An integrated approach to investment support for the innovative development of Ukrainian construction enterprises based on digitalization

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´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈÍÂ³ÊÐÀÍww
© ÌÀÊÑÞÒÀ À. Ï., 2025
emen s o e ec i e ou ism indus y managemen in
he condi ions o sus ainable de elopmen . Menedzh-
men = Managemen , 2(38), 48–60. DOI: h ps://doi.
o g/10.30857/2415–3206.2023.2.4 [in English].
14. Sado skyi, Ie. & Puzy o a, P. V. (2024). Theo e i-
cal and concep ual basis o he unc ioning o inno a ion
clus e s in he sphe e o in o ma ion echnologies. Zhu -
nal s a ehichnykh ekonomichnykh doslidzhen = Jou nal
o S a egic Economic Resea ch, 4(21), 111–119. DOI:
h ps://doi.o g/10.30857/2786–5398.2024.4.10
[in English].
15. Puzy o a, P. & Sado skyi, Ye. (2025). Ekosys ema
inno a siinykh IT–klas e i kon eks i sy o oi ans o -
ma sii a s aloho oz y ku [Ecosys em o inno a i e IT clus-
e s in he con ex o digi al ans o ma ion and sus ain-
able de elopmen ]. Vcheni zapysky Uni e sy e u «KROK»
= Scien i ic No es o he «KROK» Uni e si y, 1(77), 42–
53. DOI: h ps://doi.o g/10.31732/2663–2209–
2025–77–42–53 [in Uk aine].
16. Ko s, H. P. & Ha ylo a, A. A. (2024). Analiz ak-
y nos i i –klas e i za ehionamy–lide amy IT–haluzi
Uk ainy [Analysis o IT clus e ac i i y by egions–lead-
e s o he IT indus y in Uk aine]. h ps:// eposi o y.
hneu.edu.ua/bi s eam.pd. [in Uk aine].
17. Kyi IT Clus e (2020). Top 5 IT–Clus e Rankings.
Uclus e . URL: uclus e .o g [in Uk aine].
18. Inno a siini klas e y(2021). Kliucho i d ai e y
ekonomichnoho oz y ku ehioni . I ano–F anki ska
klas e na aso sia siia [Key d i e s o economic de elop-
men in egions. I ano–F anki sk Clus e Associa ion].
URL: clus e s.o g.ua [in Uk aine].
Äàí³ ïðî àâòîðà
Ñàìîéëåíêî Ðóñëàí Ëåîí³äîâè÷,
àñï³ðàíò â³ää³ëó àíàë³çó ³ ïðîãíîçóâàííÿ ì³æíàðîä-
íî¿ òîðã³âë³, Äåðæàâíèé íàóêîâî – äîñë³äíèé
³íñòèòóò ³íôîðìàòèçàö³¿ òà ìîäåëþâàííÿ åêîíîì³êè
Êè¿â, Óêðà¿íà
e–mail:[email p o ec ed]
ORSID: h ps://o cid.o g/0009–0008–3029–1781
Da a abou he au ho
Ruslan Samoylenko,
G adua e s uden o he Depa men o Analysis and
Fo ecas ing o In e na ional T ade S a e Resea ch Ins i
u e o In o ma iza ion and Modeling o Economy
Kyi , Uk aine
e–mail:[email p o ec ed]
ÓÄÊ 330.322:69
ÌÀÊÑÞÒÀ À. Ï.
²íòåãðàëüíèé ï³äõ³ä äî ³íâåñòèö³éíîãî çàáåçïå÷åííÿ
³ííîâàö³éíîãî ðîçâèòêó áóä³âåëüíèõ ï³äïðèºìñòâ Óêðà¿íè
íà çàñàäàõ öèôðîâ³çàö³¿
Ïðåäìåòîì äîñë³äæåííÿ º îðãàí³çàö³éíî–åêîíîì³÷íèé ìåõàí³çì ³íâåñòèö³éíîãî çàáåçïå÷åí-
íÿ, ùî áàçóºòüñÿ íà ³íòåãðàëüíîìó ï³äõîä³ òà êîíöåïö³¿ ºäèíî¿ öèôðîâî¿ ïëàòôîðìè.
Ìåòîþ äîñë³äæåííÿ º ïðîâåäåííÿ àíàë³çó ïðîöåñ³â ³íâåñòèö³éíîãî çàáåçïå÷åííÿ ³ííîâàö³éíîãî
ðîçâèòêó áóä³âåëüíèõ ï³äïðèºìñòâ Óêðà¿íè. Ïîêàçàíî, ùî íàÿâí³ ï³äõîäè äî çàëó÷åííÿ òà óïðàâë³ííÿ
³íâåñòèö³ÿìè ìàþòü ôðàãìåíòàðíèé, ñèòóàòèâíèé õàðàêòåð, ïîçáàâëåí³ ñòðàòåã³÷íî¿ ñïðÿìîâàíî-
ñò³ òà íå â³äïîâ³äàþòü ñó÷àñíèì âèêëèêàì, çîêðåìà ïîòðåáàì ïîâîºííî¿ â³äáóäîâè. ²äåíòèô³êîâàíî
íàäì³ðíó çàëåæí³ñòü â³ä âëàñíèõ êîøò³â òà áàíê³âñüêîãî êðåäèòóâàííÿ, à òàêîæ â³äñóòí³ñòü ôîðìàë³-
çîâàíèõ ìåòîäèê îö³íêè ³ííîâàö³éíèõ ïðîºêò³â, ùî óñêëàäíþº ¿õ ïðåçåíòàö³þ ³íâåñòîðàì.
Ìåòîäè äîñë³äæåííÿ. Ó ïðîöåñ³ äîñë³äæåííÿ áóëî âèêîðèñòàíî êîìïëåêñ âçàºìîïîâ’ÿçàíèõ
çàãàëüíîíàóêîâèõ òà ñïåö³àëüíèõ ìåòîä³â: ñèñòåìíèé ï³äõ³ä çàñòîñîâàíî äëÿ ðîçãëÿäó áóä³âåëü-
íîãî ï³äïðèºìñòâà ÿê ñêëàäíî¿ â³äêðèòî¿ ñèñòåìè, ó ÿê³é ³íâåñòèö³éíà ä³ÿëüí³ñòü, ³ííîâàö³éíèé ðîç-
âèòîê òà öèôðîâ³çàö³ÿ âçàºìîä³þòü ì³æ ñîáîþ; åêîíîì³êî–ñòàòèñòè÷íèé àíàë³ç âèêîðèñòîâóâàâñÿ
äëÿ âèâ÷åííÿ ïîòî÷íèõ òåíäåíö³é òà äèíàì³êè ³íâåñòèö³éíîãî çàáåçïå÷åííÿ ó áóä³âåëüí³é ãàëóç³
Óêðà¿íè; ³íòåãðàëüíå îö³íþâàííÿ áóëî âèêîðèñòàíî äëÿ ðîçðîáêè óçàãàëüíåíîãî ïîêàçíèêà åôåê-
òèâíîñò³ ³íâåñòèö³éíîãî çàáåçïå÷åííÿ ³ííîâàö³éíîãî ðîçâèòêó; åêîíîì³êî–ìàòåìàòè÷íå ìîäå-
ëþâàííÿ áóëî çàñòîñîâàíî äëÿ ïîáóäîâè ìîäåë³ âçàºìîçâ’ÿçêó ì³æ îáñÿãàìè ³íâåñòèö³é, ð³âíåì
öèôðîâ³çàö³¿ òà ³ííîâàö³éíîþ àêòèâí³ñòþ ï³äïðèºìñòâ, ùî äàëî çìîãó çàáåçïå÷èòè êîìïëåêñí³ñòü
äîñë³äæåííÿ, ñôîðìóëþâàòè óçàãàëüíåí³ âèñíîâêè òà ðîçðîáèòè ïðàêòè÷í³ ðåêîìåíäàö³¿ ùî-
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ
38 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈÍÂ³ÊÐÀÍww
äî óäîñêîíàëåííÿ ³íâåñòèö³éíîãî çàáåçïå÷åííÿ ³ííîâàö³éíîãî ðîçâèòêó áóä³âåëüíèõ ï³äïðèºìñòâ
Óêðà¿íè íà çàñàäàõ öèôðîâ³çàö³¿.
Ðåçóëüòàòè ðîáîòè. Äëÿ âèð³øåííÿ ö³º¿ ïðîáëåìè ðîçðîáëåíî êîìïëåêñíèé îðãàí³çàö³éíî–
åêîíîì³÷íèé ìåõàí³çì, ùî ïåðåòâîðþº óïðàâë³ííÿ ³íâåñòèö³ÿìè ç åï³çîäè÷íî¿ çàäà÷³ íà ñèñòåìíó
á³çíåñ–ôóíêö³þ.
Ãàëóçü çàñòîñóâàííÿ ðåçóëüòàò³â. Ðåçóëüòàòè äîñë³äæåííÿ ìîæóòü áóòè âèêîðèñòàí³ áóä³-
âåëüíèìè ï³äïðèºìñòâàìè äëÿ ðîçðîáêè òà âïðîâàäæåííÿ åôåêòèâíèõ ñòðàòåã³é çàëó÷åííÿ ³íâåñ-
òèö³é, à òàêîæ îðãàíàìè äåðæàâíî¿ âëàäè äëÿ âäîñêîíàëåííÿ ïîë³òèêè ñòèìóëþâàííÿ ³ííîâàö³éíî¿
ä³ÿëüíîñò³ â ãàëóç³.
