State Procedures for Improving the Investment Climate in the Russian Federation: Prospects for Improvement

The COVID-19 pandemic interrupted many trends that had developed before it and again updated the issue of modernizing the Russian economy, restarting the mechanisms of economic growth and sustainable socio-economic development. The key to resolving these issues is to increase the investment activity of the business. The investment climate is one of the key characteristics that testify to the freedom of entrepreneurial activity, the ease of opening and conducting business, the quality of regulatory procedures in the economy, the effectiveness of business entities, and the provision of equal opportunities for the development of the private sector. A favorable investment climate reveals the potential for the development of private companies. The article considers the system of state procedures in the field of improving the national investment climate, gives a brief description of the main tools and projects to improve the investment climate, analyses the changes in the main target indicators of investment attractiveness of the Russian Federation.

Regulation of investment transactions in Islamic law

The purpose of this article is to outline the basic rules of Islamic law in the matter of regulating investment transactions in order to facilitate the development of investment activity of Muslims in accordance with Islamic law. The key prohibitions in the stock market and the criteria for the selection of shares of companies that undergo Shariah analysis are formulated, and based on this, some of the joint stock companies are listed, for which the Islamic law allows to trade shares.

Analysis of Factors Affecting Public Interest in Investing in the Capital Market (Case Study on the Paluta Community)

The purpose of this study is to find out how the Paluta community's opinion on the factors that influence people's interest in investing in the capital market, of the 28 respondents who filled out the questionnaire, the Paluta community knew what investment in the capital market was. And investment in the capital market is an investment activity in the form of buying company shares (securities). So by buying company shares, you become the owner of the company. In addition to stocks, investment products in the capital market are mutual funds and bonds.

ЕФЕКТИВНІСТЬ ІНВЕСТИЦІЙНОЇ ДІЯЛЬНОСТІ В УКРАЇНІ

This article seeks to assess the effectiveness of attracting foreign investment in Ukraine. Within the scope of the research, investment activity is considered a key driver for economic development. It is emphasised that boosting economic growth in Ukraine depends heavily on attracting foreign investment as their effects extend to encouraging the national output, the speed of its technological advancements as well as the scale and pace of economic restructuring. The purpose and objectives of the study are to explore and evaluate the effectiveness of foreign investment in Ukraine's economy along with offering the authors’ understanding of the key factors affecting the investment climate and suggesting the most promising pathways to foster investment efficiency in Ukraine. It is argued that this study has a number of significant implications to Ukraine, since investment processes to a great extent underpin market development strategies, and entail the most important mechanisms for creating appropriate environment to overcome the structural economic crisis, implement structural changes in the production sector, promote innovation and enhance economic performance at the micro- and macrolevels. The research methodology involves general scientific methods of analysis and synthesis, and the generalization techniques. The findings reveal a whole range of crucial factors behind the investment process crisis and lack of effective tools for investing into the national economic development. The authors assert that a country's position in the investment ranking is a sort of a ‘business card’ for the investor who is looking for new capital investment opportunities. Currently, from this perspective, Ukraine's chances to attract foreign investment seem quite miserable. However, the findings verify that in the context of modern globalization, to spur foreign capital attraction into Ukraine, creating a favourable investment climate is paramount. The study has identified factors that affect the process of shaping the investment climate, among which the most important are a group of economic, political and geographical factors. According to the research results, a proactive government strategy and a comprehensive approach to resolving the current challenges related to investment activities at the micro- and macrolevels will contribute to realizing Ukraine’s investment potential with maximum efficiency that will lay a solid background for sustainable economic development in the future.

Methodological Approaches to Assessing of the Regional Stock Market Development

The paper shows the influence of activity of regional corporations at stock market on the development of regional economy in general. Various scientific approaches to the assessment of the influence of financial markets on overall economic situation were considered in the course of the research. The need for detailed study of functioning of regional securities markets, as well as detailed study of their peculiarities and courses of development was revealed. The methods of analysis of regional results of activities of legal entities at securities market were developed on the basis of tax reporting of issuers and assessment of investment attractiveness of regions. The following tasks were solved: study of the normative base regarding dealings of legal entities at stock market, analysis of investment attractiveness of regions, analysis of indicators of statistical tax reporting, development of the methods of assessment of business activity of organizations at stock market, carrying out the assessment of correlation dependence of the indicators of investment attractiveness of regions and statistical tax reporting with gross regional product of the Siberian Federal District entities. Following the assessment results a conclusion of the dependence of economic development of the region with its investment potential and dynamics of corporate investment activity in the respective territory was drawn. Tax incentive of investment activity of regional companies was marked as significant direction of state policy at securities market.

Unification of gift and inheritance taxes and the protection of taxpayers – the inheritors and recipients of donations

Gift and inheritance tax in the European Union Member States is calculated and charged in numerous ways. In the majority of countries of the European Economic Community it constitutes a separate tax. In several countries it is not charged at all or is part of the income tax. Despite the attempts made by the European Commission to unify the legislation of the Member States in this regard, there has been no success. The article presents the above-mentioned attempts of the European Commission, their results and consequences. It identifies the methods of avoiding a double or even triple taxation on cross-border inheritances or donations. This is of crucial significance also to the Polish citizens who demonstrate higher and higher investment activity in the countries of the European Economic Community and third countries.

