Glukha A. Joint-Stock Company Investment Policy in Ukraine

The object of research - investment policy formed as a result of the preferential position of definite economic subjects. The aim of dissertation work - on the basis of deep analysis of theoretical and economic problems connected with consideration of institutional components of investment activities to elaborate the mechanism of JSC investment policy, to single out typical models of JSC investment behavior in Ukraine. Methods of investigations: general scientific methods of cognition, method of analysis and synthesis, comparative analysis, abstraction and generalization, graphic method, mathematical interpretation of economic processes, interdisciplinary scientific approach. Theoretical value of the work lies in working out of the mechanism of JSC investment policy forming and in substantiation of opportunities of its using in JSC enterprise activities in Ukraine. Theoretical propositions developed in dissertation are used in the process of teaching such subjects as "The Fundamentals of Political Economy", "Microeconomics", "Corporate Management", "Investment" at Dnipropetrovsk University of Economics and Law. The essential propositions and recommendations of the research have been used at regional department of the State-owned Property Fund in Dnipropetrovsk region while improving the mechanism of management of the state corporate rights and also in performance of corporation "Smart-group", and open joint-stock company "MGZK". The scientific novelty of the obtained results lies in complex political-economical grounding factors which form JSC investment policy, mechanisms and forms of its implementation as the ways of reaching goals determined by different economic subjects' interests. First time it substantiation of using index of regulation capital concentration while analyzing the structure of distributing shares to share-holders has been proved. It allowed to single out enterprises with dispersed and concentrated shareholding and find out in what way this index influences an enterprise's investment policy. On the basis of elaborated models of JSC investment policy ("Everlasting debtor", "Predator", "Master", "Player") the mould of tactical decisions, which describes JSC behaviour while investment policy forming has been worked out. The improved definition of JSC investment policy as activity of subject groups concerning the whole approach and investment decision, priorities in choosing investment sources, investment directions and objects with orientation to definite categories of investors has been introduced. The place of investment process has been specified and on the basis of the mechanism of JSC investment policy the exogenous and endogenous factors of investment policy have been pointed out. According to criteria of regulation of capital distribution among different types of owners and indexes of share holding concentration six types of corporate models have been singled out. It allowed to estimate the degree of influence of different subject groups' interests on JSC investment policy. The definition of decision taking mechanism in the investment policy as the process of transforming investment idea into project through passing subjective and objective filters has been improved. Two groups of factors influencing investment policy have been singled out: direct factors (factors of corporative influence), covering stock-holders and managers' influence and indirect factors (factors of investment environment), covering market mechanism, state control and national principles of corporate management) and inner factor (regulation capital structure). Determining dependence of corporate power distribution on JSC regulation capital has been further developed. Substantiation of advantages and disadvantages of investment resources sources for a Joint-Stock Company on the basis of their estimation in view of different subject groups' possibilities to realize economic interests has been further developed.