Âèñíîâêè.  îñíîâ³ ìåõàí³çìó ëåæèòü ³íòåãðàëüíà ìîäåëü, ñïðÿìîâàíà íà ñòâîðåííÿ ñèíåðãåòè÷-
íîãî åôåêòó â³ä âçàºìî䳿 êëþ÷îâèõ ñóá’ºêò³â (ï³äïðèºìñòâî, äåðæàâà, ³íâåñòîðè) òà âèêîðèñòàííÿ
äèâåðñèô³êîâàíîãî ³íñòðóìåíòàð³þ (ô³íàíñîâîãî, îðãàí³çàö³éíîãî, ³íôîðìàö³éíîãî) äëÿ ïðîàêòèâ-
íîãî ôîðìóâàííÿ ³íâåñòèö³éíî–ïðèâàáëèâèõ ïðîºêò³â. Ôóíêö³îíóâàííÿ ìîäåë³ áàçóºòüñÿ íà ïðèí-
öèïàõ ïðîçîðîñò³, ðèçèê–îð³ºíòîâàíîñò³, ãíó÷êîñò³ òà öèôðîâî¿ ³íòåãðàö³¿. Îá´ðóíòîâàíî, ùî òåõíî-
ëîã³÷íèì ÿäðîì ìåõàí³çìó º ºäèíà öèôðîâà ïëàòôîðìà ç ìîäóëüíîþ àðõ³òåêòóðîþ (³äåíòèô³êàö³ÿ
³ííîâàö³é, ³íâåñòèö³éíå ïëàíóâàííÿ, ðèçèê–ìåíåäæìåíò, ìîí³òîðèíã), ÿêà âèñòóïຠ³íñòðóìåíòîì
äëÿ ïîäîëàííÿ ³íôîðìàö³éíî¿ ôðàãìåíòàö³¿, àâòîìàòèçàö³¿ ïðîöåñ³â îö³íêè òà êîíòðîëþ.
Êëþ÷îâ³ ñëîâà: ³ííîâàö³éíèé ðîçâèòîê, ³íâåñòèö³éíå çàáåçïå÷åííÿ, áóä³âåëüíà ãàëóçü, îðãàí³-
çàö³éíî–åêîíîì³÷íèé ìåõàí³çì, öèôðîâ³çàö³ÿ.
ANTON MAKSIUTA
An in eg a ed app oach o in es men suppo o
he inno a i e de elopmen o Uk ainian cons uc ion
en e p ises based on digi aliza ion
The subjec o he s udy is he o ganiza ional and economic mechanism o in es men suppo
based on an in eg al app oach and he concep o a uni ied digi al pla o m.
The pu pose o he s udy is o analyze he p ocesses o in es men suppo o he inno a i e
de elopmen o cons uc ion en e p ises in Uk aine. I is demons a ed ha exis ing app oaches o
a ac ing and managing in es men s a e agmen ed, si ua ional, lack s a egic o ien a ion, and do no
mee cu en challenges, pa icula ly he needs o pos –wa econs uc ion. An excessi e eliance on
in e nal unds and bank lending has been iden i ied, along wi h he absence o o malized me hodologies
o e alua ing inno a i e p ojec s, which complica es hei p esen a ion o po en ial in es o s.
Resea ch me hods. The s udy employed a se o in e ela ed gene al scien i ic and specialized
me hods. A sys emic app oach was used o conside a cons uc ion en e p ise as a complex open
sys em in which in es men ac i i y, inno a i e de elopmen , and digi aliza ion in e ac wi h each o he .
Economic and s a is ical analysis was applied o s udy cu en ends and he dynamics o in es men
suppo in Uk aine’s cons uc ion sec o . In eg al e alua ion was used o de elop a gene alized
indica o o he e ec i eness o in es men suppo o inno a i e de elopmen . Economic and
ma hema ical modeling was applied o cons uc a model o he in e ela ionship be ween in es men
olumes, he le el o digi aliza ion, and he inno a i e ac i i y o en e p ises. This comp ehensi e
me hodological amewo k made i possible o ensu e he comple eness o he s udy, o mula e
gene alized conclusions, and de elop p ac ical ecommenda ions o imp o ing he in es men
suppo o inno a i e de elopmen o cons uc ion en e p ises in Uk aine based on digi aliza ion.
Resea ch esul s. To add ess his issue, a comp ehensi e o ganiza ional and economic
mechanism has been de eloped ha ans o ms in es men managemen om an occasional ask
in o a sys ema ic business unc ion.
Field o applica ion o he esul s. The esea ch esul s can be used by cons uc ion en e p ises
o de elop and implemen e ec i e in es men a ac ion s a egies, as well as by go e nmen
au ho i ies o imp o e policies o s imula ing inno a i e ac i i y in he sec o .
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39
´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈÍÂ³ÊÐÀÍww
Ïîñòàíîâêà ïðîáëåìè. ²ííîâàö³éíèé ðîç-
âèòîê áóä³âåëüíî¿ ãàëóç³ º êëþ÷îâèì ôàêòîðîì
íå ëèøå äëÿ ¿¿ âëàñíî¿ êîíêóðåíòîñïðîìîæíîñò³,
àëå é äëÿ ïîâîºííî¿ â³äáóäîâè òà ñòàëîãî åêî-
íîì³÷íîãî çðîñòàííÿ Óêðà¿íè â ö³ëîìó. ²ìïåðà-
òèâ «áóäóâàòè êðàùå, í³æ áóëî» (build back be e )
âèìàãຠíå ïðîñòîãî â³äíîâëåííÿ çðóéíîâàíî¿
³íôðàñòðóêòóðè, à îáîâ’ÿçêîâîãî âïðîâàäæåí-
íÿ ³ííîâàö³éíèõ, åíåðãîåôåêòèâíèõ òà öèôðîâèõ
òåõíîëîã³é, ùî, â ñâîþ ÷åðãó, ôîðìóº áåçïðåöå-
äåíòíèé ïîïèò íà êàï³òàëüí³ âêëàäåííÿ òà âèñó-
âຠíîâ³ âèìîãè äî ñèñòåìè óïðàâë³ííÿ ³íâåñòè-
ö³éíèìè ïðîöåñàìè.
Îäíàê íàÿâí³ â ãàëóç³ ï³äõîäè äî çàëó÷åííÿ òà
óïðàâë³ííÿ ³íâåñòèö³ÿìè ïåðåâàæíî ìàþòü ôðà-
ãìåíòàðíèé, ñèòóàòèâíèé õàðàêòåð, ïîçáàâëå-
íèé ñòðàòåã³÷íî¿ ñïðÿìîâàíîñò³ òà ñèñòåìíî¿
óçãîäæåíîñò³. Àíàë³ç âèÿâëÿº íàäì³ðíó çàëåæ-
í³ñòü â³ä áàíê³âñüêîãî êðåäèòóâàííÿ òà âëàñíèõ
îá³ãîâèõ êîøò³â, ñëàáêó ³íòåãðàö³þ ³ííîâàö³éíî¿
ñòðàòå㳿 ç ô³íàíñîâèì ïëàíóâàííÿì òà â³äñóò-
í³ñòü ôîðìàë³çîâàíèõ ìåòîäèê îö³íêè ³ííîâàö³é-
íèõ ïðîºêò³â. Ïîä³áíà ïðàêòèêà, ùî ïðîäåìîí-
ñòðóâàëà ñâîþ íèçüêó åôåêòèâí³ñòü ùå â óìîâàõ
â³äíîñíî¿ ñòàá³ëüíîñò³, âèÿâëÿºòüñÿ àáñîëþòíî
íåàäåêâàòíîþ ñó÷àñíèì âèêëèêàì, ùî ïîñòàëè
ïåðåä â³ò÷èçíÿíîþ åêîíîì³êîþ.
Âèíèêຠãîñòðà íàóêîâî–ïðàêòè÷íà ïðîáëåìà,
ùî ïîëÿãຠâ ðîçðèâ³ ì³æ ñòðàòåã³÷íîþ ïîòðå-
áîþ â ìàñøòàáíèõ ³ííîâàö³ÿõ òà íåñïðîìîæí³-
ñòþ ³ñíóþ÷î¿ ñèñòåìè ³íâåñòèö³éíîãî çàáåçïå-
÷åííÿ åôåêòèâíî ô³íàíñóâàòè öåé ïðîöåñ. ²ñíóº
íàãàëüíà ïîòðåáà â ïåðåõîä³ â³ä çàñòàð³ëèõ, ðå-
àêòèâíèõ ìåòîä³â ïîøóêó ô³íàíñóâàííÿ äî íî-
âî¿ ïàðàäèãìè óïðàâë³ííÿ, ùî áàçóºòüñÿ íà ³í-
òåãðàëüíîìó, ïðîàêòèâíîìó ï³äõîä³ òà ñó÷àñíèõ
öèôðîâèõ ³íñòðóìåíòàõ.
