Volume 02 Issue 06-2022
109
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
02
I
SSUE
06
Pages:
109-118
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
Discussed are the debatable issues of determining priority areas for the development of state management of
investment activities in modern market conditions, which in turn helps to strengthen the methodological base for
studying the problems of creating an effective system of state investment management.
KEYWORDS
Investments, investment activity, investment management, investment activity management mechanism.
INTRODUCTION
At the present stage of the transformation of the
economy of the Republic of Uzbekistan, which involves
the transformation of structures, forms, methods of
economic activity and a change in business activity in
the economy, the problem of state management of
investment activities and the rise on this basis of the
domestic productive sector is central. It is on its
successful solution that the direction and pace of
further socio-economic transformations in the
Republic of Uzbekistan and, ultimately, ensuring
sustainable economic growth largely depend.
Solving the problem of state management of
investment activities requires the creation of special
conditions for organizing investment activities that
effectively ensure the efficient and targeted use of
invested funds. Therefore, the issue of state
Research Article
TO THE THEORETICAL AND METHODOLOGICAL ASPECTS OF STATE
MANAGEMENT OF INVESTMENT ACTIVITIES
Submission Date:
June 08, 2022,
Accepted Date:
June 18, 2022,
Published Date:
June 29, 2022
Crossref doi:
https://doi.org/10.37547/ajsshr/Volume02Issue06-17
Sabirov Oybek Shavkatbekovich
Ph.D, associate professor at Tashkent state university of economics, Tashkent, Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ajsshr
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 02 Issue 06-2022
110
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
02
I
SSUE
06
Pages:
109-118
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
management of investment activities in the Republic of
Uzbekistan, the conditions and factors of its formation,
is currently coming to the fore and is very relevant.
At present, the general level of scientific developments
on the problems of state management of investment
activity lags behind the needs of economic practice.
The effectiveness of the mechanism of state
management of investment activities will largely
depend on how it will correspond to the goals and
objectives of increasing the investment activity of
economic entities and the effectiveness of state
regulation in this area implemented in the course of
ongoing reforms.
That is why, the President of the Republic of
Uzbekistan Sh. Mirziyoyev emphasized “the existing
systemic problems in this area, which should be
carefully studied, and one of the important areas of the
Concept for improving the tax policy of the Republic of
Uzbekistan was highlighted - maintaining a favorable
regime for foreign investors and investments, their
comprehensive
support
and
reliable
legal
protection”[1], which is a determining factor in the
state management of investment activities in the
country.
LITERATURE REVIEW
In the economic literature, there has not yet been a
consensus on what should be understood as
investment activity. So, McConnell K.R. and Brew S.L.
investment activity is identified with the investment
process, considering them as the process of investing
investment resources in some project [2].
Evaluation of textile and clothing industry clustering
capabilities in Uzbekistan were reseearcged by
Ergashxodjaeva, S. J. [20], Kyvyakin, K. S., Tursunov, B.
O.[12,13,16,17], evaluation of competitiveness of brands
of local sewing and knitting enterprises were studied
by Hakimov, Z.[15], innovative and export potential of
the agro-industrial complex of Uzbekistan were
inverstigated by Yuldashev, N. K., [14], Umarkhodjaeva,
M. [18], Saidova, M., [19] and others.
Also, some foreign researchers as well as Kaya M.[21],
Abdyldaev, M.[22], Polat, C.[23], ÖZDEN K. [24],
Maksudunov A. [25,27], ELEREN A. [26] researched of
some marketing issues of durable consumer goods.
It seems that these categories cannot be identified,
since the concepts of "activity" and "process" have
different interpretations. For example, in the
dictionary of Ozhegov S.I. the following definition of
the concept of "process" is given: it is the development
of a certain phenomenon, a successive change of
states in the development of something [3].
In the encyclopedic dictionary, the term "activity" is
explained as a specific human form of attitude to the
world around, the content of which is its expedient
change in the interests of people. And further...
"activity includes the goal, means, result and the
process itself" [4]. This means that activity is a broader
concept that includes the investment process itself.
