment and innovation activity, the major key characteristics of the interpretation are allocated. A classification of forms of investment activity in the sphere of innovation has been formed. It is noted that today’s research on the problems of innovation and investment development becomes of particular relevance, because it is very important to find ways to improve the management of innovations, investments and the innovation-investment development. The current status of investment and innovation activity in Ukraine is analyzed. It is specified that nowadays the dynamics of investments in the economy of our country has gained a positive tendency. The dynamics of capital investments by sources of financing during 2010-2019 are characterized by the prevailing own funds of enterprises and organizations, whose share ranged from 60% and up to 70%. It is determined that the structure of capital investments by types of assets is characterized by the prevailing investments in tangible assets, while the least funds are invested in water supply, sewerage, waste management. The trend of fixed capital investing also has positive changes, although the turning point was 2008, after which there is no clear dynamics in the growth of fixed capital investments. After estimating the situation in the investment and innovation sphere of Ukraine, the authors have formed the main categories of problems that worsen its development.

Article is written in Ukrainian

Benko N. M.
Interrelationship between Human Capital Structure and Investment in Human Capital (p. 96 - 104)
Empirical researches prove a relationship between investment in human capital and economic growth, but assessing human capital itself, as well as the effectiveness of relevant investments, presents a practical problem. The article is aimed at specifying scientific approaches to generalization of investment objects, components and schemes of human capital formation for the development of a modern theoretical ground for the development of investment in the human capital of the country’s economy. To achieve this aim, the article sets a task of research on types of capital, their content characteristics, structure of human capital, investments in human capital for the needs of management of the national economic system. Important for human capital research is that investments in human capital ensure the growth of the value of human labor, and this is the most important factor in the transformation of the economy, modernization of economic institutions. By this provision is stated that economic growth is not only achieved through technology transfer, investment in physical capital and accumulation of knowledge, but also depends on human capital, including improving people’s health, reducing crime, providing appropriate social climate and institutions, as well as education. Thus, under such conditions, economic development should be considered not only as an increase in economic growth, but also as an investment in human capital ? in the components of its structure. A system-component approach is substantiated, which, unlike the existing one, defines the composition of the structure of human capital and types of investments in human capital, strengths and weaknesses, opportunities and threats of investing in human capital as the main element of productive forces.

Article is written in Ukrainian

BUSINESS INFORM №1-2021

Kulakov O. O.
Creating the Model of Integrity and Countering Corruption to Increase the Investment-Innovative Attractiveness of Ukrainian Regions (p. 97 - 102)
Increasing Ukraine’s investment attractiveness requires the creation of a fundamentally new model of integrity and countering corruption. Ukraine consists of regions that have different investment attractiveness. In the conditions of limited investment resources of Ukraine, the creation of a transparent economy is the basis of development. The Corruption Perception Index, which is the main indicator of investment development of the economies of the countries, shows the lack of progress in the countering corruption in Ukraine. Therefore, it is necessary to implement programs on integrity and countering corruption based on experience of European and other developed countries to increase the investment attractiveness of Ukraine and its regions. The article is aimed at developing a model of integrity and countering corruption, which is the basis for increasing the investment attractiveness of Ukraine for investment and innovation development. The main actors interacting with the authorities are identified for the model of integrity and countering corruption based on the analysis of the activities of the authorities. The principles of interaction between the authorities and other entities in order to overcome corruption are also characterized. The components of influencing the effectiveness of implementation of the model of integrity and countering corruption are analyzed. It is noted that the model of integrity and countering corruption has mechanisms for maintaining formal and informal rules based on the analysis of the interaction of authorities to prevent corruption. The main elements, results and a program of the model of integrity and countering corruption are developed to support this model. In order to effectively implement the model of integrity and countering corruption, it is necessary to introduce accountability, accountability mechanisms and means of control of accountability issues in order to identify the advantages and disadvantages of implementation.

Article is written in Ukrainian

BUSINESS INFORM №2-2021

Savitska O. Р., Savitska N. V.
Capital Investment in the Economy of Lviv Region: Rating, Tendencies and Directions of Revitalization (p. 48 - 56)
The volume of capital investment in the economy of region is an indicator that signals the level of socio-economic development; standard of living of the population; direction of innovation renewal in any sphere of economic activity; the ability to implement investment programs and projects, and as result, the increasing competitiveness and investment attractiveness both in both the domestic and international markets. Precisely that is why every city or community, region or country should pay considerable attention to the processes of revitalizing investment and creating favorable conditions together with market infrastructure to attract and stimulate investor activities. To assess the current status and tendencies in the development of capital investment in the Lviv region, the authors determine the position of the region in the rating among other regions of Ukraine in terms of the main indicators of capital investments, which are in the public domain and published on the official websites of the State Statistics Service of Ukraine and the Main Department of Statistics in Lviv region as of 2019. In particular, a comparative characterization of Lviv region and Ukraine is provided in terms of volumes, the share of the region to the total volume in the country and region, as well as the position in the rating among the regions according to the following indicators: capital investments by types of assets; capital investments by sources of financing; capital investments by type of economic activity; capital investments per capita. In addition, the dynamics of volumes and growth rates of capital investments of Ukraine and Lviv region for the period 2010-2019 is analyzed. The authors found that the dynamics of growth of capital investments in the Lviv region almost duplicates the dynamics in Ukraine. The research showed that in many respects Lviv region occupies high rating positions among the regions of Ukraine, which justified the high investment potential of the region and the ability to attract significant financial resources for the implementation of investment programs and projects. As result of the study, the authors proposed directions of revitalization of capital investment and improvement of the investment climate of Lviv region.

Article is written in Ukrainian

Shuliuk B. S.
Concession as a Form of Implementation of Public-Private Partnership Projects in Ukraine and World-Wide (p. 56 - 61)
The article is aimed at examining the peculiarities of implementation of public-private partnership concession projects in various sectors of the economy in both Ukraine and the world. The main approaches to understanding the essence of the concept of «concession» are considered and its characteristic features are defined. The procedure of operation of the concession mechanism is disclosed. Risks of public-private partnership participants in the process of implementation of concession projects in Ukraine are determined. The need to provide the State support to stimulate the participation of a private partner in long-term projects is substantiated. It is specified that such support should be provided in order to implement the most necessary public-private partnership projects to significantly improve the living conditions of the population in a particular region. It is determined that, unlike Ukraine, the concession mechanism is actively used in various sectors of the world economy, in particular, successfully implemented projects in the transport sector (roads, railways, ports, airports, pipeline transport), housing and communal services (water supply, water purification, electricity supply). At that, the transport industry dominates, while heat supply and waste treatment are the least popular. Prospects for further research in this direction are the search for ways to improve the domestic concession mechanism in the process of implementing public-private partnership projects, taking into account the best achievements of world experience. This will allow to attract financial resources of business in various forms of cooperation in terms of public-private partnerships, and, consequently, to improve the quality of services provided to the population.

Article is written in Ukrainian

BUSINESS INFORM №5-2021

Sytnyk N. S., Vatsiak D. I.
Evaluating the Level of Investment and Innovation Development of the Ukrainian Economy (p. 89 - 95)
The article is aimed at evaluating the state and studying the dynamics of the investment and innovation climate of Ukraine as the basis of economic growth of the State. Ukraine’s positions in the international ratings, which characterize the investment and innovative climate of the State, are examined. The main tendencies of the investment and innovation development of Ukraine are analyzed. As a result of the research, it is specified that our State has competitive advantages, which are a factor of its investment attractiveness for both domestic and foreign investors. Ukraine has a roomy national market, significant resource, industrial and agricultural potential, a sufficient amount of labor, as well as a favorable geopolitical location. Despite the number of social, economic and political problems present in our country, investments in the Ukrainian economy are taking place constantly. Effective implementation of investment activity at the present stage is the basis for the development of the Ukrainian economy, ensuring the possibility of its integration into the European socio-economic space, which in the future will contribute to increasing the competitiveness of enterprises. It is proved that innovative development is one of the priority directions for the implementation of the concept of sustainable development of the Ukrainian economy, its goals and objectives in a competitive environment. Prospects for further research in this direction are the elaboration of possible ways to improve the mechanism for assessment and improvement of the investment and innovation climate, identifying efficient and affordable ways to finance innovative developments and implement them into the industry sectors, which are prioritized and strategically important for the economy.

Article is written in Ukrainian

BUSINESS INFORM №6-2021

Andrushkiv I. P.
Investment Activity in the Border Territories of Ukraine and Directions of Its Activation (p. 59 - 64)
The article examines the directions of activation of investment activity in the border territories of Ukraine. The problems and obstacles to investment activity in the border regions are identified and directions of its activation are outlined. It is specified that in the process of international cooperation, including the cross-border activities, border territories play an important role and have a specific status. Regions at the present stage of economic development begin to play a significant economic, social and technological role in the formation of the territorial infrastructure of each particular country. The concepts of investment, investment climate, border region are considered. The factors of influence on the level of investment attractiveness of border regions are determined. A characterization of capital investments in the border regions of Ukraine is carried out. It is noted that the border regions have great potential for the development of investment activity, and their geographical location creates additional advantages. Priority directions of activation of investment processes in border regions and priority directions of developoing the investment potential, which would contribute to the increase of investments in border regions, are presented. It is concluded that investment is the dominant factor in the socio-economic growth of the border regions and the State in general. That is why conditions should be created at the State level that will increase investment attractiveness and, as a result, intensify investment activity. This will ensure active participation of the border regions of Ukraine in the processes of integration into the EU.