Àíàë³ç äîñë³äæåíü ³ ïóáë³êàö³é. Ïèòàííÿì
óïðàâë³ííÿ ³ííîâàö³éíèì ðîçâèòêîì áóä³âåëüíèõ
ï³äïðèºìñòâ ïðèñâÿ÷åíî íèçêó íàóêîâèõ ïðàöü.
Çîêðåìà, ². Ãîíòàðåâà òà ñï³âàâòîðè îá´ðóíòîâó-
þòü äîö³ëüí³ñòü çàñòîñóâàííÿ ñèñòåìíî–ôóíê-
ö³îíàëüíîãî ï³äõîäó, âêàçóþ÷è íà ³ñíóþ÷èé áðàê
êîìïëåêñíèõ, íàóêîâî îá´ðóíòîâàíèõ ìåòîäè÷-
íèõ ïîëîæåíü ó ö³é ñôåð³. Ó ìåæàõ ñâîãî äîñë³-
äæåííÿ àâòîðè ðîçðîáèëè ìîäåëü ðåãóëþâàí-
íÿ åôåêòèâíîñò³, ìåõàí³çì ìîí³òîðèíãó òà ìåòîä
ïðîãíîçóâàííÿ åêîíîì³÷íî¿ åôåêòèâíîñò³ óïðàâ-
ë³ííÿ ³ííîâàö³éíèì ðîçâèòêîì, òèì ñàìèì ñôîð-
ìóâàâøè âàæëèâå ï³ä´ðóíòÿ äëÿ ïîäàëüøî¿ ðîç-
ðîáêè ñèñòåìíèõ óïðàâë³íñüêèõ ð³øåíü [1].
Ðîçãëÿäàþ÷è ïåðåøêîäè íà øëÿõó ³ííîâàö³é, Ò.
Êîòóðàíîâà òà Ì. Êîíîãîâà ³äåíòèô³êóþòü êîìï-
ëåêñ ñèñòåìíèõ ïðîáëåì, ùî õàðàêòåðí³ äëÿ óêðà-
¿íñüêèõ áóä³âåëüíèõ ï³äïðèºìñòâ. Ñåðåä êëþ÷îâèõ
áàð’ºð³â àâòîðè âèä³ëÿþòü îáìåæåí³ñòü ô³íàíñó-
âàííÿ, â³äñóòí³ñòü ñó÷àñíî¿ áàçè äëÿ âïðîâàäæåí-
íÿ ³ííîâàö³éíèõ ðîçðîáîê, âíóòð³øí³é îï³ð çì³íàì
(«ôåíîìåí îïîðó ³ííîâàö³ÿì»), à òàêîæ íåäîñòàò-
íþ ê³ëüê³ñòü êâàë³ô³êîâàíèõ êàäð³â. Îñîáëèâî íà-
ãîëîøóºòüñÿ íà íåãàòèâíîìó âïëèâ³ íåñòàá³ëüíî¿
äåðæàâíî¿ ïîë³òèêè òà ñëàáêîìó ð³âí³ ï³äòðèìêè
ãàëóç³, ÷åðåç ùî á³ëüø³ñòü ³ííîâàö³éíèõ ïðîöåñ³â
ìàþòü íå ñèñòåìíèé, à ñïîíòàííèé õàðàêòåð [2].
Ç ³íøîãî áîêó, ðîçãëÿäàþ÷è ðîëü äåðæàâè ÿê
êëþ÷îâîãî ó÷àñíèêà ³íâåñòèö³éíèõ ïðîöåñ³â,
Î. Ðàä÷åíêî òà ñï³âàâòîðè àíàë³çóþòü åôåêòèâ-
í³ñòü ñòðàòåã³÷íîãî óïðàâë³ííÿ äåðæàâíèìè ³í-
âåñòèö³ÿìè â áóä³âåëüíîìó ñåêòîð³. Äîñë³äíèêè
äîõîäÿòü âèñíîâêó, ùî íåãàòèâí³ åôåêòè òàêîãî
óïðàâë³ííÿ íàïðÿìó ïîâ’ÿçàí³ ç íåäîñòàòí³ì ð³â-
íåì åôåêòèâíîñò³ äåðæàâíî¿ ïîë³òèêè òà íèçüêîþ
³íñòèòóö³éíîþ ñïðîìîæí³ñòþ. Çîêðåìà, ³äåíòèô³-
êîâàíî òàê³ ïðîáëåìè, ÿê ãðîì³çäê³ àäì³í³ñòðà-
òèâí³ ïðîöåäóðè, íåäîñòàòíÿ óâàãà äî ïðîöåñ³â
ïëàíóâàííÿ òà ìîí³òîðèíãó, à òàêîæ çàãàëüíèé
áðàê ³íñòèòóö³éíîãî ïîòåíö³àëó äëÿ çàáåçïå÷åí-
íÿ åôåêòèâíî¿ ðåàë³çàö³¿ ïðîºêò³â. Öå ï³äêðåñëþº
³ñíóâàííÿ ñèñòåìíèõ ïðîãàëèí íà ìàêðîð³âí³, ÿê³
ñòðèìóþòü ³íâåñòèö³éíó àêòèâí³ñòü òà ïîòðåáó-
Conclusions. A he co e o he mechanism lies an in eg al model aimed a c ea ing a syne gis ic
e ec h ough he in e ac ion o key s akeholde s (en e p ises, he s a e, and in es o s) and he use o
a di e si ied oolki ( inancial, o ganiza ional, and in o ma ional) o p oac i ely de eloping in es men –
a ac i e p ojec s. The unc ioning o he model is based on he p inciples o anspa ency, isk
o ien a ion, lexibili y, and digi al in eg a ion. I is subs an ia ed ha he echnological co e o he
mechanism is a uni ied digi al pla o m wi h a modula a chi ec u e (inno a ion iden i ica ion,
in es men planning, isk managemen , and moni o ing), which se es as a ool o o e coming
in o ma ion agmen a ion and au oma ing e alua ion and con ol p ocesses.
Keywo ds: inno a i e de elopmen , in es men suppo , cons uc ion sec o , o ganiza ional and
economic mechanism, digi aliza ion.
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ
40 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈÍÂ³ÊÐÀÍww
þòü ðîçðîáêè ñïåö³àë³çîâàíèõ ìåõàí³çì³â äåð-
æàâíî¿ ï³äòðèìêè [3].
Ïåðåõîäÿ÷è äî àíàë³çó ô³íàíñîâèõ àñïåêò³â, äî-
ñë³äæåííÿ Ì. Äóàíà, õî÷à ³ íà ïðèêëàä³ êîìóí³êà-
ö³éíèõ ³íæåíåðíèõ ïðîºêò³â, âèñâ³òëþº íèçêó óí³-
âåðñàëüíèõ äëÿ êàï³òàëîì³ñòêèõ ãàëóçåé ïðîáëåì.
Àâòîð ³äåíòèô³êóº òàê³ êëþ÷îâ³ ô³íàíñîâ³ ðèçèêè,
ÿê íàäì³ðíèé ð³âåíü ô³íàíñîâîãî âàæåëÿ, çðîñòàí-
íÿ âàðòîñò³ âèðîáíè÷èõ ðåñóðñ³â òà ³íôîðìàö³é-
í³ áàð’ºðè, ùî ïðèçâîäÿòü äî «ñë³ïîòè ³íâåñòèö³é-
íèõ ð³øåíü». Ó ðîáîò³ îá´ðóíòîâóºòüñÿ íåîáõ³äí³ñòü
ïåðåõîäó äî ðàö³îíàëüíîãî óïðàâë³ííÿ ³íâåñòèö³ÿ-
ìè òà âäîñêîíàëåííÿ ìåõàí³çì³â êîíòðîëþ ðèçè-
ê³â, ùî áåçïîñåðåäíüî âêàçóº íà íåàäåêâàòí³ñòü
ôðàãìåíòàðíèõ ï³äõîä³â òà ï³äòâåðäæóº äîö³ëüí³ñòü
ðîçðîáêè ³íòåãðîâàíèõ ñèñòåì óïðàâë³ííÿ, çäàòíèõ
ì³í³ì³çóâàòè çàçíà÷åí³ çàãðîçè [4].
Äîñë³äæóþ÷è ñó÷àñíèé ñòàí áóä³âåëüíî¿ ãàëóç³,
Í. Äóëÿáà òà Ð. Æèøêî àêöåíòóþòü óâàãó íà îñî-
áëèâîñòÿõ ðîçâèòêó êîíêóðåíòíîãî ñåðåäîâèùà â
óìîâàõ íåñòàá³ëüíîñò³. Àâòîðè çàçíà÷àþòü, ùî ïî-
ïðè âñ³ âèêëèêè, ðèíîê çàëèøàºòüñÿ äèíàì³÷íèì,
îäíàê éîãî ðîçâèòîê óñêëàäíþºòüñÿ åêîíîì³÷íè-
ìè (³íôëÿö³ÿ, çäîðîæ÷àííÿ ìàòåð³àë³â) òà ³íñòèòó-
ö³éíèìè (êîðóïö³ÿ, íåäîñêîíàë³ñòü çàêîíîäàâñòâà)
ôàêòîðàìè. Ó öüîìó êîíòåêñò³ îñîáëèâî âàæëèâèì
º âèñíîâîê àâòîð³â ïðî òå, ùî ñàìå âïðîâàäæåí-
íÿ ³ííîâàö³é ñòຠâèð³øàëüíèì ³íñòðóìåíòîì äëÿ
îòðèìàííÿ êîíêóðåíòíèõ ïåðåâàã. Öå ï³äòâåðäæóº,
ùî äëÿ âèæèâàííÿ òà ðîçâèòêó â àãðåñèâíîìó êîí-
êóðåíòíîìó ñåðåäîâèù³ ï³äïðèºìñòâàì íåîáõ³äíî
ïåðåéòè â³ä ñïîíòàííèõ äî ñòðàòåã³÷íî êåðîâàíèõ
³íâåñòèö³é â ³ííîâàö³éí³ òåõíîëî㳿 [5].
