Directions for improving mechanisms for stimulating investment activity of regional enterprises
Abstract. The high level of interregional stratification of investment activity requires the development of solutions to reduce the differentiation of regions, since the investment component is an important factor in economic development and directly affects the economic potential, both now and in the longterm. In recent years, a set of tools has been developed thatare mainly focused on organizational, familiarization, information and infrastructure methods for increasing the investment attractiveness of regions. In our work, we tried to analyze the main factors influencing the investment indicators of regions, including in the analysis not only the most obvious economic indicators, but also information on infrastructure construction and assessment of regions for the implementation of the regional investment standard. Of course, it is still too early to summarize such innovations as the infrastructure menu or the regional investment standard, but we considered it necessary to draw some intermediate results on the compliance of these indicators with the volumes of investment activity in the regions. To combine the listed heterogeneous factors into a single whole, the cluster method was used in the work, which made it possible to group the regions by a set of various indicators affecting investment indicators. All indicators are calculated per capita in order to avoid errors associated with significant differences in the population of the regions. Regression and cluster analysis made it possible to establish that, in general, investments depend on the level of industrial production. Industrial production has a direct impact on GRP and population income, forming a demand and creating opportunities for further investment in production, infrastructure, as well as in housing construction - due to the growth of population income. The highest indicators are distinguished by 10 leading regions, among which are mainly economically developed regions with an expanded extractive export-oriented industry, as well as the capital region. Therefore, the most expedient and effective way to improve investment indicators will be to promote the industrial development of each region. In our opinion, the mechanisms for stimulating investment activity should ultimately take this circumstance into account.
Keywords: analysis, differentiation of regions, investments, investment climate, infrastructure menu, cluster analysis, per capita indicators, regional investment standard, regression analysis, influencing factors.
Highlights:
- correlation analysis of factors influencing investment activity in the regions is the basis for developing a methodology for improving mechanisms for stimulating investment activity;
- the greatest correlation of investment activity is observed with the level of industrial production in the regions;
- the primary reason for the significant difference in investment flows at the regional level and their concentration in several leading regions is the low level of industrial development of most subjects of the federation, which makes it relevant to focus the activities of the regional investment standard on activating investment in industry.
Nazik S. Kagramanyan, Stella V. Lukyantseva - State University of Management, Moscow, Russia