Article is written in Ukrainian

Kopylyuk O. I., Muzychka O. М.
Conceptual Approaches to the Transformation of Household Savings into Investment (p. 65 - 71)
The article is aimed at substantiating the conceptual principles of transformation of household savings into investments to activate economic processes. It is proved that the transformation of organized household savings into investments is a process of accumulating the savings and turning them into working assets through financial market instruments on the basis of assessment of both profitability and risks. It is noted that investments are exclusively organized savings, which are being accumulated on the accounts of financial institutions, banks, insurance companies, non-state pension funds, collective investment institutions, credit unions, which are attracted through the banking and parabank systems on the basis of order of priority, payment of interest, and riskiness. The article argues that the savings-investment behavior of households has changed significantly in the context of the COVID-19 pandemic. It is specified that the most attractive for households is the growth of financial assets in the form of deposits in banks of Ukraine in both national and foreign currencies, as well as the tendency to reduce long-term investment resources for terms up to two years and over two years. The conceptual principles of transformation of household savings into investments, which will allow to solve the declared tasks, are proposed, which is based on clearly defined principles and is directed towards achieving the economic and social effectiveness. Prospects for further research in this area are the substantiation of mechanisms for the formation of long-term investment resources of households and their involvement in financial assets in the context of risk assessment and systematization. It is necessary to develop a methodological instrumentarium for assessing profitability and risks to activate the savings-investment behavior of households, taking into account the alternative investments and their diversification as to various instruments of the financial market.

Article is written in Ukrainian

BUSINESS INFORM №7-2021

Kyzym M. O., Kotliarov Y. I.
Directions of Activation of Investment Activity of Heat Supplying Enterprises (p. 76 - 83)
The article is aimed at developing proposals for the activation of the processes of modernization of fixed assets of municipal heat and power economy. The existing state of investment activity in the field of heat supply is analyzed, «bottlenecks» are identified and proposals for the revival of the processes of modernization of heat supply systems are developed. All enterprises of municipal heat and power economy are characterized by a large level of wear of fixed assets. Low efficiency coefficient of heat-generating equipment and high heat loss during transportation (due to the degeneration of pipelines) is one of the reasons for high tariffs for heat energy with low quality and reliability of heat supply. The only way out of the current situation is the activation of investment activities of communal heat and power enterprises, mass reconstruction and modernization of equipment involved in the production, transportation and supply of heat energy. Analyses of annual reports of heat supply enterprises for 2014-2020 allowed to identify the following shortcomings in the management of investment activities: shortage of investment resources in communal heat and power enterprises; orientation in the implementation of investment activities only towards the use of deductions for depreciation; imperfection of tariff, budget and tax policy in the course of the State support of investment processes. As measures to intensify the investment activity of communal heat and power enterprises, it is proposed the following: revaluation of the cost of fixed assets of municipal heat and power enterprises; establishing the procedure according to which all accrued depreciation is included in the sources of financing of the investment program; granting tax benefits to communal utility enterprises on income tax and land fees (the provision of such tax benefits will not affect the financial condition of the community: reducing income corresponds with a decrease in the cost of providing financial assistance to a communal utility heat supply enterprise); improvement of normative legal acts regulating the issues of substantiation of tariffs for heat energy and investment programs of heat supplying enterprises, as well as control over the implementation.

Article is written in Ukrainian

BUSINESS INFORM №8-2021

Ostapenko S. O., Namiasenko Y. O.
Foreign Investment as a Potential Factor of Overcoming the Poverty Trap for Ukraine (p. 19 - 28)
The analysis of the impact of foreign direct investment (FDI) on the rate of economic growth on the example of China and Ukraine is carried out. It is shown that foreign direct investment has a positive impact, but this is not the only factor that determines economic growth. Apart from the attracted foreign investment, the country must have developed institutions that will protect foreign capital from both the internal political and the external risks. Such an institutional environment will contribute to the growth of foreign direct investment and the effectiveness of their implementation. It is shown that at the same levels of foreign direct investment per capita – investments in China tend to grow steadily and less volatility. At the same time, foreign investment in Ukraine is unstable and highly dependent on macroeconomic factors, such as global economic crises and armed aggression of the neighboring country. To determine the impact of foreign investments on the pace of economic growth, the article used a regression and correlation apparatus. A cross-correlation function was used to assess the lagging impact of foreign investment on economic growth. The novelty of this publication is that by using correlation analysis, a significant difference in the lags of FDI impact on the GDP growth rates for the economies of Ukraine and China has been proved. It is found that Ukraine is characterized by a rapid short-term response to foreign direct investment with zero and single lag, while for the Chinese economy this response is dissolved over time. The main stagnation factors in Ukraine include the following: practical absence of the possibility of direct investment of the population into the country’s economy (underdeveloped stock market), significant political (risks of loss of property), macroeconomic and corruption risks.

Article is written in Ukrainian

Vinnikova V. V., Vinnikova V. A.
Investment Quality Assurance of Hotel Services: The Regional Aspect (p. 29 - 39)
The article considers the impact of investment assurance on the quality of hotel services. The quality of hotel services is researched; the volumes of investment by hotel enterprises are determined; a close relationship between investments in accommodation facilities and the quality of hotel services is determined. The quality of hotel services was assessed using the indicator of the specific weight of hotels that have a category, in the total number of hotels in the region and the quality of hotel services was evaluated based on customer reviews concerning hotel complexes, posted on the resource booking.com. The basis of the assessment of the quality of hotel services based on customer feedback is the methods of points and average values. On the basis of the results of empirical research, high quality indicators of hotel services were diagnosed according to the criteria of the specific weight of hotels that have a category, in the total number of hotels in the region and the quality of hotel services based on reviews of clients of hotel complexes in Kyiv, Lviv, Odesa, Sumy, Chernihiv, Dnipropetrovsk, Kyiv, Mykolaiv, Rivne, Kharkiv, Vinnytsia, Zhytomyr, Poltava, Kherson, Cherkasy regions. It is determined that the main source of formation of investment resources of hotel enterprises is the own resources of enterprises and organizations. Periods of growth (2015-2018) and reduction (2019-2020) of investments in temporary accommodation facilities are identified. According to the results of structural and comparative analysis, it is determined that during the research period (2015-2020), the largest amount of capital was invested in the activities of temporary accommodation facilities in Kyiv, Dnipropetrovsk, Lviv, Odesa, Kharkiv regions. The largest investments in one temporary accommodation facility are located in Kyiv, Odesa, Lviv, Dnipropetrovsk regions. According to the results of the study of the correlation between the quality of hotel services and the level of their investment assurance, a direct close relationship between investments in accommodation facilities and the indicator of the specific weight of hotels that have a category in the total number of hotels in the region is determined.

Article is written in Ukrainian

BUSINESS INFORM №9-2021

Kovalchuk N. О., Sopivnyk L. I.
Current State and Features of Venture Investment Development in Ukraine (p. 22 - 27)
The article is aimed at studying the current state of venture investment in Ukraine and determining further prospects for its development. Carrying out the analysis and summarizing the scientific selections of numerous scholars, the essence and specifics of venture capital were considered, the factors that have the greatest impact on the development of the venture industry were provided. In the course of the study, the analysis of venture investment indicators in Ukraine was carried out: the number of joint investment institutions; the number of asset management companies; the total value of net assets of joint investment institutions; the number of the most profitable venture funds in Ukraine and their profitability indicators. A number of issues have been identified that need to be addressed first, as they impede the intensification of venture investment in Ukraine. The main focus is on the peculiarities of financing innovations in Ukraine. The directions of venture investment in the Ukrainian economy are distinguished and comparisons with certain features of venture investment in European countries is made. According to the finding, it is proved that venture financing in Ukraine is prone to the implementation of medium- and short-term investment projects. It is found that most venture funds are unable to perform their economic functions, as they are mostly used to optimize asset management of large industrial companies and medium-sized enterprises. On the basis of the identified problems, the directions of activation of venture funds are proposed, the main one being active policy on the part of the State, directed towards strengthening the position of venture funds.

