Designing the investment climate to achieve economic development goals
Abstract
Subject of the study – the investment climate of a country, as the set of conditions that determine the attractiveness of its economy for domestic and foreign investors.Purpose of the study – to decompose the investment climate in order to enable the targeted application of economic policy tools for its improvement and for achieving the country’s economic development goals.Research methods. The study employs methods of analysis and synthesis, abstraction and analogy, as well as systemic and logical–historical approaches.Results. The article identifies the key components of the investment climate, taking into account investor interests and the objectives of national economic policy. These components include: market demand, regulatory environment, taxation, access to raw materials, financial resources, infrastructure, and human capital. The study demonstrates that assessments of the investment climate may vary significantly depending on the type of investor (particularly by industry), due to the different weighting of factors within their business models. At the same time, different types of investments have varying value for a country’s economic development. Therefore, economic policy should be based on modeling a targeted investment climate, considering the interests of desirable investor types and their potential role in achieving national economic development goals. This approach allows for effective customization of economic policy, supporting the implementation of economic strategy through the tools of economic engineering.
Full text
22 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww © ÃÀËÀÑÞÊ Â. Â., 2025 ÃÀËÀÑÞÊ Â. Â. Äèçàéí ³íâåñòèö³éíîãî êë³ìàòó äëÿ äîñÿãíåííÿ ö³ëåé åêîíîì³÷íîãî ðîçâèòêó Ïðåäìåò äîñë³äæåííÿ – ³íâåñòèö³éíèé êë³ìàò êðà¿íè ÿê ñóêóïí³ñòü óìîâ, ùî ôîðìóþòü ïðèâàáëèâ³ñòü åêîíîì³êè äëÿ âíóòð³øí³õ òà çîâí³øí³õ ³íâåñòîð³â. Ìåòà äîñë³äæåííÿ – çä³éñíèòè äåêîìïîçèö³þ ³íâåñòèö³éíîãî êë³ìàòó ç ìåòîþ ö³ëåñïðÿìîâàíîãî âèêîðèñòàííÿ ³íñòðóìåíò³â åêîíîì³÷íî¿ ïîë³òèêè äëÿ éîãî ïîêðàùåííÿ òà äîñÿãíåííÿ ö³ëåé åêîíîì³÷íîãî ðîçâèòêó êðà¿íè. Ìåòîäè äîñë³äæåííÿ. Ó ðîáîò³ çàñòîñîâàíî ìåòîäè àíàë³çó òà ñèíòåçó, àáñòðàãóâàííÿ òà àíàëî㳿, à òàêîæ ñèñòåìíèé òà ëîã³êî–³ñòîðè÷íèé ï³äõîäè. Ðåçóëüòàòè. Ó ñòàòò³ ³äåíòèô³êîâàíî êëþ÷îâ³ ñêëàäîâ³ ³íâåñòèö³éíîãî êë³ìàòó ç óðàõóâàííÿì ³íòåðåñ³â ³íâåñòîð³â ³ çàâäàíü äåðæàâíî¿ åêîíîì³÷íî¿ ïîë³òèêè, çîêðåìà: ðèíîê (ïîïèò), ðåãóëÿòîðí³ ïðàâèëà, îïîäàòêóâàííÿ, ñèðîâèíà, ô³íàíñîâ³ ðåñóðñè, ³íôðàñòðóêòóðà, ëþäñüêèé êàï³òàë. Ïîêàçàíî, ùî îö³íêè ³íâåñòèö³éíîãî êë³ìàòó ìîæóòü ñóòòºâî â³äð³çíÿòèñü çàëåæíî â³ä òèïó ³íâåñòîð³â (çîêðåìà ãàëóçåâî¿ ïðèíàëåæíîñò³) ÷åðåç â³äì³ííó âàãó îêðåìèõ ôàêòîð³â â ¿õ á³çíåñ–ìîäåëÿõ. Âîäíî÷àñ ð³çí³ âèäè ³íâåñòèö³é ìàþòü íåîäíàêîâó ö³íí³ñòü äëÿ åêîíîì³÷íîãî ðîçâèòêó êðà¿íè. Òîìó åêîíîì³÷íà ïîë³òèêà ìຠ´ðóíòóâàòèñÿ íà ìîäåëþâàíí³ ö³ëüîâîãî ³íâåñòèö³éíîãî êë³ìàòó ç óðàõóâàííÿì ³íòåðåñ³â áàæàíèõ òèï³â ³íâåñòîð³â òà ¿õíüî¿ ïîòåíö³éíî¿ ðîë³ ó äîñÿãíåíí³ ö³ëåé åêîíîì³÷íîãî ðîçâèòêó êðà¿íè. Öå äîçâîëèòü åôåêòèâíî êàñòîì³çóâàòè åêîíîì³÷íó ïîë³òèêó, ñïðèÿþ÷è ðåàë³çàö³¿ åêîíîì³÷íî¿ ñòðàòå㳿 çàñîáàìè åêîíîì³÷íî¿ ³íæåíåð³¿. Êëþ÷îâ³ ñëîâà: ³íâåñòèö³éíèé êë³ìàò, ³íâåñòèö³¿, åêîíîì³÷íèé ðîçâèòîê, åêîíîì³÷íà ïîë³òèêà, åêîíîì³÷íà ñòðàòåã³ÿ, åêîíîì³÷íà ñïåö³àë³çàö³ÿ, åêîíîì³÷íà ³íæåíåð³ÿ. VIKTOR HALASIUK Designing the investment climate to achieve economic development goals Subject of the study – the investment climate of a country, as the set of conditions that determine the attractiveness of its economy for domestic and foreign investors. Purpose of the study – to decompose the investment climate in order to enable the targeted application of economic policy tools for its improvement and for achieving the country’s economic ²ÍÍÎÂÀÖ²ÉÍΖ ²ÍÍÎÂÀÖ²ÉÍΖ ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ
