ACTIVITIES OF JOINT INVESTMENT INSTITUTES IN UKRAINE: CONTEMPORARY PROBLEMS AND WAYS OF THEIR OVERCOMING

Abstract

As the international experience says, the functioning of the institutions of joint investment in the world's investment markets significantly affect the overall state of the economies of these countries. Therefore, the study of negative reasons for containing these institutions in their development in Ukraine and determining ways to neutralize them, we consider the current task. In the course of the research to clarify the current state of the institutions of joint investment in the investment market of Ukraine were used methods of statistical data analysis; to streamline and classify current problems and common advantages of institutions of joint investment, create a causal matrix of low level of institutions of joint investment – the matrix method and the grouping method; to develop a mechanism for improving the market conditions of institutions of joint investment in Ukraine – the algorithmic method. Investigation of the reasons that hamper the development of joint investment institutes in the investment market of Ukraine was conducted in three stages. At the first stage, an economic analysis of the statistical data of the market state of the joint investment institutions in Ukraine over the last 3 years and a definition is received, ordering and awareness of a number of reasons that do not allow institutions of joint investment in Ukraine to successfully develop. A list of such reasons was compiled. At the second stage of the study, for a detailed analysis of the list of causes, two characteristics of their distribution are distinguished: 1) by the strength of the impact – direct and indirect effects; 2) on the impact environment – internal and external. A causal matrix for the low development of joint investment institutions in Ukraine has been formed. The analysis of the zones of the matrix was carried out and it was found out that the most problematic is Zone A – the external causes of direct influence, and the causes of Zone B (internal causes of direct impact) are derived from the first group. At the third stage of the study, in order to eliminate (neutralize) the negative impacts of various causes on the market conditions of the institutions of joint investment in Ukraine and, based on general provisions of the theory of systems, a mechanism for its improvement was developed and proposed for implementation. It was determined that a significant improvement in the situation with the institutions of joint investment in Ukraine depends on two sides: first steps at the state level, and then actions at the level of the members of these institutions – and not conversely. The proposed matrix principle of ordering negative factors and the mechanism for improving the market condition of joint investment institutions in Ukraine in application will allow developing effective programs to overcome these negative phenomena in the investment market, revitalize its functioning, and, as a result, strengthen the country's economic position in the future. In addition, this approach will be useful in conducting similar studies in future periods.