Journal of Applied Economic Research
ISSN 2712-7435
Development of the Investment Passport of the Region on the Basis of Multiplicators of the Matrix of Financial Flows
Tatarkin D.A., Sidorova E.N., Trynov A.V.
Abstract
The article examines the issues of creating the investment passport of a region and the possibilities of using it to improve the efficiency of the regional investment policy. The main purpose of the article is to justify the idea that the investment passport can be used not only to inform potential investors about the investment attractiveness of the territory, but also to be an instrument that allows regional authorities to make more effective management decisions when choosing investment projects. The article shows that due to interregional and intersectoral differentiation of the structure of gross output, value added and tax burden, the efficiency of investments can significantly differ by types of economic activity. Therefore, the justification of the inclusion of priority industries in the investment passport of the region should be based on calculations of the economic and tax efficiency of investment. For this purpose, the authors propose using a system of multiplier coefficients as such indicators, which allow for modeling the multiplicative economic effects arising from the impact of investment in the regional economic system. As a methodical approach to the evaluation of multiplier effects from investments, the article proposes using the multifactorial balance model of the regional economy - a matrix of financial flows disaggregated by industry. The article presents a methodology for assessing the effectiveness of investments, a special feature of which is an attempt to integrate the Cobb-Douglas production function into a system for predicting multiplier effects. As a result, sectoral multipliers were adjusted taking into account the marginal return indicators of capital. The method was tested on the example of the Sverdlovsk region. In conclusion, it is shown that the resulting multiplier table is an industry investment efficiency map that can be included in the investment passport of the region and used by the regional authorities for a quick assessment of investment projects, development of priorities for the investment policy, and substantiation for tax investment costs.
Keywords
investment policy; investment passport of the region; branch map of investment efficiency; multiplier effect; multiplier; matrix of financial flows; production function; marginal return on capital.
References
1. Investment Profile of a Territory. Available at: www.ivr.ru/it/passport.shtml.
2. Investment Profile of a Municipality. Available at: centre-region.ru/wp-content/uploads/2014/10/Investitsionnyiy-pasport-munitsipalnogo-obrazovaniya.pdf.
3. Tatarkin, A.I. (ed.) (2011). Samorazvivaiushchiesia sotsial'no-ekonomicheskie sistemy: teoriia, metodologiia, prognoznye otsenki. [Self-Developing Socio-Economic Systems: Theory, Methodology, Forecasts]. Vol. 1: Teoriia i metod-ologiia formirovaniia samorazvivaiushchikhsia sotsial'no-ekonomicheskikh system [Theory and Methodology of Forming Self-Developing Socio-Economic Systems]. Moscow, Ekonomika. Ekaterinburg, Urals branch of Russian Academy of Sciences.
4. Kashirin, A. I., Semenov, A.S. (2007). Venchurnoe investirovanie v Rossii [Venture Investing in Russia]. Moscow, Vershina.
5. Mayburov, I.A. (2013). Otsenka nalogovykh raskhodov i effektivnost' nalo-govykh l'got: metodologiia resheniia zadachi [Evaluation of Tax Expenditures and Tax Effectiveness: Methodology of Problem Solving]. Obshchestvo i ekonomika (Society and Economics), No. 4, 71–91.
6. Kogan, A.B. (2017). Kritika dominirovaniia otsenki biudzhetnoi effektivnosti pri vybore investitsii dlia gosudarstvennogo sofinansirovaniia (Critique on the prevalence of fiscal efficiency evaluation in choosing investment for purposes of State co-finance). Finansovaia analitika: problemy i resheniia (Financial Analytics: Science and Experience), Vol. 10, No. 4, 418–434.
7. Krugliakova, V.M. (2013). Regional'naia investitsionnaia politika: teoretiko-metodologicheskie osnovy, metodicheskoe i instrumental'noe obespechenie [Regional Investment Policy: Theoretical and Methodological Fundamentals, Methodological Toolkit]. Extended abstract of doctoral dissertation. Voronezh.
8. Pyatt, G., Round, J.I. (1979). Accounting and Fixed Price Multipliers in a Social Accounting Matrix Framework. The Economic Journal, Vol. 89, No. 356, 850–873.
9. Defourny, J., Thorbecke, E. (1984). Structural Path Analyis and Multiplier Decomposition within a Social Accounting Matrix Framework. The Economic Jour-nal, Vol. 94, No. 373, 111–136.
10. Scandizzo, P.L., Ferrarese, C. (2015). Social Accounting Matrix: A New Estimation Methodology. Journal of Policy Modeling, Vol. 37, No. 1, 14–34.
11. Polbin, A.V., Drobyshevskii, S.M. (2014). Postroenie dinamicheskoi sto-khasticheskoi modeli obshchego ravnovesiia dlia rossiiskoi ekonomiki [Building a dynamic stochastic general equilibrium model for the Russian economy]. Moscow, Gaydar Institute.
