Research of the foreign countries experience in regulation of investment processes in building sphere
The article describes the study of the experience of foreign countries in the regulation of investment processes in the construction industry. Analysis of the experience of foreign countries in the field of state regulation and stimulation of investment in construction can help develop new, effectiv...
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irk-123456789-1309262018-03-09T03:02:43Z Research of the foreign countries experience in regulation of investment processes in building sphere Shlafman, N. Frolina, K. Finance The article describes the study of the experience of foreign countries in the regulation of investment processes in the construction industry. Analysis of the experience of foreign countries in the field of state regulation and stimulation of investment in construction can help develop new, effective mechanisms for implementing state policy in the field of residential, industrial and infrastructure construction, establishing and expanding international cooperation in the construction sector, creating opportunities for attracting investment in housing and industrial construction, including foreign ones. The analysis of housing financing systems in developed countries of the world (USA, England, Germany, France) shows that they are based on a variety of specialized financial institutions - construction and savings, mortgage companies, investment banks, credit unions, as well as on several financial technologies: construction savings, mortgage lending, a certain combination of other, public and private financing, as well as various mixed forms of public and private funding. In these countries the state possesses and active market instruments of state regulation of investment processes through mortgage markets, secondary loans using state (or semi-public) financial institutions. The analysis of the state of legal regulation in the investment sphere of Ukraine, the development of the securities market and investment trends in the real estate market, and the practice of state regulation of investment and construction processes in Ukraine testify to the expediency of adapting the experience of developed countries to the methods of state regulation of investment activity in the construction sphere to Ukraine, which may become an essential direction of intensification of investment processes in the country. У статті досліджено досвід зарубіжних країн у регулюванні інвестиційних процесів у будівельній сфері. Аналіз досвіду зарубіжних країн щодо державного регулювання і стимулювання інвестиційної діяльності в будівництві може допомогти розробити нові, ефективні механізми реалізації державної політики в галузі житлового, промислового та інфраструктурного будівництва, у налагодженні і розширенні міжнародного співробітництва в будівельній сфері, створенні можливостей залучення інвестицій у житлове і промислове будівництво, у тому числі іноземних. Аналіз систем фінансування будівництва житла у розвинутих країнах світу (США, Англії, Німеччині, Франції) свідчить, що вони базуються на різноманітності спеціалізованих фінансових інститутів – будівельно-ощадних, іпотечних компаніях, інвестиційних банках, кредитних спілках, а також на кількох фінансових технологіях: будівельних заощадженнях, іпотечному кредитуванні, певного поєднання одного з іншим, державному та приватному фінансуванні, а також на різноманітних змішаних формах державного та приватного фінансування. У цих країнах держава володіє і дійовими ринковими інструментами державного регулювання інвестиційних процесів через ринки закладних, вторинних кредитів із використанням державних (чи напівдержавних) фінансових інститутів. Проведений аналіз стану правового регулювання в інвестиційній сфері України, розвитку ринку цінних паперів та інвестиційних тенденцій ринку нерухомості, практики державного регулювання інвестиційно-будівельних процесів в Україні свідчить про доцільність адаптації досвіду розвинутих країн щодо методів державного регулювання інвестиційної діяльності в будівельній сфері в України, що може стати суттєвим напрямом активізації інвестиційних процесів в країні. В статье исследован опыт зарубежных стран в регулировании инвестиционных процессов в строительной сфере. Анализ опыта зарубежных стран по государственному регулированию и стимулированию инвестиционной деятельности в строительстве может помочь разработать новые, эффективные механизмы реализации государственной политики в области жилищного, промышленного и инфраструктурного строительства, налаживании и расширении международного сотрудничества в строительной сфере, создании возможностей привлечения инвестиций в жилищное и промышленное строительство, в том числе иностранных. Анализ систем финансирования строительства жилья в развитых странах мира (США, Англии, Германии, Франции) свидетельствует, что они базируются на разнообразии специализированных финансовых институтов – строительно-сберегательных, ипотечных компаниях, инвестиционных банках, кредитных союзах, а также на нескольких финансовых технологиях: строительных сбережениях, ипотечном кредитовании, определенного сочетания одного с другим, государственном и частном финансировании, а также на различных смешанных формах государственного и частного финансирования. В этих странах государство владеет и действующими рыночными инструментами государственного регулирования инвестиционных процессов через рынки закладных, вторичных кредитов с использованием государственных (или полугосударственных) финансовых институтов. Проведенный анализ состояния правового регулирования в инвестиционной сфере Украины, развития рынка ценных бумаг и инвестиционных тенденций рынка недвижимости, практики государственного регулирования инвестиционно-строительных процессов в Украине свидетельствует о целесообразности адаптации опыта развитых стран касательно методов государственного регулирования инвестиционной деятельности в строительной сфере, в Украине, что может стать существенным направлением активизации инвестиционных процессов в стране. 2017 Article Research of the foreign countries experience in regulation of investment processes in building sphere / N. Shlafman, K. Frolina // Економічний вісник Донбасу. — 2017. — № 4 (50). — С. 96-102. — Бібліогр.: 14 назв. — англ. 1817-3772 http://dspace.nbuv.gov.ua/handle/123456789/130926 330.322:332.8 en Економічний вісник Донбасу Інститут економіки промисловості НАН України |
