2. 8 El'chaninova Ol'ga Viktorovna et al, 2014 / American-Eurasian Journal of Sustainable Agriculture 8(9), June, Pages: 7-10
territories in the South of Russia, the reasonable
necessity to develop tooling based on the system of
indexes, which reflect various aspects of the
investment processes in the agribusiness, emerges.
This aspect becomes very important at substantiation
of the practicability of investments resources
allocation.
Orientation to levelling off the existing
methodological gaps in evaluation of the investment
processes in rural territories has predetermined
development of the respective methodology based on
the comprehensive system of indexes, which are
important from the investments point of view, which
reflect the peculiarities of investment processes in the
regions of the Russia's South.
The system of indexes developed by us based on
the principles of essential diversity, relevancy, multi
aspect approach, and minimization of
multicollinearity considerably improves the
analytical capacity and feasibility of the quantitative
multivariable estimation of the level of activity of the
investment processes in rural territories. Let us
proceed to formalization of the indexes offered by us.
1. Indicator of investment flows into the agrosocial
environment of rural territories of the region (Šfo):
Šfo = Iin / If,
where Iin is the amount of attracted investments
(absolute inflow) in the economy of the rural
territories of the region in ith
year, mil rubles.
If is the amount of outflow of invested capital in the
agricultural sector of other regions in the ith
year, mil
rubles.
This index characterizes the net of investment
balance of the region's agricultural sector, which
gives reasons to conclude on the extent of investment
prospects of its rural territories, or presence of capital
for investing.
2. The ratio of investment front-running (Šif):
Šif = Š¢gsi / Š¢gpi,
where Š¢gsi is the reference growth of state
investments in the agricultural sector of the region,
%.
Š¢gpi is the reference growth of private investments in
the agricultural sector of the region, %.
Describes the extent of advancement of state
investments in the agriculture ahead of private
(Šif>1), or vice versa (Šif<1).
3. The gross income of agriculture of the region per
conditional unit of investments (Gi):
Gi = Gagr / Itotal ,
where Gagr is the gross income in the agricultural
sector of the region in ith
year, mil rubles;
Itotal is the amount of investments in the agricultural
sector of the region in ith
year, mil rubles.
The indicator describes the share of investment
resources in the total of the gross income of the
agricultural sector of the region's economy.
4. The share of investments in the objects of social
infrastructure of rural territories (Ssi):
Ssi = Isoc / Itotal ,
where Isoc is the amount of investment directed
for development of the social infrastructure of rural
territories in the ith
year, mil rubles.
This index allows evaluating the extent of
participation of investment processes in the social
arrangement of agricultural territories of the region.
5. The ratio of investments in the agricultural sector
of the region (Kinv):
Kinv = Itotal/ Ireg ,
where Ireg is the total amount of investments in
the region's economy in ith
year, mil rubles;
To characterize this index, we can note that it
reflects the share of investments into the agribusiness
in the total scope of investments in the region, i.e. the
degree of sectoral investment activity.
6. The share of investment in environment protection
(Sepm):
Sepm = Iepm / Itotal ,
where Iepm is the amount of investments directed
to environment protection measures in the
agricultural sector of the region in ith
year, mil rubles.
This index allows evaluating the extent of
engagement of the investment processes in the
mechanisms of environment protection activity of the
agricultural sector of the region's economy.
7. The share of funding scientific research for the
agricultural sector (Ss
):
Ss = Is / Itotal ,
where Is is the amount of investments directed to
funding scientific research in the agricultural sector
in ith
year, mil rubles.
Describes the investment activity in the
innovative activity of the economy sector.
8. The efficiency of the expenditures for creating
favorable investment climate (Kic):
Šic = Š¢eg / Š¢ig ,
where Š¢eg is the rate of growth of expenditures
for formation of favorable investment climate in the
agricultural sector in ith
year, mil rubles.
Š¢ig is the rate of growth of attracted investments
in the agricultural sector in ith
year, mil rubles.
It is reasonable to use this indicator for
evaluation of the economic efficiency of investments
in the agricultural sector.
To our opinion, the proposed system of indexes
is an efficient tool of diagnosing the investment
processes in the economies of rural territories and
allows performing both comparative analysis and
diagnostics of the state of investment processes in
certain individual territory units of the regional
assemblage.
