Экономические науки/ 9. Экономика промышленности

Kolodiychuk A.V., graduate

Institute of Regional Research of the NAS of Ukraine, Lviv, Ukraine

The Main Ways of Stimulating Investment Income
in the National Economy

At the present stage of economic reforms revitalization investment process - the only way to solve the problems of the structural reorientation of Ukraine's economy to produce competitive products.

Lack of investments in the economy of Ukraine triggered a search for different ways to stimulate investment inflows, which are able to provide appropriate conditions of investment activity. These components of the mechanism of regulation by the state authorities are:

- tax regulation: the system of taxes and their rates, tax exemptions;

- terms of privatization of state property;

- adjust the terms of the loans;

- antitrust regulation.

Investment climate in Ukraine remains unfavorable.

Reasons preventing to attracting foreign capital into the economy of the state and basic directions of intensification of this process, examine the following scientists: A. Amosha, V. Geets, I. Lukinov, E. Blakely, P. Fok, G. Hammer. Improvement of legislation is one of the main directions of creating an enabling environment for attracting foreign investment in Ukraine. Legal uncertainty creates barriers for long-term direct foreign and domestic investment in strategically important sectors of the economy during the reform period of property in Ukraine [4, p. 68].

High taxes, lack of of budgetary funds, high interest rates on loans, low sophistication of the stock market also hamper investment activity of enterprises. Promoting investment climate by improving tax adjustment includes providing businesses of investment tax credits, preferential tax equity firms aimed at upgrading or expansion of production, etc. [2, p. 39].

Today there is a legal basis taxation of enterprises, control the flow of funds to the budget and their use. However, the need to improve the tax system is a subject of perennial debate scientists and entrepreneurs.

The main shortcomings of the current tax system include:

- failure functions to stimulate entrepreneurship;

- frequent changes in tax laws;

- conceptual ambiguity, inconsistency;

- arbitrary legal regulation.

An important factor to stimulate investment in the regulation of the financial and credit relations is to establish appropriate conditions for granting loans and lower interest rates.

Interest rates in the economy of Ukraine include a risk premium and inflation component, which complicates lending to the real economy. Mechanism that mitigates this problem is to provide subsidies to the interest rate of the loan provided loans of priority sectors and industries.

Another important source of investment of domestic enterprises is returning to Ukraine exported funds. The principal for the state is income tax on those funds and their use in the real economy, including the banking system.

Monopoly or monopolistic position in the market often harms society because the effect of increasing public spending. Antitrust regulation is part of the government regulation, as authorized by the authorities are able to directly influence on the formation of monopolies, to limit monopoly power and its manifestations, prohibit activities monopolies like.

Conditions of privatization of state property are one of the factors of government regulation affecting the investment resources of enterprises. Solving the problem retooling and restructuring requires substantial investment resources. Solving this problem requires:

- investment earnings primarily in the development and updating of technology;

- focusing efforts of privatized enterprises management looking for investors who would be interested in enterprise development and manufacture of high quality competitive products;

- introduction of active marketing strategy to find new markets for their products.

Today, in Ukraine, in addition to external investors have their own internal potential investors.

However, for larger inward investment necessary mechanisms that would facilitate the involvement of shadow capital. Solving this problem requires the development of state programs. Priority can recognize the directions of investment, are able in a relatively short time to produce tangible improvements in certain sectors of the national economy.

Thus, to create a favorable investment climate, the government uses various types of regulations: tax, financial, credit, competition and so on.

Improving regulations will help realize the potential of economic activity designed to profit from their activities, thus filling the budget and creating jobs locally.

Literature:

1. Keynes J.M. General theory of employment, interest and money / J.M. Keynes. – London, 1936.

2. Romanyuk M.V. The tax system and investment attractiveness of Ukraine's economy / M.V. Romanyuk // Finance of Ukraine, 2006, N 1, p. 39.

3. Kharlamova G.O. Effect of investment on economic growth / G.O. Kharlamova // Finance of Ukraine, 2005, N 3, p. 57, 58.

4. Chervova L.G. Legal regulation of investment / L.G. Chervova, M.I. Nazarchuk // Finance of Ukraine, 2005, N 4, p. 68, 69.