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Finance Finance Shlafman, N. Frolina, K. Research of the foreign countries experience in regulation of investment processes in building sphere Економічний вісник Донбасу |
| description |
The article describes the study of the experience of foreign countries in the regulation of investment processes in the construction industry. Analysis of the experience of foreign countries in the field of state regulation and stimulation of investment in construction can help develop new, effective mechanisms for implementing state policy in the field of residential, industrial and infrastructure construction, establishing and expanding international cooperation in the construction sector, creating opportunities for attracting investment in housing and industrial construction, including foreign ones.
The analysis of housing financing systems in developed countries of the world (USA, England, Germany, France) shows that they are based on a variety of specialized financial institutions - construction and savings, mortgage companies, investment banks, credit unions, as well as on several financial technologies: construction savings, mortgage lending, a certain combination of other, public and private financing, as well as various mixed forms of public and private funding. In these countries the state possesses and active market instruments of state regulation of investment processes through mortgage markets, secondary loans using state (or semi-public) financial institutions.
The analysis of the state of legal regulation in the investment sphere of Ukraine, the development of the securities market and investment trends in the real estate market, and the practice of state regulation of investment and construction processes in Ukraine testify to the expediency of adapting the experience of developed countries to the methods of state regulation of investment activity in the construction sphere to Ukraine, which may become an essential direction of intensification of investment processes in the country. |
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Article |
| author |
Shlafman, N. Frolina, K. |
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Shlafman, N. Frolina, K. |
| author_sort |
Shlafman, N. |
| title |
Research of the foreign countries experience in regulation of investment processes in building sphere |
| title_short |
Research of the foreign countries experience in regulation of investment processes in building sphere |
| title_full |
Research of the foreign countries experience in regulation of investment processes in building sphere |
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Research of the foreign countries experience in regulation of investment processes in building sphere |
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Research of the foreign countries experience in regulation of investment processes in building sphere |
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research of the foreign countries experience in regulation of investment processes in building sphere |
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Інститут економіки промисловості НАН України |
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2017 |
| topic_facet |
Finance |
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http://dspace.nbuv.gov.ua/handle/123456789/130926 |
| citation_txt |
Research of the foreign countries experience in regulation of investment processes in building sphere / N. Shlafman, K. Frolina // Економічний вісник Донбасу. — 2017. — № 4 (50). — С. 96-102. — Бібліогр.: 14 назв. — англ. |
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N. Shlafman, K. Frolina
96
Економічний вісник Донбасу № 4(50), 2017
UDC 330.322:332.8
N. Shlafman,
DrHab (Economics),
K. Frolina,
PhD (Economics),
Odessa
RESEARCH OF THE FOREIGN COUNTRIES EXPERIENCE IN REGULATION
OF INVESTMENT PROCESSES IN BUILDING SPHERE
The market economy operates based on a free
choice of priorities and investment directions. Ukraine's
construction industry will face a sharp need for invest-
ment, if there is no economic incentive for investors and
financial advantages of investing in construction will
not manifest.
For the sustainable development of the construc-
tion industry, there is a need for continuous improve-
ment of the applied approaches, considering both re-
gional practice and foreign experience. Analysis of the
experience of foreign countries in the field of state re-
gulation and stimulation of investment in construction
will help develop new, effective mechanisms for imple-
menting state policy in the field of residential, industrial
and infrastructure construction, establishing and ex-
panding international cooperation in the construction
sector, creating opportunities for attracting investment
in housing and industrial construction, including foreign
ones.