Article is written in Ukrainian

BUSINESS INFORM №10-2021

Mazaraki A. A., Antoniuk K. H.
A Characterization of Public-Private Partnership as an Efficient Form of Investment Provision in the Sphere of Tourism in Ukraine (p. 50 - 56)
The article is aimed at characterizing the public-private partnership (PPP) as an efficient form of investment provision for the tourism sector in Ukraine. This type of cooperation between the State and public sectors is common in Europe, but for Ukraine this cooperation is completely new and is used in terms of a rather narrow range. In particular, PPPs are most often used in the activities of purification, distribution of water, extraction and transportation of gas, and only 2% of public-private partnership agreements are related to the tourism industry. This percentage of agreements in the sphere of tourism is very meager compared to European countries, so the PPP is an urgent issue for research and implementation. Thus, the creation of special economic zones of tourism and recreational type is extremely promising, since it allows to form a strong tourism cluster, functioning for the development of tourism on the region and country levels, in order to meet the needs of tourists, make a profit and facilitate the development domestic tourism. The mechanism of formation of special economic zones of tourism and recreational type (SEZ TRT), or tourism cluster, on the terms of PPP for the purpose of investment provision of the tourism sector has its own features and requires both step-by-step control and organization, and these functions should be carried out both by the public and private sectors. In general, this form of cooperation is effective, has a synergistic effect and is beneficial for all participants in public-private partnerships, ensuring high development of infrastructure, services and related branches of the economy.

Article is written in Ukrainian

BUSINESS INFORM №12-2021

Bilenko D. V., Kaliazina V. A.
Sectoral Orientedness of Public-Private Partnership in Ukraine: The Problems and Prospects (p. 61 - 65)
The article is aimed at identifying the priority directions of public-private partnership in Ukraine on the basis of research of world experience and peculiarities of implementation of public-private partnership projects in Ukraine. The article provides statistics on the distribution of public-private partnership agreements by areas of implementation and volume of investment in both the developed European countries and the developing countries, as well as statistics on the distribution of investments under public-private partnership agreements by areas of implementation in Ukraine. It is concluded that it is characteristic of public-private partnership projects that the number of concluded agreements does not necessarily have to coincide with the amount of investment. The analysis of the world experience in the use of public-private partnership mechanisms in the countries that have reached the highest stage of development as to the considered matter (these include the UK, France, Spain, the USA and Canada), helped to identify the most successful directions of its implementation. Thus, one of the most important directions of public-private partnership, which is defined by the mentioned countries as priorities, are the construction of highways and social infrastructure objects. The analysis of the current legislation of Ukraine proved absence of a government administration of the sectoral orientedness of public-private partnership, which confirms the inability of the State to solve the problems of socioeconomic development with the use of this instrumentarium. The analysis of each of the priority directions of public-private partnership, the importance of which has already been proved on the example of developed countries of the world, demonstrates the presence of obstacles, primarily of a legislative nature, that entail other problems.

Article is written in Ukrainian

BUSINESS INFORM №1-2022

Morhachov I. V.
The Essence and Role of Investment Funds and Companies (p. 102 - 107)
The purpose of the publication is to closer define the essence, role and peculiarities of investment funds and companies. The analysis of researches on the subject of the article identified the lack of clearness concerning the issues of essential differences between the investment fund and the company. The article considers the definition of the studied concepts according to dictionaries and practical examples of the operating investment companies and funds. The peculiarities of the latter and types of specialization of investment funds are specified. There is a fundamental difference between these economic entities, which is that the investment company is a commercial organization with minimal restrictions and maximum freedoms for the implementation of investment and related activities for profit. An investment fund is either a specialized part of such a company or is a public institution with the presence of restrictions that are stipulated by the policy of its founders. It is proved that an investment company can often be both a holding company with a wide range of related activities, harmoniously combined with investment: insurance, consulting, brokerage, banking, credit and depository activities, accounting, etc. In some countries, legal restrictions do not allow a successful combination of investment and other activities, for example, insurance. It is determined that the evolution of investment activities in the global stock market causes a gradual loss of competitiveness of mutual investment funds. Instead, ETF funds have long taken their place. In the global financial market there is a limited number of investment companies – founders of major ETF funds with a significant level of competitiveness, which makes problematic and (or) inappropriate entry into the market of new funds. In addition to accumulating temporarily free funds and professional management of investment resources, the important role of investment companies and funds is the formation of the infrastructure of complementary pension provision.

Article is written in Ukrainian

Furs O. S., Hrechko A. V.
A Research on the Process of Attracting Investment Resources by Industrial Enterprises During the COVID-19 Pandemic (p. 107 - 113)
The purpose of the article is to research the impact of the COVID-19 pandemic on attracting investment resources by industrial enterprises of Ukraine and provide practical recommendations for improving this process. It is proved that in a crisis, direct foreign investment in all sectors of the economy is sharply reduced. At the same time, it is determined that the most perspective direction for investment, as before, remains industry, which in crisis conditions was, is and will be a necessary component for the economic recovery in general. As a result of the study, the reasons for the unfavorable investment climate in Ukraine are distinguished, both those that have developed historically and those caused by the coronavirus. Favorable and unfavorable factors for foreign investment are systematized. It is proposed that enterprises develop investment projects based on strategic planning of their activities and cooperation with other enterprises of the industry sector. Attention is focused on the need for the State support for innovative activities of enterprises and comprehensive assistance in the development of investment projects on their basis. Prospects for further research in this direction can be the study of foreign experience of countries as to the development of investment portals and programs, methods of direct and indirect stimulation of innovation activities, analysis of the global market of goods and professions to determine the vector of change. In addition, continued research of the investment potential of industrial enterprises in Ukraine is required, as well as the development of ways to improve their investment activities.

Article is written in Ukrainian

BUSINESS INFORM №4-2022

Kovalenko Y. M., Yatsenko I. V.
Staging the Development of the National Market of Investment Financial Services (p. 50 - 57)
The article is aimed at studying the current state and prospects for the development of the national market of investment financial services. The article describes the market of investment financial services along with subject classification. The activities of intermediaries in the market of investment financial services as of the end of 2008 – 01.04.2022 in Ukraine are analyzed. Diagnostics of the state of development of the market of investment financial services is carried out on the basis of indicators of the authors’ own development, in particular the indicators of market capacity, market indicators, indicators of economic significance of the activities of intermediaries, macroeconomic indicators. A periodization of stages of development of the national market of investment financial services is made. The impact of the global financial and economic crisis of 2008–2010, political instability in 2014, coronavirus crisis of 2020–2021, and the Russian invasion in 2022 on the functioning of intermediaries in the investment financial services market are specified. The activity of foreign investors in the purchase of assets in Ukraine, including the value and number of M&A transactions, is researched. It is prognosticated that the Russian aggression in 2022 may have catastrophic consequences for Ukraine in general and for the investment financial services market in particular, which has long recovered from the negative consequences of previous crisis periods and has not fully come to life from the global financial and economic crisis of 2008–2010. It is concluded that the modern market of investment financial services is not public enough and has significant shortcomings in the coverage of relevant information by regulators – the National Bank of Ukraine and the National Securities and Stock Market Commission. The relevance of creation of statistical databases from regulators of the market of investment financial services is substantiated. The advantages and disadvantages of investing assets of intermediaries in the market of investment financial services in government bonds is identified. Perspective directions of development of the national market of investment financial services are proposed.

Article is written in Ukrainian

BUSINESS INFORM №8-2022

Matiuk Т. V., Poluiaktova O. V.
Investment Attractiveness in the Current Realities of the Ukrainian Economy (p. 60 - 66)
The article defines the essence of the concept of «investment» and the features of the formation of investment attractiveness. The concept of «investment attractiveness» is analyzed. It is noted that the formation of the investment attractiveness of the country is influenced by immense number of factors. The following factors are taken into account: political, geographical, historical, cultural, legal, socioeconomic, organizational, financial, dynamics of macroeconomic indicators, the presence or absence of natural resources, the demographic situation, the level of development of the legislative framework, fiscal policy, transparency and stability of the economic system. A number of financial and economic prerequisites that determine the possibility and efficiency of investment are identified. It is substantiated that although measures are constantly being taken in Ukraine to improve the investment climate, negative assessments of experts and scientists indicate the imperfection of the existing system, which leads to a shortage of investment assets. It is noted that one of the most important conditions for the country’s economic growth is the process of attracting investments, which requires a favorable investment climate in the State. The negative tendency of investment revenues to the country is caused by insufficient development of factors that form the investment climate. The basic principles of government stimulation of investment attractiveness of the country are examined. It is noted that at the current stage of economic development, the issue of increasing the efficiency of the investment process in the country remains relevant for Ukraine. Unfortunately, at the moment there are many reasons for the insufficient investment attractiveness of our country. It is said that the policy of the Ukrainian government should be aimed at creating a clear and real strategy for the socioeconomic development of the country, based on an analysis of the real economic situation and the resources available in the country.

