Theoretical and Methodological Approaches to Evaluation of Investment Security of Ukraine

Abstract

The article discusses theoretical approaches to revealing the essence of the definition of «investment security». Investment security considered as a state of investment support of the country's economy, its resource capacity for expanded reproduction and modernization, attractiveness for investment in real and potential risks, threats and dangers. Investment security is a component of financial security, which in turn is an important component of the country's economic security. The main task of investment security is the formation of investment resources for the development of the country's economy, taking into account risks and threats. To assess the country's investment security, it is advisable to apply a comprehensive approach that would take into account its various aspects. Methodological tools have been developed and the level of investment security of Ukraine has been assessed and based on indicators that reflect: 1) ability to reproduce; 2) economic growth; 3) sources of investment. The quantitative value of these indicators allowed calculating the integrated indicator of investment security of Ukraine and noting that its level can be low, medium and high. On the authors position the low level of investment security signals the low investment attractiveness of the country's economy, significant imbalances in investment sources and lack of investment for expanded reproduction of fixed assets on an innovative basis. The average level of investment security reflects the satisfactory pace of investment in the country's economy and low use of the potential of financial intermediaries in investment activities. A high level of investment security, which guarantees expanded reproduction, economic growth and attracting the potential of the financial system in the investment process. The value of the integrated indicator of investment security of Ukraine for 2015-2019 is calculated. Testified to significant threats to economic growth and low rates of investment in the economy. The proposed methodology is comprehensive and allows assessing the level of investment security at the macro level.