Let's consider foreign practice of state regulation of
investment and construction processes relevant for bor-
rowing or improvement in Ukraine in such developed
countries as the USA, Great Britain, Germany, France
and in the largest transition economies - China.
Government of Great Britain [1; 2] advocates at-
tracting foreign direct investment into the country, ac-
companied by the introduction of advanced foreign
technology and the growth of the number of jobs. The
country has one of the most attractive investment re-
gimes among the developed countries of the world.
Significant role in attracting foreign capital to the
country are bilateral treaties of Great Britain with other
countries to encourage trade and investment and similar
agreements operating within the framework of the
European Union.
The underlying legislative act regulating invest-
ment activity in the country is the Financial Services and
Markets Act 2000, with the following changes.
In the UK, the mechanism of currency control con-
tributes to the inflow of foreign investment. However,
foreign firms created for importing and marketing on the
London market products produced outside the "sterling
zone" should be financed exclusively from their own
funds. However, if the company being created is of se-
rious interest to the UK economy, a foreign investor may
receive British loans for the development of their busi-
ness.
On the territory of the country a clear and fairly
simple registration system of business, foreign investors
can freely choose different objects of investment of their
capital.
The British government has developed and applies
to investors a system of financial incentives, unique for
national and foreign companies.
Regulation of investment activity in Great Britain
is carried out by special bodies, most of which are inde-
pendent self-regulated organizations and authorized ex-
changes, the state only provides the appropriate regula-
tory framework. In particular, mutual investment trusts
and openings, investment companies effectively com-
bine small investments into large ones.
Factors that restrict the activities of foreign inves-
tors are the current system of taxation and currency re-
strictions. In recent years, in the UK, there is a tendency
to more differentiated approach to assessing plans to ex-
pand investments by individual foreign firms and link
them with certain obligations. Absorption of national
firms by foreign capital is considered undesirable.
In the German economy [1; 3; 4; 5], foreign invest-
ment plays a much more important role than in other
European countries. The country provides equal condi-
tions of management to foreign and national investors.
The German legislation does not impose any restrictions
on the import and export of foreign capital, the partici-
pation of foreigners in the capital of established compa-
nies, or the employment of senior management positions
in these companies by foreigners. The country has many
enterprises with foreign participation, which actively
use the scientific and technical achievements of parent
companies located abroad.
Regulates investment activity in the country "Law
on Credit Institutions", the Law on Investment Compa-
nies (KAGG). Investment companies are subject to con-
trol by the Federal Office for Supervision over Credit
Institutions. The direction of foreign investment is re-
gulated through the taxation system.
In the practice of regional investment, the term "so-
cial task" is used, which corresponds to the concept of
"target program". In the new (eastern) federal states, the
targeted rules "Improvement of the regional economic
structure" were developed, which promoted investment
through subsidies for infrastructure development from
the federal and land budgets, as well as the European
Regional Development Fund.
N. Shlafman, K. Frolina
97
Економічний вісник Донбасу № 4(50), 2017
The attitude of France [1; 3; 6] to foreign invest-
ment is generally benevolent, although the position of
the government from time to time is changing. Investing
in foreign capital is not allowed or limited only in certain
branches of the economy: mineral exploration, mining,
pharmaceutical industry. Relations in the field of invest-
ment are regulated by the Code of the financial and mo-
netary system. Investments in France and from France
to foreign countries do not require special permission.
At the same time, the procedures provide for the sub-
mission of a declaration to the Ministry of Economy and
Finance.
A foreign company is subject to a national tax re-
gime, loans and various kinds of benefits. There are no
restrictions on the transfer of funds from foreign inves-
tors from the country.
With a general liberal attitude to foreign invest-
ment, France introduces a few restrictions on the rights
of non-residents. First, it concerns foreign investment in
certain industries - extraction, processing and import of
oil. In addition, foreign investors cannot hold manage-
rial positions in companies engaged in the specified ac-
tivity. In France there is currency control, as well as spe-
cial control, directly related to foreign exchange re-
strictions, in relation to foreign loans, domestic and fo-
reign direct investment.
In 1977, France adopted a circular on direct French
investment abroad and direct foreign investment in the
country, which restricts the excessive impact of foreign
capital.
