Abstract. In this article, as determinants in the system factors underlying the investment attractiveness of the peat industry is considered a rental factor, which predetermines the significant differences and peculiarities of the investment climate in the mining business and, in particular, in the sphere of peat mining. In contrast to modern studies treated the essence and role of rents in the economic mechanism, is proposed for a new approach to solving the problems of its formation. Our approach differs in that it, firstly, adequate rental relations, objectively in extractive industries, secondly, provides consensus in the interests of the owner of peat deposits and entrepreneurs, businesses in these deposits and, thus, thirdly, contributes to the creation of a favourable investment climate in the peat extraction industry. In practical terms, in accordance with the proposed approach, we have proposed specific allocation algorithm of mining rents from the profits of peat extraction enterprises.
This article aims, first, to consider the conceptual question about the place and role of rental relations in subsoil use, particularly in the extractive industries and secondly, to determine the basics of scientific analysis of the essence and forms of rent and rent relations, generally, and mining rents in particular in aspect of their influence on the formation of a favourable investment climate in the extractive industry. Article is largely introductory in nature, so far as in theory and in practical terms, the problems of relationship rent relations and investment attractiveness of the extractive industries have not adequately attention. In this direction has never appeared in any relevant studies, the results of which could serve as the basis for formulating practical solutions, such as formation of adequate economic policies, rent relations regulatory frameworks, their organizational and legal security underlying the investment attractiveness of extractive activities.
In this study, we consider the highly relevant and, to a large extent, the debatable problem of the investment attractiveness of the subsoil use sphere and, above all, the investment attractiveness of mining enterprises. At the same time, attention is drawn to the fact that the development of mineral resources, unlike any other type of production activity, has its own specifics. It consists primarily in the fact that, along with such factors of production as capital and labor, which constitute the material basis of all production, the most important factor of production inherent in subsoil use is the subsoil itself. And it is their qualitative condition that determines to a large extent the results of the economic activity of mining enterprises. It is clear that without a comprehensive theoretical analysis of the role of the natural factor in the production process, as well as other objective and subjective factors, it is practically impossible to create a reliable theoretical basis for the development of practical measures, the implementation of which could significantly improve the investment attractiveness of extractive activities. Particular attention is paid to the methodology and methods for identifying and differentiating by specific signs specific barrier and restrictive factors that are considered in the investment process in the form of an unsystematic component of investment risk. It is shown that the results of a study of the nature of the influence of industry-specific factors on investment attractiveness are the basis for the development of specific measures to eliminate or minimize barriers to investment.
Despite the fact that the problem of rental regulation of more and more becomes the object of scientists and practitioners attention, however, with regard to the results of the study of mining still cannot serve as a robust theoretical basis for the development of practical steps towards the establishment of organizational and economic relations and mechanisms, which would be able to determine the investment attractiveness of extractive activities and, consequently – the motivation to sustainable development. This is largely due to the fact that economic relations in mineral extracting industries, unlike other fields of activity are special. Their determinant is the existence of two types of band property relations, folding, firstly, regarding the ownership and administration of mineral resources, and, secondly, with regard to their use by entrepreneur as object of management. Therefore, between the owner of the subsoil and economic entity, there are special, rental relations in which inherently embedded contradiction in interests. It must and can be resolved solely on the principles of consensus and, we believe, through the institutionalization of these relations, their regulation and administration.
In accordance with the Russian Federation consistent transition to sustainable development, which material basis consists in not so much quantitative but rather qualitative transformations in the factors of real economy production, the authors hereby focus on the regional aspect of territorial entity environments affecting favorably the investment attractiveness of industrial enterprises. Special attention is paid to the fact that following the sustainable development paradigm implies a balanced solution of economic, social and environmental problems. The conceptual considerations presented are taken as the basis for an original universal method to diagnose and assess restrictions, threats, and challenges of an economic, administrative and legal, resource and technical, social and environmental nature that occur at the regional level and affect the investment attractiveness of enterprises. In practice, the approach considers the diagnostics possibility to develop, firstly, specific measures to offset or reduce the negative impacts determining the investment attractiveness of regional investment objects and, secondly, motivational and stimulating measures to resolve the conflicts arising due to environmental and social restrictions on economic activity in order to ensure, as we move towards sustainable development, a balanced solution to three tasks: ensuring economic growth, achieving social progress, and improving the quality of the environment.
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