PROBLEMS AND WAYS TO ACTIVATE INVESTMENT ACTIVITY IN UKRAINE

The article examines the current state and problems of the development of attracting foreign direct investment. The author determined that the most investments in Ukraine are made by such countries as Cyprus and some countries of the European Union. It is proved that foreign investment is one of the most effective ways to develop economic, social, environmental and other spheres. It is determined that the key problems in attracting foreign investment today are: political instability, legislation, high inflation, and undeveloped infrastructure. The author has identified trends and explored the prospects for the development of attracting foreign direct investment, which allows us to demonstrate the dynamics of investments, which is considered an indicator of changes in the level of trust and rating of the country as a whole. Foreign investment plays a major blow to the economic development of many countries. Raising in the economy largely provides effective investment activity of Ukraine, which works by showing the dynamics invested in the country, so the investment climate in any country stands out from the main factors of socio-economic activity. situation. Thus, projects, innovative investments can be of great benefit for the economic development of the country, help to solve economic problems, so attract investors necessary and justified. In order to increase investment attractiveness, the country needs to implement a set of measures on the part of states and affairs, and as Ukraine has a strong production potential, thus concentrating the enhancement on the realization of its competitive advantages. It is concluded that the main directions of increasing the efficiency of investment activities, now and in the near future, will be: new modern infrastructure, improved investment, attracting foreign investors and improving the tax system. To improve the investment climate in Ukraine and increase the flow of foreign investment, it is necessary to promote the development of science, improve the regulatory framework in the field of investment, participate more actively in international investment projects, and develop small and medium-sized businesses in Ukraine.

An original methodology for evaluating the effectiveness of the use of concession mechanisms based on the stakeholder theory

Subject. The article addresses the methodology for evaluating the effectiveness of the use of concession mechanisms based on the stakeholder theory in investment activities. Objectives. The purpose is to develop methodological approaches to assessing the effectiveness of investment process financing, using the concession mechanisms. Methods. I employ both general scientific methods of cognition and analytical, economic and statistical methods of information processing, based on the analysis of existing concession agreements. Results. The study defines a methodology for evaluating the effectiveness of the use of concession mechanisms on the basis of the theory of stakeholders. It enables to determine the limits and prospects for investing private investor's funds, taking into account the evaluation rating scale. Conclusions. The stability of investment activity is an important aspect. The analysis of the existing preliminary review of the current economic state of concession agreements revealed negative cause-and-effect relationships, which are associated essentially with the lack of awareness of the parties of successful implementation of investment projects. My unique methodology for evaluating the effectiveness of the use of concession mechanisms based on the stakeholder approach aims at solving the above-mentioned problem and increasing the efficiency of investment project financing through a preliminary project assessment. It can be used in investment activities, in particular, in preparing and implementing concession agreements in the housing and utilities sector, construction of social institutions and transport infrastructure facilities.

Risks of investing in the agricultural sector of Ukraine's economy in the context of modernization of the industry

Investment is an important element in modernizing agriculture. However, the studied industry is characterized by features that lead to risky activities. The purpose of the article is to study the problem of investing in the agricultural sector of Ukraine's economy and determine the degree of risks of this process in the context of modernization. Studies show that investment is a necessary part of modernizing the agricultural sector of the economy. The specifics of investment in the agricultural sector of the economy, primarily due to the characteristics of the industry, ie depends on a variety of climatic, social, economic, financial and other factors. A key component of the investment process is to identify effective sources of funding. The analysis shows that 90% of the total investment in agriculture in Ukraine is the own funds of enterprises and organizations. In second place - loans in the form of loans and other loans (8.6%). Investment resources of the state and local budgets are extremely low – 0, 3 and 0.1%, respectively. All risk factors of the industry can be divided into internal and external. Agriculture is an important sector of the economy, on the development of which depends the food security of the population. Economic analysis of the industry has shown the need for its modernization. One of the directions of modernization of agricultural production is the intensification of investment activity, which is at a low level of development due to the riskiness of the industry.

Countercyclical Financing as a Tool for Facilitating Investment Activity in Russia: An Overview of Approaches

Aim. The presented study aims to investigate the use of the project financing mechanism to increase the investment activity of businesses and to identify opportunities for the allocation of cyclical risks and the corresponding development of project financing conditions.Tasks. The authors briefly overview the investment climate and investment activity of large businesses in Russia; provide a general description of the project financing mechanism in the implementation of investment projects and the allocation of risks among participants; consider the factor of price volatility and the proposed structuring of project financing with allowance for potential changes in prices for the project’s products.Methods. This study uses general scientific research methods (analysis, synthesis, induction, deduction), including analysis of public information through the example of major Russian companies, analysis of the key indicators of investment activity, analysis of risk allocation options in the financial flows of projects. Specific methods of financial analysis are also used to examine the results of the implementation of investment projects.Results. The key indicators of investment activity of the major Russian companies are presented. The possibility of using the mechanism of project financing and risk allocation among participants is determined.Conclusions. The investment activity of a considerable part of large Russian businesses is moderate. At the same time, there is a huge potential for growth using either internal funds (profits, accumulated cash balances) or project financing instruments. An example of using the mechanism of accelerated repayment of debt financing is provided.