The relationship between the state and the regions
is based on a contractual basis within the national plan-
ning system. Each region concludes with the state
scheduled contracts that bind both parties to a specific
investment program. Then they are introduced into the
national plan of the state as a priority. At the same time,
trying to allocate additional funds to the most proble-
matic regions. The implementation of such a policy is
carried out in the form of restructuring of the regional
economy. To do this, with the help of investment grants
allocated by the state, assistance is provided to improve
the regional infrastructure and create jobs in the priority
sectors of the economy.
The main priorities of the American [1; 3; 4; 7] in-
vestment policy is attracting investment in the US, as
well as stimulating foreign investment to create more
jobs and economic recovery. In this regard, the main pri-
ority of the federal government, state and state level
authorities, and the municipal level are the maximum
support of potential investors and the creation of effec-
tive incentives for investing.
Relations in the investment field at the federal level
are governed by the Public Law No. 110-49 "On Foreign
Investment and National Security Act 2007" and related
sectoral laws.
The regulation of investment activity is carried out
on two levels: at the federal level and at the state level.
At the federal level, common rules are set, which
must be respected by foreign investors in the US market.
Local government authorities of each American state
adopt laws regulating acts on the conditions of entrepre-
neurial activity of foreign investors in their territory.
The federal government does not play an active role in
defining the goals of economic development in a given
region of the United States.
The US government provides equal conditions for
the management of foreign and national investors. For-
eign investors can freely invest in most sectors of the US
economy, as well as withdraw capital and profits. The
country has created the most effective system of inves-
tor protection, which consists of three lines of protec-
tion: the state, self-regulated brokers and brokers them-
selves. This is probably one of the reasons why the stock
market in this country is very effective.
The state takes an active part in investment pro-
cesses. Of gross investments in the US economy, the
state's share is more than 20%, of which 12% goes to
investment from the federal budget. The state's influ-
ence on investment activity is carried out with the help
of financial instruments such as reduced rates of income
tax, accelerated depreciation policy, preferential bank
lending, innovative grants, etc.
The United States deliberately develops interna-
tional cooperation in the investment sphere. For exam-
ple, in the year 2013, the TFTA, or the Transatlantic
Trade and Investment Partnership (TTIP), was being ac-
tively pursued as a free trade area between America and
the European Union.
The Chinese Government [1; 8], starting to pursue
economic reforms since 1978, pays great attention to at-
tracting foreign capital to the country. Thanks to foreign
investments, the issue of employment of the population
is resolved, the transition to high-tech production is car-
ried out, the economy is transformed into a market for-
mat and integrated into the world economy.
According to the current legislation, in China there
are the following forms of investment: joint ventures,
joint cooperative enterprises, enterprises with 100% fo-
reign capital, operations in the stock market. In addition,
the China has a mode of demarcation of foreign invest-
ment in the following categories: encouraged, resolved,
limited, prohibited.
To provide a favorable investment climate, the
Government of China established administrative and
economic entities with preferential regimes, namely:
special economic zones, zones of economic and techno-
logical development, free trade zones, border economic
cooperation zones, and zones of scientific and techno-
logical development. In total, according to recent fi-
gures, more than 200 zones of preferential economic re-
gime have been established on the territory of China. In
some developed regions, technological parks are built,
which accumulates investment flows to China. On con-
cessional terms, it is also possible to create new enter-
N. Shlafman, K. Frolina
98
Економічний вісник Донбасу № 4(50), 2017
prises based on old ones, which are considered unpro-
fitable and subject to dismantling.
The liberalization of Chinese investment legisla-
tion is not only due to the application of a special regime
for foreign investors, but also by improving the eco-
nomic conditions for national enterprises.
China's economy is lent to the banking system. The
main types of lending are commercial and political lend-
ing.
In commercial lending, interest rates on loans, as
well as lending, are formed based on market principles.
Political lending is intended to serve as the main
instrument for the implementation of state economic
policy. To this end, three state-owned development
banks were set up in China. At the same time, the main
source of funds for political lending is the state budget.
To finance the most important structural projects in the
economy, created mainly by the branch principle, the
budgetary funds and various forms of savings of citizens
who are under the responsibility of the state are actively
used [3; 9].
