Розвиток системи залучення прямих іноземних інвестицій на підприємства

Abstract

Дисертаційну роботу присвячено вирішенню наукового завдання із розроблення теоретичних положень та прикладних рекомендацій щодо розвитку системи залучення ПІІ на підприємства. На основі поєднання характеристик потенціалу підприємства та його інвестиційної привабливості розвинено поняття «готовність підприємства до залучення ПІІ». Систематизовано класифікацію ПІІ та розвинуто типологію факторів впливу на систему залучення ПІІ на підприємство. Проаналізовано результати авторського дослідження щодо стану залучення ПІІ на машинобудівні підприємства. Удосконалено концептуальну модель розвитку системи залучення ПІІ на підприємство. Розроблено модель вибору прямих іноземних інвесторів залежно від результативності функціонування системи залучення ПІІ на підприємство відповідно до рівнів дотримання її маркетингового і соціального напрямів. Диссертационная работа посвящена решению научной задачи по разработке теоретических положений и прикладных рекомендаций по развитию системы привлечения ПИИ на предприятия. На основе сочетания характеристик потенциала предприятия и его инвестиционной привлекательности уточнено сущность понятия «готовность предприятия к привлечению ПИИ». Систематизировано классификацию ПИИ и развито типологию факторов влияния на систему привлечения ПИИ на предприятие. Проанализированы результаты авторского исследования состояния привлечения ПИИ на машиностроительные предприятия. Усовершенствована концептуальная модель развития системы привлечения ПИИ на предприятие. Разработана модель выбора прямых иностранных инвесторов в зависимости от результативности функционирования системы привлечения ПИИ на предприятие в соответствии с уровнями соблюдения ее маркетингового и социального направлений. There comes a time in the life cycle of every enterprise when own resources are insufficient to provide further development and a need for attracting external funding arises. In response to globalization processes and capital mobility enterprises have an opportunity to take advantages of foreign direct investment. However, struggle to gain these investment resources stipulates the need for understanding trends of global capital markets. Enterprises should develop a management approach in order to hit targets in the sphere of foreign direct investment attraction. Unlike portfolio investing where stock exchange acts as an intermediary, direct investment involves a direct communication and negotiation between the parties concerned. The presence of foreign element only intensifies the multidimensionality of challenges and conditions during foreign direct investment attraction. Therefore, research on foreign direct investment attraction to the enterprises is conducted based on a systems approach. The thesis research is dedicated to the solution of research task on elaborating theoretical principles and practical recommendations for the development of a system of attracting foreign direct investment to the enterprises in order to enable their business growth. The object of the research is the process of attracting foreign direct investment to the engineering enterprises. The subject of the research is referred to the theoretical and practical principles for ensuring the development of a system of attracting foreign direct investment to the engineering enterprises. The first chapter examines the theoretical principles of attracting foreign direct investment to the enterprises. The essence of foreign direct investment, its main features, and components, as well as its importance that becomes apparent through supposed impact and spillovers, are determined. The classification of foreign direct investment is systematized. It is proposed to add new features to distinguish foreign direct investment by the character of capital usage that was attracted to the enterprises and outcome of capital attracted. Also, there is highlighted an integrated analysis of foreign direct investment theory progress. Conditions and peculiarities of attracting foreign direct investment to the enterprises are especially analyzed. The concept of «enterprise‘s readiness to attract foreign direct investment» based on a combination of enterprise potential and investment attractiveness features is developed. In the second chapter cases of international experience in attracting foreign direct investment, in particular, enterprises from Central and Eastern European Countries are investigated. Also, the role of investment promotion agencies in improving the foreign direct investment environment and promoting inward foreign direct investment is examined in order to determine the promotion techniques and tools that lead to a better foreign direct investment performance. The specific character of foreign direct investment has caused a necessity for improving an evaluation method for the state of attracting foreign direct investment to the enterprises. The proposed method is based on a comprehensive analysis of foreign direct investment trends at both local and global levels in order to build an overall picture of strong and weak points of the investment proposal compared to market competitors. It has been found that foreign direct investment in most engineering enterprises in Lviv Region does not represent the actual global trends. Foreign direct investment here belongs to a vertical type, the main motive of which is to increase the efficiency of foreign investor’s parent company through cost reduction (in analyzed cases by lowering labor costs). As a result, such export-oriented foreign direct investment is ensured in most cases by the implementation of toll treatment agreements. Taking into account key indicators per employee, the performance of analyzed engineering enterprises that attracted foreign direct investment is at the same level with local enterprises without foreign investor’s share. The absence of a full technological cycle of production confirms the fact that foreign investors are not interested to shift high technology processes and to build research and development centers outside their national territory thus keeping competitive advantages on global markets. Simultaneously foreign direct investment at the engineering enterprises in Lviv Region plays a considerable role in social issues resolution through local employment and taxes payment. Besides it influences on region’s business activity and engages enterprises in world network of trade, financial and communication flows. In the third chapter the main characteristics of activity aimed at attracting foreign direct investment to the enterprises are generalized. They underlie the conceptual model for the development of a system of attracting foreign direct investment to the enterprises proposed by the author. This model considers internal and external environmental factors within an enterprise, criteria for the selection of investment projects by foreign investors, principles of the functioning of a system of attracting foreign direct investment, its states, development directions and stages of foreign direct investment attraction as well in order to arrange conditions for effective process management of foreign direct investment attraction. The tasks needed to be implemented within organizing, marketing and social directions of a system of attracting foreign direct investment to the enterprises are determined. The model for choosing the type of foreign investors regarding the results of marketing and social activity within a system of attracting foreign direct investment to the enterprises is developed. This model anticipates modification possibility regarding the coverage of factors that are variable depending on the specificity of the investment project, enterprise’s size and activity directions as well. Using a model on the basis of case characteristics of investment project of «Dovzhansky engineering plant» OJSC, it is proposed to search and establish a contact with risk-prone strategic or private investors. Suggested principles for the development of a system of attracting foreign direct investment to the enterprises can be applied by both enterprise managers that are looking for an additional investment on their own and by managers of investment promotion agencies at regional levels, and by specialists of investment consulting agencies as well.