In order to obtain relevant information on the
level of investment processes in the agricultural
sector of the region, it is necessary to use the method
of comprehensive rating evaluation of the whole
assemblage of rural territories by the sum of
locations, modified by means of including the system
of author's indexes. The less the sum of locations is,
the more actively and comprehensively the
investment processes in the agricultural sector of the
3. 9 El'chaninova Ol'ga Viktorovna et al, 2014 / American-Eurasian Journal of Sustainable Agriculture 8(9), June, Pages: 7-10
territories' economies progress. It is the classical
sum-of-locations method with addition of the
author's indexes of the diagnostics that allows to
study the extent of territorial equality by the criterion
of investment attractiveness more comprehensively.
The used sum-of-locations method assumes
preliminary ranking of all regions of the South of
Russia by each analyzed index describing the
considered multidimensional phenomenon. At that,
the higher positions are assigned to regions, which
have the highest values of indexes. Having calculated
the total of locations by each considered index, the
rank is assigned to the region according to the level
of the investment activity and extent of efficiency of
this process in the development of rural territories
and the agricultural sector of their economies.
According to the suggested methodological
approach, we proposed the threshold limit values for
ranking certain regions and putting them into three
classification groups. The linguistic characteristic of
the determined classification groups is provided in
Table 1.
Table 1: Typological trinity of classification groups of regions by the level of investment development of the agricultural sector of the
territories' economies.
Name of the classification
group
Linguistic characteristic of the group
I
Investment-attractive
Described with favorable investment environment for formation of efficient agricultural manufacture.
Investment processes contribute to achieving the synergistic effect in the development of the industry.
The strong natural resources potential allows keeping the positive balance of investment resources, and
the attracted investments contribute to economic, social and infrastructural development of the territory.
The share of private capital in the attracted investments is large. The share of investments in the social
infrastructure and environment protection measures is rather sensible. The territories keep to the strategy
of investment and innovations-oriented development of the agricultural sector, which is evidenced by the
indexes of financing scientific research.
II
Investment-inertial
The regions in this group are described with medium level of investment prospects of the agricultural
sector of the territorial economic systems. As a rule, the investment balance of the territory has neither
positive, nor negative value. Investments are mainly state-owned companies, as the prospects of the
territory are not sufficient to attract private capital. The attracted investments almost do not influence on
improvement of stability of the industry development. The share of investments in the social objects is
low, which intensifies the processes of stratification by the life level of urban and rural population.
Funding of innovative activities is negligible.
III
Investment-depressive
The entities in this group are described with outflow of investment capital from the regions, inertia at
creation of own territorial investment projects. Interaction of the real sector with the bearers of investment
resources is described with mutual antagonism and unacceptability of the terms of interaction of the
parties of investment agreements, which adds to the investment-deficient nature of development of the
territories. Private capital does not participate in development of the industry, which is a subsidized one.
The entities of the social sphere suffer stagnation in their development. The economic efficiency of
investment in the region is extremely low.
In the result of the performed calculations, the
studied regions of the South of Russia were broken
up into three typological groups (Table 2). At that, it
is to be noted that the applied methodological
approach is rather universal and can be applied for
revealing the level of territorial heterogeneity
regardless the administrative scale.
Table 2: Distribution of the regions of the South of Russia by typological groups of investment development of the agricultural sector of the
territories' economies.
Typological group Interval values Regions
I Investment-attractive
(8-43)
the Krasnodar Region, the Rostov Region
II Investment-inertial
(44-78)
the Stavropol Region, the Volgograd Region, the Astrakhan Region
III Investment-depressive
(79-112)
the Republic of Dagestan, the Republic of Ingushetia, the Kabardino-Balkarian Republic, the
Karachayevo-Cherkessian Republic, the Republic of North Ossetia Alania, the Chechen Republic,
the Republic of Adygea, the Republic of Kalmykia
Conclusion:
The research revealed that the modern theory of
agricultural economy lacks analytical and
evaluational potential of methodological support of
the process of investment decision-making. The
problem of actualization of processes of investment
attraction in the agricultural sector is determined by
the necessity of supplementing the existing
methodological approaches to evaluation of the
investment activity of the rural territories of the
South of Russia. Considering this, we improved the
methodological approaches, which allow obtaining
relevant information on the territorial heterogeneity
of the processes of investment development of the
agrosocial environment of the considered regions.
According to the authors, such methodological
approaches can be based on the set of highly
analytical indexes important from the investments
point of view, which indexes were synthesized in the
course of the research.
4. 10 El'chaninova Ol'ga Viktorovna et al, 2014 / American-Eurasian Journal of Sustainable Agriculture 8(9), June, Pages: 7-10
Summary:
1. Despite their territorial and economic similarity,
the regions of the South of Russia are differently
attractive in terms of investments, which is
determined by the set of controlled and mainly
out-of-control factors of various nature.