The analysis of housing financing systems in de-
veloped countries of the world (USA, England, Ger-
many, France) shows that they are based on a variety of
specialized financial institutions - construction and sa-
vings, mortgage companies, investment banks, credit
unions, as well as on several financial technologies: con-
struction savings, mortgage lending, a certain combina-
tion of other, public and private financing, as well as
various mixed forms of public and private funding. In
these countries the state possesses and active market in-
struments of state regulation of investment processes
through mortgage markets, secondary loans using state
(or semi-public) financial institutions.
So, in the United States, the process of providing
mortgage loans to mortgage lenders by mortgage len-
ders takes place in the primary market, and in the se-
condary mortgage market, mortgage loans are sold to
the investor (refinanced by them). The proceeds of the
money mortgage companies are again put into circula-
tion (issuing new loans), and their profit consists of fees
for loans and payments, for their maintenance. This
model implies the existence of a developed secondary
mortgage market, which sells already issued mortgages.
The model is attractive in that it solves the problem of
long-term financial resources.
In Germany and France, the foundation of the pri-
mary market for a residential mortgage system is the
construction and savings fund. The essence of financial
assistance for construction savings is that the future de-
veloper of housing, with the consent of the building sav-
ings bank accumulates on the account for a deposit over
several years, a certain amount of cash. Subject to the
terms of the agreement, the depositor, in addition to the
accumulated deposit and interest on it, receives the right
to a bank loan in the amount approximately equal to the
amount of accumulated deposit. The union of three
monetary sources – the owner's own contribution, the
bank's loan and the state aid (bonus) allows the deve-
loper not only to start but also complete the construction
project. The system of building savings is autonomous,
that is, it does not require external borrowing. This dis-
tinctive feature is achieved by the fact that the time of
using money, for example, A participant A, is equivalent
to the time during which another person uses it himself.
Independence of the system from the financial
market makes it possible to issue loans to participants at
a lower market rate, while government subsidies enable
target savings to compete successfully with market in-
struments. Through the system of building savings, the
state realizes its own interests: forms a private housing
fund, primary and secondary housing market, reduces
the allocation to operation and repair of the state housing
stock, solves the socially acute problem of providing
housing for the population [10, с. 325, 326].
In Great Britain the system of construction socie-
ties successfully operates. The mechanism of their work
is somewhat like the activities of German, but to obtain
a home loan does not necessarily be a depositor of a con-
struction company. In recent years, because of the liber-
alization of the banking legislation of Great Britain, the
functions of these societies are becoming closer to the
functions of commercial banks. Competition of the
above structures leads to their convergence and reduc-
tion of loan rates [11, с. 91].
Summarizing the above, it should be noted that the
activity of foreign investors in foreign countries is go-
verned by national law, special laws or codes for foreign
investment are absent, only some administrative regula-
tions have been developed, as well as the relevant arti-
cles of separate laws. In the main, the legislation is
aimed at liberalizing the investment regime and provid-
ing foreign investors with: no less favorable conditions
than domestic ones; guarantees on the transfer of profits,
and in the case of expropriation of their property – a full
compensation; the possibility of resolving disputes
between a foreign investor and the host investment state.
In general, the policy of foreign countries in the in-
vestment sphere pursues the following main goals:
– directing investments to restructure the economy
to improve its efficiency;
– directing savings to the real economy sector in-
vestment;
– the formation of an efficient and controlled capi-
tal market;
– reduction and insurance of investment risks;
– improving the investment climate for domestic
and foreign capital.
Legal guarantees to investors is an important crite-
rion for a favorable investment climate.
The main methods of regulation of investment ac-
tivity are:
1. Direct: tight regulatory regulations; reducing
bureaucratic pressure on business, simplifying registra-
N. Shlafman, K. Frolina
99
Економічний вісник Донбасу № 4(50), 2017
tion procedures; providing equal conditions of manage-
ment to foreign and national investors; the choice of pri-
orities is exercised by the state; effective system of in-
vestor protection; effective pooling of small investments
into large ones; budget financing; direct administrative
interference in the investment process by coordinating
the plans of the largest corporations; creation of specia-
lized financial institutions for the financing of housing
construction.
2. Indirect: regulation of total investment through
a policy of interest rate, monetary, tax and depreciation
policy; Selective stimulation of investments in certain
enterprises, branches and spheres of activity through
credit and tax privileges; involvement in the construc-
tion of housing "long" funds of insurance companies and
non-state pension funds; the use of various mixed forms
of public and private funding.