In addition, a number of researchers believe that the
process of investing in business facilities and social
infrastructure is called investment activity. Thus, L.
Igonina understands investment activity (investment)
as the process of converting investment resources into
investments [5]. Of course, such a definition cannot be
called complete and entirely reflecting the essence of
the category.
Other authors understand investment activities as
activities related to investing in investment objects in
order to generate income (effect). In particular,
Raizberg B., Lozovsky L., Starodubtseva E. investment
Volume 02 Issue 06-2022
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VOLUME
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Pages:
109-118
SJIF
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(2021:
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(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
activity is defined as an investment funds, investment;
the overall activity of investing money and other values
in projects, as well as ensuring the return on
investment [6]. True, they do not specify in what and
how the said return will be expressed. Still others
consider investment activity as a set of practical
actions of individuals, legal entities and the state
regarding the implementation of investments.
We share the position of Alpatskaya E.G. and its
supporters, who argue that investment activity can be
represented as a combination of three stages or
stages:
1)
Attraction of financial resources necessary for
investment using the opportunities of the stock
and financial markets;
2)
Direct investment, i.e. investment of received
funds investment projects;
3)
Implementation of investments, namely, obtaining
a return on investment in the form of profit or
other positive effect [7].
It should be noted that the existing problem of
identifying the concepts of "investment activity" and
"investment" is widely discussed in the scientific
community. For example, Aladin V.V. notes that the
movement of investments in the region consists of two
stages. At the first stage, investment activity or
investment is carried out directly, i.e. investment of
funds from investment resources, and at the second
stage, investment costs are supposedly paid off and
income is obtained [8]. Obviously, in this case, the
author considers the terms "investment activity" and
"investment" as synonyms.
However, there are diametrically opposed points of
view when economists distinguish between these
concepts. They divide investment activity into three
stages: the actual investment, the transformation of
invested funds into an increase in capital value, profit
and / or social effect. At the same time, investment is
considered as the beginning of the second stage.
Of undoubted interest is the approach of Gubanova
E.S., who tries to distinguish between these categories
by comparing their semantics. For example, she
believes that the term "investment" comes from the
verb "invest" and therefore it should be interpreted as
"investment" [9]. We adhere to the point of view of
that cohort of researchers who consider investment
activity and investment as independent economic
categories.
RESEARCH METHODOLOGY
This scientific article used the methods of systematic
and comparative analysis, economic and statistical
analysis and generalization, statistical comparison and
grouping, economic modeling, forecasting.
ANALYSIS AND RESULTS
Today, it is quite obvious that investments and
investment activities occupy an undeniably important
place in the economic development of the country.
Meanwhile, in the economic literature there is no
consensus on the essence of investment. In the course
of the study, based on a generalization of the
classifications available in the economic literature, an
attempt was made to take into account all the criteria
by which investments can be classified. Such a
classification [10] seems to be the most suitable for use
in enterprises focused on industrial and innovative
development.
Hence, based on the indicated stages of the
investment activity, we give the following definition of
this category. In our opinion, investment activity is the
activity of individuals and legal entities, as well as the
state, associated with attracting and investing the
Volume 02 Issue 06-2022
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American Journal Of Social Sciences And Humanity Research
(ISSN
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VOLUME
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Pages:
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SJIF
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(2021:
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(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
necessary various kinds of resources in projects of
socio-economic significance with the obligatory
organization of a system of control over their use in
order to subsequently ensure a return on investment
in the form of obtaining profit and/or other positive
effect.
According to its content, investment activity is divided
into the following types:
Straight line, i.e. investments in the production of
goods
(works,
services),
construction
or
reconstruction of an object;
Loan, which is carried out in the form of a loan,
credit. At the same time, the investor's interest lies
in the timely receipt of profit in the form of interest
under loan and credit agreements;
Portfolio, i.e. through the purchase of securities.
Moreover, the portfolio type of investment activity
involves only receiving dividends on invested
capital.