23 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww Ïîñòàíîâêà ïðîáëåìè. Äëÿ åêîíîì³÷íîãî â³äíîâëåííÿ ³ ðîçâèòêó, çîêðåìà, äëÿ äîñÿãíåííÿ ö³ëüîâîãî ð³âíÿ ÂÂÏ íà äóøó íàñåëåííÿ (çà ÿêèì Óêðà¿íà â³äñòຠâ³ä ªÑ á³ëüø í³æ ó 3,3 ðàçè – çà ïàðèòåòîì êóï³âåëüíî¿ ñïðîìîæíîñò³), à òàêîæ äëÿ ï³äâèùåííÿ ÷àñòêè ïåðåðîáíî¿ ïðîìèñëîâîñò³ ó ÂÂÏ (ÿêà â Óêðà¿í³ ìàéæå âäâ³÷³ íèæ÷à, í³æ ó ñåðåäíüîìó ïî ªÑ, ³ á³ëüø í³æ âòðè÷³ íèæ÷à í³æ â Êèòà¿), êðà¿í³ íåîáõ³äíå ìàñøòàáíå òà ñèñòåìíå çàëó÷åííÿ ³íâåñòèö³é — ÿê ³íîçåìíèõ, òàê ³ âíóòð³øí³õ[1]. ²íâåñòèö³¿ â³ä³ãðàþòü êëþ÷îâó ðîëü ó ìîäåðí³çàö³¿ åêîíîì³êè: âîíè çàáåçïå÷óþòü îíîâëåííÿ îñíîâíèõ ôîíä³â, âïðîâàäæåííÿ íîâèõ òåõíîëîã³é, ðîçáóäîâó ³íôðàñòðóêòóðè, ðîçâèòîê ëþäñüêîãî êàï³òàëó, ñòâîðåííÿ íîâèõ âèðîáíè÷èõ ìîæëèâîñòåé òà ï³äâèùåííÿ êîíêóðåíòîñïðîìîæíîñò³ ïðîäóêö³¿ íà âíóòð³øí³õ ³ çîâí³øí³õ ðèíêàõ. Ñàìå ³íâåñòèö³¿ â ïåðåðîáíó ïðîìèñëîâ³ñòü, ëîã³ñòèêó, åíåðãåòèêó, öèôðîâó ³íôðàñòðóêòóðó òà ³íø³ ñòðàòåã³÷í³ ãàëóç³ ñòâîðþþòü îñíîâó äëÿ çá³ëüøåííÿ ïðîäóêòèâíîñò³, äîâãîñòðîêîâîãî åêîíîì³÷íîãî çðîñòàííÿ, ñò³éêîãî ðîçâèòêó ðåã³îí³â. Âàæëèâèé íå ò³ëüêè ìàñøòàá ³íâåñòèö³é òà ¿õ ÷àñòêà ó ÂÂÏ, àëå é ¿õ ñòðóêòóðà çà âèäàìè ä³ÿëüíîñò³, ÿêà âïëèâຠíà åêîíîì³÷íó ñïåö³àë³çàö³þ êðà¿íè òà ¿¿ ìàéáóòíþ åêîíîì³÷íó äèíàì³êó[2]. Äî òîãî æ, â óìîâàõ ïîâîºííîãî â³äíîâëåííÿ Óêðà¿íà ìàòèìå óí³êàëüíå â³êíî ìîæëèâîñòåé äëÿ ñòâîðåííÿ íîâî¿ åêîíîì³÷íî¿ àðõ³òåêòóðè íà îñíîâ³ ñó÷àñíèõ ïðèíöèï³â: äåöåíòðàë³çàö³¿, ³ííîâàö³éíîñò³, öèôðîâî¿ ³íòåãðàö³¿ òà îð³ºíòàö³¿ íà ãëîáàëüí³ ëàíöþãè äîäàíî¿ âàðòîñò³. Ó öüîìó êîíòåêñò³ ³íâåñòèö³éíèé êë³ìàò êðà¿íè ñòຠíå ïðîñòî âàæëèâèì – â³í ïåðåòâîðþºòüñÿ íà âèð³øàëüíèé ôàêòîð, â³ä ÿêîãî çàëåæèòü, ÷è çìîæå Óêðà¿íà çàëó÷èòè ðåñóðñè ó âèñîêîïåðñïåêòèâí³ ³íäóñò𳿠òà ðåàë³çóâàòè ñâ³é åêîíîì³÷íèé ïîòåíö³àë, ùîá ïåðåéòè â³ä ìîäåë³ êðà¿íè, ÿêà øóêຠñòàá³ë³çàö³¿ ³ â³äíîâëþºòüñÿ, äî ñòàòóñó êðà¿íè, ùî çðîñòຠòà ðîçâèâàºòüñÿ. Òàêèì ÷èíîì, íåîáõ³äíå ïðàãìàòè÷íå ðîçóì³ííÿ àðõ³òåêòóðè ³íâåñòèö³éíîãî êë³ìàòó êðà¿íè òà ï³äõîä³â äî éîãî ïîêðàùåííÿ ç óðàõóâàííÿì ³íòåðåñ³â ö³ëüîâèõ ³íâåñòîð³â, à òàêîæ ðîçðîáêà òà çàñòîñóâàííÿ ³íñòðóìåíò³â åêîíîì³÷íî¿ ïîë³òèêè, ÿê³ á ñòèìóëþâàëè ñàìå ò³ ³íâåñòèö³¿, ùî ìàþòü íàéá³ëüøó åêîíîì³÷íó òà ñîö³àëüíó â³ääà÷ó â êîíòåêñò³ ö³ëåé åêîíîì³÷íîãî ðîçâèòêó êðà¿íè. Àíàë³ç äîñë³äæåíü ³ ïóáë³êàö³é. Âèâ÷åííþ ³íâåñòèö³éíîãî êë³ìàòó ïðèñâÿ÷åíà íèçêà ðîá³ò óêðà¿íñüêèõ òà ³íîçåìíèõ íàóêîâö³â. Àäæå ²íâåñòèö³éíèé êë³ìàò êðà¿íè – öå áàãàòîãðàííå ïîíÿòòÿ, ÿêå ñóòòºâî âïëèâຠíà ¿¿ åêîíîì³÷íå çðîñòàííÿ òà ðîçâèòîê. ³í îõîïëþº íèçêó ñêëàäîâèõ, ùî âèçíà÷àþòü ïðèâàáëèâ³ñòü êðà¿íè àáî ðåã³îíó äëÿ ïîòåíö³éíèõ ³íâåñòîð³â. Ö³ ñêëàäîâ³ çàãàëîì ìîæíà âèçíà÷èòè ð³çíèì ÷èíîì [3–9]. Ðîçóì³ííÿ öèõ åëåìåíò³â òà ¿õ òîïîëî㳿 º íàäçâè÷àéíî âàæëèâèì ÿê äëÿ ³íâåñòîð³â ïðè îö³íö³ á³çíåñ–êåéñ³â òà ïðèâàáëèâîñò³ ³íâåñòèö³é, òàê ³ äëÿ äåðæàâíèõ óïðàâë³íö³â – ïîë³ñ³ìåéêåð³â, ùî ôîðìóþòü «ïðàâèëà ãðè» â åêîíîì³÷íèõ ñèñòåìàõ, àäæå âîíè äàþòü óÿâëåííÿ ïðî óìîâè, ùî ñïðèÿþòü àáî, íàâïàêè, ïåðåøêîäæàþòü äîñÿãíåííþ á³çíåñ– ö³ëåé òà ö³ëåé åêîíîì³÷íîãî ðîçâèòêó. Ó äîñë³äæåíí³ (Escribano et al., 2009) [3] ³íâåñòèö³éíèé êë³ìàò ðîçä³ëåíî íà ï’ÿòü êëþ÷îâèõ êàòåãîð³é: ³íôðàñòðóêòóðà, àäì³í³ñòðàòèâí³ áàð’ºðè, ²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ development goals. Research methods. The study employs methods of analysis and synthesis, abstraction and analogy, as well as systemic and logical–historical approaches. Results. The article identifies the key components of the investment climate, taking into account investor interests and the objectives of national economic policy. These components include: market demand, regulatory environment, taxation, access to raw materials, financial resources, infrastructure, and human capital. The study demonstrates that assessments of the investment climate may vary significantly depending on the type of investor (particularly by industry), due to the different weighting of factors within their business models. At the same time, different types of investments have varying value for a country’s economic development. Therefore, economic policy should be based on modeling a targeted investment climate, considering the interests of desirable investor types and their potential role in achieving national economic development goals. This approach allows for effective customization of economic policy, supporting the implementation of economic strategy through the tools of economic engineering. Keywords: investment climate, investment, economic development, economic policy, economic strategy, economic specialization, economic engineering.
