ОЦІНКА ВПЛИВУ ПРЯМИХ ІНОЗЕМНИХ ІНВЕСТИЦІЙ НА ДОХОДИ МІСЦЕВИХ БЮДЖЕТІВ УКРАЇНИ

Nataliia Dziubanovska; Vadym Maslii

doi:10.32782/2524-0072/2023-49-48

Nataliia Dziubanovska West Ukrainian National University https://orcid.org/0000-0002-8441-5216
Vadym Maslii West Ukrainian National University https://orcid.org/0000-0002-9672-9669

DOI: https://doi.org/10.32782/2524-0072/2023-49-48

Keywords: local budget revenues, cluster analysis, correlation analysis, foreign direct investments, financial system

Abstract

Foreign direct investment has a significant impact on the development of the economy of Ukraine and is an important source of increased tax revenues to local budgets. This issue will be particularly relevant in the post-war period. Firstly, this is because attracting foreign capital into the economy can stimulate the development of local enterprises and increase their competitiveness in the international market. As a result, production will increase, sales volumes and profits of enterprises will increase, leading to increased tax revenues to budgets. In addition, foreign direct investment can help change the structure of the region’s economy towards more high-tech and innovative sectors, which can improve production efficiency and product quality, which in turn can increase demand for local goods and services. This will contribute to an increase in domestic demand, an increase in sales of local goods and services, which will also lead to increased tax revenues to budgets. Also, foreign direct investment can stimulate the creation of new jobs and reduce unemployment in the region. This will lead to an increase in the income level of the population and an increase in consumer demand for local goods and services, which in turn will increase the revenues of local budgets. To study the impact of foreign direct investment on the revenues of local budgets in Ukraine, statistical data characterizing the volumes of FDI and revenues of local budgets in the regions of Ukraine during 2014-2020 were used. Taking into account the differences in the values of the studied indicators from region to region, the authors used cluster analysis to divide them into groups by GDP and local budget revenues. In addition, it was found that there is a lag between investment attraction and obtaining results from their use, i.e. the effect of foreign direct investment is realized in the second and third years. The application of correlation analysis for each cluster confirmed that there is a direct positive relationship between FDI volumes and local budget revenues, which indicates that the attraction of foreign capital has a positive effect on the revenues of local budgets.

References

Державна служба статистики України. URL: https://ukrstat.gov.ua/.

Лендєл, О. М. (2016). Іноземні інвестиції як фактор розвитку економіки держави. Ефективна економіка. 9. URL: http://www.ecоnоmy.nayka.cоm.ua/?оp=1&z=5156

Марцин, В.С. (2012). Проблеми залучення іноземних інвестицій в Україну та їх державне регулювання. Проблеми науки. 10. 2–10.

Михайленко, О.Г., & Красникова Н.А. (2020). Вплив іноземних інвестицій на розвиток економіки України в умовах глобалізації. Ефективна економіка. 7. URL: http://www.economy.nayka.com.ua/pdf/7_2020/56.pdf

Новікова, Л.В., & Чернишова, Л.О. (2018). Правові аспекти державного регулювання іноземного інвестування в Україні. Економіка і суспільство. 16. 72-80.

Римарська, Р.Ю. (2015). Збільшення надходжень до бюджету як чинник залучення іноземних інвестицій в Україну. Економіка України. 8. 31-43.

Рубцова-Каменська, Г. (2019). Державне управління інвестиційною діяльністю за участю іноземного інвестора. Підприємництво, господарство і право. 10. 66–72. DOI: https://doi.org/10.32849/2663-5313/2019.10.11

Скоробогатова, Н.Є., & Потапова, В.П. (2018). Роль інвестицій у формуванні економічного зростання України. Актуальні проблеми економіки та управління. 12. URL: http://ape.fmm.kpi.ua/issue/view/7925

Соколовська, О.М. (2021). Прямі іноземні інвестиції в економіці України: стан і проблеми залучення. Вісник економічної науки України. 2 (41). 92-99.

Шевченко, Л.В. (2021). Фактори впливу на іноземне інвестування в економіку України: підходи до класифікації. Вісник Харківського національного університету імені В.Н. Каразіна. Серія «Економічна». 100. 57-67. DOI: https://doi.org/10.26565/2311-2379-2021-100-06

Юдіна, С.В., & Пирогов, С.О. (2018). Вплив іноземних інвестицій на економічний розвиток країни. Науковий вісник Ужгородського національного університету. Серія: Міжнародні економічні відносини та світове господарство. 18 (3). 152 – 157.

Camara, D. (2023) The Effect of Foreign Direct Investment on Tax Revenue. Comparative Economic Studies. 65, 168 – 190.

