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Abstract—The dynamics of the Russian economy in 2022 did not develop along the trajectories expected in most forecasts. Investments in fixed assets, contrary to expectations, decreased slightly; some industries have seen growth. The article offers an analysis of the 2022 results from the point of view of justification of views on the factors determining investment dynamics. Based on the views on investment issues in Russian scientific publications preceding 2022, the processes that took place this year are presented as a set of shock events. Based on Rosstat data, descriptive statistics of investments in fixed assets are shown: the investment crisis that could have been expected from the experience of COVID-2019 or 2014–2015 did not happen. An assessment of investment activity factors from a business perspective is also presented (based on a sample survey conducted by Rosstat). For the factors of investment activity under consideration, signs (characteristics), which were compared with the dynamics of the index of the physical volume of investments in fixed capital were identified. The analysis was carried out using data and information from the Bank of Russia. The role of at least some institutional factors in Russian conditions is apparently not as great as is commonly believed: in the short term, even serious deteriorations in the institutional environment do not immediately lead to comparable changes in investment activity. The sectors of transport, logistics, and wholesale trade have shown sufficient flexibility and willingness to invest even in conditions of uncertainty. The greatest contribution to the dynamics of investment were apparently driven by the availability of resources, including credit (not only investment), the presence of confirmed effective demand and the technological dependence of Russian industries. It is important to focus in interests of stimulating economic growth especially on these areas.

This article presents the results of using machine learning methods to evaluate the investment activity of various Russian regions. The task was considered from two points of view: obtaining information about the class to which a particular region belongs, and forming a quantitative estimate of the investment activity of the regions. In the first case, the solution was obtained with the help of a neural network system implemented in the MatLab 2018b. In the second case, a hybrid system ANFIS was used, making it possible to generate a quantitative estimate of investment activity.

Purpose. To substantiate an approach to road development investment management in Ukraine in compliance with the principle of syncretism and the use of Quality Function Deployment methodology, to improve the methodological approach to calculating the concession fee for brown-field and green-field road concession projects. Methodology. The study used a set of general and special methods of cognition: the Quality Function Deployment (QFD) method, the environmental approach, multimodal analysis, Decoupling Index, Decoupling Factor, logical generalization, quantitative and qualitative comparison, scientific abstraction and systematization. Findings. According to the results of research on interrelation of cost of an investment project and volumes of works by their types, an economic-mathematical model of estimation of need for investments in projects for construction, reconstruction, repair and maintenance of public motor roads is offered. The proposed model, unlike the existing ones, is based on lateral understanding of the clarity of delineation of capital needs by type of road construction, which will provide taking management decisions on investment projects with model and information tools that will help obtain the most realistic assessment of need for capital needed to improve the transport operation condition of motor roads in Ukraine. Originality. The organizational-economic mechanism of management of investment activity of road economy and the estimation of efficiency of co-financing investment projects under programs on construction, reconstruction, repair and maintenance of motor roads is advanced. The diagnostics of efficiency of investment of construction of public motor roads under public-private partnership in the form of concession is improved. Practical value. The results of the study can be used in the activities of road industry of Ukraine for the development and implementation of investment projects under motor road development programs.

Background: In this paper, the problem of sustainability of investment activity in the direction of the high yield investment program is considered. In these financial instruments, large amounts of money are accumulated, consisting of contributions from the vast majority of the population. For example, pension funds inherent in most developed countries, insurance institutions, etc., can be indicated. Accordingly, the social significance of their activities and the impact on the quality of life of all segments of the population increase. Methods: This article outlines the methods and results aimed at the digital transformation of methods for forecasting long-term institutional investments. The authors use the method of mathematical modeling of the dynamics considering that the sustainability calculation must assume that the life cycle of citizens providing contributions is limited. The parameters of the distribution of the duration of the accumulation phase over the array of people and the time of life in the subsequent period are known. For mathematical modeling, the researchers divide the players by the time they have been present on the market. Results: The authors have developed a mathematical model in the form of a set of algorithms for calculating the sustainability of long-term institutional investments with reference to life quality indicators. Conclusions: The need to develop a methodology for assessing sustainability is dictated by the increased role of digital technologies and the ability to receive the most relevant information for analysis online.

The article is aimed at substantiating the measures to improve the state regulation of investment activities of heat supply companies, aimed at intensifying work on the modernization of district heating systems. In Ukraine, the need for state regulation of activities (including investment) in the field of heat and power engineering is established by the Law of Ukraine “On Heat Supply”. Such regulation is carried out by adopting regulations that are mandatory for use by all economic entities in the field of heat supply, and by providing control functions to the national regulator and local governments. The article analyzes Procedures for development, approval, coordination and approval of investment programs of municipal heat companies which are now in force in Ukraine. The analysis of current regulations has made it possible to identify the main problems of the state regulation of investment activity: imperfection of planning; complexity of development, justification, approval and control of investment programs; and a complicated mechanism for financing investment activities. According to the results of the research, the following ways to improve the state regulation of investment activity of the enterprises working in the municipal heat power engineering are offered: transition from short-term to medium- and long-term planning of investment activity; simplification of the current procedures for approval and adoption of investment programs; further decentralization of investment management and granting all powers to local governments; dismissal of the obligation for each measure and investment program as a whole to be economically efficient. A local authority should be entitled to independently choose the priorities for designing an investment program, e.g.: to improve the quality or reliability of heat supply, or to reduce tariffs; to simplify procedures of monitoring the implementation of investment programs, to give a heat supply company more independence in spending funds received under the investment program.