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 24 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww êîðóïö³ÿ òà çëî÷èíí³ñòü, ô³íàíñè òà êîðïîðàòèâíå óïðàâë³ííÿ, à òàêîæ ÿê³ñòü, ³ííîâàö³¿ é íàâè÷êè ðîáî÷î¿ ñèëè. Ö³ êàòåãî𳿠äîïîìàãàþòü âèçíà- ÷èòè êîíêðåòí³ ïåðåøêîäè äëÿ êîíêóðåíòîñïðîìîæíîñò³ â ²íäîíå糿, Ìàëàé糿, Ô³ë³ïï³íàõ ³ Òà¿- ëàíä³. Àíàë³çóþ÷è äàí³ íà ð³âí³ ï³äïðèºìñòâ çà ìåòîäîì äåêîìïîçèö³¿ ïðîäóêòèâíîñò³ Îëë³ òà Ïåéêñà, äîñë³äæåííÿ îö³íþº âïëèâ öèõ ôàêòîð³â íà çàãàëüíó ôàêòîðíó ïðîäóêòèâí³ñòü (TFP) òà åôåêòèâí³ñòü ðîçïîä³ëó ðåñóðñ³â. Ó äîñë³äæåíí³ (Giang et al., 2018) [4] ðîçãëÿíóòî ÷îòèðè êëþ÷îâ³ âèì³ðè ³íâåñòèö³éíîãî êë³ìàòó: ³íôðàñòðóêòóðà, òðóäîâèé ïîòåíö³àë, ðåãóëÿòîðíå âðÿäóâàííÿ òà ³íñòèòóö³¿, à òàêîæ äîñòóï äî ô³íàíñóâàííÿ. Ïîêàçàíî, ÿê ö³ ôàêòîðè ôîðìóþòü ìîæëèâîñò³ òà ñòèìóëè äëÿ ï³äïðèºìñòâ ³íâåñòóâàòè ïðîäóêòèâíî, ñòâîðþâàòè ðîáî÷³ ì³ñöÿ òà ðîçøèðþâàòèñÿ. Äîñë³äæåííÿ ï³äêðåñëþº, ùî ïîêðàùåííÿ â çàçíà÷åíèõ ñôåðàõ ìîæå ï³äâèùèòè ïðîäóêòèâí³ñòü ï³äïðèºìñòâ, òîä³ ÿê îáìåæåííÿ — çîêðåìà, â³äñóòí³ñòü äîñòóïó äî ²íòåðíåòó, íèçüêèé ð³âåíü îñâ³òè ïðàö³âíèê³â ³ àäì³í³ñòðàòèâí³ áàð’ºðè – íåãàòèâíî âïëèâàþòü íà çàãàëüíó ôàêòîðíó ïðîäóêòèâí³ñòü (TFP) âèðîáíè÷èõ ï³äïðèºìñòâ ó Â’ºòíàì³. Ñêëàäîâ³ ³íâåñòèö³éíîãî êë³ìàòó, âèçíà÷åí³ â äîñë³äæåíí³ (Wagstaff et al., 2003) [5], âêëþ- ÷àþòü ì³æíàðîäíó ³íòåãðàö³þ, äèíàì³êó âõîäó òà âèõîäó ï³äïðèºìñòâ ç ðèíêó, ïèòàííÿ ðèíêó ïðàö³, âèêîðèñòàííÿ òåõíîëîã³é ³ äîñòóï äî çîâí³øíüîãî ô³íàíñóâàííÿ. Ö³ ôàêòîðè íà äóìêó àâòîð³â º êëþ÷îâèìè äëÿ ðîçóì³ííÿ òîãî, ÿê ³íâåñòèö³éíèé êë³ìàò âïëèâຠíà åôåêòèâí³ñòü ðîáîòè êîìïàí³é ó Êèòà¿. Ó äîñë³äæåíí³ ï³äêðåñëþºòüñÿ âàæëèâ³ñòü âèêîðèñòàííÿ äàíèõ íà ð³âí³ ï³äïðèºìñòâ äëÿ ðåòåëüíîãî àíàë³çó çàçíà÷åíèõ êîìïîíåíò³â òà ¿õíüîãî âïëèâó íà åêîíîì³÷íå çðîñòàííÿ, à òàêîæ àêöåíòóºòüñÿ óâàãà íà íåîáõ³äíîñò³ òî÷íîãî âèì³ðþâàííÿ åëåìåíò³â ³íâåñòèö³éíîãî êë³ìàòó. Ó ñòàòò³ (Ho, 2006) [6] ðîçãëÿäàºòüñÿ äåêîìïîçèö³ÿ ³íâåñòèö³éíîãî êë³ìàòó çà äîïîìîãîþ ³íäèêàòîð³â ³íâåñòèö³éíîãî êë³ìàòó äëÿ âèÿâëåííÿ îáìåæåíü, ç ÿêèìè ñòèêàþòüñÿ ï³äïðèºìñòâà. Ïðåäñòàâëåíî ìåòîäîëîã³þ, ÿêà êëàñèô³êóº êðà- ¿íè çàëåæíî â³ä òîãî, ÷è îáóìîâëåí³ îáìåæåííÿ ³íâåñòèö³éíîãî êë³ìàòó ïåðåâàæíî ïîë³òèêîþ ÷è ðåñóðñàìè. Òàêà áàãàòîâèì³ðíà äèõîòîì³ÿ çàáåçïå÷óº òîïîëîã³þ ç ìàêñèìàëüíîþ ðîçä³ëüíîþ çäàòí³ñòþ, ùî ïîãëèáëþº ðîçóì³ííÿ òîãî, ÿê ð³çí³ ÷èííèêè âïëèâàþòü íà åôåêòèâí³ñòü, çðîñòàííÿ òà ³íâåñòèö³éíó àêòèâí³ñòü ï³äïðèºìñòâ ó ïîíàä 50 êðà¿íàõ, îõîïëåíèõ îïèòóâàííÿì Ñâ³òîâîãî áàíêó. Äåÿê³ æ äîñë³äæåííÿ, ôîêóñóþòüñÿ íà ³íâåñòèö³éíîìó êë³ìàò³ â êîíòåêñò³ îêðåìèõ ³íäóñòð³é. Íàïðèêëàä, ó ñòàòò³ (Al–Salem & Mohammed, 2012) [7] âèçíà÷àþòü, ùî ñêëàäîâèìè ³íâåñòèö³éíîãî êë³ìàòó äëÿ ì³æíàðîäíîãî ô³íàíñîâîãî öåíòðó (ÌÔÖ) º ô³íàíñè, ³ííîâàö³¿, ñèñòåìà óïðàâë³ííÿ, ñîö³àëüí³ çâ’ÿçêè òà ³íôîðìàö³ÿ. ÌÔÖ ïîâèíåí çàáåçïå÷óâàòè íàä³éíå ô³íàíñóâàííÿ, åôåêòèâíå óïðàâë³ííÿ ðèçèêàìè, ìàêðîåêîíîì³÷íó òà ïîë³òè÷íó ñòàá³ëüí³ñòü, äîáðå ôóíêö³îíóþ÷ó ô³íàíñîâó ñèñòåìó òà íàÿâí³ñòü êâàë³ô³êîâàíî¿ ðîáî÷î¿ ñèëè. Êð³ì òîãî, â³í ìຠíàäàâàòè çíàííÿ ïðî ðèíêîâ³ ìîæëèâîñò³, ³íôîðìàö³þ ïðî êîíêóðåíò³â ³ ãàðàíòóâàòè çàõèñò ïðàâ ³íâåñòîð³â. Ó ñóêóïíîñò³ ö³ åëåìåíòè ï³äâèùóþòü ïðèâàáëèâ³ñòü òà åôåêòèâí³ñòü ÌÔÖ, âïëèâàþ÷è ÿê íà ð³âåíü ³íâåñòèö³é, òàê ³ íà ïðîäóêòèâí³ñòü.  