Danielova, A. & Sarkar., S. (2011). The effect of leverage on the tax-cut versus investment-subsidy argument. Review of Financial Economics. 20(4), 123–129. DOI: https://doi.org/10.1016/j.rfe.2011.10.001

Gajigo, O., Mutambatsere, E. & Mdiaye, G. (2012). Gold mining in Africa: Maximizing economic returns for countries. Working Paper No 147. March 2012. African Development Bank, Tunis, Tunisia.

Nguyen, H.T.T., Nguyen, M.H. & Goenka, A. (2014). How does FDI affect corporate tax revenue of the host country. Document De Recherche Epee, Centre D’etudes Des Politiques Economiques De L’universite D’evry, Retrieved August, 10, 13–03.

Zhang, K.H. (2001). How does foreign direct investment affect economic growth in China? Economics of Transition. 9(3), 679–693. DOI: https://doi.org/10.1111/1468-0351.00095

State Statistics Service of Ukraine. Available at: https://ukrstat.gov.ua/.

Lendiel, O. M. (2016). Inozemni investytsii yak faktor rozvytku ekonomiky derzhavy [Foreign investments as a factor in the development of the state’s economy]. Efektyvna ekonomika – Efficient economy, 9. Available at: http://www.ecоnоmy.nayka.cоm.ua/?оp=1&z=5156 [in Ukrainian].

Martsyn, V.S. (2012). Problemy zaluchennia inozemnykh investytsii v Ukrainu ta yikh derzhavne rehuliuvannia [Problems of attracting foreign investments to Ukraine and their state regulation]. Problemy nauky – Problems of science. 10. 2–10. [in Ukrainian].

Mykhailenko, O.H., & Krasnykova N.A. (2020). Vplyv inozemnykh investytsii na rozvytok ekonomiky Ukrainy v umovakh hlobalizatsii [The influence of foreign investments on the development of the economy of Ukraine in the conditions of globalization]. Efektyvna ekonomika – Efficient economy, 7. Available at: http://www.economy.nayka.com.ua/pdf/7_2020/56.pdf [in Ukrainian].

Novikova, L.V., & Chernyshova, L.O. (2018). Pravovi aspekty derzhavnoho rehuliuvannia inozemnoho investuvannia v Ukraini [Legal aspects of state regulation of foreign investment in Ukraine]. Ekonomika i suspilstvo – Economy and society. 16. 72-80. [in Ukrainian].

Rymarska, R.Iu. (2015). Zbilshennia nadkhodzhen do biudzhetu yak chynnyk zaluchennia inozemnykh investytsii v Ukrainu [Increase in revenues to the budget as a factor in attracting foreign investments to Ukraine]. Ekonomika Ukrainy – Ukraine economy. 8. 31-43. [in Ukrainian].

Rubtsova-Kamenska, H. (2019). Derzhavne upravlinnia investytsiinoiu diialnistiu za uchastiu inozemnoho investora [State management of investment activities with the participation of a foreign investor]. Pidpryiemnytstvo, hospodarstvo i pravo – Entrepreneurship, economy and law. 10. 66–72. DOI: https://doi.org/10.32849/2663-5313/2019.10.11 [in Ukrainian].

Skorobohatova, N.Ie., & Potapova, V.P. (2018). Rol investytsii u formuvanni ekonomichnoho zrostannia Ukrainy [The role of investments in shaping the economic growth of Ukraine]. Aktualni problemy ekonomiky ta upravlinnia – Actual problems of economy and management. 12. Available at: http://ape.fmm.kpi.ua/issue/view/7925 [in Ukrainian].

Sokolovska, O.M. (2021). Priami inozemni investytsii v ekonomitsi Ukrainy: stan i problemy zaluchennia [Foreign direct investment in the economy of Ukraine: state and problems of attraction]. Visnyk ekonomichnoi nauky Ukrainy – Herald of economic science of Ukraine. 2 (41). 92-99. [in Ukrainian].

Shevchenko, L.V. (2021). Faktory vplyvu na inozemne investuvannia v ekonomiku Ukrainy: pidkhody do klasyfikatsii [Factors influencing foreign investment in the economy of Ukraine: approaches to classification]. Visnyk Kharkivskoho natsionalnoho universytetu imeni V.N. Karazina. Seriia «Ekonomichna» - Bulletin of Kharkiv National University named after V.N. Karazin. «Economic» series. 100. 57-67. DOI: https://doi.org/10.26565/2311-2379-2021-100-06 [in Ukrainian].

Yudina, S.V., & Pyrohov, S.O. (2018). Vplyv inozemnykh investytsii na ekonomichnyi rozvytok krainy [The influence of foreign investments on the economic development of the country]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia: Mizhnarodni ekonomichni vidnosyny ta svitove hospodarstvo – Scientific Bulletin of the Uzhhorod National University. Series: International economic relations and the world economy. 18 (3). 152–157. [in Ukrainian].

Camara, D. (2023) The Effect of Foreign Direct Investment on Tax Revenue. Comparative Economic Studies. 65, 168–190.