Given the unsatisfactory state of rural areas development in Ukraine, tourism development becomes one of the promising ways to overcome the decline in rural areas, labor migration, and unemployment, and to increase employment among countrymen, as well as to restore and expand tourism infrastructure in rural areas, etc. However, to develop tourism in rural areas, investment should be increased by attracting new funds. The authors consider some theoretical and methodological aspects of the role played by investment to ensure that rural areas be developed as tourist destinations. The conceptual and terminological apparatus in the field of tourism has been improved, and the investment activity concept has been specified. Taking into account the fact that investment activity largely depends on both the way it is supposed to influence investment objects and on the intended goals of its implementation, the authors present a typology for investment activity forms depending on investment objects (innovation, capital construction, leasing, corporate investment), which can be implemented while ensuring the development of rural areas as tourist destinations. Based on the considered general characteristics of investment activity, its various features, available types and forms of implementation, the investment types helping to ensure the development of rural areas as tourist destinations have been classified according to the following features: income sources (and the corresponding form of ownership); investment objects; investment risk level; profitability level; level of social responsibility. Priority areas for attracting investment to develop tourism in rural areas are highlighted. Emphasis is placed on improving the tools used within the state regulation of investment activities, and the mechanism for attracting investment resources in order to develop rural tourism

Purpose. To substantiate the foundations of institutional support for investment in Ukraine, to analyze international experience in stimulating and regulating investment activity, and develop avenues for enhancing the investment attractiveness of the domestic economy. Methodology. A systemic approach was employed to characterize the set of institutions and institutional structures in Ukraine’s investment sphere. The method of generalization was used to analyze the regulatory and legal framework for investment, while analysis and synthesis facilitated the comparison of international practices in regulating investment and the formulation of recommendations for adapting foreign experience to Ukraine’s national economy. Findings. The study substantiates that the effective formation of an institutional environment in Ukraine requires coordination and interaction among government agencies, businesses, and civil society. Key elements of the institutional system (legislative framework, state regulation, legal guarantees) that directly influence investors’ decisions are identified. Recommendations are proposed for improving tax, budgetary, and infrastructure policies in Ukraine with a view to attracting foreign direct investment. It is argued that the essential factors for attracting investment include a transparent regulatory environment, flexible tax and fiscal policies, stability of the monetary and credit system, and clear legal guarantees for both foreign and domestic investors. Originality. The vectors of influence exerted by public institutions on the formation of a sustainable investment climate amid global instability have been clarified and grouped. The institutional components of state regulation of investment are systematized, and the most effective legal, economic, and administrative tools are identified. The paper generalizes the experience of EU countries in creating a favorable investment environment and reveals the most effective methods for stimulating foreign investors, including tax and financial incentives, as well as the organization of special economic zones and industrial parks, which are proposed for implementation in Ukraine. Practical value. The results can be used to develop projects of state support for investors, optimize legislative support, and create an effective mechanism for stimulating innovation and investment. The proposed directions for improving investment attractiveness will contribute to economic recovery in the postwar period, increase competitiveness, and create a positive investment image of Ukraine.

Purpose: The research aims to establish the regularity of the state of investment activity in the context of the global world crisis and to determine the features and prospects of investment activity development. Design/methodology/approach: Research methods: method of information synthesis; regression analysis; systematization, generalization, comparative analysis. Findings: As a result of the analysis of the development of investment activity in the context of the global crisis, a positive trend in attracting investments into the economy of countries was established. Research, Practical & Social implications: The practical significance of the study lies in the fact that the theoretical provisions, conclusions, and recommendations developed by the author and proposed in the article can be used to: increase the level of development of investment activity in the context of the global world crisis, etc. Originality/ value: It was determined that further research could be aimed at improving the legislation to facilitate the implementation of investment policy, which will reduce the dependence on the impact of factors on the state of attracting foreign direct investment and the level of investment activity, which in turn will improve the economic activity of entities and the current level of the economy.

The purpose of the study is to substantiate the innovation-investment mechanism of the development of economic entities in the conditions of transformational challenges, which involves a recurrent structure for comprehensive consideration of its components. In the researched and substantiated implementation of the recurrent ratio of the innovation-investment mechanism for the development of economic entities in the conditions of transformational challenges, it is possible to take into account: the functions of the innovation-investment mechanism, which include: strategic-target, organizational management, analytical-informational, social-cultural functions; exogenous and endogenous actors of the mechanism of subjects of economic activity; targeting the achievement of the set tasks of the functioning of the innovation-investment mechanism for the development of economic entities in the conditions of transformational challenges; strategies of innovation and investment development at the level of various levels of government, enterprises and others, taking into account the coherence of the interests of all economic entities; diversification of sources of investment resources; generally accepted methods of the mechanism, which include: planning, forecasting, control, diagnostics, stimulation; specific methods of the mechanism, which include: generation of ideas, compilation, distribution; and management of the innovation and investment mechanism.