Economic Annals-ХХI: Volume 144, Issue 9-10(1), Pages: 30-33
Shevchenko, О. (2014). Effective functioning of the collective investment institutes and their influence on formation of investment-innovation economy in Ukraine. Economic Annals-XXI, 9-10(1), 30-33. http://ea21journal.world/index.php/ea-v144-07/
Yurii Kondratyuk Poltava National Technical University
24 Pershotravnevyi Ave, Poltava, 36011, Ukraine
Effective functioning of the collective investment institutes and their influence on formation of investment-innovation economy in Ukraine
Abstract. Introduction. Conditions of the economy of investment-innovation type formation in Ukraine demands complex approach to the problem of investment resources search and investment activity coming into effect. One of the most important investment resources according to the experience of economically developed countries are collective investment institutions (CII). Purpose. To research CII functioning in Ukraine, founding out their place and role in the formation of investment-innovation the economy; to propose improving of the investment resources involvement mechanism for the innovation development of the economy with the help of CII.
Results. Basing on the complex analysis of the CII activity in Ukraine over the last five years, positive tendencies of their development have been researched that came out to the increasing of the quantity of the investment funds, the cost of their assets, the share of the venture funds among all CII assets, participation of the legal entities in the investment fund formation. Positive dynamic of CII formation proves the necessity of this collective investment form under the conditions of the investment-innovation economy formation. Negative tendencies of CII functioning are also found out, which came out in the low level of the participation of the legal entities in the investment funds, non-fulfillment by the venture funds their main task – financial attraction for the innovation development.
Improvement of the investment resources mechanism for the innovation development and implementation is proposed in the following directions: creation of the congenial investment climate, raising of the motivation of the venture fund financial investments into the innovation projects of small and medium-sized firms, raising of the level of the legal entities’ activity on the market of collective investment, increasing of the CII function effectiveness basing on the implementation of the international standards, minimization of the risks of CII activity under the conditions of unstable economical and political situation in Ukraine.
Conclusion. Despite the positive dynamic of CII activity in Ukraine, they have not already become full investment instrument of the real economy development on the innovational basis. The realization of the investment implementation mechanism with the help of CII will contribute to the further development of the innovation implementation to different branches of the Ukrainian economy and providing its system modernization.
Keywords: Collective Investment Institutions; Venture Funds; Non-Venture Funds; Collective Investment Market; Investments; Innovations; Investment-Innovation Economy; Stock Market
JEL Classification: G20; G23; G24
- Sirzhuk, R. (2014). World market of collective investment. Tsinni papery Ukrainy (Security Papers of Ukraine), 27(822), 34-35 (in Ukr.).
- Sharp, U., Alexander, G., & Bailey, J. (2001). Investments. Moscow: INFRA-M (in Russ.).
- Fabozzi, F. (2000). Investment management. (Trans. from Eng.). Moscow: INFRA-M (in Russ.).
- Fisher, F. (2003). Common stocks and uncommon profits. Moscow: Alpina Publisher (in Russ.).
- Kaminskyi, A. B., & Lomovatska, Y. V. (2011). Conceptual frameworks of the development of the institute of collective investment strategies. Investytsii: praktyka ta dosvid (Investments: Practice and Experience), 10, 3-8 (in Ukr.).
- Kolesnyk, O. S. (2010). Institutes of collective investment: world experience and Ukrainian perspectives. Kyiv: Foreign trade (in Ukr.).
- Kosova, T. D. (2008). Financial institutes in the system of investment process management. Donetsk: Nord-Pres (in Ukr.).
- Tereshchenko, G. M. (2012). Potential attraction of the institutes of collective investment for the economy innovation development providing. Finansy Ukrainy (Finance of Ukraine), 9, 105-115 (in Ukr.).
- Cherkasova, S. V., & Sorokivska, M. V. (2013). Prospects of CII activity development in the national system of the institutional investment. Zbirnyk naukovyh prats Natzionalnoho universytetu derzhavnoi podatkovoi sluzhby Ukrainy (Collection of Research Papers of the National University of State Tax Service of Ukraine), 2, 193-203 (in Ukr.).
- Ukrainian Association of Investment Business (2013). Analytical review of the market of collective investment.
Retrieved from http://www.uaib.com.ua/analituaib.html (in Ukr.)
- Kraus, N. M., & Shevchenko, O. M. (2013). Innovation activity and venture capital in the system of the national economy modernization. Poltava: Dyvosvit (in Ukr.).
- The Verkhovna Rada of Ukraine (2012). About the institutes of collective investment (share and corporate funds). Law of Ukraine.
Retrieved from http://zakon3.rada.gov.ua/laws/show/2299-14 (in Ukr.)