A GOVERNMENT INVESTMENT POLICY: THE STATE OF LEGISLATIVE BASIS

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A GOVERNMENT INVESTMENT POLICY: THE STATE OF LEGISLATIVE BASIS

Journal Title: Економічна теорія та право - Year 2016, Vol 3, Issue 26

Abstract

Problem setting. Effective carrying out the investment activity at the present stage is the basis for development of the Ukrainian economy, providing opportunities of its integration into the European social and economic environment, enhancement of competitiveness of domestic business entities. Enhancement of their investment activeness on state level is provided by the following conditions: formation and implementation of a substantiated investment policy, providing conducive business climate in the country, development of infrastructure basis for investment processes, etc. Recent research and publication analysis. Some legal aspects of normative and legal regulation of investment relations have been considered by numerous scientists such as Yu. Ye. Atamanova, О. М. Vinnyk, D. V. Zadykhailo, V. V. Kudriavtseva, V. I. Kukhar, V. К. Mamutov, V. М. Pashkov, V. V. Reznikova, V. А. Ustymenko, О. V. Shapovalova, V. S. Shcherbyna, etc. At the same time, a matter of the state of legislative basis of the government investment policy at the present stage of development has not been thoroughly researched. Paper objective. The article purpose is to determine key aspects of improvement of the normative and legal basis of formation and implementation of the government investment policy. Paper main body. Instability and non-predictability of the government economic policy at the previous stage of development, particularly an unreasonable innovative and investment policy and absence of substantiated legal regulation of commercial concession relations restrain a process of active development of the mentioned relations. As a result, there is a need for urgent formation of an integral economic and legal mechanism of innovative investing as one of important goals of the government economic policy. In this context, the author outlines a need for distinct determination of objects, which are regulated by the government in the context of support of innovative investing development. The government investment policy should provide dynamics of processes of extended reproduction of the economic activity. Determination of its key frameworks and the content is related to formation of a coordinated system of legislation regarding the investment activity, precise indication of goals for public bodies and bodies of local self-government, formation of effective mechanisms and economic and legal means of government regulation of investment relations, development and implementation of special regimes of the investment activity with different configurations. Conclusion of the research. 1. Effectiveness of the government investment policy requires significant renovation of its content, taking into account new tendencies in systematization of global investment processes, which function as a corresponding economic sub-system. 2. Taking into account peculiar importance of an innovative product under conditions of modern competition in the global market of goods and services, innovative investing is a dominant of the modern government investment policy. Transparency of sources of investment resource accumulation and legal forms of investing are also important dominants under contemporary conditions. 3. The government investment policy requires institutionalization of its software through determination of the role and legal validity of corresponding software of the government within a system of programming social and economic development of the country. 4. The government investment policy, namely providing its effectiveness, requires formation of distinct economic and legal mechanisms for its implementation, including means of government regulation and complex social regimes of the investment activity. 5. Development of a set of mechanisms for certain types of investing is of considerable importance. Such types encompass corporate, contractual common, institutional (professional), innovative, and foreign investing. Short Abstract for an article Аbstract. The article proves that a purpose of the government investment policy consists in providing implementation of social, economic, scientific and technical programs of development of the state economy, and protection and support of the investment activity. The author has determined that regardless of a significant amount of normative acts, imperfectness of legislation is one of the main reasons restraining investment activity development. The author substantiates that regulation of investment relations occurs with the use of methods being inherent to economic law. This is concerned with organizational and capital nature of these relations, which combines public and private interests, and the necessity of complex regulation of these relations with the use of different methods in order to take into account various categories of balanced public and private interests.

Authors and Affiliations

В. О. Бударна

Keywords

EP ID EP178050
DOI -
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