Article is written in Ukrainian

BUSINESS INFORM №10-2022

Seniv L. A., Komarnytska B. O.
The Problematic Issues Regarding the Activities of Industrial Parks as Instruments of Investment Policy in Ukraine (p. 27 - 32)
The purpose of the article is to study the problematic issues regarding the activities of industrial parks as instruments of investment policy in Ukraine and to analyze the directions of their efficient functioning under martial law. The theoretical foundations of the development of industrial parks, their essence and features of functioning are considered. The normative and legal regulation of industrial parks in Ukraine is characterized. The main draft legislative acts that are at the stages of consideration of the relevant committees are mentioned. The organization of activities of existing Ukrainian industrial parks, in particular the problems of their creation and functioning in modern militarized conditions, is considered. The activity of industrial parks in Ukraine during 2012-2021 is researched. The slow process of creating these sites, the imperfection of domestic legislation and the lack of appropriate funding are noted. The effects of the construction of new industrial parks, in particular conservative and optimistic scenarios, are described. The major problems of industrial parks in Ukraine in wartime are analyzed. The advantages of relocation of enterprises to the territory of existing industrial parks are characterized, which include: the presence of ready-made premises with the necessary communications; provision by the management company of all necessary administrative and other services to residents; cooperation of residents with each other, creation of joint supply chains, the possibility of sending goods through the logistics center located in the same park. The main directions of solving the problems of effective and safe development of industrial parks, which will contribute to the relocation of enterprises, attracting investments and restoring the economy of Ukraine after the war, are examined.

Article is written in Ukrainian

BUSINESS INFORM №11-2022

Rybchuk A. V., Yachymets Y. М.
Problems of Formation of the Integrated Investment Climate in the Country (p. 101 - 107)
The article explores the need, prerequisites and socioeconomic factors for the formation of an integrated investment climate in the country. It is noted that the establishment of a comprehensive, favorable investment climate is a key factor in the formation of a mechanism for attracting investments into the country’s economy. Various approaches to the grouping of factors of formation of the investment climate were generalized, allowing to closer define and expand their classification according to various criteria: sources of occurrence, dependence on the subjects of activity, attractiveness, direction of influence, duration of influence, spheres of formation, predictability and controllability, method of expression, degree of detailization, significance, degree of intensity of changes. It is demonstrated that the investment climate characterizes the degree of investment attractiveness of a country for a potential investor and is represented by two components: investment potential and investment risks. It is emphasized that the main economic relations arising between the subjects of investment activity in the process of establishment of investment climate in the economic system are an aggregate of interrelated connections between the country, business and the population arising in the field of production and consumption of the created product. Both system and risk approaches to the analysis of the investment climate were used, while the latter was estimated from the standpoint of the probability of investment losses and allowed not only to assess the attractiveness of the territory for investment, but also to compare the level of risk inherent in the new investment object. It is justified that the effective economic policy of the country contributes to the establishment of a comprehensive investment climate that mobilizes the country’s own financial resources, international entrepreneurial and borrowed capital, their further investing in the national economy, thus ensuring its economic development.

Article is written in Ukrainian

BUSINESS INFORM №2-2023

Panchenko V. A., Panchenko O. P.
Management of Investment Activity of IT Enterprises (p. 62 - 67)
The article characterizes the priority importance of IT enterprises for the country’s economy and strengthening of this importance as it ensures adaptation and response to globalization changes and hybrid aggression. The importance of increasing the number of IT enterprises and the corresponding intensification of the State-based investment support is emphasized. According to this, the purpose of the article is highlighted, which provides for the scientific substantiation of the conceptual provisions of the investment management system of IT enterprises and the development of its mechanism, with the separation of individual groups of its elements in accordance with industry affiliation. An analysis of the latest publications of scientists is carried out and some approaches to the formation of a system for managing the investment activities of IT enterprises are allocated, in particular, administrative-protectionist, economic-liberal, based on security policy, etc. The requirements for managing the investment activities of IT enterprises are presented. A mechanism for managing the investment activities of IT enterprises has been developed, the elements of which are: subjects (internal, external); objects (technologies, innovations, human capital, products, business image, research and development, integration and cooperation relations); principles (payback, efficiency, dynamism, minimal risk, development, adaptability); functions (analysis, planning, organization, control, regulation, motivation); methods (organizational, technological, information, economic, legal, integration); tasks (attraction, accumulation, efficient distribution, expansion, social responsibility of investments); instruments (institualization. integration, partnership, differentiation, modernizing, incentives). It is concluded that the effectiveness of investment activity in the IT sphere depends on many factors and it is quite difficult to predict their impact, which requires enterprises to improve the management system.

Article is written in Ukrainian

BUSINESS INFORM №3-2023

Yachymets Y. М.
The Imperatives of a Theoretical Study on the Investment Climate of the National Economy (p. 33 - 38)
The article analyzes the investment climate as a system of factors that determine the business attractiveness of a particular country or territory, since the calculation of possible risks and expected profitability of an investment object is impossible without taking into account the peculiarities of the investment climate. It is noted that the study of the investment climate is always of interest, because, firstly, it provides a systematic comprehension of the factors influencing the investor; secondly, it creates an opportunity to better estimate the situation in the country or in a particular region; and finally, it allows you to realize the motivation of the partner’s behavior. The author presents a system of economic relations arising in the process of formation of the investment climate, which can generally be considered as investment relations between: 1) the State and business; 2) business and population; 3) population and the State; 4) the State and financial intermediaries; 5) business and financial intermediaries; 6) the population and financial intermediaries; 7) the system of data of economic relations and the general economic situation. It is emphasized that the investment climate is formed primarily by macroeconomic conditions of reproduction, which affect the economic interest of the investor, turning them into incentives. Also, the investment process is based on achieving a certain level of production efficiency, which provides an opportunity to finance its renewal or expansion. It is justified that the investment climate directly stimulates the development of the national economy, which provides for the creation of a consistently favorable investment environment, reducing inflation, supporting the private sector, effective social policy, ensuring legal protection of investors and accumulation of financial resources for their further development.

Article is written in Ukrainian

Kovalchuk N. О.
Foreign Direct Investment In Ukraine in the Context of Integration Into the European Union (p. 38 - 42)
The purpose of the article is to study the prerequisites for the inflow of foreign direct investment in Ukraine and the reasons that slow down this process, in particular in the context of EU integration, as well as to analyze the dynamics of foreign direct investment in Ukraine. The dynamics of foreign direct investment in Ukrainian economy in 2002-2022 were analyzed, with consideration of the reasons for their changes over the study period. Starting from 2013 and until 2016, the volume of investments declined rapidly, which was caused by political instability in the country and a number of other reasons; in 2020, the COVID-19 pandemic became a major challenge, which also had its extremely negative consequences for the economies of countries and investors, and in 2022, russia’s full-scale invasion of Ukraine led to a decrease in foreign direct investment from 6687 million US dollars in 2021 to 190 million US dollars in 2022. One of the main problems of the Ukrainian economy is the low return on investment and its inefficient distribution. An analysis of foreign investment by type of economic activity leads to the conclusion that the largest share of foreign direct investment goes to the developed economic sectors. The main factors that negatively affected the dynamics of foreign direct investment in different periods were investor distrust caused by the high level of corruption in the country, doubts about the fairness of the judicial system, monopolization of markets, and instability of the national currency; russia’s war against Ukraine (since 2014); the COVID-19 pandemic; russia’s full-scale invasion of Ukraine (since February 2022), which still continues. Ukraine’s European integration processes, along with reforms designed to accelerate these processes, as well as the end of the war in Ukraine, will help attract foreign direct investment aimed at recovering and developing Ukraine.

Article is written in Ukrainian

BUSINESS INFORM №4-2023

Yachymets Y. М.
Characterizing the Structural Elements of the Investment Climate (p. 47 - 52)
The article analyzes the conditions for the formation of the investment climate of the State using the following system of structural elements: first, investment attractiveness as an integral characteristic of individual enterprises, industries, regions, and countries in general from the standpoint of development perspective, return on investment, and the level of investment risks; secondly, investment activity as a quantitative measure of attracting real investment in fixed assets, which is a prerequisite for economic development and is achieved through the most efficient use and growth of investment volumes in priority sectors of material production and the social sphere through the realized investment resources; thirdly, investment potential as a quantitative characteristic of investment attractiveness, which is not a simple but a certain ordered set of investment resources that allow achieving a synergy effect and obtaining the effect of interaction of various factors; fourth, investment risk as a qualitative assessment of investment attractiveness, a probable characteristic of investment loss, which depends on the political, social, economic, financial, ecological, criminal situation and legislative environment. It is noted that the quality of the investment climate of a country or business environment determines the risks and transaction costs of investing and operating a business. It is emphasized that it is very difficult to provide an accurate quantitative assessment of the investment climate, so it is usually assessed as: favorable; unfavorable; neutral. It is justified that the investment climate is formed under the influence of a set of factors that characterize the conditions of investment activity of both objective and subjective plans and determine the level of risk of investment.