Ñèñòåìàòèçóþ÷è äîñòóïí³ ìîäåë³ ô³íàíñóâàííÿ
³ííîâàö³é, Ð. ßíêîâîé ïðîâîäèòü äåòàëüíèé àíà-
ë³ç ¿õí³õ ïåðåâàã òà íåäîë³ê³â â óêðà¿íñüêîìó á³ç-
íåñ–ñåðåäîâèù³, ðîçãëÿäàþ÷è âíóòð³øí³ êîøòè,
áàíê³âñüêå êðåäèòóâàííÿ, âåí÷óðíå ô³íàíñóâàí-
íÿ, äåðæàâíó ï³äòðèìêó òà êðàóäôàíäèíã. Îñî-
áëèâó ö³íí³ñòü ñòàíîâèòü âèñíîâîê àâòîðà ïðî
òå, ùî âèá³ð îïòèìàëüíîãî äæåðåëà ô³íàíñóâàí-
íÿ çàëåæèòü â³ä êîíêðåòíèõ ïîòðåá òà îáñòàâèí
á³çíåñó, ùî âèìàãຠãëèáîêîãî àíàë³çó òà ñòðà-
òåã³÷íîãî ï³äõîäó. Öå, ó ñâîþ ÷åðãó, ï³äêðåñëþº
àêòóàëüí³ñòü ðîçðîáêè ³íñòðóìåíòàð³þ, ÿêèé áè
äîçâîëèâ ï³äïðèºìñòâàì ðîáèòè òàêèé îá´ðóíòî-
âàíèé âèá³ð, äèâåðñèô³êóþ÷è äæåðåëà çàëó÷åííÿ
êàï³òàëó äëÿ ³ííîâàö³éíîãî ðîçâèòêó [6].
Äîñë³äæóþ÷è òåõíîëîã³÷íèé âèì³ð ³ííîâàö³é, Ä.
Áîíäàðåíêî òà Ê. Êàëàøí³êîâà âèçíà÷àþòü öèô-
ðîâ³çàö³þ, ³ çîêðåìà òåõíîëîã³þ ³íôîðìàö³éíîãî
ìîäåëþâàííÿ áóä³âåëü (BIM), ÿê îñíîâíèé âàæ³ëü
ðîçâèòêó ñó÷àñíî¿ áóä³âåëüíî¿ ãàëóç³. Ðàçîì ç òèì,
àâòîðè ³äåíòèô³êóþòü êëþ÷îâ³ áàð’ºðè íà øëÿõó ¿¿
âïðîâàäæåííÿ: çíà÷í³ ïî÷àòêîâ³ ³íâåñòèö³¿, â³äñóò-
í³ñòü åôåêòèâíèõ öèôðîâèõ ñòðàòåã³é íà ï³äïðè-
ºìñòâàõ, ãîñòðèé äåô³öèò êâàë³ô³êîâàíèõ êàäð³â
òà íåâðåãóëüîâàí³ñòü íîðìàòèâíî¿ áàçè. Íàÿâ-
í³ñòü öèõ ñèñòåìíèõ ïåðåøêîä ïðÿìî âêàçóº íà
íåîáõ³äí³ñòü ñòâîðåííÿ ºäèíîãî îðãàí³çàö³éíî–
åêîíîì³÷íîãî ³íñòðóìåíòàð³þ, çäàòíîãî êîìïëåê-
ñíî âèð³øóâàòè çàçíà÷åí³ ïðîáëåìè òà ïðèñêî-
ðþâàòè öèôðîâó òðàíñôîðìàö³þ ãàëóç³ [7].
Äîïîâíþþ÷è àíàë³ç íàÿâíèõ ï³äõîä³â, ².Â. Ìî-
ñ³é÷óê äîñë³äæóº ³íñòðóìåíòè ñòèìóëþâàííÿ ðå-
ã³îíàëüíîãî ðîçâèòêó áóä³âåëüíèõ ï³äïðèºìñòâ
òà ïðîïîíóº ¿õíþ ñòðóêòóðîâàíó êëàñèô³êàö³þ
çà ÷îòèðìà ð³âíÿìè: ñòðàòåã³÷íèì, åêîíîì³÷íèì,
öèôðîâèì òà ñîö³àëüíî–ïñèõîëîã³÷íèì. Àâòîð
ï³äêðåñëþº, ùî â ñó÷àñíèõ óìîâàõ ñàìå öèôðî-
â³çàö³ÿ â³ä³ãðຠêëþ÷îâó ðîëü ó ðîçâèòêó ãàëó-
ç³, òà âêàçóº íà â³äñóòí³ñòü êîìïëåêñíîãî ï³äõîäó
äî ôîðìóâàííÿ ³íñòðóìåíò³â ðîçâèòêó â ïîïå-
ðåäí³õ äîñë³äæåííÿõ. Òàêèé áàãàòîð³âíåâèé ï³ä-
õ³ä º ñóãîëîñíèì ³ç çàïðîïîíîâàíèì ó äàí³é ðî-
áîò³ ³íòåãðàëüíèì ìåõàí³çìîì, îñê³ëüêè â³í òàêîæ
îõîïëþº ñòðàòåã³÷í³, åêîíîì³÷í³ òà òåõíîëîã³÷í³
(öèôðîâ³) àñïåêòè óïðàâë³ííÿ ³ííîâàö³éíèì ðîç-
âèòêîì áóä³âåëüíèõ ï³äïðèºìñòâ [8].
Çàíóðþþ÷èñü ó òåõíîëîã³÷í³ àñïåêòè öèôðî-
â³çàö³¿, Ñ. Äîëãîïîëîâ òà ñï³âàâòîðè äîñë³äæó-
þòü ñèíåðã³þ øòó÷íîãî ³íòåëåêòó òà BIM–òåõíî-
ëîã³é äëÿ ñòâîðåííÿ áàãàòîð³âíåâî¿ êëàñèô³êàö³¿
îá’ºêò³â áóä³âåëüíîãî ìàéäàí÷èêà. Ó ¿õí³é ðîáîò³
çàïðîïîíîâàíî êîíöåïö³þ «åâîëþö³éíîãî» öèô-
ðîâîãî äâ³éíèêà, äå çà äîïîìîãîþ íåéðîííèõ
ìåðåæ çä³éñíþºòüñÿ àâòîìàòè÷íà ³äåíòèô³êà-
ö³ÿ, êëàñèô³êàö³ÿ òà îö³íêà â³äïîâ³äíîñò³ ôàê-
òè÷íîãî ñòàíó îá’ºêò³â ¿õí³é BIM–ìîäåë³ íà ð³çíèõ
åòàïàõ æèòòºâîãî öèêëó. Òàêèé ï³äõ³ä º ïðàêòè÷-
íîþ ðåàë³çàö³ºþ òåõíîëîã³÷íîãî ÿäðà äëÿ ìîäó-
ëÿ ìîí³òîðèíãó, çàïðîïîíîâàíîãî â ðàìêàõ îðãà-
í³çàö³éíî–åêîíîì³÷íîãî ìåõàí³çìó, îñê³ëüêè â³í
äîçâîëÿº àâòîìàòèçóâàòè êîíòðîëü çà õîäîì ðå-
àë³çàö³¿ ïðîºêò³â, ñâîº÷àñíî âèÿâëÿòè â³äõèëåí-
íÿ òà ï³äâèùóâàòè ÿê³ñòü óïðàâë³íñüêèõ ð³øåíü.
Äàíå äîñë³äæåííÿ ï³äòâåðäæóº, ùî ñó÷àñí³ òåõ-
íîëî㳿 çäàòí³ çàáåçïå÷èòè òåõí³÷íó îñíîâó äëÿ
ôóíêö³îíóâàííÿ ³íòåãðàëüíèõ öèôðîâèõ ïëàò-
ôîðì óïðàâë³ííÿ â áóä³âíèöòâ³ [9].