2. Such diversity predetermines the adaptively
individual approach to implementation of the
agricultural policy in the regions with account of
various parameters of its determining
characteristic ā the investment activity of the
agricultural sector of economy.
3. The article suggests the methodology based on
the combinatory use of the sum-of-locations
method and the system of authors' investment-
important indexes as the tooling for revealing
the interregional differences and evaluation of
the extent of heterogeneity of the processes of
investment development.
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![Copyright Ā© 2014, American-Eurasian Network for Scientific Information publisher
American-Eurasian Journal of Sustainable Agriculture
ISSN: 1995-0748
JOURNAL home page: http://www.aensiweb.com/AEJSA. 2014 June; 8(9): pages 7-10.
Published Online 20 August 2014. Research Article
Corresponding Author: El'chaninova Ol'ga Viktorovna, FGBOU VPO Stavropol state agrarian University Russian
Federation, 355000, Stavropol, trans. Zootechnical 12
Evaluation of Investment Activity of Rural Territory of the South of Russia
1El'chaninova Ol'ga Viktorovna, 2Tatarinova Maria Nikolaevna, 3Grishanova Svetlana Valerievna,
4Germanova Victoria Samvelovna, 5Debeliy Roman Viktorovich
1FGBOU VPO Stavropol state agrarian University Russian Federation, 355000, Stavropol, trans. Zootechnical 12
2FGBOU VPO Stavropol state agrarian University Russian Federation, 355000, Stavropol, trans. Zootechnical 12
3FGBOU VPO Stavropol state agrarian University Russian Federation, 355000, Stavropol, trans. Zootechnical 12
4FGBOU VPO Stavropol state agrarian University Russian Federation, 355000, Stavropol, trans. Zootechnical 12
5FGBOU VPO Stavropol state agrarian University Russian Federation, 355000, Stavropol, trans. Zootechnical 12
Received: 25 June 2014 ; Received: 8 July 2014; Accepted: 25 July 2014; Available online: 20 August 2014
Ā© 2014 AENSI PUBLISHER All rights reserved
ABSTRACT
Annotation: The article unveils methodological approach to evaluation of investment activity of the agricultural sector of economy.
The distinctive feature of the suggested approach is the use of a comprehensible and unified system of indexes, which allows detecting
territorial differences and segment territorial units by a comprehensive criterion of the investment activity. The introduced methodology
can be used in the system of executive decision-making by industry management bodies at development and implementation of strategic
programs, plans of actions, and concepts of stable balanced development of the agricultural social environment of the traditionally
agricultural regions in the South of Russia.
Keywords: rural territories, investments, the agricultural sector of economy, territorial differences, agrosocial environment.
INTRODUCTION
Extension of scientific and methodological
principles of the multi-aspect development of the
agrosocial environment of rural territories assumes
revealing differences in the level of availability of
investment resources, the prospects of the
agricultural sector of the economy for foreign and
domestic investors. The unprocurable nature of
investment resources and the irregularity of the
investment development of the agricultural sector of
the economy is confirmed with a whole series of
studies [1, 2, 3, 4, 5, 6, 7]. In their turn, publications
[8, 9, 10, 11] are dedicated to the issues of the de-
polarized development of the economic space of
regions, including the context of the investment
capacity of their economy. At the same time, the
necessity to supplement the existing instrumental
apparatus in order to determine the extent of the
investment activity on the intraregional level is a
permanently urgent task for the theoretical and
practical work on the industry regulation.
Methodology:
To obtain scientific results, the contemporary
instrumental and methodological apparatus of
collection, processing, and economic interpretation
of the source data, we correctly applied the efficient
set of techniques and methods of economic research,
which were selected in compliance with the
requirements of the systemic and subject-object
approaches, as well as evolutionary and transitional
economy. It is represented with the analysis, the
synthesis, the dialectic unity of the qualitative and
quantitative assessment, theoretical and empirical
generalization, the computational and constructive
method, and the comparative method. The system of
indexes suggested in the research was developed
with account of the necessity of essential diversity
and analytical sufficiency, comparativeness,
apprehensibility, and the indexes were verified with
regard to their multicollinearity.
Body of the work:
For the purposes of comprehensive analysis and
assessment of the processes of development of the](https://image.slidesharecdn.com/2aminullahassagafevaluationofinvestmentactivityofruralterritoryofthesouthofrussia-220331230902/85/2-Aminullah-Assagaf_Evaluation-of-investment-activity-of-rural-territory-of-the-south-of-Russia-pdf-1-320.jpg)