Article is written in Ukrainian

BUSINESS INFORM №5-2023

Dobroskok I. B., Dron M. D.
The Strategy of Attracting Foreign Direct Investment in Ukrainian Enterprises (p. 67 - 72)
The article provides an overview of current problems and opportunities associated with attracting foreign direct investment (FDI) to Ukraine. The purpose of the article is to determine the strategy of attracting foreign investments and to determine ways to increase the investment attractiveness of Ukrainian enterprises. The article also emphasizes the relevance of the study of factors of feasibility and efficiency of the involved investments, since these indicators determine the optimal approach to work with them. The article defines the essence of the concept of "foreign direct investment". Types of presentation of the investment activity of enterprises as a whole were determined and an overview of the main types of investments that can be involved in enterprises was carried out. A comparative analysis of real and financial investments was conducted, the advantages of these types of investments for enterprises were emphasized. Also, a comparative review of the main types of direct foreign investment was conducted. Various strategies and approaches that can be successful in attracting FDI and contributing to the economic growth of the country have been analyzed. The factors that contribute to the attraction of direct foreign investment in the State are highlighted. The research in the article focuses on the challenges that Ukrainian enterprises face when attracting FDI, such as corruption, political instability and uncertain legislation. References are used to the works of various researchers who studied investment activities and the importance of investments in the formation of the enterprise's capital. The importance of developing an investment strategy was determined and areas for increasing the investment attractiveness of the company were identified. At the end of the article, additional directions for increasing the investment attractiveness of companies are proposed, such as the development of an international brand, improvement of personnel qualifications, introduction of modern technologies, partnership with local and international structures. Development of a comprehensive investment strategy and implementation of recommended measures can increase the company's competitiveness, attract foreign investors, and ensure long-term stability and growth.

Article is written in English

BUSINESS INFORM №6-2023

Nestor O. Y.
The Investment Aspects of the Marshall Plan Implementation (p. 113 - 120)
The Marshall Plan, or the Recovery Program for Europe, was a successful and ambitious project of the United States of America to help Europe affected by World War II, which, thanks to US assistance, was able to restore and surpass the pre-war level of prosperity. The article is aimed at analyzing the investment aspects of implementation of the Marshall Plan. The article reveals the features of the Marshall Plan (history, goals, coordination, and differences from other assistance programs) and considers the investment aspects of its implementation in the annual context. Attention is mainly focused on production, agriculture and their dynamism and efficiency, as well as labor productivity. The attempt of the OEEC to study the possibilities of coordinating investments in Europe is analyzed. The role of auxiliary partner funds in local currency in the development of investment projects is disclosed. Some features of European trade and the European Payment Union are considered. The influence of the force majeure factor – the war in Korea – on reorientation of the Marshall Plan’s objectives from economic recovery to defense is disclosed. The deliberate, rational and large-scale investments helped Europe devastated by World War II to restore its prosperity and achieve prosperity. Thanks to investments, it was possible to significantly increase European production. However, the investments were used as efficiently as possible only in combination with other factors, such as: an established entrepreneurial culture, stable legislation and protection of investors’ rights, productivity growth and the use of advanced technologies in production. Studying the experience of implementing the Marshall Plan is useful given that Ukraine has also suffered significant damage as a result of russia’s military actions and will require huge efforts to restore the economy together with large-scale investments.

Article is written in Ukrainian

Panevnyk T. M., Bolgarova N. K.
Investing in Environmental Protection in the EU Countries and Ukraine (p. 121 - 127)
The article analyzes the current state of investments in environmental protection in the EU and Ukraine. The growing importance of ecological problems in the world along with the need to take effective environmental-protecting actions have been determined. It has been found that the growth of the absolute value of investments in environmental protection is not accompanied by structural growth in the total amount of GDP and is characterized by unstable dynamics. The structure of expenditures and investments regarding environmental protection is analyzed according to the institutional component. A significant increase in the expenditures of the corporate sector for environmental protection and intensification of the development and implementation of innovative technologies in the environmental sphere have been identified. It is noted that in the EU countries the corporate sector has the largest share in the total amount of expenditures on environmental protection. An analysis of investments of the corporate sector in environmental protection by types of economic activity is carried out. The structure of expenditures on environmental protection in the EU and Ukraine is considered. It is revealed that their largest share is focused on waste and wastewater management. The status and structure of capital investments by types of environmental measures in Ukraine are characterized. In order to optimize the structure of investment sources and directions of their use, it is proposed to increase the share of expenditures in the development and implementation of innovative technologies in the ecological sphere.

Article is written in Ukrainian

BUSINESS INFORM №7-2023

Tsygankova T. M., Gordieieva T. F., Khotsynska D. V.
The Qualitative Modernization of Consulting Services in the Process of Foreign Investment in the Post-War Reconstruction of the Economy of Ukraine (p. 51 - 59)
In the conditions of post-war recovery of Ukraine, the tasks of consulting companies that will be serving the processes of foreign investment of the economy will become much more complicated. The article is aimed at defining the current approaches to qualitative modernization of provision of consulting services to foreign investors and domestic recipients of funds on the basis of observance of the principles of sustainable development and technological innovations. In the process of research, general scientific research methods were used: generalization, abstraction, structural-system method, classification. Qualitative modernization of modern consulting services for participants in the process of foreign investment involves improving the quality of services taking into account the conception of sustainable development, the use of novel technologies, the introduction of compliance control into the activities of companies and the formation of a special (integrated) package of services. According to the current requirements on the part of foreign investors, compliance should be an obligatory component of corporate governance in their partner companies – being an effective instrument to combat dishonesty and comply with standards in three areas – E (environmental), S (social), G (governance), or ESG. Digitalization of consulting companies raises the quality and variety of services to a new level, providing increased productivity of consultants; providing the ability to operate with large amounts of information, solve previously inaccessible tasks; creating conditions for communication between investment project participants in real time, etc. An additional factor in ensuring the quality of services to foreign investors is the real possibility of communication and work with documentation in the native language of a foreign customer, taking into account the specifics of its linguistic and cultural environment. In further research, it is advisable to study in detail the experience of using the conception of ESG and compliance in the activities of foreign companies and its implementation in the activities of Ukrainian companies.

Article is written in Ukrainian

Krasnokutskyi Y. S.
A Methodical Approach to Assessing the Investment Attractiveness of the Railway Industry of Ukraine (p. 59 - 65)
The article defines problems and prospects of an approach to assessing the investment attractiveness of the railway industry of Ukraine and its structural subdivisions. It is noted that modernization and overtaking pace of development of the railway industry of Ukraine is a necessary prerequisite for socioeconomic development of both the country in general and its regions in particular. To achieve the growth rates, as an objective necessity is considered the strategic management of the industry, allowing to better defining the prospects for sectoral potential, which is especially important in the context of the cyclical development of the global economic system. The key factor in the efficiency of strategic management of the railway industry is attracting investment from private investors, that is, the strategic basis for the consistent development of this type of transport consists in the implementation of large-scale investments. It is concluded that one of the further important conditions for improving the efficiency of the railway industry of Ukraine is the availability of an effective investment policy that would allow increasing the investment potential of the industry and increasing its investment attractiveness. The investment attractiveness of railways should be assessed taking into account the main factors of their production, financial and economic condition, the importance of each factor, and its compliance with a certain level determined by the investor. This makes it possible to determine the indicator both for railway transport in general and in the context of types of activities, businesses, and individual divisions of railways. An objective assessment of the investment attractiveness of the Ukrainian railway industry allows a potential investor to make an informed managerial decision on the feasibility of investing available funds in the development of the industry without a significant risk of losing them or not receiving the expected amount of investment income. Prospect for further research should be a quantitative assessment of individual indicators that can be used as parameters of the production, financial and economic status of railway transport in assessing its investment attractiveness and determining the degree of their importance.

Article is written in Ukrainian

BUSINESS INFORM №9-2023

Аtamas O. Р., Klimova N. А.
Improving the Accounting of Investment Activity of Enterprise (p. 98 - 103)
The aim of the article is to study the current state of carrying out the investment and its impact on the formation of data on the investment activity of enterprise in the accounting system. In accordance with the set goal, the study solved the following tasks: systematize, closer define and supplement the theoretical foundations of investment policy at enterprises; identify current problems of investment policy at enterprises; propose scientific and practical ways to improve the accounting of investment activity of enterprise. During the analysis, systematization and generalization of scientific works of numerous scholars, the need for a comprehensive study of this issue was determined. As a result of the study, a scheme of dependence of the level of risk on the type of investment has been composed, the factors influencing the level of development of the investment policy of enterprise have been considered, the constituent elements of the accounting policy of investment activity of enterprise have been analyzed. Prospects for further research in this direction are to improve the accounting of investment activities of enterprises in any sector of the national economy, given that a new stage of Ukraine’s integration into the European and world communities has begun. Ensuring Ukraine’s integration into the modern global economic system as a technologically developed country with an appropriate level of development of investment policy in the industrial sector and an ensured accounting of investment activities should become a top national priority.