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ
41
´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈÍÂ³ÊÐÀÍww
Äîñë³äæóþ÷è ³íâåñòèö³éí³ ïðîöåñè â óìîâàõ
âîºííîãî ñòàíó, Ð. Ïàëàãóñèíåöü òà Î. Ìàðóøåâà
ïðîâîäÿòü ãëèáîêèé àíàë³ç äèíàì³êè êàï³òàëüíèõ
òà ïðÿìèõ ³íîçåìíèõ ³íâåñòèö³é ó áóä³âåëüíó ãà-
ëóçü Óêðà¿íè âïðîäîâæ 2022–2024 ðîê³â. Àâòî-
ðè êîíñòàòóþòü çíà÷íèé â³äïëèâ êàï³òàëó íà ïî-
÷àòêó ïîâíîìàñøòàáíîãî âòîðãíåííÿ, îñîáëèâî
çà ñòàòòåþ «ðå³íâåñòóâàííÿ äîõîä³â», ùî ñâ³ä-
÷èòü ïðî ãëèáîêó êðèçó äîâ³ðè ³íâåñòîð³â äî ³í-
ñòèòóö³éíî¿ ñïðîìîæíîñò³ äåðæàâè. Âîíè òàêîæ
âêàçóþòü íà çì³íó ñòðóêòóðè ³íâåñòèö³é íà êî-
ðèñòü áîðãîâèõ ³íñòðóìåíò³â, ùî ï³äòâåðäæóº âè-
ñîêèé ð³âåíü ðèçèêîâàíîñò³. Êëþ÷îâèì äëÿ äàíî-
ãî äîñë³äæåííÿ º âèñíîâîê àâòîð³â ïðî íàãàëüíó
ïîòðåáó â óäîñêîíàëåíí³ ³íñòèòóö³éíèõ ìåõàí³ç-
ì³â ï³äòðèìêè ³íâåñòóâàííÿ òà ôîðìóâàííÿ íî-
âî¿ ïàðàäèãìè ïóáë³÷íîãî óïðàâë³ííÿ, îð³ºíòîâà-
íî¿ íà ïðîçîð³ñòü, àäàïòèâí³ñòü òà ïàðòíåðñòâî ç
ì³æíàðîäíîþ ñï³ëüíîòîþ [10].
ϳäòâåðäæóþ÷è ðîëü ³ííîâàö³é ÿê ðóø³éíî¿ ñè-
ëè ðîçâèòêó, Â. Êîñòþê òà Â. Øàíòà äîñë³äæó-
þòü äæåðåëà ô³íàíñóâàííÿ ³ííîâàö³éíî¿ ä³ÿëüíî-
ñò³ â áóä³âåëüí³é ãàëóç³. Íà îñíîâ³ àíàë³çó äàíèõ
çà 2010–2020 ðîêè àâòîðè ðîáëÿòü êëþ÷îâèé
âèñíîâîê, ùî îñíîâíèì äæåðåëîì ô³íàíñóâàí-
íÿ çàëèøàþòüñÿ âëàñí³ êîøòè ï³äïðèºìñòâ. Òàêå
äîì³íóâàííÿ âíóòð³øí³õ ðåñóðñ³â âêàçóº íà íåäî-
ñòàòíþ åôåêòèâí³ñòü ³ñíóþ÷èõ ìåõàí³çì³â çàëó-
÷åííÿ çîâí³øíüîãî êàï³òàëó òà ñèñòåìí³ áàð’ºðè
ó äîñòóï³ äî äåðæàâíîãî, áàíê³âñüêîãî ÷è ³íâåñ-
òèö³éíîãî ô³íàíñóâàííÿ, ï³äòâåðäæóþ÷è íàãàëü-
íó ïîòðåáó â äèâåðñèô³êàö³¿ äæåðåë òà ðîçðîáö³
³íòåãðîâàíèõ ìåõàí³çì³â ³íâåñòèö³éíîãî çàáåç-
ïå÷åííÿ, ÿê³ áóäóòü çäàòí³ ïîäîëàòè íàäì³ðíó çà-
ëåæí³ñòü ãàëóç³ â³ä âëàñíèõ îá³ãîâèõ êîøò³â [11].
Äîñë³äæóþ÷è çâ’ÿçîê ì³æ âåí÷óðíèì êàï³òàëîì
òà «çåëåíèìè» ³ííîâàö³ÿìè, À. Áåëëó÷÷³ òà ñï³âàâ-
òîðè åìï³ðè÷íî äîâîäÿòü, ùî íàÿâí³ñòü «çåëåíèõ»
ïàòåíò³â çíà÷íî ï³äâèùóº éìîâ³ðí³ñòü çàëó÷åí-
íÿ âåí÷óðíîãî ô³íàíñóâàííÿ, çá³ëüøóþ÷è øàíñè
êîìïàí³¿ íà îòðèìàííÿ ³íâåñòèö³é äî 20%. Àâòî-
ðè ðîáëÿòü âèñíîâîê, ùî «çåëåíå» ïàòåíòóâàí-
íÿ âèñòóïຠïîòóæíèì ïîçèòèâíèì ñèãíàëîì äëÿ
âåí÷óðíèõ ³íâåñòîð³â, ÿêèé çìåíøóº ³íôîðìàö³é-
íó àñèìåòð³þ òà âêàçóº íà âèñîêèé ³ííîâàö³éíèé
ïîòåíö³àë. Öåé âèñíîâîê º îñîáëèâî âàæëèâèì ó
êîíòåêñò³ àäàïòàö³¿ ñó÷àñíèõ ô³íàíñîâèõ ³íñòðó-
ìåíò³â äëÿ áóä³âåëüíî¿ ãàëóç³, îñê³ëüêè â³í îá´ðóí-
òîâóº äîö³ëüí³ñòü ðîçâèòêó íå ëèøå âåí÷óðíîãî
ô³íàíñóâàííÿ ÿê òàêîãî, àëå é àêöåíòóº óâàãó íà
«çåëåíèõ» òà ñòàëèõ ³ííîâàö³ÿõ ÿê íà êëþ÷îâîìó
ôàêòîð³ ³íâåñòèö³éíî¿ ïðèâàáëèâîñò³ [12].
Ìåòîþ ñòàòò³ º ðîçðîáêà òà íàóêîâå îá´ðóí-
òóâàííÿ êîìïëåêñíîãî îðãàí³çàö³éíî–åêîíîì³÷-
íîãî ìåõàí³çìó ³íâåñòèö³éíîãî çàáåçïå÷åííÿ ³í-
íîâàö³éíîãî ðîçâèòêó áóä³âåëüíèõ ï³äïðèºìñòâ
Óêðà¿íè, ùî áàçóºòüñÿ íà ïðèíöèïàõ ñèñòåìíî¿
³íòåãðàö³¿ òà âèêîðèñòîâóº öèôðîâó ïëàòôîðìó
ÿê êëþ÷îâèé ³íñòðóìåíò óïðàâë³ííÿ.
Âèêëàä îñíîâíîãî ìàòåð³àëó. Ïåðåõ³ä â³ä
ôðàãìåíòàðíèõ òà ñèòóàòèâíèõ ìåòîä³â óïðàâ-
ë³ííÿ ³íâåñòèö³ÿìè, ùî äîì³íóþòü ñüîãîäí³ â áó-
ä³âåëüí³é ãàëóç³, äî ñèñòåìíîãî ï³äõîäó âèìàãàº
ðîçðîáêè ö³ë³ñíî¿, íàóêîâî îá´ðóíòîâàíî¿ ³íòå-
ãðàëüíî¿ ìîäåë³. Òàêà ìîäåëü çäàòíà çàáåçïå-
÷èòè çíà÷íèé ñèíåðãåòè÷íèé åôåêò â³ä ñêîîðäè-
íîâàíî¿ òà ïðîçîðî¿ âçàºìî䳿 âñ³õ çàö³êàâëåíèõ
ñòîð³í, ùî º êðèòè÷íî âàæëèâèì â óìîâàõ ïîâî-
ºííî¿ â³äáóäîâè òà ïîñèëåííÿ ãëîáàëüíèõ òåõíî-
ëîã³÷íèõ âèêëèê³â [1]. Íà â³äì³íó â³ä çàñòàð³ëîãî
ðåàêòèâíîãî ï³äõîäó, ÿêèé ïîëÿãຠó ïîøóêó ô³-
íàíñóâàííÿ ó â³äïîâ³äü íà âæå âèíèêëó ïîòðå-
áó, çàïðîïîíîâàíèé îðãàí³çàö³éíî–åêîíîì³÷íèé
ìåõàí³çì ïåðåäáà÷ຠñòâîðåííÿ íà ï³äïðèºìñòâ³
áåçïåðåðâíîãî, ïðîàêòèâíîãî òà ñòðàòåã³÷íî îð³-
ºíòîâàíîãî ïðîöåñó. Öåé ïðîöåñ âêëþ÷ຠïîñò³é-
íèé ïîøóê, îö³íêó òà ñòðóêòóðóâàííÿ ³ííîâàö³éíèõ
³äåé ó ôîðìàò³ ³íâåñòèö³éíî–ïðèâàáëèâèõ ïðîºê-
ò³â, ùî ïåðåòâîðþº çàëó÷åííÿ êàï³òàëó ç åï³çî-
äè÷íî¿ çàäà÷³ íà îäíó ç êëþ÷îâèõ á³çíåñ–ôóíêö³é
ï³äïðèºìñòâà. Àðõ³òåêòîí³êà öüîãî êîìïëåêñíî-
ãî ìåõàí³çìó, ùî ´ðóíòóºòüñÿ íà âçàºìî䳿 éîãî
êëþ÷îâèõ êîìïîíåíò³â, ïðåäñòàâëåíà íà ðèñóíêó.