In Ukraine, the relations that arise in carrying out
investment activity in the construction industry are re-
gulated, first of all, by the Laws of Ukraine "On invest-
ment activity", "On the regime of foreign investment",
"On protection of foreign investments in Ukraine", "On
institutions of collective investment", "On Leasing",
"On Innovation Activity", "On Securities and the Stock
Market". Also, the norms of economic, tax, currency,
banking, customs, civil and land legislation, legal acts
on the privatization of entrepreneurship, innovation ac-
tivity, securities, stock market, etc., and international le-
gal acts to which Ukraine is a party.
In accordance with Part 3 of Art. 12 of the Law of
Ukraine "On Investment Activity" [12], regulation of
terms of investment activity includes: submission of fi-
nancial assistance in the form of grants, subsidies, sub-
ventions, budget loans for the development of individual
regions, industries, industries; state norms and stan-
dards; measures to develop and protect economic com-
petition; denationalization and privatization of property;
definition of conditions of use of land, water and other
natural resources; pricing policies; conducting state ex-
pert appraisal of investment projects; other activities.
The legal and organizational basis for attracting
funds of individuals and legal entities to finance housing
set the Laws of Ukraine "On investment activity" [12]
"On financial and credit mechanisms and management
of property under construction housing and real estate
transactions" [13] "On collective investing "[14]. Invest-
ing in housing construction in Ukraine can be made only
through the construction financing funds (the CFF) real
estate funds (the background), collective investment, is-
sue interest-free (target) bonds the developer.
The Construction Financing Fund is the money
transferred to the Governor of the CFF in management
that is used or will be used by the manager in the future
under the terms of the Fund Rules and the participation
agreements in the CFF [13].
The CFF is created by a financial institution to pro-
vide real estate construction at the expense of individu-
als and legal entities, to become the property of the
CFF's trustees upon completion of the construction of
the investment object. To secure the obligations as-
sumed by him, the developer transfers to the CFF ma-
nager under the mortgage agreement the property rights
to the real estate that is the subject of construction.
Moreover, for each object (apartment), between the
manager and developer concludes a contract of assign-
ment of property rights and a contract of commission
with the grace period. In case of violation by the deve-
loper of the obligations assumed, the manager has the
right to change it or independently perform the functions
of the developer.
Among the advantages of the CFF can be distin-
guished: clear legislative regulation; the necessity for
the creation of the CFF of the complete package of per-
mits for construction; protection of investors, envisaged
at the legislative level; control of construction partici-
pants for the purposeful use of funds; minimized risk of
double resale of apartments; funds attracted by the CFF
are not subject to taxation; at liquidation of the CFF or
bankruptcy of the manager, the funds of the trustees re-
main in the accounts and may be transferred to another
manager; Legally there is the possibility of replacing a
developer or manager in case of problems.
The main risks and disadvantages are: the deve-
loper can create a "pocket" fund manager; the risk of de-
laying the completion of construction or even its termi-
nation; increase in the value of the object through an ad-
ditional payment (reward) to the manager; the model
contract protects only the rights of the developer and the
manager.
The Real Estate Fund (REF) is the funds received
by the administrator of the REF in the management, as
well as real estate and other property, property rights and
income derived from the management of these funds, in-
cluding property rights and claims acquired under con-
tracts for participation in the construction financing
fund [13].
The source of funding for REF is the sale of REF
certificates, which can be purchased by individuals and
legal entities, residents and non-residents, intending not
only to buy real estate in their property, but also to earn
on real estate transactions.
Formed assets received by a financial company in
which the REF was created, from issued and placed se-
curities – certificates, are directed exclusively to finance
the construction of a property. Real estate transactions
are considered separately from the total assets of a fi-
nancial company. It is not allowed to secure own liabi-
lities of a financial company due to borrowed assets.
This mechanism allows owners of such certificates (in-
vestors) to have transparent, secured and guaranteed in-
come. Restrictions imposed by the current legislation
strictly determine the increase in the market value of the
borrowed assets in time and determine the obligations of
the financial company.