12. Melent'ev, B.V., Ershov, Iu.S., Alimpieva, A.A. (2010). Metodicheskie rek-omendatsii postroeniia mezhregional'nogo mezhotraslevogo finansovogo balansa «Platezhi-dokhody» [Methodological guidelines for Preparing an Interregional Cross-sectoral Financial Balance "Payments – Revenus"]. Novosibirsk, Institute of Economics and Industrial Engineering, Siberian Branch of the Russian Academy of Sciences.
13. Makarov, V.L., Bakhtizin, A.R., Sulashkin, S.S. (2007). Primenenie vychislimykh modelei v gosudarstvennom upravlenii [Application of Computational Models in Public Administration]. Moscow, Nauchnyi Ekspert.
14. Tatarkin, D.A., Sidorova, E.N., Trynov, A.V. (2015). Upravlenie fi-nansovymi potokami na osnove otsenki regional'nykh mul'tiplikativnykh effektov [Fi-nancial Flow Management on the Basis of Evaluation of Multiplier Effects]. Ekate-rinburg, Institute of Economics of Urals branch of Russian Academy of Sciences.
15. Tatarkin, D.A., Sidorova, E.N., Trynov, A.V. (2015). Metodicheskie osno-vy otsenki mul'tiplikativnykh effektov ot realizatsii obshchestvenno znachimykh in-vestitsionnykh proektov (Methodical Basis of Estimation of Multiplicative Effect of the Realization of Socially Significant Investment Projects). Vestnik UrFU. Seriia ekonomika i upravlenie (Bulletin of Urals Federal University. Series Economics and Management), Vol. 14, No. 14, 574–587.
16. Trynov, A.V. (2016). Metodika otsenki ekonomicheskoi effektivnosti in-vestitsionnykh proektov, realizuemykh na printsipakh gosudarstvenno-chastnogo partnerstva (Public-Private Investment Partnerships: Efficiency Estimation Methods). Ekonomika regiona (Economy of the Region), Vol. 12, No. 2, 602–612.
17. Kleiner, G.B. (1988). Proizvodstvennye funktsii: teoriia, metody, prime-nenie [Production Functions: Theory, Methods, Application]. Moscow, Finansy ii kredit.
18. Barro, R.J., Sala-i-Martin, X. (2004). Economic Growth. MIT Press.
19. Kiriliuk, I.L. (2013). Modelirovanie proizvodstvennykh funktsii dlia rossi-iskoi ekonomiki (Models of production functions for the Russian economy). Komp'i-uternye issledovaniia i modelirovanie (Computer Research and Modeling), No. 2, 293–312.
20. Gorbunov, V.K., L'vov, A.G. (2012). Postroenie proizvodstvennykh funktsii po dannym ob investitsiiakh (The Construction of Production Functions using Investment Data). Ekonomika i matematicheskie metody. (Economics and Mathematical Methods), No. 2, 95–107.
About Authors
Tatarkin Denis Alexandrovich – Candidate of Economic Sciences, Chief Centre of Strategic Development of the Territories, Institute of Economics, The Ural Branch of Russian Academy of Sciences, Ekaterinburg, Russia (620014, Ekaterinburg, Moskovskaya street, 29); e-mail: tatarkin@mail.ru.
Sidorova Elena Nikolaevna – Candidate of Economic Sciences, Associate Professor, Centre of Strategic Development of the Territories, Institute of Economics, The Ural Branch of Russian Academy of Sciences, Ekaterinburg, Russia (620014, Ekaterinburg, Moskovskaya street, 29); e-mail: katelen@mail.ru.
Trynov Alexander Valerievich – Junior Researcher, Institute of Economics, The Ural Branch of Russian Academy of Sciences, Ekaterinburg, Russia (620014, Ekaterinburg, Moskovskaya street, 29); e-mail: trynovv@mail.ru.
For citation
Tatarkin D.A., Sidorova E.N., Trynov A.V. Development of the Investment Passport of the Region on the Basis of Multiplicators of the Matrix of Financial Flows. Bulletin of Ural Federal University. Series Economics and Management, 2017, Vol. 16, No. 6, 909-927. DOI: 10.15826/vestnik.2017.16.6.043.
Article info
Received September 1, 2017; Accepted November 11, 2017.
DOI: http://dx.doi.org/10.15826/vestnik.2017.16.6.043
Download full text article:
~621 KB, *.pdf
(Uploaded
25.12.2017)
Created / Updated: 2 September 2015 / 20 September 2021
© Federal State Autonomous Educational Institution of Higher Education «Ural Federal University named after the first President of Russia B.N.Yeltsin»
Remarks?
select the text and press:
Ctrl + Enter
Portal design: Artsofte
Contact us
Rector's Office
Rector, Dr. Victor Koksharov
Tel. +7 (343) 375-45-03, e-mail: rector@urfu.ru
Vice-Rector for International Relations, Dr. Maxim Khomyakov
Tel. +7 (343) 375-46-27, e-mail: Maksim.Khomyakov@urfu.ru