Investment activity can be carried out in such forms as:
1)
state, involving two ways of implementation:
Thanks to state authorities and administration on
the basis of the use of funds from the relevant
budget, borrowed funds and extrabudgetary
funds;
Thanks to large state-owned companies and
enterprises through the use of their own or
borrowed funds;
2)
A private form carried out by individuals, non-state
enterprises, public and religious organizations, as
well as other legal entities with collective property;
3)
Foreign investment, in which foreign citizens, state
and non-state companies take part;
4)
A joint form in which foreign companies are
involved together with domestic enterprises [11].
As noted above, investment activity is a broader
concept and includes the investment process, as
shown in Figure 1.
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Publisher:
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Rice. 1 - Stages of investment activity and its components*
*Compiled by the author based on [12]
At the same time, the investment process is
understood as a sequence of stages, actions and
operations for the implementation of investment
activities.
It should be noted that the investment process has all
the features of a system. That is, it contains a subject
(investor), an object (object of investment), a
relationship between them (investment in order to
obtain investment income) and the environment in
which they exist (investment environment). At the
same time, communication acts as a system-forming
factor, since it unites all other elements into one whole.
The subjects of investment activity are the investor,
customers, contractors, users of objects of investment
activity, etc.
The subjects can be: legal entities and individuals,
foreign and domestic, individual, collective and
institutional
investors,
investment
institutions,
professional participants in the securities market,
Stage 1
purpose
Search for an object (idea) for the implementation of an investment
project
Stage 2
Means to
achieve the
goal
Step-by-step search for an
object for the implementation
of the project based on the
analysis and forecast of
investment attractiveness and
risk minimization
Stage
3
Investment
process
Justification of the business plan of the investment
project. Implementation of the investment project.
Achieving return on investment on invested capital
Volume 02 Issue 06-2022
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SJIF
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(2021:
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6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
other states and international organizations. In
addition, investors can be public and private, individual
and collective.
The objects of investment activity are physical assets
(buildings, structures, equipment), financial and
intangible assets. These are: newly created and
modernized fixed assets, targeted cash deposits,
securities, scientific and technical products, property
rights, as well as intellectual property rights.
It is clear that the investment process does not exist on
its own, but is always included in a certain space of the
next level. This means that it should be considered
within the framework of a holistic approach, the
application of which allows one to exhaustively
describe the place and role of the investment process
both in a single area of activity and in the system of
social relations.
At the moment of making an investment, the investor
establishes a connection with a specific object and
becomes its participant. Such a combination, initially as
a result of the influence of the investor, leads to a
change in the properties of the investment object.
Then the changed properties in the form of investment
income affect the investor, changing in turn its
properties, including filling the existing deficit. As a
result, after the termination of the investment process,
the subject and object begin to exist in a new capacity.
This is how the investment process contributes to the
diffusion of the properties of the subject and the
object.
The investment process in the country is influenced
primarily by the following interrelated factors:
Functional ratio, according to which income is
distributed to consumption and savings;
The rate of net profit: the higher the rate of return,
the greater the amount of investment;
Loan
interest;
moreover,
investment
is
economically profitable and expedient in the case
when the rate of return exceeds the rate of loan
interest;
The inflation rate, since the higher the inflation
rate, the lower the real income from investments,
which means that the motivation for long-term
investment is less [13].
The basis of any investment process in the country is
the state. With the help of the investment
management system, it has an impact on the change in
the country's production potential, economic growth
rates, an increase in the volume and quality of material
and spiritual goods produced, and the development of
infrastructure.
Management of investment activities on a national
scale involves the implementation of state regulation.
It should be noted that state regulation of investment
activity is carried out in each country. Moreover, the
need to intensify regulatory measures depends on the
state of investment processes and the level of
development of the economy as a whole. While the
activation of investment activity largely depends on
the implementation of financial, credit, depreciation,
price, tax, currency, and investment policies. This
suggests that the state regulation of investment
processes is aimed at ensuring the maximum efficiency
of investment investments.
