Features of diversification and formation of individual parts of the securities portfolio, as well as the parameters of bringing it to the planned parameters have a significant impact on investment efficiency and risk. The urgency of rebalancing the securities portfolio in the activities of investment funds has been clarified, as such entities often have a certain policy on the structure of assets and liabilities. The aim of the work is to clarify the features of rebalancing the securities portfolio, which ensure the optimal parameters for the level of return on investment and risk. The need to rebalance the portfolio of securities in the long run due to the objective existence of the life cycle of companies, which determines the importance of timely sale of their shares. The connection between the peculiarities of rebalancing the securities portfolio and the issues of its risk and efficiency is clarified. Features of different types of such rebalancing from the point of view of influence on balance of risk and efficiency are considered. No type of rebalancing can achieve both risk minimization and efficiency maximization. The classification of types of corresponding rebalancing is carried out. The optimality of the type of rebalancing of the securities portfolio depending on the market features is specified: speculative or investments; and the impact of taxation on the intensity of asset purchase and sale transactions was defined. The main disadvantage of this type of rebalancing as profit-taking is a significant increase in taxes and deterioration of the portfolio structure due to the sale of assets, which are constantly rising in price and purchase of bad assets. This type of rebalancing is not optimal for markets (e.g., the US) and stocks that are constantly rising in price, but is appropriate for speculative volatile markets (e.g., China and East Asia) and assets. The main alternative to this type of rebalancing is to record losses or follow a certain index. An example of the practical use of this type is the Vanguard S&P 500 ETF, which completely repeats the structure of the S&P 500 stock index while buying stocks that rise in price and sells, on the contrary, decreased. This type of rebalancing of the securities portfolio is considered optimal for emerging markets and stocks. An alternative to these two types of rebalancing is one that involves the sale of assets only in the event of a loss of fundamental attractiveness. The change of portfolio shares is carried out by purchasing additional assets upon receipt or appearance of cash. However, this almost eliminates the targets of diversification in terms of risk management. Criteria for determining the stage of aging of the company and the time of sale of its shares are proposed. It has been established that holding bonds in a portfolio in order to provide a reserve for acquiring shares at the time of their price fall is advisable only when expecting a nonsystemic crisis, that is, a crisis for an individual asset; in the activities of investment management institutions, the type of rebalancing of the securities portfolio should be a secondary issue, as the economic basis for their economic efficiency in the long run is the selection, purchase and holding of fundamentally attractive shares.
Annotation. Introduction. Strategic management of the region – management activities aimed at achieving the goals in an unstable competitive market environment, including diagnostic analysis of the region. Purpose. The aim of the article is to study the management of regional development in the system of state regional policy at different levels, which is the prerogative of functional management of the region, identifying problems and forecasting socio-economic development of the region, developing strategies and ways to improve state regional policy in transformational conditions. Results. State regional policy in Ukraine allows to consider the composition of subsystems of the region on the basis of the theory of organization, can serve as a basis for systematic analysis of the region depending on the scale of management, production capacity, population and market infrastructure. The basis of regional planning is a reasonable formation of its goals and criteria. The development strategy of the region should be based on the theory of program-target management and provide for setting strategic and tactical goals, as well as criteria for achieving them – quantitative indicators that determine the extent or composition of the assessment of the goal compared to other possible options for regional development. Conclusions. At present, the sphere of the state regional policy is being reformed, which should take into account the provision of balanced development of the state and its regions. Asymmetry and problems of development of the territories of Ukraine are connected with many negative phenomena. The state regional policy should be aimed at creating a single integrated space, taking into account the European experience and new approaches to its improvement. Difficult economic situation in the region; budget problems do not allow for expanded production, so it is advisable to apply strategies of “fire extinguishing”, “retreat”, “guerrilla warfare”, “reduction” and “elimination”. Keywords: Regional development, state regional policy, region, management system, strategic management, strategy, planning, concept.
Моргачов І. В. Регулювання регіональних інноваційних процесів та їх інфраструктурного забезпечення Метою роботи є уточнення теоретико-методичних положень державного регулювання регіональних інноваційних процесів та їх інфраструктурного забезпечення, що є підґрунтям вдосконалення системи державної підтримки досліджуваних процесів. Звернуто увагу на регіональні інноваційні процеси як засіб виходу регіону з депресивного стану шляхом поглиблення та вдосконалення спеціалізації в міжнародному розподілу праці. Розглянуто особливості регулювання регіональних інноваційних процесів та їх інфраструктурного забезпечення. Елементами останнього визначено науково-технічні системи. Важливим інструментом державного регулювання досліджуваних процесів визнано регіональну інноваційну політику. Уточнено її сутність, завдання, чинники впливу, особливості, проблеми та суб'єкти реалізації, об'єкти впливу. Визначено причинно-наслідковий зв'язок державної підтримки регіональних інноваційних процесів, а також складові успішності останніх. Як важливий результат досліджуваних процесів розглянуто побічний результат у вигляді мультиплікаційного податкового ефекту, що є економічною основою державної підтримки інноваційних проектів. Конкретизовано роль секторів економіки в процесі реалізації регіональних інноваційних проектів з урахуванням питання прийняття ризику та можливості використання додаткових вигід від успішних регіональних інноваційних проектів. Ключові слова: регіональна інноваційна політика, регіональні інноваційні процеси, інфраструктурне забезпечення регіональних інноваційних процесів.
Ключові слова: організації сфери інжинірингу, регіональні інноваційні процеси, інфраструктурне забезпечення регіональних інноваційних процесів.Моргачов Ілля Вікторович -кандидат економічних наук, доцент, доцент кафедри публічного управління, менеджменту та маркетингу, Східноукраїнський національний університет ім. В. Даля (просп.
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