ñòàòò³ (Yachymets, 2023) [8] ï³äêðåñëþºòüñÿ, ùî ³íâåñòèö³éíèé êë³ìàò – öå ñêëàäíå åêîíîì³÷íå òà ïîë³òè÷íå ÿâèùå, ÿêå ôîðìóºòüñÿ ï³ä âïëèâîì ð³çíèõ îá’ºêòèâíèõ ÷èííèê³â, òàêèõ ÿê ïðèðîäí³ óìîâè, íàÿâí³ñòü ðåñóðñ³â, ãåîãðàô³÷íå ðîçòàøóâàííÿ òà äåìîãðàô³÷íà ñèòóàö³ÿ, à òàêîæ ñóá’ºêòèâíèõ ÷èííèê³â, ïîâ’ÿçàíèõ ç óïðàâë³íñüêîþ ä³ÿëüí³ñòþ. Éîãî îö³íþþòü çà òàêèìè ïàðàìåòðàìè, ÿê ïðèò³ê ³ â³äò³ê êàï³òàëó, ð³âåíü ³íôëÿö³¿ òà â³äñîòêîâèõ ñòàâîê, ÷àñòêà çàîùàäæåíü ó ÂÂÏ. Äîñë³äæåííÿ äåìîíñòðóº, ùî ñïðèÿòëèâèé ³íâåñòèö³éíèé êë³ìàò º êëþ÷îâèì äëÿ ³ííîâàö³éíîãî ðîçâèòêó òà íàö³îíàëüíî¿ áåçïåêè, îñê³ëüêè âïëèâຠíà ³íâåñòèö³éí³ ðèçèêè íà ð³çíèõ ³ºðàðõ³÷íèõ ð³âíÿõ óïðàâë³ííÿ. Ó ñòàòò³ (Shovkun, 2019) [9] çä³éñíåíî ïîð³âíÿëüíèé àíàë³ç ïîêàçíèê³â ïðîìèñëîâî¿ ä³ÿëüíîñò³ òà õàðàêòåðèñòèê ³íâåñòèö³éíîãî êë³ìàòó ç âèêîðèñòàííÿì ðåôåðåíòíèõ ãðóï ³íîçåìíèõ êðà¿í, çîêðåìà êðà¿í ÎÅÑÐ, ÁвÊÑ ³ äåðæàâ ³ç Ãëîáàëüíîãî ðåéòèíãó êîíêóðåíòîñïðîìîæíîñò³ ïðîìèñëîâîãî âèðîáíèöòâà. Öå äîçâîëèëî àâòîðö³ âèÿâèòè çàãàëüí³ òà ñïåöèô³÷í³ ÷èííèêè, ùî âïëèâàþòü íà ïðîìèñëîâèé ðîçâèòîê Óêðà¿íè. Ðàçîì ç òèì ëîã³êà âèçíà÷åííÿ ñêëàäîâèõ òà àðõ³òåêòóðè ³íâåñòèö³éíîãî êë³ìàòó êðà¿íè, ÿê ³ ìîæëèâîñòåé âèêîðèñòàííÿ éîãî òîïîëî㳿 ïðè çä³éñíåíí³ åêîíîì³÷íî¿ ³íæåíå𳿠äëÿ ôîðìóâàííÿ òà ðåàë³çàö³¿ äåðæàâíî¿ åêîíîì³÷íî¿ ïîë³òèêè ç ìåòîþ äîñÿãíåííÿ âñòàíîâëåíèõ ö³ëåé åêîíîì³÷íîãî ðîçâèòêó ïîòðåáóº ïîäàëüøîãî íàóêîâîãî ïîøóêó.
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 25 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww Ìåòà äîñë³äæåííÿ – çä³éñíèòè äåêîìïîçèö³þ ³íâåñòèö³éíîãî êë³ìàòó ç ìåòîþ ö³ëåñïðÿìîâàíîãî âèêîðèñòàííÿ ³íñòðóìåíò³â åêîíîì³÷íî¿ ïîë³òèêè äëÿ éîãî ïîêðàùåííÿ òà äîñÿãíåííÿ ö³ëåé åêîíîì³÷íîãî ðîçâèòêó êðà¿íè. Âèêëàä îñíîâíîãî ìàòåð³àëó. ²íâåñòèö³éíèé êë³ìàò ÷àñòî ïîìèëêîâî ñïðèéìàºòüñÿ ÿê à) ùîñü ìîíîë³òíå, á) óí³ô³êîâàíî ³íòåðïðåòîâàíå ð³çíèìè ñòåéêõîëäåðàìè, ïðèíàéìí³ ³íâåñòîðàìè ð³çíèõ ³íäóñòð³é. Öüîìó íàäì³ðíî ñïðîùåíîìó ³ ïîìèëêîâîìó ðîçóì³ííþ ñïðèÿþòü óñ³ëÿê³ ðåéòèíãè íà êøòàëò âæå ë³êâ³äîâàíîãî Doing Business. Àëå ïîãëÿä íà ³íâåñòèö³éíèé êë³ìàò ÿê íà àíàëîã êðåäèòíîãî ðåéòèíãó ç ê³ëüêîìà ãðàäàö³ÿìè íå äîçâîëÿº ³íâåñòîðàì âëîâèòè âàæëèâ³ äëÿ íèõ â³äì³ííîñò³ òà âèîêðåìèòè õàðàêòåðèñòèêè, ÿê³ ðåàëüíî âïëèâàþòü íà ¿õ á³çíåñ, à òàêîæ â³í íå äຠìîæëèâ³ñòü ïîë³ñ³ìåéêåðàì ðîáèòè «òîíê³ íàëàøòóâàííÿ» äëÿ ïðèâàáëåííÿ ³íâåñòîð³â ïåâíîãî òèïó (íàïðèêëàä, â ³íôðàñòðóêòóðó òà ïåâí³ âèäè ïåðåðîáíî¿ ïðîìèñëîâîñò³, à íå ïðîñòî â íàäàííÿ ëîêàëüíèõ ïîñëóã, ³ìïîðò ãîòîâèõ òîâàð³â ÷è åêñïîðò ñèðîâèíè). Öå îñîáëèâî âàæëèâî, îñê³ëüêè ð³çí³ âèäè åêîíîì³÷íî¿ ä³ÿëüíîñò³ (òà â³äïîâ³äíî ð³çí³ ³íâåñòèö³¿) êàðäèíàëüíî â³äð³çíÿþòüñÿ ÿê ðóø³¿ åêîíîì³÷íîãî ðîçâèòêó òà ñêëàäîâ³ åêîíîì³÷íî¿ ñïåö³àë³çàö³¿ êðà¿íè [10]. ²íâåñòèö³éíèé êë³ìàò º áàãàòîøàðîâèì, íåîäíîð³äíèì ³ îêðåì³ éîãî ñêëàäîâ³ ìàþòü ð³çíó âàãó äëÿ ð³çíèõ ³íâåñòîð³â, çàëåæíî â³ä òîãî ÿêèì ÷èíîì âîíè âïëèâàþòü íà ¿õí³ á³çíåñ–êåéñè, òà çîêðåìà, íà êëþ÷îâ³ ñòàòò³ âèòðàò ³ ðèçèêè. ²íâåñòèö³éíèé êë³ìàò – öå áàãàòîøàðîâà åêîñèñòåìà, ÿêà âèçíà÷ຠïðèâàáëèâ³ñòü êðà¿íè ÷è ðåã³îíó äëÿ ³íâåñòîð³â ³ âîäíî÷àñ ñòðóêòóðóº íàá³ð âàæåë³â âïëèâó äëÿ óðÿä³â, ùî ïðàãíóòü ñòèìóëþâàòè åêîíîì³÷íå çðîñòàííÿ òà äîñÿãòè ïåâíèõ ö³ëåé. Çàïðîïîíîâàíà ìîäåëü ³ç ñåìè ñêëàäîâèõ º êàðêàñîì, äå êîæåí «øàð» º îäíî÷àñíî ôàêòîðîì îö³íêè äëÿ ³íâåñòîð³â ³ âàæåëåì âïëèâó äëÿ óðÿä³â ÷åðåç åêîíîì³÷íó ïîë³òèêó: Ðèíîê (ïîïèò). Öå ïðî íàÿâí³ñòü ê볺íò³â ³ ¿õíþ ïëàòîñïðîìîæí³ñòü. ²íâåñòîðè îö³íþþòü ÿê ºìí³ñòü âíóòð³øíüîãî ðèíêó (íàïðèêëàä, äëÿ âèðîáíèê³â øâèäêîïñóâíèõ ïðîäóêò³â), òàê ³ äîñòóï äî çîâí³øí³õ ðèíê³â (ñêàæ³ìî, ó êîíòåêñò³ ³íòåãðàö³¿ Óêðà¿íè â ºäèíèé ðèíîê ªÑ äëÿ á³îåòàíîëüíèõ âèðîáíèöòâ). Ó ïðîñòèõ á³çíåñ–ìîäåëÿõ ñàìå ïîïèò ÷àñòî º âèçíà÷àëüíèì. Íàïðèêëàä, ÿêùî ³íâåñòîð â³äêðèâຠêàâ’ÿðíþ, âèð³øàëüíèì áóäå ñàìå ì³ñöå ç âèñîêèì ï³øîõ³äíèì òðàô³êîì ³ ïëàòîñïðîìîæíèìè ê볺íòàìè, òîä³ ÿê ³íø³ êîìïîíåíòè ³íâåñòèö³éíîãî êë³ìàòó â³ä³ãðàþòü äðóãîðÿäíó ðîëü. Äëÿ åêñïîðòíî îð³ºíòîâàíèõ âèðîáíèöòâ îñîáëèâî âàæëèâèìè º òîðãîâåëüí³ óãîäè êðà¿íè òà óìîâè äîñòóïó äî ðèíê³â ³íøèõ äåðæàâ, ÿê³ ñóòòºâî âïëèâàþòü íà