Usually, in the economic literature, state regulation of
investment activity is characterized as forms and
methods of an administrative and economic nature
defined by law, used by governments at all levels to
implement investment policy.
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IF
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5.968
Publisher:
Oscar Publishing Services
Servi
In our opinion, the following definition is more
accurate: state regulation of investment activity is a set
of state approaches and decisions enshrined in
legislation, as well as organizational and legal forms
within which the investor operates.
The investment policy of the state requires a certain
mechanism for its implementation, determines the
forms and methods of managing investment activities.
The real state and directions of development of this
mechanism are reflected in the legislative framework
that regulates investment processes.
The main forms of state regulation of investment
activity, shown in Figure 2, involve:
Fig. 2 - Main forms of state regulation of investment activity*
*Compiled by the author based on [14]
A)
In order to create favorable conditions for the
development of investment activities[15]:
Improvement of the tax system, the mechanism
for calculating depreciation and the use of
depreciation deductions; establishing special tax
regimes for subjects of investment activity;
Protecting the interests of investors;
Provision of preferential conditions for the use of
land and other natural resources;
Implementation of antimonopoly measures;
Development of financial leasing;
Carrying out revaluation of fixed assets in
accordance with inflation rates;
Creation of opportunities for the formation by the
subjects of investment activity of their own
investment funds;
Expanding opportunities for the use of secured
lending;
Creation of a network of information and analytical
centers that make up the ratings of the subjects of
investment activity.
Regulation of investor
participation in
privatization
Forms of state regulation of
investment activity
Providing
Financial
Assistance
Concessional
lending
Conducting an effective
depreciation policy
Expertise of
investment
projects
Regulation of spheres
and objects of
investment
Tax regulation of
investment activity
Regulation of the
conditions for investing
funds outside the state
Regulation of
financial
investments
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SJIF
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Publisher:
Oscar Publishing Services
Servi
B)
The direct participation of the state in investment
activity is manifested in the following[16]:
Development and financing of investment projects
implemented jointly with foreign states, as well as
investment projects financed from the republican
budget;
Drawing up a list of construction projects and objects
of technical re-equipment for state needs and
financing them at the expense of the state budget;
Placement on a competitive basis of state budget
funds to finance investment projects. The placed
funds are subject to return with the payment of
interest for use or on the terms of fixing in state
ownership the corresponding part of the shares of
the joint-stock company being created;
Conducting an examination of investment projects
and a description of practical actions for the
implementation of investments;
Protection of enterprises from the supply of obsolete
and material-intensive, energy-intensive and not
science-intensive
technologies,
equipment,
structures and materials;
Development and approval of standards (norms and
rules) and control over their observance;
Issue of bonded loans, guaranteed targeted loans;
Involvement in the investment process of mothballed
construction projects and state-owned facilities;
Provision of concessions to domestic and foreign
investors based on the results of tenders (auctions
and tenders).
CONCLUSION AND SUGGESTIONS
1.
Investments are investments made by a subject of
state power, an individual or legal entity that is a
resident or non-resident of the country, as well as
investments in the purchase of securities made in
order to achieve strategic goals with mandatory
forecasting of the level of risk and return.
2.
Investment activity and the investment process are
independent, but closely interrelated concepts.
Moreover, in terms of its economic content,
investment activity is wider than investment and
the investment process. In the course of tracing
the evolution of the formation of investment
activity, its nature is revealed, the main forms,
types, main components and objects are reflected.
The interrelated factors influencing the investment
process in the country, as well as the
implementation mechanism, forms and methods
of investment management are identified.
3.
The mechanism for the implementation of
investment policy implies the existence of various
forms and methods of regulation of investment
activity. The actual state and development of this
mechanism are reflected in the legislative
framework governing investment processes. It can
be noted that there are three forms of state
participation in investment activities: direct
participation of the state in investment activities,
carried out at the expense of budgetary funds;
creation by the state of favorable conditions for
the development of investment activities, i.e.
indirect
state
regulation
of
investments;
mobilization and formation of investment
resources.
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–
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Publisher:
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Servi
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5.968
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