An integrated approach to investment support for the innovative development of Ukrainian construction enterprises based on digitalization
Abstract
The subject of the study is the organizational and economic mechanism of investment support based on an integral approach and the concept of a unified digital platform.The purpose of the study is to analyze the processes of investment support for the innovative development of construction enterprises in Ukraine. It is demonstrated that existing approaches to attracting and managing investments are fragmented, situational, lack strategic orientation, and do not meet current challenges, particularly the needs of post–war reconstruction. An excessive reliance on internal funds and bank lending has been identified, along with the absence of formalized methodologies for evaluating innovative projects, which complicates their presentation to potential investors.Research methods. The study employed a set of interrelated general scientific and specialized methods. A systemic approach was used to consider a construction enterprise as a complex open system in which investment activity, innovative development, and digitalization interact with each other. Economic and statistical analysis was applied to study current trends and the dynamics of investment support in Ukraine’s construction sector. Integral evaluation was used to develop a generalized indicator of the effectiveness of investment support for innovative development. Economic and mathematical modeling was applied to construct a model of the interrelationship between investment volumes, the level of digitalization, and the innovative activity of enterprises. This comprehensive methodological framework made it possible to ensure the completeness of the study, formulate generalized conclusions, and develop practical recommendations for improving the investment support of innovative development of construction enterprises in Ukraine based on digitalization.Research results. To address this issue, a comprehensive organizational and economic mechanism has been developed that transforms investment management from an occasional task into a systematic business function.Field of application of the results. The research results can be used by construction enterprises to develop and implement effective investment attraction strategies, as well as by government authorities to improve policies for stimulating innovative activity in the sector. Conclusions. At the core of the mechanism lies an integral model aimed at creating a synergistic effect through the interaction of key stakeholders (enterprises, the state, and investors) and the use of a diversified toolkit (financial, organizational, and informational) for proactively developing investment–attractive projects. The functioning of the model is based on the principles of transparency, risk orientation, flexibility, and digital integration. It is substantiated that the technological core of the mechanism is a unified digital platform with a modular architecture (innovation identification, investment planning, risk management, and monitoring), which serves as a tool for overcoming information fragmentation and automating evaluation and control processes.
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²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 37 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww © ÌÀÊÑÞÒÀ À. Ï., 2025 ements of effective tourism industry management in the conditions of sustainable development. Menedzhment = Management, 2(38), 48–60. DOI: https://doi. org/10.30857/2415–3206.2023.2.4 [in English]. 14. Sadovskyi, Ie. & Puzyrova, P. V. (2024). Theoretical and conceptual basis for the functioning of innovation clusters in the sphere of information technologies. Zhurnal stratehichnykh ekonomichnykh doslidzhen = Journal of Strategic Economic Research, 4(21), 111–119. DOI: https://doi.org/10.30857/2786–5398.2024.4.10 [in English]. 15. Puzyrova, P. & Sadovskyi, Ye. (2025). Ekosystema innovatsiinykh IT–klasteriv v konteksti tsyfrovoi transformatsii ta staloho rozvytku [Ecosystem of innovative IT clusters in the context of digital transformation and sustainable development]. Vcheni zapysky Universytetu «KROK» = Scientific Notes of the «KROK» University, 1(77), 42– 53. DOI: https://doi.org/10.31732/2663–2209– 2025–77–42–53 [in Ukraine]. 16. Kots, H. P. & Havrylova, A. A. (2024). Analiz aktyvnosti it–klasteriv za rehionamy–lideramy IT–haluzi Ukrainy [Analysis of IT cluster activity by regions–leaders of the IT industry in Ukraine]. https://repository. hneu.edu.ua/bitstream.pd. [in Ukraine]. 17. Kyiv IT Cluster (2020). Top 5 IT–Cluster Rankings. Ucluster. URL: ucluster.org [in Ukraine]. 