îö³íêó ïîïèòó ÿê ñêëàäîâî¿ ³íâåñòèö³éíîãî êë³ìàòó. Íàòîì³ñòü ì³ñöåâ³ ñåðâ³ñí³ êîìïàí³¿ çàçâè÷àé âçàãàë³ íå âðàõîâóþòü öåé ôàêòîð ï³ä ÷àñ îö³íþâàííÿ ³íâåñòèö³éíîãî êë³ìàòó. Ðåãóëÿòîðí³ ïðàâèëà. Öå ïðî ïðàâèëà ãðè – ùî äîçâîëåíî, ùî çàáîðîíåíî ³ ñê³ëüêè êîøòóº äîòðèìàííÿ öèõ ïðàâèë (òðàíçàêö³éí³ âèòðàòè ãðîøèìà ³ ÷àñîì). ²íòó¿òèâíî çäàºòüñÿ, ùî ÷èì íèæ÷³ áàð’ºðè – òèì êðàùå (äëÿ êàâ’ÿðåíü ³ ôàñò–ôóä³â öå ìîæå âèäàâàòèñü ö³ëêîì ñëóøíèì). Àëå äëÿ ñåðéîçíîãî êàï³òàëîì³ñòêîãî á³çíåñó â³äñóòí³ñòü ðåãóëþâàííÿ – öå ñêîð³øå ì³íóñ, í³æ ïëþñ. ×è âêëàäå õòîñü ó âèðîáíèöòâî ë³ê³â, ÿêùî äåðæàâà íå êîíòðîëþº ÿê³ñòü, äîçâîëÿº ôàëüñèô³êàö³þ ³ çëîâæèâàííÿ? Òàê³ ³íäóñò𳿠âèìàãàþòü æîðñòêèõ ³ ïðîçîðèõ ðåãëàìåíò³â. Ðîçâèíåí³ ðèíêè çàâæäè ìàþòü ñêëàäíó ñèñòåìó ðåãóëþâàííÿ – ñàìå âîíà çàõèùຠ³íòåðåñè ³íâåñòîð³â, ñïîæèâà÷³â ³ ñóñï³ëüñòâà, à òàêîæ ï³äæèâëþº äåÿê³ ³íø³ ðèíêè – íàïðèêëàä, êîíñàëòèíãó òà þðèäè÷íèõ ïîñëóã. ²íêîëè ïðÿìà çàáîðîíà ïåâíîãî âèäó ä³ÿëüíîñò³ — íàïðèêëàä, åêñïîðòó îêðåìèõ âèä³â ñèðîâèíè – ìîæå ñòèìóëþâàòè ïîÿâó ö³ëî¿ íîâî¿ ³íäóñò𳿠àáî êðàòíå ìàñøòàáóâàííÿ âæå ³ñíóþ÷î¿. Òàê ñòàëîñÿ ç ìîðàòîð³ºì íà åêñïîðò ë³ñó–êðóãëÿêà, ÿêèé äàâ ïîøòîâõ ðîçâèòêó äåðåâîîáðîáíî¿ òà ìåáëåâî¿ ïðîìèñëîâîñò³ â Óêðà¿í³. Ó ðåçóëüòàò³ áóëî çàëó- ÷åíî ì³ëüÿðäè ºâðî ³íâåñòèö³é ³ ñòâîðåíî äåñÿòêè íîâèõ âèðîáíè÷èõ ï³äïðèºìñòâ ð³çíîãî ìàñøòàáó, à ãàëóçü ïåðåòâîðèëàñü íà íàö³îíàëüíîãî ÷åìï³îíà çðîñòàííÿ ó ï’ÿòèð³÷í³é ïåðñïåêòèâ³ [11]. ßê³ñòü ³íñòèòóö³é, ð³âåíü êîðóïö³¿, ïîë³òè÷íà ñòàá³ëüí³ñòü – óñå öå ìຠïðîºêö³þ íà ðåãóëÿòîðíå ñåðåäîâèùå, âïëèâàþ÷è íà âèòðàòè òà ðåçåðâè, ÿê³ êîìïàí³¿ ïîâèíí³ ïåðåäáà÷èòè äëÿ êîìïåíñàö³¿ â³äïîâ³äíèõ ðèçèê³â ³ òðàíçàêö³é. Îïîäàòêóâàííÿ. Äëÿ îêðåìèõ âèä³â á³çíåñó òà, â³äïîâ³äíî, ³íâåñòîð³â ïîäàòêè ìîæóòü áóòè âèð³øàëüíèì ôàêòîðîì. Íàïðèêëàä, ó ²Ò–êîìïàí³ÿõ, äå çàðîá³òíà ïëàòà ÷àñòî ñòàíîâèòü ïîíàä 80% ñîá³âàðòîñò³, êðèòè÷íèì º ïîäàòêîâå íàâàíòàæåííÿ íà ôîíä
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 26 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww îïëàòè ïðàö³. Ñïðîùåíà ñèñòåìà îïîäàòêóâàííÿ ÔÎϳâ àáî ñïåö³àëüíèé ðåæèì ijÿ.City ìîæóòü êàðäèíàëüíî çì³íèòè ³íâåñòèö³éí³ ð³øåííÿ. Íàòîì³ñòü äëÿ ñó÷àñíîãî ìåòàëóðã³éíîãî ï³äïðèºìñòâà, äå âèòðàòè íà îïëàòó ïðàö³ ñòàíîâëÿòü ëèøå 5–7%, ïîäàòîê íà äîõîäè ô³çè÷íèõ îñ³á íå º âèçíà÷àëüíèì. Ó ôîêóñ³ òàêèõ êîìïàí³é – ìèòí³ òàðèôè, äîñòóï äî ñèðîâèíè, âàðò³ñòü åíåðãîíîñ³¿â òîùî. Âîäíî÷àñ äëÿ R&D òà âèðîáíè÷èõ êîìïàí³é âàæëèâèìè º ïîäàòîê íà ïðèáóòîê ³ îïîäàòêóâàííÿ ³ìïîðòó îáëàäíàííÿ, òîä³ ÿê ñåðâ³ñí³ ²Ò–êîìïàí³¿ çàçâè÷àé òóðáóº ëèøå ïîäàòêîâå íàâàíòàæåííÿ íà îïëàòó ïðàö³. Öÿ â³äì³íí³ñòü ó ñïðèéíÿòò³ ïîäàòêîâî¿ êîìïîíåíòè ³íâåñòèö³éíîãî êë³ìàòó çóìîâëåíà ð³çíîþ ñòðóêòóðîþ îïåðàö³éíî¿ ä³ÿëüíîñò³, âèòðàò ³ ðèçèê³â. ²íàêøå êàæó÷è, ñàìå òèï á³çíåñó òà á³çíåñ–ìîäåëü ôîðìóþòü «êóò çîðó» íà ³íâåñòèö³éíèé êë³ìàò. Äëÿ âèðîáíèê³â, ÿê³ çíà÷íîþ ì³ðîþ çàëåæàòü â³ä ³ìïîðòíî¿ ñèðîâèíè òà ìàòåð³àë³â, êðèòè÷- íå çíà÷åííÿ ìàþòü ñòàâêè ìèòíèõ òàðèô³â. Äëÿ ñåðâ³ñíèõ êîìïàí³é ö³ òàðèôè, íàâïàêè, º ðàäøå ôîíîâèì ÷èííèêîì. Ñèðîâèíà. Öå ïðî äîñòóïí³ñòü, âàðò³ñòü òà ñòàá³ëüí³ñòü ïîñòà÷àííÿ êëþ÷îâèõ ðåñóðñ³â, áåç ÿêèõ íåìîæëèâèé âèðîáíè÷èé ïðîöåñ. Äëÿ äåðåâîîáðîáíî¿, õàð÷îâî¿ ÷è õ³ì³÷íî¿ ïðîìèñëîâîñò³ öå ìîæå áóòè äåðåâèíà, ñ³ëüñüêîãîñïîäàðñüêà ñèðîâèíà àáî íàôòîõ³ì³÷íà ïðîäóêö³ÿ. ¯õíÿ íàÿâí³ñòü ó ðàä³óñ³ ëîã³ñòè÷íî¿ äîö³ëüíîñò³ òà ïåðåäáà÷óâàí³ñòü ö³í ìîæå áóòè êëþ- ÷îâèì ÷èííèêîì äëÿ ðîçì³ùåííÿ ï³äïðèºìñòâà. ßêùî æ ñèðîâèíà º ³ìïîðòíîþ, êðèòè÷íèìè ñòàþòü íå ò³ëüêè ö³íè, ìèòà, à é âàëþòíà ïîë³òèêà, ãåîïîë³òè÷í³ ðèçèêè òà ñòàá³ëüí³ñòü òîðãîâåëüíèõ ìàðøðóò³â. Çá³é â îäíîìó ³ç ñåãìåíò³â – ³ âåñü á³çíåñ–ïðîºêò ìîæå âòðàòèòè ñåíñ. Äëÿ ñåðâ³ñíîãî á³çíåñó ÷è ô³íàíñîâèõ êîìïàí³é öÿ ñêëàäîâà, íàâïàêè, ìàéæå íå ìຠçíà÷åííÿ. Ô³íàíñîâ³ ðåñóðñè. Éäåòüñÿ ïðî äîñòóï äî êàï³òàëó – ÷è òî âëàñíîãî, ÷è ïîçèêîâîãî. Äëÿ ³íâåñòîðà âàæëèâî, íàñê³ëüêè ëåãêî çàëó÷èòè êîøòè ï³ä ïðèéíÿòíó ñòàâêó, íà ÿê³ òåðì³íè ³ ç ÿêèìè âèìîãàìè äî çàáåçïå÷åííÿ. Äëÿ ³íôðàñòðóêòóðíèõ ÷è âèðîáíè- ÷èõ ïðîºêò³â íà ñîòí³ ì³ëüéîí³â äîëàð³â öå ìîæå áóòè áàð’ºðîì íîìåð îäèí. ²íâåñòîð îö³íþº íå ò³ëüêè â³äñîòêîâ³ ñòàâêè, à é íàÿâí³ñòü äåðæàâíèõ ïðîãðàì ñï³âô³íàíñóâàííÿ, ãàðàíò³é, ôîíäîâèõ ³íñòðóìåíò³â òîùî. Íàïðèêëàä, ó êðà¿íàõ Öåíòðàëüíî¿ ªâðîïè ïðîºêòè ëîêàë³çàö³¿ âèðîáíèöòâà ÷àñòî ñóïðîâîäæóþòüñÿ ñóáñèä³ÿìè àáî ï³ëüãîâèì êðåäèòóâàííÿì. Áåç öüîãî áàãàòî ïðîºêò³â áóëè á åêîíîì³÷íî íåâèã³äíèìè. Äëÿ ìàëîãî á³çíåñó ó ñôåð³ ïîñëóã äîñòóï äî êðåäèòó ìåíø êðèòè÷íèé – ³íîä³ äîñòàòíüî ñòàðòîâîãî êàï³òàëó çàñíîâíèêà àáî ï³äòðèìêè ðîäèíè. Âîäíî÷àñ ó êàï³òàëîì³ñòêèõ ñåêòîðàõ ³íîçåìí³ ³íâåñòîðè ÷àñòî çàõîäÿòü íà ðèíîê ³ç êàï³òàëîì, çàëó÷åíèì çà êîðäîíîì. Òîìó âèñîêà âàðò³ñòü, îáìåæåí³ñòü àáî ñêëàäí³ñòü ì³ñöåâîãî ô³íàíñóâàííÿ íå º äëÿ íèõ âèçíà÷àëüíèì áàð’ºðîì. Íàòîì³ñòü äëÿ ì³ñöåâèõ ³íâåñòîð³â, îñîáëèâî ìàëîãî òà ñåðåäíüîãî á³çíåñó, öÿ ñêëàäîâà ³íâåñòèö³éíîãî êë³ìàòó ìîæå áóòè êðèòè÷íî âàæëèâîþ é íàâ³òü áëîêóâàëüíîþ. ²íôðàñòðóêòóðà. Öå íå ëèøå äîðîãè é ïîðòè. Öå ùå é ëîã³ñòè÷- í³ õàáè, çàë³çíè÷íå ñïîëó÷åííÿ, åíåðãåòè÷í³ ìåðåæ³, òåëåêîìóí³êàö³¿ òà öèôðîâà ³íôðàñòðóêòóðà. Íàïðèêëàä, äëÿ àãðàðíîãî åêñïîðòåðà êðèòè÷- íèì áóäå äîñòóï äî åëåâàòîð³â, ïîðò³â ³ çàë³çíè÷íèõ òåðì³íàë³â. Äëÿ äàòà–öåíòð³â — ñòàá³ëüíå åëåêòðîïîñòà÷àííÿ é âèñîêîÿê³ñíèé ³íòåðíåò. Íàâ³òü òàêà íà ïåðøèé ïîãëÿä «áàíàëüíà» ð³÷, ÿê ÿê³ñòü äîð³ã, ìîæå ìàòè âèð³øàëüíå çíà÷åííÿ. Êîìïàí³ÿ, ùî òðàíñïîðòóº âàæêå àáî ÷óòëèâå äî ïîøêîäæåíü îáëàäíàííÿ, âðàõîâóº íå ëèøå âèòðàòè, à é âòðàòè ÿêîñò³. À äëÿ òóðèñòè÷íîãî á³çíåñó — äîñòóïí³ñòü ëîêàö³¿ ìîæå àáî ñòâîðèòè, àáî âáèòè âåñü ïðîºêò. Òå ñàìå ñòîñóºòüñÿ çàë³çíè÷íèõ òàðèô³â íà âàíòàæí³ ïåðåâåçåííÿ – öå âàãîìèé ÷èííèê ³íâåñòèö³éíîãî êë³ìàòó äëÿ ìåòàëóðã³â, ã³ðíè÷îäîáóâíèõ êîìïàí³é òà àãðàð³¿â, àëå äðóãîðÿäíèé, ÿêùî âçàãàë³ ðåëåâàíòíèé, äëÿ äàòà–öåíòð³â ÷è ôàðìàöåâòè÷íèõ íàóêîâî–äîñë³äíèõ (R&D) ëàáîðàòîð³é. Íàòîì³ñòü äëÿ äàòà–öåíòð³â àáî åëåêòðîïëàâèëüíèõ âèðîáíèöòâ âèð³øàëüíèì ôàêòîðîì º âàðò³ñòü åëåêòðîåíåð㳿 – âîíà ÷àñòî ïåðåâàæóº áàãàòî ³íøèõ ïàðàìåòð³â ó ¿õí³õ á³çíåñ–ìîäåëÿõ. Ëþäñüêèé êàï³òàë. Äîñòóïí³ñòü ³ ÿê³ñòü òàëàíò³â ³ ðîáî÷î¿ ñèëè – îäèí ³ç êëþ÷îâèõ ÷èííèê³â ³íâåñòèö³éíî¿ ïðèâàáëèâîñò³. Âîäíî÷àñ éîãî çíà÷óù³ñòü êàðäèíàëüíî â³äð³çíÿºòüñÿ çàëåæíî â³ä òèïó á³çíåñó. Íàïðèêëàä, âåëèêîìó ïîøòîâîìó îïåðàòîðó ÷è ìåðåæ³ ôàñòôóä³â ïîòð³áí³ òèñÿ÷³ äèñöèïë³íîâàíèõ ïðàö³âíèê³â ³ç áàçîâîþ îñâ³òîþ, ÿê³ âèêîíóþòü ñòàíäàðòèçîâàí³ îïåðàö³¿. À îò á³îòåõíîëîã³÷íîìó
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 27 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww àáî ôàðìàöåâòè÷íîìó âèðîáíèöòâó – íàâïàêè, ïîòð³áíà íåâåëèêà ê³ëüê³ñòü âèñîêîêâàë³ô³êîâàíèõ ôàõ³âö³â ³ç ïðîô³ëüíîþ âèùîþ îñâ³òîþ, ïðàêòè÷- íèì äîñâ³äîì, çíàííÿì ³íîçåìíèõ ìîâ ³ âì³ííÿì ïðàöþâàòè â ì³æäèñöèïë³íàðíîìó ñåðåäîâèù³. Êðà¿íè ç ÿê³ñíîþ ñèñòåìîþ îñâ³òè, ñèëüíèìè òåõí³÷íèìè óí³âåðñèòåòàìè é ïðîôåñ³éíèìè øêîëàìè ôîðìóþòü áàçó äëÿ çàëó÷åííÿ ³íâåñòèö³é ³ ðîçâèòêó ñêëàäíèõ âèðîáíèöòâ. Àëå íàâ³òü íàéêðàùà ñèñòåìà îñâ³òè íå êîìïåíñóº â³äò³ê ì³çê³â, äåìîãðàô³÷íó êðèçó ÷è êóëüòóðíó áàéäóæ³ñòü äî íàóêè é ï³äïðèºìíèöòâà. Âèòðàòè íà îïëàòó ïðàö³ çàéìàþòü ð³çíó ÷àñòêó â ñòðóêòóð³ ñîá³âàðòîñò³, çàëåæíî â³ä ãàëóç³: â ²Ò – äî 70–80%, ó ìàøèíîáóäóâàíí³ – 20–30%, ó ìåòàëóð㳿 – 5–15%. Àëå ³íâåñòîðè øóêàþòü íå íàéäåøåâøó, à íàéåôåêòèâí³øó ðîáî÷ó ñèëó. Òîìó êðèòè÷íå çíà÷åííÿ ìàþòü íå ëèøå âèòðàòè, à é