N. Shlafman, K. Frolina
100
Економічний вісник Донбасу № 4(50), 2017
Advantages of REF certificates: the ability to accu-
mulate funds from individuals and legal entities to fi-
nance the entire construction cycle; the money involved
in the REF is not taxable; REF certificates are freely ro-
tated in the stock market and their price may vary ar-
bitrarily under the influence of real estate prices; The
activities of the REF manager are governed by the REF
Rules, which stipulate an obligation to provide the hol-
ders of certificates of REF income.
At the same time, REF certificates have several dis-
advantages: significant material costs for the creation of
the REF itself (the need to complete the entire design
and estimate documentation for construction and accu-
mulate 1 million UAH of equity); a very complex and
time-consuming procedure for obtaining a permit for the
right to issue certificates of REF; the impossibility of
combining different mechanisms for project manage-
ment in construction, etc.
For investing and financing housing construction
companies, developers can issue interest-free (target)
bonds, on which the basic product is the unit of real es-
tate – a metric unit of the area of the premises. When the
developer presents to the investor to repay a certain
number of bonds, corresponding to the project area of
the investment object, the developer is obliged to trans-
fer to the investor the given concrete object of invest-
ment. Based on an investment agreement (investment
contract for construction), in the future, after the intro-
duction of the housing construction object into opera-
tion, the registration of ownership of the object of in-
vestment.
The main positive features of this mechanism are
optimization of taxation and minimization of costs, to
negative – the lack of subordinate regulations on the
mechanism of exchange of targeted bonds to an individ-
ually determined apartment.
Joint Investment Institutes (JII) – a corporate or
unit fund that carries out activities related to the unifica-
tion (attraction) of funds of investors to profit from in-
vesting them in securities of other issuers, corporate
rights, real estate and other assets [121]. JII in Ukraine
is not particularly popular due to the imperfect regula-
tory framework and the underdevelopment and low
level of capitalization of the domestic stock market.
The following negative determinants that do not
encourage foreign investors to enter the Ukrainian mar-
ket are a significant lagging behind Ukraine from deve-
loped countries due to factors such as the perfection of
the legislation for corporate business and the availability
of high-level management, the development of infor-
mation systems and disclosure of information, the avail-
ability of effective mechanisms for guaranteeing rights
and the freedoms of investors, the level of their protec-
tion, the risks of acquiring stakes that are not control-
ling, the increase in the cost of exploring potential part-
ners, and threats of loss of operational investment man-
agement.
The analysis of the state of legal regulation in the
investment sphere of Ukraine, the development of the
securities market and investment trends in the real estate
market, and the practice of state regulation of invest-
ment and construction processes in Ukraine testify to the
expediency of adapting the experience of developed
countries to the methods of state regulation of invest-
ment activity in the construction sphere to Ukraine,
which may become an essential direction of intensifica-
tion of investment processes in the country.
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5080-17.
Шлафман Н. Л., Фроліна К. Л. Дослідження
досвіду зарубіжних країн у регулюванні інвести-
ційних процесів у будівельній сфері
У статті досліджено досвід зарубіжних країн у
регулюванні інвестиційних процесів у будівельній
сфері. Аналіз досвіду зарубіжних країн щодо держа-
вного регулювання і стимулювання інвестиційної
діяльності в будівництві може допомогти розробити
нові, ефективні механізми реалізації державної по-
літики в галузі житлового, промислового та інфра-
структурного будівництва, у налагодженні і розши-
ренні міжнародного співробітництва в будівельній
сфері, створенні можливостей залучення інвестицій
у житлове і промислове будівництво, у тому числі
іноземних.
Аналіз систем фінансування будівництва житла
у розвинутих країнах світу (США, Англії, Німеч-
чині, Франції) свідчить, що вони базуються на різ-
номанітності спеціалізованих фінансових інститутів
– будівельно-ощадних, іпотечних компаніях, інвес-
тиційних банках, кредитних спілках, а також на кі-
лькох фінансових технологіях: будівельних заоща-
дженнях, іпотечному кредитуванні, певного поєд-
нання одного з іншим, державному та приватному
фінансуванні, а також на різноманітних змішаних
формах державного та приватного фінансування. У
цих країнах держава володіє і дійовими ринковими
інструментами державного регулювання інвести-
ційних процесів через ринки закладних, вторинних
кредитів із використанням державних (чи напівдер-
жавних) фінансових інститутів.