Îñíîâíèìè ñòðóêòóðíèìè åëåìåíòàìè ðîç-
ðîáëåíîãî ìåõàí³çìó âèñòóïàþòü éîãî ñóá’ºêòè,
îá’ºêò, ³íñòðóìåíòàð³é òà ôóíäàìåíòàëüí³ ïðèí-
öèïè ôóíêö³îíóâàííÿ. Öåíòðàëüíèì åëåìåíòîì
ñèñòåìè òà ¿¿ ðóø³éíîþ ñèëîþ º áóä³âåëüíå ï³ä-
ïðèºìñòâî, ÿêå â ðàìêàõ ö³º¿ ìîäåë³ âèñòóïຠíå
ïàñèâíèì âèêîíàâöåì, à àêòèâíèì ñóá’ºêòîì, ùî
ãåíåðóº ïîïèò íà ³íâåñòèö³¿ òà äîëຠ³ñíóþ÷³ âíó-
òð³øí³ áàð’ºðè, ÿê–îò «ôåíîìåí îïîðó ³ííîâàö³-
ÿì» [2]. ²íøèìè êëþ÷îâèìè ñóá’ºêòàìè ³íâåñòó-
âàííÿ º äåðæàâà â îñîá³ óïîâíîâàæåíèõ îðãàí³â,
ÿêà âèêîíóº áàãàòîãðàííó ðîëü: ðåãóëÿòîðíó,
ñòèìóëþþ÷ó òà êîíòðîëüíó. Ïðîòå, ÿê ñâ³ä÷àòü
äîñë³äæåííÿ, ñàìå íèçüêà ³íñòèòóö³éíà ñïðî-
ìîæí³ñòü òà íååôåêòèâí³ñòü ïóáë³÷íîãî óïðàâ-
ë³ííÿ ³íâåñòèö³ÿìè º îäí³ºþ ç ãîëîâíèõ ïåðåøêîä
äëÿ ðîçâèòêó ãàëóç³, ùî ï³äòâåðäæóºòüñÿ çíà÷-

²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ
42 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈÍÂ³ÊÐÀÍww
íèì â³äïëèâîì êàï³òàëó òà êðèçîþ äîâ³ðè ³íâåñ-
òîð³â â óìîâàõ â³éíè [10]. Âàæëèâèìè ñóá’ºêòàìè
º ³íâåñòîðè, ùî ÿâëÿþòü ñîáîþ äèâåðñèô³êîâà-
íó ãðóïó, ÿêà âêëþ÷ຠâåí÷óðí³ ôîíäè, ùî îð³ºí-
òóþòüñÿ íà âèñîêîòåõíîëîã³÷í³ ðèçèêîâ³ ïðîºê-
òè (ConTech), ïðèâàáëèâ³ñòü ÿêèõ çíà÷íî çðîñòàº
çà íàÿâíîñò³ ó êîìïàí³¿ «çåëåíèõ» ïàòåíò³â [12].
Îêðåìó ðîëü â³ä³ãðàþòü ô³íàíñîâ³ ³íñòèòóö³¿ (áàí-
êè, ³íâåñòèö³éí³ ôîíäè), äîñòóï äî ÿêèõ íàðàç³
óñêëàäíåíèé, ÷åðåç ùî ï³äïðèºìñòâà çäåá³ëüøî-
ãî ïîêëàäàþòüñÿ íà âëàñí³ êîøòè.
Îá’ºêòîì ³íâåñòèö³éíîãî çàáåçïå÷åííÿ º áåç-
ïîñåðåäíüî ³ííîâàö³éí³ ïðîºêòè áóä³âåëüíîãî
ï³äïðèºìñòâà. Ñïåêòð öèõ ïðîºêò³â íàäçâè÷àé-
íî øèðîêèé ³ ìîæå ìàòè ð³çíèé õàðàêòåð: òåõ-
íîëîã³÷íèé, ùî ïåðåäáà÷ຠâïðîâàäæåííÿ ïå-
ðåäîâèõ ð³øåíü ÿê BIM, ùî âèçíàíî êëþ÷îâèì
âàæåëåì öèôðîâî¿ òðàíñôîðìàö³¿ ãàëóç³, 3D–
äðóê, ðîáîòèçàö³ÿ áóä³âåëüíèõ ïðîöåñ³â ÷è ñòâî-
ðåííÿ öèôðîâèõ äâ³éíèê³â îá’ºêò³â; ïðîäóêòîâèé,
îð³ºíòîâàíèé íà ðîçðîáêó òà çàñòîñóâàííÿ íî-
âèõ åíåðãîåôåêòèâíèõ ìàòåð³àë³â; îðãàí³çàö³é-
íî–óïðàâë³íñüêèé, ùî âêëþ÷ຠâïðîâàäæåííÿ
ñó÷àñíèõ ñèñòåì óïðàâë³ííÿ ïðîºêòàìè; àáî åêî-
ëîã³÷íèé, ñïðÿìîâàíèé íà ðåàë³çàö³þ ïðîºêò³â
«çåëåíîãî» áóä³âíèöòâà, ùî, ÿê äîâåäåíî, ï³äâè-
ùóº ³íâåñòèö³éíó ïðèâàáëèâ³ñòü äëÿ âåí÷óðíîãî
êàï³òàëó [12].
Äëÿ äîñÿãíåííÿ ïîñòàâëåíèõ ö³ëåé ï³äïðèºì-
ñòâî âèêîðèñòîâóº êîìïëåêñíèé ³íñòðóìåíòàð³é,
ùî ñèíåðãåòè÷íî ïîºäíóº ô³íàíñîâ³, îðãàí³çàö³é-
í³ òà ³íôîðìàö³éí³ âàæåë³ [8]. Äî ô³íàíñîâèõ ³í-
ñòðóìåíò³â íàëåæàòü ÿê òðàäèö³éí³ (âëàñí³ êîø-
òè, áàíê³âñüêå êðåäèòóâàííÿ), òàê ³ á³ëüø ñó÷àñí³
òà àäàïòîâàí³ äî ³ííîâàö³éíî¿ ä³ÿëüíîñò³ (âåí÷óðíå
ô³íàíñóâàííÿ, âèïóñê êîðïîðàòèâíèõ ÷è «çåëåíèõ»
îáë³ãàö³é, êðàóäôàíäèíã), ùî äîçâîëÿº äèâåðñè-
ô³êóâàòè äæåðåëà êàï³òàëó òà çìåíøèòè çàëåæ-
í³ñòü â³ä âíóòð³øí³õ ðåñóðñ³â [6, 11]. Îðãàí³çàö³é-
í³ âàæåë³ âêëþ÷àþòü ðîçðîáêó òà ³ìïëåìåíòàö³þ
ôîðìàë³çîâàíî¿ ñèñòåìè ðèçèê–ìåíåäæìåíòó,
ùî äîçâîëÿº óíèêíóòè «ñë³ïîòè ³íâåñòèö³éíèõ ð³-
øåíü» â óìîâàõ âèñîêî¿ íåâèçíà÷åíîñò³, à òàêîæ
âèêîðèñòàííÿ ìåõàí³çì³â äåðæàâíî–ïðèâàòíîãî
ïàðòíåðñòâà. ²íôîðìàö³éí³ ðåñóðñè, ùî º òåõíîëî-
ã³÷íèì ôóíäàìåíòîì ìîäåë³, ïðåäñòàâëåí³ öèôðî-
âèìè ïëàòôîðìàìè (Common Da a En i onmen ),
áàçàìè äàíèõ ³ííîâàö³éíèõ òåõíîëîã³é òà ïðîãíîñ-
òè÷íèìè àíàë³òè÷íèìè ñèñòåìàìè.
Åôåêòèâíå ôóíêö³îíóâàííÿ âñ³º¿ ñèñòåìè çà-
áåçïå÷óºòüñÿ äîòðèìàííÿì íèçêè âçàºìîïîâ’ÿ-
çàíèõ ïðèíöèï³â. Ïðèíöèï ïðîçîðîñò³ ïåðåäáà÷àº
Ñõåìà ³íòåãðàëüíî¿ ìîäåë³ ³íâåñòèö³éíîãî çàáåçïå÷åííÿ ³ííîâàö³éíîãî ðîçâèòêó áóä³âåëüíîãî
ï³äïðèºìñòâà
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ
43
´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈÍÂ³ÊÐÀÍww
ìàêñèìàëüíó â³äêðèò³ñòü ³íôîðìàö³¿ ïðî ïðîºê-
òè òà ô³íàíñîâ³ ïîòîêè, ùî º óìîâîþ äëÿ çàëó÷åí-
íÿ ³íâåñòîð³â òà ì³í³ì³çàö³¿ êîðóïö³éíèõ ðèçèê³â,
ÿê³ º çíà÷íèì áàð’ºðîì äëÿ ðîçâèòêó êîíêóðåíò-
íîãî ñåðåäîâèùà [5]. Ïðèíöèï ðèçèê–îð³ºíòîâà-
íîñò³ âèìàãàº, ùîá ìåõàí³çì ì³ñòèâ ³íñòðóìåíòè
äëÿ ³äåíòèô³êàö³¿, îö³íêè òà óïðàâë³ííÿ ðèçèêàìè,
ïîâ’ÿçàíèìè ç ³ííîâàö³éíîþ ä³ÿëüí³ñòþ [4]. Ãíó÷-
ê³ñòü ìîäåë³ çàáåçïå÷óº ¿¿ çäàòí³ñòü àäàïòóâàòèñÿ
äî ì³íëèâèõ óìîâ ðèíêó òà òåõíîëîã³÷íèõ òðåíä³â.