ïðîäóêòèâí³ñòü, ìîòèâàö³ÿ, çäàòí³ñòü äî íàâ÷àííÿ, ä³ëîâà åòèêà é çàãàëüíèé ñâ³òîãëÿä ïðàö³âíèê³â. Âèñíîâêè ²íâåñòèö³éíèé êë³ìàò – öå áàãàòîâèì³ðíà êîíñòðóêö³ÿ, ùî áåçïîñåðåäíüî âïëèâຠíà çäàòí³ñòü êðà¿íè äîñÿãàòè ñòðàòåã³÷íèõ ö³ëåé åêîíîì³÷íîãî ðîçâèòêó. Ïðîâåäåíå äîñë³äæåííÿ äîçâîëèëî çä³éñíèòè äåêîìïîçèö³þ ³íâåñòèö³éíîãî êë³ìàòó íà êëþ÷îâ³ ñêëàäîâ³ ç óðàõóâàííÿì ³íòåðåñ³â ð³çíèõ òèï³â ³íâåñòîð³â ³ çàâäàíü äåðæàâíî¿ ïîë³òèêè. Âñòàíîâëåíî, ùî ³íâåñòèö³éíà ïðèâàáëèâ³ñòü êðà- ¿íè çàëåæèòü íå ëèøå â³ä çàãàëüíîãî ð³âíÿ ñïðèÿòëèâîãî ñåðåäîâèùà, à é â³ä ñïåöèô³êè á³çíåñó ³íâåñòîð³â. гçí³ ³íâåñòîðè ïî–ð³çíîìó ñïðèéìàþòü ³ çâàæóþòü îêðåì³ êîìïîíåíòè ³íâåñòèö³éíîãî êë³ìàòó, çîêðåìà: ïîïèò íà ïðîäóêö³þ, ðåãóëÿòîðíå ñåðåäîâèùå, ïîäàòêîâ³ óìîâè, äîñòóï äî ñèðîâèíè, êàï³òàëó, ³íôðàñòðóêòóðè òà ëþäñüêèõ ðåñóðñ³â. ³äòàê åêîíîì³÷íà ïîë³òèêà ìຠåâîëþö³îíóâàòè â³ä óí³âåðñàëüíèõ ï³äõîä³â äî êàñòîì³çîâàíèõ ð³øåíü, îð³ºíòîâàíèõ íà ïîë³ïøåííÿ îêðåìèõ êîìïîíåíò³â ³íâåñòèö³éíîãî êë³ìàòó ç óðàõóâàííÿì ïîòðåá êîíêðåòíèõ ñåêòîð³â, ³íäóñòð³é ³ âèä³â ä³ÿëüíîñò³. Öå äîçâîëèòü ñòâîðþâàòè ö³ëüîâ³ ñòèìóëè òà ïðèâàáëèâ³ óìîâè äëÿ ³íâåñòîð³â, ÿê³ â³äïîâ³äàþòü ñòðàòåã³÷íèì ïð³îðèòåòàì êðà¿íè – ðîçâèòêó ïåðåðîáíî¿ ïðîìèñëîâîñò³, ³íôðàñòðóêòóðè, ³ííîâàö³éíîãî ï³äïðèºìíèöòâà òà ³íòåãðàö³¿ ó ãëîáàëüí³ ëàíöþãè äîäàíî¿ âàðòîñò³. Ó ðåçóëüòàò³ öå ñïðèÿòèìå çàëó÷åííþ ÿê³ñíèõ ³íâåñòèö³é ³ ñòðóêòóðí³é òðàíñôîðìàö³¿ åêîíîì³êè Óêðà¿íè – â³ä ðåñóðñíîãî ïîñòà÷àëüíèêà äî âèðîáíèêà é ³ííîâàòîðà [2]. Çàïðîïîíîâàíèé ó ñòàòò³ ï³äõ³ä äຠçìîãó ïåðåéòè â³ä ïàñèâíîãî ñïîñòåðåæåííÿ çà äèíàì³êîþ ³íâåñòèö³é ³ ïîâåðõíåâèõ ñïðîá ïîêðàùåííÿ ñèòóàö³¿ «â ñåðåäíüîìó ïî ïàëàò³» äî àêòèâíîãî äèçàéíó ³íâåñòèö³éíîãî êë³ìàòó ÿê åëåìåíòó åêîíîì³÷- íî¿ ³íæåíå𳿠[12]. Öå â³äêðèâຠíîâ³ ìîæëèâîñò³ äëÿ ö³ëåñïðÿìîâàíî¿ åêîíîì³÷íî¿ ïîë³òèêè, ÿêà íå ëèøå ñòèìóëþº çàãàëüíèé ïðèïëèâ ³íâåñòèö³é, à é ôîðìóº íîâó åêîíîì³÷íó ñïåö³àë³çàö³þ êðà¿íè, ï³äâèùóº ïðîäóêòèâí³ñòü, ñïðèÿº ñòàëîìó ðîçâèòêó, ³ííîâàö³éíîìó îíîâëåííþ òà çì³öíåííþ êîíêóðåíòîñïðîìîæíîñò³ Óêðà¿íè íà ãëîáàëüíîìó ð³âí³. Ñïèñîê âèêîðèñòàíèõ äæåðåë: 1 Halasiuk, Viktor. «Gross Fixed Capital Formation as Indicator of the Prospects for Economic Development of the Country (䄷斄 ɓɜʖɑɷȝ䍮❁ʨ䟼ʨ䰊㳆ʨ ㏽㭹Ț摠ȈȺ䛒䤴).» 䠜ヶ⨤攠䰊㳆⨤妔斄= Kobe Gakuin economic papers 50.3 (2018): 71–80. 2 Ãàëàñþê Â. Â. Êîíöåïòóàëüí³ çàñàäè òðàíñôîðìàö³¿ åêîíîì³êè Óêðà¿íè: ìîíîãðàô³ÿ //Êè¿â: Íàö³îíàëüíà àêàäåì³ÿ óïðàâë³ííÿ. – 2019. 3 Escribano, A., Guasch, J. L., de Orte, M., & Pena, J. (2009). Investment climate assessment in indonesia, malaysia, the philippines and thailand: results from pooling firm–level data. The Singapore Economic Review, 54(03), 335–366. https://doi.org/10.1142/ S0217590809003379 4 Giang, M. H., Xuan, T. D., Trung, B. H., Que, M. T., & Yoshida, Y. (2018). Impact of Investment Climate on Total Factor Productivity of Manufacturing Firms in Vietnam. Sustainability, 10(12), 4815. https://doi. org/10.3390/SU10124815 5. Wagstaff, A., Paci, P., & Joshi, H. (2003). The Investment Climate and the Firm : Firm–Level Evidence from China. Social Science Research Network. https://papers. ssrn.com/sol3/papers.cfm?abstract_id=634440 6. Ho, J. K. (2006). Maximum resolution dichotomy for investment climate indicators. International Journal of Business Environment, 1(1), 126–135. https://doi. org/10.1504/IJBE.2006.010132 7. Al–Salem, F. H., & Mohammed, M. (2012). Factors Affecting The Investment Climate For An International Financial Center In Kuwait. Journal of Applied Business Research, 28(6), 1373–1384. https://doi. org/10.19030/JABR.V28I6.7350 8. Yachymets, Yu. (2023). Ôîðìóâàííÿ ïðèâàáëèâîãî ³íâåñòèö³éíîãî êë³ìàòó â ñèñòåì³ ³ºðàðõ³÷íèõ