Article is written in Ukrainian

BUSINESS INFORM №10-2023

Pavlova H. Y., Аtamas O. Р., Marykhnich Y. V.
Investment Attractiveness of Enterprises in the Context of Their Economic Security (p. 112 - 117)
The article allocates the previously unresolved parts of the general problem regarding the development of the investment attractiveness of enterprises in the context of its economic security and finds that in connection with the implementation of the goals of sustainable development, which requires additional costs, the the entrepreneur’s profit decreases, which contradicts his interests. The aim of the article is to establish regularities of development of investment attractiveness of enterprises in the context of its economic security. In this study, the authors proceeded from the assumption that the nature of investment processes is consistent with the goals of sustainable development. The main obstacle to studying the issue of investment attractiveness in the context of economic security is that it is impossible to consider only economic factors without also taking into account ecological and social factors that affect development. It is found that «economic security» is a relatively new category of economics which entered scientific circulation only in the first half of the 20th century and which influence at the national level came to consideration in the 1970s. Despite this, even at the beginning of the new millennium, «economic security» failed to become an independent discipline. It is substantiated that the investment value of a corporation can be considered in combination with its financial capacity, development potential, economic and information security, etc., as well as a complex of various factors, the list and weight of which may change along with the investor’s goals. Convincing investors is crucial for the survival and growth of an enterprise, as a stable, investment-oriented business will have a higher degree of success. As a result, it will have a longer period of economic stability, encouraging investors to make a positive decision on long-term investments.

Article is written in Ukrainian

Yurko I. V., Riabtsev D. O.
The Current State of Households and Their Investment Importance in the Post-War Recovery of Ukraine’s Economy (p. 117 - 124)
The article examines the current state and main trends in the development of Ukrainian households under the influence of russian aggression and outlines the main investment opportunities of households in the post-war reconstruction of Ukraine. The study is aimed at identifying the opportunities for transforming household savings into an investment resource for economic development based on an analysis of the current state of Ukrainian households in the process of post-war recovery. The theoretical and methodological basis of the article was the scientific works of domestic and foreign scholars on this topic. The set aim was achieved by a sequential problem solving using the dialectical, historical, and logical approaches. The investment behavior of households is formed under the influence of many factors. Investment decisions are influenced by internal factors such as the age structure of the household, its financial situation, educational level and the availability of investment skills of household members, etc. The formation of financial resources and investment potential of households is also influenced by macro-environment factors, e. g.: trends in economic globalization, expansion of labor markets, migration processes, etc. Household investment resources will be of strategic importance for the national economy during the post-war recovery. Among the priority tasks that need to be addressed for more effective attraction of household savings (including those with labor migrants) as an investment resource for the recovery and development of the country’s economy are: increasing the level of financial literacy of the population; stimulating the development of the stock market and simplifying households’ access to government bonds and other financial instruments; development of mechanisms for attracting financial resources of migrants and representatives of the diaspora that are considered as investments in the development of local social and infrastructure projects. Taking into account foreign experience, further scientific research is required on the creation of the necessary conditions for the reproduction and development of human capital by households (taking into account demographic changes and migration flows), the growth of household savings (including those with labor migrants) and the development of stimulating mechanisms for their transformation into investment capital for the reproduction and development of the economy of Ukraine at both the State and local levels.

Article is written in Ukrainian

BUSINESS INFORM №11-2023

Polishchuk N. V., Popadiuk Y. A.
The Theoretical and Methodological Aspects of the Investment Mechanism of Enterprise (p. 161 - 167)
The article examines the theoretical aspects of the investment mechanism of enterprise. The importance of formation and functioning of an effective investment mechanism of enterprise is substantiated. The concepts of investment and investment mechanism are analyzed and own definitions are proposed. Investments are defined as costs placement in various objects of economic activity of an enterprise in order to make a profit and/or achieve an extra-economic effect. However, it is worth noting that nowadays many foreign countries and international organizations pay more attention to the non-profit effect of investment, in particular: environmental, cultural, social, political, etc. The investment mechanism is studied as an aggregate that includes various elements: processes, methods, sources of financing, and tools that contribute to the development of investment activity. It is found that the investment mechanism consists of elements that act in the form of legal, managerial, and resource provision of investment activity. The key macroeconomic and microeconomic factors influencing the investment mechanism of enterprise and, accordingly, dictating the conditions and strategies of investment and determining the potential success or risks of investment activity are studied. Together with the influence of factors on the investment mechanism of enterprise, the economic and institutional motives that stimulate enterprises to engage in investment activities have been examined. Management of the investment activity of an enterprise is a complex process that requires legal regulation through investment law and legislation. The subjects of investment activity of the enterprise develop their own methodological support of the investment mechanism, in accordance with their needs and goals. Prospects for further research in this direction are the development of strategies for investment activity of enterprise, which will include the selection of investment objects, risk management, and ensuring the financial stability of enterprise in the implementation of investment activities.

Article is written in Ukrainian

Zaitseva A. S.
A Rationalization of the Structure of Sources of Investment Activities of Industrial Enterprises (p. 167 - 173)
It is determined that strategic investment flexibility, taking into account the causal-fractal method, is a potential opportunity for industrial enterprises to quickly adjust or develop new strategic financial and investment decisions under changed external or internal conditions of investment activity. Strategic financial decisions should be based on an investment-active search for alternative options, directions and forms, in particular methods of implementation of investment activities. An important condition for determining the period of formation of the general financial and investment strategy of industrial enterprises is the strategic level of economic development and, in particular, the conjuncture of financial market segments with which future financial risk is associated. The conditions for defining the period of rationalization of the structure of sources of investment activity of industrial enterprises with the help of the causal-fractal method are also the sectoral affiliation of enterprises, the level of development, the stage of the life cycle, and others. The use of methods of rationalization of the structure of sources of investment activity of industrial enterprises with the help of the causal-fractal method is proposed, which will increase the level of validity of investment decisions made at industrial enterprises, that in the future will ensure an efficient ratio between risk and profitability of their activities. This methodology can be applied in a very common case of uncertainty in the financial results of enterprises, or the lack of information about the function of distribution of the probability of profit after the implementation of the investment project (which is the basis for the construction of isovariational ellipses of the mathematical expectation of strategic income) and the efficiency of investment portfolios of industrial enterprises.

Article is written in Ukrainian

BUSINESS INFORM №12-2023

Kurovska N. O., Pshenyshna K. V.
Prospects for Attracting Foreign Investment in Ukrainian Business (p. 89 - 95)
The aim of the article is to theoretically and methodically substantiate the current problems of foreign investment with the subsequent development of recommendations for attracting capital from foreign partners to Ukrainian business. On the basis of the use of abstract-logical and statistical-economic methods of research, the current trends in the development of investment and attraction of foreign investment in Ukrainian business are determined; on the basis of the SWOT analysis, the strengths and weaknesses of the investment attractiveness of domestic business are identified in order to minimize risks. The article indicates that the current state of the market economy is characterized by constant changes, intensification of competition and unpredictability of conditions of operation. It is specified that the availability of financial resources is one of the key factors of success in doing business to minimize the negative impact of the both internal and external environment. It is noted that in case of insufficient amount of own resources of enterprise, there is a need to find external sources of financing, including attracting foreign investment. This will contribute to the expansion of product markets, access to the latest technologies, as well as improving the financial condition of the enterprise in the future. It is determined that the process of attracting foreign investment when doing business has certain advantages and disadvantages, which should be taken into account when planning investment activity and managing entrepreneurial activity. The negative impact of hostilities in Ukraine on the level of its investment attractiveness is noted. The current state and trends in attracting foreign investment into Ukraine are analyzed. Strategic directions for attracting foreign investment in Ukrainian business, as well as ensuring favorable conditions for improving the investment climate, are proposed. Prospects for further research in the direction of the inflow of foreign capital into the domestic economy are the identification of promising industries for its attraction in the post-war period.

Article is written in Ukrainian

Riabykina N. I., Riabykina K. H.
Intense Investing as Part of the Modern Activities of an Industrial Enterprise (p. 96 - 105)
The aim of the article is to study the issues of the need to implement the economic interests of enterprise by carrying out investment activity, taking into account its features. The article states that the implementation of the sequence of activities – from the selection of effective investment objects, the formation of an investment program, the attraction of investment resources up to the accomplishment of plans – is a matter that succeeds only in enterprises that are trusted, which openly and transparently carry out their activities, maintain a good reputation, have both the well-developed in the past and the long-term plan of activities, have convinced investors of a real opportunity to make a profit on their deposits in the near future. That is, enterprises need that a favorable investment climate be ensured. It is determined that this task remains unfulfilled due to the low investment activity of enterprises. As a result of the rather difficult political situation and the imposition of martial law in the country, the investment activity of enterprises does not ensure the proper effectiveness and efficiency of production. The article notes that the issues related to the study of investment activity of enterprises are considered by many scholars. All of them understand that in the modern economy the level of investment activity is one of the most accurate signs that characterize the quality of economic growth, the possibility of social progress, is formed under the influence of political, economic, legal, social and other factors that determine investment opportunities and investment risks. Analysis of approaches to determining the investment activity of enterprise makes it possible to conclude that intense investing is a complex characteristic of investment activity, reflects the level of intensity of investment in production and economic activity in order to achieve sustainable development of enterprise. It is substantiated that the solution of the issue of increasing the level of investment activity is quite relevant, and first of all – for enterprises in the sphere of material production. An analysis of the investment activity of JSC «Kryvyi Rih Iron Ore Plant» has been carried out. The results of this analysis can be used as a preparatory stage for determining the indicators of investment activity, the volume and pace of attracting investments in order to increase the level of efficiency of the main activity of enterprise.

