INSTITUTIONAL FACTORS OF INVESTMENT ACTIVITIES IMPROVING IN THE NATIONAL ECONOMY UNDER THE TERMS OF DECENTRALIZATION
Journal Title: Економічні інновації - Year 2017, Vol 1, Issue 65
Abstract
The article defines the factors of institutional support for the stimulating of investment activity in the Ukrainian economy under the influence of decentralization reform. The analyzed tendencies of falling volumes of foreign investments indicate poor performance of the applied measures of activation of investment processes in the national economy. The main causes of failure of investment activities are determined, among which the key role is played by the imperfection of the existing institutional support, because of its non-compliance with the real needs of the productive forces. It is established that in modern conditions when decentralization reform is being implemented, territorial communities become a key element in the implementation of investment activity regulators. It is stated that inconsistency of the informal and formal components of the institutional provision of investment development of territorial communities appears in the legislative mismatch with the real rules and conditions of the business entities, the excessive negative influence of informal institutions and the lack of subordinate acts that would ensure the implementation of strategic institutional tasks of investment development. The proposed conceptual idea of investment activity regulation is to join measures of institutional support of development on the national and basic levels. The legislative rules that establish general principles for the maintaining of investment activities and for the forming of united communities are to be supported with specific regulators that are to stimulate inter-communities cooperation and create appropriate business climate in basic territorial formations. The measures of the institutional support improving are proposed and their activity is to be realized on the levels of national economy and territorial communities with the help of tools of economic, informational, financial, marketing and other types of stimulation with the use of vertical and horizontal types of interaction of economic entities in the territorial communities. The main emphasis is made on measures of local incentives in territorial communities support, for instance: regional marketing tools are aimed on the creation of investment brand of the territory, informational tools consist of creation of local information bases and passports of investment abilities of the territories. The task for further research in this direction and for their practical implementation is the development of measures and mechanisms for the cooperation stimulating of community representatives in order to form their own ability to influence the state of the investment climate of the community.
Authors and Affiliations
O. I. Laiko, V. O. Chabarov, A. M. Araftenii
Keywords
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