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 28 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww ð³âí³â íàö³îíàëüíî¿ åêîíîì³êè. Ìnvesticìï: Praktika Ta Dosvìd. https://doi.org/10.32702/2306– 6814.2023.19.125 9. Shovkun, I. (2019). Investment climate as a factor of industrial development in Ukraine. Economy and Forecasting, 2019(4), 67–100. https://doi. org/10.15407/ECONFORECAST2019.04.067 10. Ðàéíåðò, Å. Ñ. ßê áàãàò³ êðà¿íè ñòàëè áàãàòèìè... ³ ÷îìó á³äí³ êðà¿íè çàëèøàþòüñÿ á³äíèìè / Åð³ê Ñ. Ðàéíåðò; ïåð. ç àíãë. Î. Ãóëü. — Êè¿â : Ñàìì³ò–Êíèãà, 2019. — 416 ñ. 11. Halasiuk V. Mechanisms for pursuing the economic and environmental interests of Ukraine in Forest and Woodworking industry //Economics Ecology Socium. – 2018. – Ò. 2. – ¹. 2. – Ñ. 20–29. 12. Ãàëàñþê Â.Â. Åêîíîì³÷íà ³íæåíåð³ÿ. Ïðàêòè÷íà òåîð³ÿ äëÿ êðàùîãî ìàéáóòíüîãî // Óêðà¿íñüêèé òèæäåíü, 2021. – ¹16 (700). References: 1 Halasiuk, Viktor. «Gross Fixed Capital Formation as Indicator of the Prospects for Economic Development of the Country (䉠暭 ͼ΅οͺΠ䒗⡪ϑ䤥ἁϑ䴳㷯ϑ 㔦㲢斉䟻䩝û 䥅⭍晉䴳㷯⭍媽暭= Kobe Gakuin economic papers 50.3 (2018): 71–80. 2 Halasyuk V. V. Kontseptual’ni zasady transformatsiyi ekonomiky Ukrayiny: monohrafiya //Kyyiv: Natsional’na akademiya upravlinnya. – 2019. 3 Escribano, A., Guasch, J. L., de Orte, M., & Pena, J. (2009). Investment climate assessment in indonesia, malaysia, the philippines and thailand: results from pooling firm–level data. The Singapore Economic Review, 54(03), 335–366. https://doi.org/10.1142/ S0217590809003379 4 Giang, M. H., Xuan, T. D., Trung, B. H., Que, M. T., & Yoshida, Y. (2018). Impact of Investment Climate on Total Factor Productivity of Manufacturing Firms in Vietnam. Sustainability, 10(12), 4815. https://doi. org/10.3390/SU10124815 5. Wagstaff, A., Paci, P., & Joshi, H. (2003). The Investment Climate and the Firm : Firm–Level Evidence from China. Social Science Research Network. https:// papers.ssrn.com/sol3/papers.cfm?abstract_ id=634440 6. Ho, J. K. (2006). Maximum resolution dichotomy for investment climate indicators. International Journal of Business Environment, 1(1), 126–135. https://doi. org/10.1504/IJBE.2006.010132 7. Al–Salem, F. H., & Mohammed, M. (2012). Factors Affecting The Investment Climate For An International Financial Center In Kuwait. Journal of Applied Business Research, 28(6), 1373–1384. https://doi. org/10.19030/JABR.V28I6.7350 8. Yachymets, Yu. (2023). Formuvannya pryvablyvoho investytsiynoho klimatu v systemi iyerarkhichnykh rivniv natsional’noyi ekonomiky. Ìnvesticìï: Praktika Ta Dosvìd. https://doi.org/10.32702/2306– 6814.2023.19.125 9. Shovkun, I. (2019). Investment climate as a factor of industrial development in Ukraine. Economy and Forecasting, 2019(4), 67–100. https://doi. org/10.15407/ECONFORECAST2019.04.067 10. Raynert, E. S. Yak bahati krayiny staly bahatymy... i chomu bidni krayiny zalyshayut’sya bidnymy / Erik S. Raynert; per. z anhl. O. Hul’. — Kyyiv : Sammit–Knyha, 2019. — 416 s. 11. Halasiuk V. Mechanisms for pursuing the economic and environmental interests of Ukraine in Forest and Woodworking industry //Economics Ecology Socium. – 2018. – T. 2. – ¹. 2. – S. 20–29. 12. Halasyuk V.V. Ekonomichna inzheneriya. Praktychna teoriya dlya krashchoho maybutn’oho // Ukrayins’kyy tyzhden’, 2021. – ¹16 (700). Äàí³ ïðî àâòîðà Ãàëàñþê ³êòîð Âàëåð³éîâè÷, ä. å. í., íà÷àëüíèê â³ää³ëó Äåðæàâíîãî íàóêîâî–äîñë³äíîãî ³íñòèòóòó ³íôîðìàòèçàö³¿ òà ìîäåëþâàííÿ åêîíîì³êè ORSID: https://orcid.org/0009–0001–0467–4956 Data about the author Viktor Halasiuk, Doctor of Economics, Head of Department at the State Research Institute of Informatization and Modeling