Article is written in Ukrainian

BUSINESS INFORM №2-2024

Babets I. H.
Improving the Methodology for Assessing the Investment Security of the State, Taking into Account the «Round Tripping» Investments (p. 47 - 55)
The article discusses the features of «round tripping» investments that come to the country in the form of foreign direct investment (FDI), but in its essence is the return of previously withdrawn domestic capital abroad, mainly to offshore jurisdictions. The author suggests that there is a significant impact of «round tripping» investments on the investment security of the State, taking into account the motives of their formation and a significant illegal component, the absence of additional effects from attracting these investments into the economy. It is proposed to supplement the system of indicators of investment security of the State with the indicator «share of «round tripping» investments in the total volume of FDI (excluding reinvested capital)». To find out the directedness of the relationship between this indicator and the country’s economy, a regression analysis based on the data of 2010–2022 was applied. As a result of the analysis, a direct relationship between GDP in actual prices and GDP per capita, as dependent variables, and the share of «round tripping» investments in total FDI as an independent variable, has been identified. The article assesses the level of investment security of Ukraine in 2015–2021 taking into account the share of «round tripping» investments in the total volume of FDI (excluding reinvested income) based on the calculation of the integral indicator. The results of the calculation of the sensitivity coefficients of the integral indicator to changes in indicators testified to the largest impact of «round tripping» investments on the state of investment security of Ukraine in 2021. The carried out study confirmed the expediency of improving the methodology for assessing the investment security of the State by supplementing the system of indicators with the indicator of the share of «round tripping» investments in the total volume of FDI (excluding reinvested income).

Article is written in Ukrainian

Lazarenko M. I.
The Impact of Foreign Direct Investment on Less Developed Regions (p. 56 - 62)
The article is devoted to the study of the impact of foreign direct investment (FDI) and the activities of TNCs in less developed regions (LDRs), which can lead to a break in value chains and to an increasingly complex division of labor, more complex decisions on location and directions of regional development. The author presents different types and mechanisms of FDI in more developed regions (MDRs) and in LDRs. The main approaches to FDI in the LDRs, developed in economic theory, are evaluated. Attention is drawn to that that international production and FDI will have significant implications for the LDRs in the near future. The development of factory automation is likely to reduce the feasibility of low labor costs, low-cost locations, which, in turn, will lead to increased reuse, attraction of resources in high-tech industries and a decrease in the level of added value of services. Increasing digitalization of supply chains is likely to lead to the emergence of more complex global production networks, the expansion of international production in both low-tech industries and higher value-added services. Increased automation and digitalization, trends in regional integration towards more stable local and regional sources of supply, and a push to become less dependent on imports of strategic goods undertaken by more developed regions (MDRs) are likely to lead to stronger organization of production networks on a macro-regional scale. The article urges experts to continue researching FDI in the face of uneven development.

Article is written in Ukrainian

Zaitseva A. S.
Methods of Multi-Purpose Decision-Making on the Management of Transparency of Enterprise Development in the Context of Convergence of Investment Processes (p. 63 - 71)
It is determined that one of the priorities in any national economy is the problem of forecasting and assessing the level of transparency of development, quality and reliability of functioning of industrial enterprises, their technological and economic subsystems. This has a direct impact on the level of investment, the nature of financing, the distribution of costs for the production of finished products with the achievement of a given quality and reliability, as well as on the financial condition and image. In addition, it has a direct proportional effect on the well-being of society and the quality of life of the population. On the other hand, investing in the real sector of the economy requires banks and other investors not only to optimize investment programs, but also to take into account the specifics of financial, production, economic and socioeconomic activities of industrial enterprises as market participants, and, accordingly, application of models that appropriately link investments with sales policies, production, management, staff, location of production facilities, taxation, etc. It is concluded that the positive level of management of transparency of development of industrial enterprises in the context of convergence of investment processes is inseparable from the processes of planning, regulation, control and forecasting of production and technological processes, as well as the allocation of resources in the process of performing certain complex tasks. Determining the optimal options for current and future development is often associated with solving large-dimensional optimization problems with a large number of different conditions and constraints (for example, requirements for the completeness of variables combined with requirements for the absence of time losses), which, due to their extreme nature, complicate the solution of such problems. Effective methods for optimizing multi-purpose investment decisions in managing the transparency of the development of industrial enterprises in the context of convergence of investment processes include methods for analyzing the usefulness of goals, criteria and alternatives, including those with several vectors; methods of hierarchy of goals, taking into account a number of advantages; information about the chosen strategy, alternatives, their parameterization, stochasticity, substitution ratios, and other characteristics. All these factors can be taken into account for the classification of models of multi-purpose and program-target solutions and the use of the most effective of them when choosing the optimal investment solution in managing the transparency of the development of industrial enterprises in the context of convergence of investment processes.

Article is written in Ukrainian

BUSINESS INFORM №3-2024

Koliesnichenko A. S.
The State Investment Policy in the Context of Accounting and Taxation of Institutions of the Financial, Credit and Budgetary Spheres (p. 80 - 87)
The article determines that the significant growth of interest in the management of the process of generating profits and the use of investment resources in the field of implementation of investment and innovation projects and programs testifies to the special importance of investment operations as the main source of financial stability and further development of economic entities. It is substantiated that institutions of the financial, credit and budget sphere can use various forms of State regulation of investment activity, in particular, the most used of them are: management of State investments, regulation of the conditions of investment activity, as well as control over the order of its implementation, which is carried out by all investors and participants in investment activity. It has been proven that for domestic banks, investment activity is primarily a tool for asset diversification, a means of maintaining liquidity and a source of profit generation. This, in turn, requires the implementation of a balanced State policy based on a complex of tax and financial stimulation methods. It is defined that, in contrast to the financial and credit sphere, in the budget sector, investment activity, accounting and taxation of investment transactions is a rather specific direction. Focusing on the basic concept of investment formulated in the legislative field, methods of reproduction of investments in the budget process are systematized and it is proved that the State bodies can manage the State investments, in particular financial ones, and this allows the accountant of a budget institution to correctly reflect economic transactions in accounting and prepare financial statements, properly comply with tax discipline. This made it possible to allocate a significant feature for budget planning, which is expressed in the fact that the use of fund and financial instruments in the budget process will not act as the implementation of the budget institution's estimate for capital expenditures.

Article is written in Ukrainian

Kovel P. M.
Analyzing the Inflow of Foreign Direct Investments in Ukraine (p. 87 - 95)
The purpose of the study is to analyze the state, dynamics and structure of foreign direct investment (FDI) inflows in Ukraine. Such research methods as analysis, synthesis and comparison, graphical method were used. The article considers the theoretical foundations of the category of foreign direct investment, reveals the characteristic features. The significance of investments for the country’s economy is substantiated, a list of advantages of Ukraine in the context of investment attractiveness is provided. An analysis of the dynamics of foreign direct investment in the Ukraine showed that over the past 22 years there have been significant fluctuations. It is found that this is due to a number of factors, including: military operations, political instability, the coronavirus pandemic, and economic crises. The dynamics of the index of investment attractiveness of Ukraine is also considered; it is concluded that Ukraine has a fairly average investment attractiveness. However, at present there is again a relatively positive trend towards an increase in FDI inflows into the country’s economy, and under the conditions of a balanced economic policy, the end of the war, and the attraction of new investors, this trend may continue. Having considered the dynamics of the structure of foreign direct investment balances by country, it was possible to identify that in the period 2015–2022 the EU countries have invested in Ukraine’s economy. At that, the presence of countries that act as offshore zones is identified. This, in turn, carries certain threats and is a consequence of bribery and tax evasion. An important task of the Government of Ukraine should be to increase the level of attraction of economically and innovatively developed investments from leading countries, as well as to reduce the outflow of capital to offshore countries. Solutions in this direction can be the creation of innovation zones, the fight against corruption and the reform of the tax system. This will help attract new foreign investment, as well as increase the level of competitiveness of Ukraine in the world space. An analysis of the dynamics of the structure of foreign direct investment balances by types of economic activity for the same period showed that such sectors as industry, wholesale and retail trade, financial and insurance activities, real estate transactions represent the largest share. At the same time, such sectors of our country’s economy as energy, information technology, construction, industry (including agro-industry), transport and logistics, critical materials and green metallurgy have the greatest growth potential. In some of these areas, despite the existing challenges and problems, a positive investment trend is already noticeable today – large-scale projects are being developed and implemented. Prospects for further research in this direction are building a multifactor model for analyzing the impact of economic factors on the dynamics of foreign direct investment, as well as building a model for forecasting the indicator for future periods.

