The dissertation is devoted to the substantiation of theoretical and methodological principles, the development of scientific and practical recommendations for the formation of state investment policy.
The work supplemented and clarified the content of the concepts, namely: the concept of state investment policy as a unity of approaches, namely: restoration and development of infrastructure (restoration of destroyed / damaged critical infrastructure facilities at the expense of systemic financial support from international partners); investment valuation (financial stability and solvency of enterprises in the process of investment activities, the formation of optimal investment liquidity and the possibility of rapid reinvestment of capital based on long-term prospects); institutional-organized interaction of socio-economic relations (involvement of civil society institutions in the development and formation of regulatory legal acts by state authorities), which arise between subjects (state and society), in order to create an optimal investment climate that will ensure the increase in social support (redistribution of national income for the purpose of implementing the investment agreement) and social well-being (creation of a favorable investment climate for the balance of payments), which will ensure the implementation of the post-war modernization of the national economy while maintaining a balance between the interests of the state and the population.
A classification of elements of the formation of state investment policy has been developed, which provide for the following vectors of state regulation of the investment sphere, namely: organizational and legal (fiscal regulation – increasing the mass of tax obligations of the tax burden); functional-stabilizing (orientation to meet current budget needs and stabilize social processes); budgetary and financial (attraction of state and private capital); asset allocation (placement of financial resources within a certain set of investment instruments); tax incentives (special economic zones, tax rate reduction, investment allowances); monitoring the status of development and implementation of investment projects or programs (review of reports submitted by investment entities, preparation of recommended conclusions), which will ensure the development of the Ukrainian economy and ensure its economic security.
Methodological approaches to assessing the effectiveness of the implementation of a socially oriented state investment policy in the context of decentralization based on a functional-stabilizing approach have been improved, by ensuring current investment needs for the stabilization of social processes, which ensures the development of human resources through investment mechanisms (ensuring coordination of actions of executive bodies, approval of a medium-term plan of priority public investments, formation of proposals for strategic priorities for public investments, evaluation of industry (sectoral) strategies for priorities for public investments), which will ensure the creation of favorable conditions for attracting significant investments to Ukraine (domestic and foreign), creating new jobs, stimulating the economic development of regions and increasing the competitiveness of the Ukrainian economy. An institutional approach to monitoring the results of state investment policy in the following areas has been proposed: market-institutional (compromise between market and state regulatory mechanisms of international economic integration); dirigiste (indicative state planning, the principle of selective state economic policy, support for privileged industries); liberal intergovernmentalism (formation of the general interests of the state); functional alternative (redistribution of power, their delegation to supranational structures (main attention is paid to the functions performed by the international community); budgetary and tax (providing the existing state program of socio-economic development with appropriate financial resources); credit and monetary (change in the money supply, interest rates, budget stimulation); state transfers (additional subsidy to equalize the financial security of local budgets; subventions for the implementation of state social protection programs; additional subsidy to compensate for losses of local budget revenues; subvention for construction, reconstruction, repair), which ensures the competitiveness and investment attractiveness of the national economy.
Keywords: government regulation, infrastructure development, investment valuation, civil society institutions, government bodies, investment climate, social support, decentralization, public investments, investment attractiveness of the national economy.