Íàð³æíèì êàìåíåì, ùî îá’ºäíóº âñ³ åëåìåí-
òè â ºäèíó, çëàãîäæåíó ñèñòåìó, º öèôðîâà ³íòå-
ãðàö³ÿ. Öåé ïðèíöèï, ÿê ³ âñÿ ìîäåëü, áàçóºòüñÿ íà
ñèñòåìíîìó ï³äõîä³, ôîðìóþ÷è ò³ñíèé ñèíåðãå-
òè÷íèé çâ’ÿçîê ç ³íøèìè. Ñàìå öèôðîâà ³íòåãðà-
ö³ÿ, ðåàë³çîâàíà ÷åðåç ºäèíó ïëàòôîðìó, äîçâîëÿº
àãðåãóâàòè òà íàäàâàòè âåðèô³êîâàí³ äàí³ óñ³ì ñòî-
ðîíàì, çàáåçïå÷óþ÷è ðåàëüíó ïðîçîð³ñòü. Ó ñâîþ
÷åðãó, ïðîçîð³ñòü º ôóíäàìåíòîì äëÿ åôåêòèâíîãî
ðèçèê–ìåíåäæìåíòó, àäæå áåç ïîâíîãî ðîçóì³ííÿ
ñòàíó ïðîºêòó íåìîæëèâî àäåêâàòíî îö³íèòè ðèçè-
êè. Îòæå, ëèøå êîìïëåêñíå äîòðèìàííÿ âñ³õ ïðèí-
öèï³â äîçâîëÿº ìåõàí³çìó ôóíêö³îíóâàòè ÿê ºäè-
íèé, óçãîäæåíèé òà àäàïòèâíèé îðãàí³çì.
Ïðàêòè÷íå âò³ëåííÿ ïðèíöèïó öèôðîâî¿ ³íòå-
ãðàö³¿ çíàõîäèòü ñâîº âèðàæåííÿ ó ñòâîðåíí³ òà
âïðîâàäæåíí³ ºäèíî¿ êîðïîðàòèâíî¿ öèôðîâî¿
ïëàòôîðìè, ÿêà ñòຠòåõíîëîã³÷íèì ÿäðîì âñüî-
ãî ìåõàí³çìó. Ñàìå öèôðîâ³çàö³ÿ âèñòóïຠòèì
³íñòðóìåíòàëüíèì çàñîáîì, ùî äîçâîëÿº ïîäî-
ëàòè ïðîáëåìó «³íôîðìàö³éíèõ ñèëîñ³â», ÿêà º
îäí³ºþ ç ïåðåøêîä íà øëÿõó äî öèôðîâî¿ òðàí-
ñôîðìàö³¿. Óïðàâë³ííÿ ³ííîâàö³éíèìè ïðîºêòàìè,
ùî õàðàêòåðèçóþòüñÿ âèñîêèì ð³âíåì íåâèçíà-
÷åíîñò³, âèìàãຠîïåðàòèâíîãî äîñòóïó äî âå-
ðèô³êîâàíèõ äàíèõ òà ïîòóæíèõ àíàë³òè÷íèõ ³í-
ñòðóìåíò³â, ùî ìîæóòü áóòè ðåàë³çîâàí³ íà îñíîâ³
ïîºäíàííÿ BIM òà øòó÷íîãî ³íòåëåêòó äëÿ ñòâî-
ðåííÿ «åâîëþö³éíîãî» öèôðîâîãî äâ³éíèêà.
Ðåàë³çàö³ÿ çàïðîïîíîâàíî¿ ³íòåãðàëüíî¿ ìîäå-
ë³ ïåðåâîäèòü óïðàâë³ííÿ ³íâåñòèö³ÿìè íà ÿê³ñ-
íî íîâèé, ñòðàòåã³÷íèé ð³âåíü. Âîíà òðàíñôîð-
ìóº áóä³âåëüíå ï³äïðèºìñòâî ç ïàñèâíîãî îá’ºêòà
çîâí³øí³õ âïëèâ³â íà ïðîàêòèâíîãî ñóá’ºêòà ³ííî-
âàö³éíîãî ïðîöåñó. Ñèíåðãåòè÷íà âçàºìîä³ÿ êëþ-
÷îâèõ ñóá’ºêò³â, ãíó÷êå âèêîðèñòàííÿ ñó÷àñíîãî
³íñòðóìåíòàð³þ òà äîòðèìàííÿ áàçîâèõ ïðèíöè-
ï³â, òåõíîëîã³÷íî ï³äêð³ïëåí³ öèôðîâîþ ïëàòôîð-
ìîþ, ñòâîðþþòü óìîâè äëÿ åôåêòèâíî¿ ðåàë³çà-
ö³¿ ³ííîâàö³éíèõ ïðîºêò³â. Ô³íàëüíèì ðåçóëüòàòîì
ñòຠñòàëèé ³ííîâàö³éíèé ðîçâèòîê, ùî ï³äâèùóº
êîíêóðåíòîñïðîìîæí³ñòü ï³äïðèºìñòâà òà ïî-
êðàùóº çàãàëüíó ³íâåñòèö³éíó ïðèâàáëèâ³ñòü óñ³º¿
áóä³âåëüíî¿ ãàëóç³ Óêðà¿íè, ùî º êëþ÷îâîþ ïåðå-
äóìîâîþ äëÿ ¿¿ ìîäåðí³çàö³¿ òà óñï³øíî¿ ³íòåãðàö³¿
ó ñâ³òîâó åêîíîì³êó.
Âèñíîâêè
Ó ðåçóëüòàò³ ïðîâåäåíîãî äîñë³äæåííÿ áóëî
ñôîðìîâàíî íàóêîâî îá´ðóíòîâàíèé êîìïëåê-
ñíèé îðãàí³çàö³éíî–åêîíîì³÷íèé ìåõàí³çì ³í-
âåñòèö³éíîãî çàáåçïå÷åííÿ ³ííîâàö³éíîãî ðîç-
âèòêó áóä³âåëüíèõ ï³äïðèºìñòâ, ùî äຠçìîãó
ïîäîëàòè íåäîë³êè ³ñíóþ÷èõ ôðàãìåíòàðíèõ òà
ñèòóàòèâíèõ ï³äõîä³â. Çàïðîïîíîâàíà ìîäåëü
ïåðåäáà÷ຠïåðåõ³ä äî ñòðàòåã³÷íîãî, ñèñòåìíî-
ãî óïðàâë³ííÿ ³íâåñòèö³éíîþ ä³ÿëüí³ñòþ â êîíòåê-
ñò³ öèôðîâî¿ òðàíñôîðìàö³¿ ãàëóç³.
Öåíòðàëüíèì åëåìåíòîì ìåõàí³çìó âèñòóïàº
ºäèíà öèôðîâà ïëàòôîðìà ç ìîäóëüíîþ àðõ³-
òåêòóðîþ, ÿêà çàáåçïå÷óº êîìïëåêñíó ³íòåãðà-
ö³þ êëþ÷îâèõ ó÷àñíèê³â ³íâåñòèö³éíîãî ïðîöå-
ñó – ï³äïðèºìñòâ, ³íâåñòîð³â, äåðæàâíèõ îðãàí³â.
Òàêà ïëàòôîðìà ñëóãóº òåõíîëîã³÷íîþ îñíîâîþ
äëÿ ðåàë³çàö³¿ ïðèíöèï³â ïðîçîðîñò³, ðèçèê–îð³-
ºíòîâàíîñò³, ãíó÷êîñò³ òà àäàïòèâíîñò³ äî çì³í
çîâí³øíüîãî ñåðåäîâèùà. Âîíà äîçâîëÿº àâòî-
ìàòèçóâàòè ïðîöåñè ³äåíòèô³êàö³¿ ³ííîâàö³éíèõ
ïðîºêò³â, ³íâåñòèö³éíîãî ïëàíóâàííÿ, óïðàâë³ííÿ
ðèçèêàìè òà ìîí³òîðèíãó ðåàë³çàö³¿.
Âïðîâàäæåííÿ ìåõàí³çìó ñïðèÿòèìå ðîçøè-
ðåííþ ìîæëèâîñòåé äëÿ çàëó÷åííÿ äèâåðñèô³-
êîâàíèõ äæåðåë ô³íàíñóâàííÿ, çîêðåìà ÷åðåç
çìåíøåííÿ ³íôîðìàö³éíî¿ àñèìåò𳿠ì³æ ñóá’ºê-
òàìè ðèíêó, ï³äâèùåííþ åôåêòèâíîñò³ ïðèéíÿòòÿ
óïðàâë³íñüêèõ ð³øåíü òà çíèæåííþ ³íâåñòèö³éíèõ
ðèçèê³â. Î÷³êóâàíèì ðåçóëüòàòîì º çàáåçïå÷åííÿ
ñòàëîãî ³ííîâàö³éíîãî ðîçâèòêó áóä³âåëüíèõ ï³ä-
ïðèºìñòâ, ùî ó ñâîþ ÷åðãó ïîñèëþº êîíêóðåíòî-
ñïðîìîæí³ñòü ãàëóç³ â óìîâàõ ïîñòâîºííî¿ â³äáó-
äîâè òà ãëîáàëüíèõ âèêëèê³â.
