INSTITUTIONAL INFLUENCE FACTORS ON THE INVESTMENT ACTIVITIES OF INTEGRATED ENTERPRISES
Journal Title: Науковий вісник Ужгородського національного університету. Серія: Міжнародні економічні відносини та світове господарство - Year 2018, Vol 20, Issue 3
Abstract
The article deals with the influence of various institutional factors on the investment activity of large industrial enterprises. It is proved that in the conditions of the existence of the domestic economy in a depressed state relative to foreign competitors, there are distortions and unusual pressure points of external and internal institutional factors of influence on investment processes. In such situation, the possibility of maneuvering financial flows in the implementation of investment activities within the consolidated group of companies is rather useful. The existence of internal financial flows, allowing to concentrate investment efforts on the most promising, or vice versa, the most problematic area of economic activity of enterprises, necessitates the need to adjust the standard models of institutional influence of many factors in terms of the capabilities and elasticity of integrated structures. The article specified the appropriate conceptual apparatus, and it is this conceptual category «Institute». The content of such conceptual category as «institutional factors» is formed. Four levels of investment activity are singed out, namely: the level of the whole country; the regional level; the industry level; the level of the enterprise. The main components of institutional factors are systematized, depending on the appropriate level of interaction of subjects of investment activity. The main theoretical aspects of institutional theory in the context of investment activity of an enterprise or a consolidated group of enterprises are considered and another important tool of analysis, such as "transaction costs", is noted. It is proved that in the classical interpretation, depending on the areas of investment and the goals of their implementation, investment projects are divided into production, scientific and technical, commercial, financial, environmental, social and economic. It is concluded that the most successful implementation of activities aimed at the development and implementation of investment projects by enterprises of a certain consolidated group requires knowledge of the specifics and nature of the institutional factors affecting them. It is proved that the success in the implementation of investment projects at the enterprises of the integrated consolidated group, coupled with the need for comprehensive detailed consideration of the possible impact of formal and informal institutional factors in a complex multi-level interaction of all subjects and objects of investment activity. Thus, there is a need to use a scientific and methodological approach to the study of the degree of influence of institutional factors on the investment activity of integrated structures within a certain period of time.
Authors and Affiliations
R. Strielnikov
Keywords
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