Відповідальне інвестування у контексті реалізації державної інвестиційної політики

Abstract

Робота присвячена вирішенню наукової проблеми, що полягає у розробленні методологічних і методичних підходів до реалізації державної інвестиційної політики на засадах відповідального інвестування, спрямованої на досягнення Цілей сталого розвитку. Сформовано методологічні підходи до кластеризації країн, регіонів та державних компаній за рівнем їх привабливості для відповідального інвестування. Запропоновано методологію оцінювання прогресу України у досягненні національних таргетів Цілей сталого розвитку. Доведено гіпотези щодо впливу транспарентності інвестиційного середовища на конкурентоспроможність країни та досягнення нею Цілей сталого розвитку. Розвинуто наукове підгрунтя пріоритизації джерел подолання інвестиційного розриву для досягнення Цілей сталого розвитку. Розроблено методологію обгрунтування регіональної специфіки розвитку відповідального інвестування та методологічні засади структуризації інформаційно-бібліометричного ландшафту дослідження інструментів реалізації державної інвестиційної політики. Сформовано концептуальні засади визначення ролі державної інвестиційної політики у трансформації інвестиційного ланцюга та реалізації імпакт-інвестування. Обгрунтовано напрямки трансформації понятійного апарату у сфері відповідального інвестування, сформовано критерії його типологізації та класифікації стандартів.

The thesis is devoted to solving the scientific problem of the development of methodical and methodological approaches to the implementation of public investment policy based on responsible investment aimed at achieving Sustainable Development Goals. Conceptual principles for determining the role of public investment policy based on responsible investment in the investment chain transformation were developed in the paper. They allowed to synthesize the tasks of public investment policy as a catalyst for the incorporation of Sustainable Development Goals and EESGE – criteria into the investment chain and map the directions of the public investment policy of Ukraine according to the national targets of Sustainable Development Goals. Directions of transformation of the conceptual apparatus in the field of responsible investment depending on the evolution of responsible investment, the criteria of investment screening, and their application's peculiarities were justified. The concept of "responsible investment" as investing in the highest priority projects and industries, aimed at comprehensive and simultaneous significant impact following the mono- and cross-sectoral combinations of EESGE – criteria, as well as Sustainable Development Goals, was defined. According to the degree of integration of EESGE – criteria, a typology of responsible investment strategies was proposed. The classification features system of responsible investment standards was developed to institutionalize this type of investment in the context of multiplication of normative sources related to EESGE – criteria and targets of Sustainable Development Goals. The scientific basis for prioritizing the sources of closing the investment gap to achieve the Sustainable Development Goals was created within correlation analysis and statistical testing. The obtained results confirm the insufficient volume of investments and its low impact on the process of Sustainable Development Goals achievement. These results determine the opportunities for the intensification of responsible investment in the real sector and the household sector. The regional specifics of responsible investment development were analyzed based on European, American, and Japanese regional patterns. The structuring of the information and bibliometric landscape of the research in the field of public investment policy implementation tools was carried out based on terminological, bibliometric, and trend analyses using the tools of VOSViewer 1.6.15, Google Trends and Google Data. The impact investment was identified as one of the most priority tools of the public investment policy and the conceptual framework for its implementation was developed. This framework takes into account the most relevant impact investment inhibitors identified by members of the Global Network of Impact Investors and public investment policy measures aimed at reducing their negative impact. A structural and logical scheme of initiation of national impact investment projects and a five-dimensional matrix of impact investment scoring have been developed. Clustering of countries according to the level of their attractiveness for responsible investment according to ESG – criteria was carried out based on the method of data mining Expectation-Maximization, variance, and discriminant analysis, and construction of the classification tree. Clustering allowed to identify factors-triggers of increasing the country's ability to mobilize and accumulate responsible investment and justify the direction of change of the public investment policy vector in Ukraine. The Ukrainian region ranking by the level of responsible investment attractiveness and Sustainable Development Goals 11 "Sustainable cities and communities" achievement was based on linear normalization, additive-multiplicative convolution Kalmogorov-Gabor method, and expert evaluation. It allowed to integrally generalize the most relevant determinants of investment development of the region. Approach to two-level assessment of Ukraine's progress in achieving national Sustainable Development Goals under public investment policy implementation was recommended. This approach is based on analysis of the consistency of national and global monitoring results (method of benchmark analysis) and analysis of regulatory interventions compliance with Sustainable Development Goals level (according to the Kuder-Richardson and Cronbach criteria dichotomous and polytomous scales). Сlustering of public-owned companies of Ukraine based on a two-component indicator was carried out. It comprehensively reflects their economic performance and the level of transparency and corporate social responsibility perception. Сlustering results allowed to develop for each company cluster measures to increase their investment attractiveness for responsible investment based on the incorporation into the EGSEE – criteria and Sustainable Development Goals. Hypotheses about the impact of the investment environment transparency (according to the number of signatories to the UN Global Compact) on the country's competitiveness (according to the Global Competitiveness Index) and its achievement of the Sustainable Development Goals were put forward and empirically confirmed. Panel regression with dummy variables and analysis of variance (ANOVA model) was used for this purpose. LONGPEST - analysis allowed to identify the most relevant exogenous and endogenous determinants of public investment policy based on responsible investment in Ukraine. Comparison of the principles of public investment policy formation, proclaimed international organizations, allows to identificate a key ones and outline on their basis a system of priority measures for reforming public investment policy in Ukraine.