Проведений аналіз стану правового регулю-
вання в інвестиційній сфері України, розвитку ри-
нку цінних паперів та інвестиційних тенденцій ри-
нку нерухомості, практики державного регулю-
вання інвестиційно-будівельних процесів в Україні
свідчить про доцільність адаптації досвіду розвину-
тих країн щодо методів державного регулювання ін-
вестиційної діяльності в будівельній сфері в Укра-
їни, що може стати суттєвим напрямом активізації
інвестиційних процесів в країні.
Ключові слова: інвестиційна сфера, будівниц-
тво, державне регулювання, фінансові інститути.
Шлафман Н. Л., Фролина К. Л. Исследова-
ние опыта зарубежных стран в регулировании
инвестиционных процессов в строительной
сфере
В статье исследован опыт зарубежных стран в
регулировании инвестиционных процессов в строи-
тельной сфере. Анализ опыта зарубежных стран по
государственному регулированию и стимулирова-
нию инвестиционной деятельности в строительстве
может помочь разработать новые, эффективные ме-
ханизмы реализации государственной политики в
области жилищного, промышленного и инфра-
структурного строительства, налаживании и расши-
рении международного сотрудничества в строитель-
ной сфере, создании возможностей привлечения ин-
вестиций в жилищное и промышленное строитель-
ство, в том числе иностранных.
Анализ систем финансирования строительства
жилья в развитых странах мира (США, Англии, Гер-
мании, Франции) свидетельствует, что они базиру-
ются на разнообразии специализированных финан-
совых институтов – строительно-сберегательных,
ипотечных компаниях, инвестиционных банках,
кредитных союзах, а также на нескольких финансо-
вых технологиях: строительных сбережениях, ипо-
течном кредитовании, определенного сочетания од-
ного с другим, государственном и частном финанси-
ровании, а также на различных смешанных формах
государственного и частного финансирования. В
этих странах государство владеет и действующими
рыночными инструментами государственного регу-
лирования инвестиционных процессов через рынки
закладных, вторичных кредитов с использованием
государственных (или полугосударственных) фи-
нансовых институтов.
Проведенный анализ состояния правового ре-
гулирования в инвестиционной сфере Украины, раз-
вития рынка ценных бумаг и инвестиционных тен-
денций рынка недвижимости, практики государ-
ственного регулирования инвестиционно-строи-
тельных процессов в Украине свидетельствует о це-
лесообразности адаптации опыта развитых стран ка-
сательно методов государственного регулирования
инвестиционной деятельности в строительной
сфере, в Украине, что может стать существенным
направлением активизации инвестиционных про-
цессов в стране.
N. Shlafman, K. Frolina
102
Економічний вісник Донбасу № 4(50), 2017
Ключевые слова: инвестиционная сфера, строи-
тельство, государственное регулирование, финансо-
вые институты.
Shlafman N., Frolina K. Research of the foreign
countries experience in regulation of investment pro-
cesses in building sphere
The article describes the study of the experience of
foreign countries in the regulation of investment pro-
cesses in the construction industry. Analysis of the ex-
perience of foreign countries in the field of state regula-
tion and stimulation of investment in construction can
help develop new, effective mechanisms for implement-
ing state policy in the field of residential, industrial and
infrastructure construction, establishing and expanding
international cooperation in the construction sector, cre-
ating opportunities for attracting investment in housing
and industrial construction, including foreign ones.
The analysis of housing financing systems in de-
veloped countries of the world (USA, England, Ger-
many, France) shows that they are based on a variety of
specialized financial institutions - construction and sa-
vings, mortgage companies, investment banks, credit
unions, as well as on several financial technologies: con-
struction savings, mortgage lending, a certain combina-
tion of other, public and private financing, as well as
various mixed forms of public and private funding. In
these countries the state possesses and active market in-
struments of state regulation of investment processes
through mortgage markets, secondary loans using state
(or semi-public) financial institutions.
The analysis of the state of legal regulation in the
investment sphere of Ukraine, the development of the
securities market and investment trends in the real estate
market, and the practice of state regulation of invest-
ment and construction processes in Ukraine testify to the
expediency of adapting the experience of developed
countries to the methods of state regulation of invest-
ment activity in the construction sphere to Ukraine,
which may become an essential direction of intensifica-
tion of investment processes in the country.
Keywords: investment sphere, construction, state
regulation, financial institutes.
Received by the editors: 27.11.2017
and final form 22.12.2017
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