Article is written in Ukrainian

Razumova H. V., Kurnosova O. I.
Investment Risk Management in the Context of Digital Transformation (p. 96 - 101)
The aim of the article is to study the impact of digital transformation on risk management of investment activities, as well as to identify recommendations for creating a favorable environment for investment and reducing risks under current conditions. The article analyzes the main aspects of the impact of digital transformation and digitalization on investment activity. The main advantages and challenges of the digitalization process in investment activity are identified. It is substantiated that digitalization in investment activity creates new opportunities and improves the efficiency of processes, which contributes to increasing the profitability and success of investments. It is determined that the future of risk management depends on the ability of companies to adapt to a rapidly changing environment, integrate novel technologies and methods into their activities and continuously improve their risk management strategies. It is noted that in order to overcome the existing obstacles and challenges, risk management must constantly adapt and improve. It is substantiated that one of the key aspects of this continuous development should be the use of advanced technologies and analytical tools. Based on the identified trends, problems and risks of investing in the context of digitalization, recommendations and measures are proposed. The overall goal of the proposed recommendations is to create a favorable environment for investing in digital technologies, reducing risks and stimulating the development of innovative solutions, which will contribute to sustainable economic growth in the context of digital transformation. Emphasis is placed on that it is also important to take into account the socio-cultural and environmental aspects of risk management, in addition to technological innovations. It is noted that understanding and taking into account all the considered aspects and factors allows companies to more fully analyze and manage risks, reducing the likelihood of negative consequences and increasing resistance to external influences.

Article is written in Ukrainian

BUSINESS INFORM №6-2024

Skibska K. O., Sheverdin O. О.
An Overview of Socially Responsible Investment Practices in Modern Energy Projects (p. 176 - 181)
The aim of the article is to study the practice of socially responsible investment in modern energy projects. The article emphasizes that the global energy crisis is affecting the energy sector and affecting climate change and the environment, which is becoming more and more noticeable. A review of various examples of the practice of socially responsible investment in modern energy projects at foreign and domestic enterprises is made. It is noted that in difficult times of war and lack of electricity, one of the directions of reconstruction and saving money can be the use of socially responsible investment in energy enterprises of Ukraine. After all, Ukrainian energy enterprises operate under martial law, which causes a shortage of personnel in the labor market, as well as an environmental and material crisis. However, this, in turn, contributes to the search for new management solutions. The paper examines foreign and domestic approaches to certain elements of socially responsible investment. The following principles of the mechanism of socially responsible investment in the enterprise are allocated: purposefulness, measurability, comprehensiveness, respectability, sociality, ethicality. It is determined that socially responsible investments should take into account the principles of sustainable development, defining those aspects that are regulated in the European Sustainability Finance Reporting. Emphasis is placed on the consideration that renewable energy projects are the key to reducing the carbon footprint, mitigating climate change and ensuring a sustainable energy future. It is further emphasized that the most effective way in which investors can have a positive impact on the environment is to direct capital to companies that implement environmental practices. It is proposed to implement the experience of the Baltic States at the energy enterprises of Ukraine. This will help reduce greenhouse gas emissions and mitigate climate change, as well as allow for larger diversification of energy routes, reducing dependence on fossil fuels.

Article is written in Ukrainian

BUSINESS INFORM №7-2024

Koliesnichenko A. S., Kupryhin M. O.
Investment Policy of Industrial Enterprise: Theoretical Aspects and Features of Formation in Crisis Conditions (p. 240 - 247)
The article defines that ways of interpreting the essence of the concept of "investment policy" may vary depending on the opinions and considerations of different authors. Based on the generalization of the main approaches to the definition of investment policy in economic literature, various aspects of investment policy were highlighted, in particular, the key ones are: strategic planning, regulation, stimulation and influence on the distribution of resources. It is substantiated that the role of investment policy in the activity of an industrial enterprise is expressed through the connection of the concepts "investment – policy – investment policy", the essence of which is subject to a certain logic. In fact, we are talking about investing resources or assets in a certain project or enterprise, which should stimulate and support investment activity through a complex of processes of formation, realization and implementation of decisions, strategies and actions. It is proved that even in unstable economic conditions, large enterprises can implement large-scale investment programs related to the purchase of expensive, often imported, high-performance equipment, while the investment funds of small and medium-sized businesses are directed mainly to the purchase of relatively not very expensive low-performance machines. During periods of crisis, investors become more attentive to corporate fundamentals, which leads to an outflow of capital from defensive portfolios. Investors find a way out in approaches focused on the long-term sustainability of firms. World experience shows that one of the most effective investment options is involvement in innovative investment activities, which should become a leading reference point in the implementation of the investment policy of industrial enterprises. This will not only help protect equity from loss or depreciation, but will also allow the business to receive regular income in the form of interest or dividends and a number of other benefits.

Article is written in Ukrainian

Zhang Kuan
Evaluating Return on Investment for Digital Technology Investments in Multinational Corporations (p. 247 - 253)
The study examines the return on investment (ROI) of digital technology for multinational enterprises (MNEs), focusing on key metrics and challenges associated with ROI measurement. Using a mixed methods approach, it highlights that accurately measuring ROI requires establishing clear Key Performance Indicators (KPIs), conducting benchmarks, and utilizing a balanced scorecard to align digital initiatives with strategic goals. To measure ROI effectively, businesses must define KPIs that are specific, measurable, achievable, relevant, and time-bound (SMART). These KPIs should capture both financial impacts, such as cost savings and revenue growth, and non-financial benefits, such as improved operational efficiency and customer satisfaction. Benchmarking against industry standards or historical performance provides additional context for evaluating the success of digital investments. The study identifies several challenges in ROI measurement. Defining appropriate metrics can be complex, especially when objectives are not clearly articulated. Data quality issues also arise, as data required for ROI analysis is often fragmented, leading to incomplete or skewed results. Furthermore, valuing intangible assets like enhanced customer experience or improved employee productivity is difficult, complicating the ROI calculation. Addressing these challenges is crucial for obtaining a precise assessment of the impact of digital transformation.

Article is written in English

BUSINESS INFORM №9-2024

Yatsenko R. M., Porokhnavets A. A.
Comparison of the Effectiveness of Traditional and AI-Based Methods of Investment Portfolio Optimization (p. 211 - 217)
The aim of the article is to conduct a comparative analysis of the effectiveness of traditional and AI-based methods of investment portfolio optimization. The object of the research is the investment portfolio. The subject of the research is traditional and AI-based optimization methods. The article is a study of the effectiveness of the use of traditional and AI-based methods of optimizing the investment portfolio on the grounds of the contemporary theory of the portfolio of investment resources, the use of existing mathematical methods and models that can provide reasonable calculations of portfolio profitability according to the logical sequence of calculating the weighted average cost of capital. The carried out analysis allowed to identify the main constituent elements that ensure the profitability of various sources of funds, in particular own, credit and capital of preferred shares. In the course of the study, attention was focused on the fact that the use of different models for sources of funds allows the use of fundamentally different elements and affects the overall profitability of the portfolio in different ways. However, the main difficulty in the application of classical methods of investment portfolio optimization is the active mobility of financial markets, which is due to the general state of the external macroeconomic environment. In accordance with this, capital investors, both investors and creditors, seek to minimize possible risks, and therefore require the use of those financial instruments that will provide higher returns with less risk. Applied studies using AI methods have shown that they require the use of precise mathematical tools to calculate specific quantitative indicators, in contrast to the general recommendations for optimizing the investment portfolio.

Article is written in Ukrainian

Yemelyanov O. Y., Shpak Y. S., Shcherbakov M. V., Voloshko D. Y.
The Influence of the Strategy of Financial and Investment Activity on the Investment Activity of Enterprises (p. 218 - 224)
The aim of the article is to improve the theoretical foundations of substantiation of strategies for financial and investment activities of enterprises, first of all, to group the types of these strategies and allocate the main factors of their choice, as well as to assess the impact of such choice on the level of investment activity of companies. The article establishes that the strategies of financial and investment activity of enterprises can be grouped on various grounds, in particular by: riskiness of financial and investment activity; the ratio between consumption and accumulation in the structure of the distribution of net profit; the degree of activity of companies in controlling their investments; dependence on external sources of financing for investment projects, etc. The main factors influencing the choice of strategies for financial and investment activities of companies are allocated. It is shown that these factors can be divided into four groups, namely: factors that characterize the owners of companies; factors that characterize the existing financial and economic condition of enterprises; factors that characterize the existing conditions for investment activity; factors that characterize the objects in which investments are made. Based on the sample of industrial enterprises of Ukraine, an empirical analysis of the application of various types of strategies of their financial and investment activities by companies has been carried out. The carried out analysis, in particular, showed that more than half of the studied companies chose the following combination of strategies for their financial and investment activities: the strategy of investing mainly in projects with medium risk; a strategy that favors consumption over accumulation; active strategy; internal financing strategy. At the same time, the highest level of investment activity on average was inherent in enterprises that chose a slightly different combination of strategies for their financial and investment activities, namely: strategy of investing mainly in medium-risk projects; balanced strategy; active strategy; combined finance strategy.

Article is written in Ukrainian

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