Òàêèì ÷èíîì, çàïðîïîíîâàíèé ï³äõ³ä ìຠÿê íà-
óêîâó, òàê ³ ïðèêëàäíó ö³íí³ñòü, â³äêðèâàþ÷è íîâ³
ïåðñïåêòèâè äëÿ åôåêòèâíîãî óïðàâë³ííÿ ³íâåñ-
òèö³éíî–³ííîâàö³éíèìè ïðîöåñàìè â áóä³âåëüí³é
ñôåð³ Óêðà¿íè.
Ñïèñîê âèêîðèñòàíèõ äæåðåë:
1. Gon a e a, I., Ma cel Ku , M., Do okho , O., Rusin–
G inik, R., & Galayko, N. (2022). A Sys ema ic–Func ional
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ
44 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈÍÂ³ÊÐÀÍww
App oach in Managing Inno a i e De elopmen o
Cons uc ion En e p ises in Uk aine. TEM Jou nal,
11(1), 125–137. DOI: 10.18421/ em111–15.
2. Ko u ano a, T., & Konoho a, M. (2022). P oblems o
Managemen o Inno a i e De elopmen o Cons uc ion
En e p ises in Uk aine. Economic scope, 182, 83–87.
DOI: 10.32782/2224–6282/182–12.
3. Radchenko, O., Nepomnyashchyy, O.M., Ma ushe a,
O.A., P a , R., & Shand yk, V. (2023). E iciency o
S a egic Public In es men managemen o in he
Cons uc ion Sec o . In e na ional Jou nal o Quali y
Resea ch, 16(3), 833–846. DOI: 10.24874/
ijq 17.03–13.
4. Duan, M. (2023). On Financial Risks and In es men
Managemen in Communica ion Enginee ing P ojec s.
S udies in Social Science Resea ch, 4(4), 134–138.
DOI: 10.22158/sss . 4n4p134.
5. Duliaba, N., & Zhishko , R. (2024). Fea u es o he
De elopmen o he Compe i i e En i onmen in he
Cons uc ion Sphe e. Economy and Socie y, 68, 1–5.
DOI: 10.32782/2524–0072/2024–68–106.
6. Yanko oi, R. (2024). Models o Financing
Inno a ions in he Uk ainian Business En i onmen .
De elopmen Se ice Indus y Managemen , 1, 82–87.
DOI: 10.31891/dsim–2024–5(11).
7. Bonda enko, D., & Kalashniko a , K. (2024).
Digi alisa ion o he Cons uc ion Indus y in Uk aine:
Analysis o he S a e, P oblems and De elopmen
P ospec s. Economy and Socie y, 65, 1–9. DOI:
10.32782/2524–0072/2024–65–2.
8. Mosiichuk I.V. (2025). TOOLS FOR PROMOTING
REGIONAL DEVELOPMENT OF CONSTRUCTION
ENTERPRISES. Economic Sciences Se ies «Regional
Economics», 21(83), 125–131. DOI: 10.36910/2707–
6296–2024–21%2883%29–13.
9. Dolhopolo , S., Honcha enko, T., Te en ye , O.,
Sa enko, V., Rosynskyi, A., Bodna , N., & Alzidi, E. (2024).
Mul i–S age Classi ica ion o Cons uc ion Si e Modeling
Objec s Using A i icial In elligence Based on BIM
Technology. 2024 35 h Con e ence o Open Inno a ions
Associa ion (FRUCT), 179–185. DOI: 10.23919/
uc 61870.2024.10516383.
10. Palahusyne s, R., & Ma ushe a, O. (2025). Analysis
o he In es men Le el in Uk aine’s Cons uc ion
Sec o om 2022 o 2025: a Public Adminis a ion
Dimension. Philosophy and Go e nance, 5(9), 1–12.
DOI: 10.70651/3041–248X/2025.5.01.
11. Kos iuk, V., & Shan a, V. (2023). Inno a ion as he
Key o Economic De elopmen and Compe i i eness o
Cons uc ion Indus y En e p ises. Ac ual P oblems o
Economics, 12(2), 90–97. DOI: 10.32752/1993–
6788–2023–2–270–90–97.
12. Bellucci, A., Fa ica, S., Geo gakaki, A.,
Guccia di, G., Le ou , S., & Pasimeni, F. (2023).
Ven u e Capi al Financing and G een Pa en ing.
Indus y and Inno a ion, 30(7), 947–983. DOI:
10.1080/13662716.2023.2228717.
Re e ences:
1. Gon a e a, I., Ma cel Ku , M., Do okho , O., Rusin–
G inik, R., & Galayko, N. (2022). A Sys ema ic–Func-
ional App oach in Managing Inno a i e De elopmen
o Cons uc ion En e p ises in Uk aine. TEM Jou nal,
11(1), 125–137. DOI: 10.18421/ em111–15.
2. Ko u ano a, T., & Konoho a, M. (2022). P oblems
o Managemen o Inno a i e De elopmen o Cons uc-
ion En e p ises in Uk aine. Economic scope, 182, 83–
87. DOI: 10.32782/2224–6282/182–12.
3. Radchenko, O., Nepomnyashchyy, O.M., Ma ushe a,
O.A., P a , R., & Shand yk, V. (2023). E iciency o S a-
egic Public In es men managemen o in he Cons uc-
ion Sec o . In e na ional Jou nal o Quali y Resea ch,
16(3), 833–846. DOI: 10.24874/ijq 17.03–13.
4. Duan, M. (2023). On Financial Risks and In es men
Managemen in Communica ion Enginee ing P ojec s.
S udies in Social Science Resea ch, 4(4), 134–138.
DOI: 10.22158/sss . 4n4p134.
5. Duliaba, N., & Zhishko , R. (2024). Fea u es o he
De elopmen o he Compe i i e En i onmen in he
Cons uc ion Sphe e. Economy and Socie y, 68, 1–5.
DOI: 10.32782/2524–0072/2024–68–106.
6. Yanko oi, R. (2024). Models o Financing Inno a-
ions in he Uk ainian Business En i onmen . De elop-
men Se ice Indus y Managemen , 1, 82–87. DOI:
10.31891/dsim–2024–5(11).
7. Bonda enko, D., & Kalashniko a , K. (2024). Digi-
alisa ion o he Cons uc ion Indus y in Uk aine: Analy-
sis o he S a e, P oblems and De elopmen P ospec s.
Economy and Socie y, 65, 1–9. DOI: 10.32782/2524–
0072/2024–65–2.
8. Mosiichuk I.V. (2025). TOOLS FOR PROMOTING
REGIONAL DEVELOPMENT OF CONSTRUCTION EN-
TERPRISES. Economic Sciences Se ies «Regional Eco-
nomics», 21(83), 125–131. DOI: 10.36910/2707–
6296–2024–21%2883%29–13.
9. Dolhopolo , S., Honcha enko, T., Te en ye , O.,
Sa enko, V., Rosynskyi, A., Bodna , N., & Alzidi, E. (2024).
Mul i–S age Classi ica ion o Cons uc ion Si e Model-
ing Objec s Using A i icial In elligence Based on BIM
Technology. 2024 35 h Con e ence o Open Inno a-
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ
45
´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈÍÂ³ÊÐÀÍww
ions Associa ion (FRUCT), 179–185. DOI: 10.23919/
uc 61870.2024.10516383.
10. Palahusyne s, R., & Ma ushe a, O. (2025). Anal-
ysis o he In es men Le el in Uk aine’s Cons uc ion
Sec o om 2022 o 2025: a Public Adminis a ion Di-
mension. Philosophy and Go e nance, 5(9), 1–12. DOI:
10.70651/3041–248X/2025.5.01.
11. Kos iuk, V., & Shan a, V. (2023). Inno a ion as he
Key o Economic De elopmen and Compe i i eness o
Cons uc ion Indus y En e p ises. Ac ual P oblems o
Economics, 12(2), 90–97. DOI: 10.32752/1993–
6788–2023–2–270–90–97.
12. Bellucci, A., Fa ica, S., Geo gakaki, A., Guc-
cia di, G., Le ou , S., & Pasimeni, F. (2023). Ven-
u e Capi al Financing and G een Pa en ing. In-
dus y and Inno a ion, 30(7), 947–983. DOI:
10.1080/13662716.2023.2228717.
Äàí³ ïðî àâòîðà
Ìàêñþòà Àíòîí Ïåòðîâè÷,
àñï³ðàíò Êè¿âñüêîãî íàö³îíàëüíîãî óí³âåðñèòåòó áó-
ä³âíèöòâà ³ àðõ³òåêòóðè, Êè¿â, Óêðà¿íà
ORCID: h ps://o cid.o g/0009–0002–5313–403X
e–màil: [email p o ec ed]
Da a abou he au ho
Maksiu a An on,
PhD s uden a Kyi Na ional Uni e si y o Cons uc ion
and A chi ec u e, Kyi , Uk aine
e–màil: [email p o ec ed]