18. Innovatsiini klastery(2021). Kliuchovi draivery ekonomichnoho rozvytku rehioniv. Ivano–Frankivska klasterna asotsiatsiia [Key drivers of economic development in regions. Ivano–Frankivsk Cluster Association]. URL: clusters.org.ua [in Ukraine]. Äàí³ ïðî àâòîðà Ñàìîéëåíêî Ðóñëàí Ëåîí³äîâè÷, àñï³ðàíò â³ää³ëó àíàë³çó ³ ïðîãíîçóâàííÿ ì³æíàðîäíî¿ òîðã³âë³, Äåðæàâíèé íàóêîâî – äîñë³äíèé ³íñòèòóò ³íôîðìàòèçàö³¿ òà ìîäåëþâàííÿ åêîíîì³êè Êè¿â, Óêðà¿íà e–mail:[email protected] ORSID: https://orcid.org/0009–0008–3029–1781 Data about the author Ruslan Samoylenko, Graduate student of the Department of Analysis and Forecasting of International Trade State Research Insti tute of Informatization and Modeling of Economy Kyiv, Ukraine e–mail:[email protected] 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÷åííÿ, 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¿ ñïðÿìîâàíîñò³ òà íå â³äïîâ³äàþòü ñó÷àñíèì âèêëèêàì, çîêðåìà ïîòðåáàì ïîâîºííî¿ â³äáóäîâè. ²äåíòèô³êîâàíî íàäì³ðíó çàëåæí³ñòü â³ä âëàñíèõ êîøò³â òà áàíê³âñüêîãî êðåäèòóâàííÿ, à òàêîæ â³äñóòí³ñòü ôîðìàë³çîâàíèõ 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 áóä³âåëüíîãî ï³äïðèºìñòâà ÿê ñêëàäíî¿ â³äêðèòî¿ ñèñòåìè, ó ÿê³é ³íâåñòèö³éíà ä³ÿëüí³ñòü, ³ííîâàö³éíèé ðîçâèòîê 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 åôåêòèâíîñò³ ³íâåñòèö³éíîãî çàáåçïå÷åííÿ ³ííîâàö³éíîãî ðîçâèòêó; åêîíîì³êî–ìàòåìàòè÷íå ìîäåëþâàííÿ 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 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww 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 áóä³âåëüíèìè ï³äïðèºìñòâàìè äëÿ ðîçðîáêè òà âïðîâàäæåííÿ åôåêòèâíèõ ñòðàòåã³é çàëó÷åííÿ ³íâåñòèö³é, 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 ïðîàêòèâíîãî ôîðìóâàííÿ ³íâåñòèö³éíî–ïðèâàáëèâèõ ïðîºêò³â. Ôóíêö³îíóâàííÿ ìîäåë³ áàçóºòüñÿ íà ïðèíöèïàõ ïðîçîðîñò³, ðèçèê–îð³ºíòîâàíîñò³, ãíó÷êîñò³ òà öèôðîâî¿ ³íòåãðàö³¿. Îá´ðóíòîâàíî, ùî òåõíîëîã³÷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, îðãàí³çàö³éíî–åêîíîì³÷íèé ìåõàí³çì, öèôðîâ³çàö³ÿ. ANTON MAKSIUTA An integrated approach to investment support for the innovative development of Ukrainian construction enterprises based on digitalization The subject of the study is the organizational and economic mechanism of investment support based on an integral approach and the concept of a unified digital platform. The purpose of the study is to analyze the processes of investment support for the innovative development of construction enterprises in Ukraine. It is demonstrated that existing approaches to attracting and managing investments are fragmented, situational, lack strategic orientation, and do not meet current challenges, particularly the needs of post–war reconstruction. An excessive reliance on internal funds and bank lending has been identified, along with the absence of formalized methodologies for evaluating innovative projects, which complicates their presentation to potential investors. Research methods. The study employed a set of interrelated general scientific and specialized methods. A systemic approach was used to consider a construction enterprise as a complex open system in which investment activity, innovative development, and digitalization interact with each other. Economic and statistical analysis was applied to study current trends and the dynamics of investment support in Ukraine’s construction sector. Integral evaluation was used to develop a generalized indicator of the effectiveness of investment support for innovative development. Economic and mathematical modeling was applied to construct a model of the interrelationship between investment volumes, the level of digitalization, and the innovative activity of enterprises. This comprehensive methodological framework made it possible to ensure the completeness of the study, formulate generalized conclusions, and develop practical recommendations for improving the investment support of innovative development of construction enterprises in Ukraine based on digitalization. Research results. To address this issue, a comprehensive organizational and economic mechanism has been developed that transforms investment management from an occasional task into a systematic business function. Field of application of the results. The research results can be used by construction enterprises to develop and implement effective investment attraction strategies, as well as by government authorities to improve policies for stimulating innovative activity in the sector.
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 39 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww Ïîñòàíîâêà ïðîáëåìè. ²ííîâàö³éíèé ðîçâèòîê áóä³âåëüíî¿ ãàëóç³ º êëþ÷îâèì ôàêòîðîì íå ëèøå äëÿ ¿¿ âëàñíî¿ êîíêóðåíòîñïðîìîæíîñò³, àëå é äëÿ ïîâîºííî¿ â³äáóäîâè òà ñòàëîãî åêîíîì³÷íîãî çðîñòàííÿ Óêðà¿íè â ö³ëîìó. ²ìïåðàòèâ «áóäóâàòè êðàùå, í³æ áóëî» (build back better) âèìàãຠíå ïðîñòîãî â³äíîâëåííÿ çðóéíîâàíî¿ ³íôðàñòðóêòóðè, à îáîâ’ÿçêîâîãî âïðîâàäæåííÿ ³ííîâàö³éíèõ, åíåðãîåôåêòèâíèõ òà öèôðîâèõ òåõíîëîã³é, ùî, â ñâîþ ÷åðãó, ôîðìóº áåçïðåöåäåíòíèé ïîïèò íà êàï³òàëüí³ âêëàäåííÿ òà âèñóâຠíîâ³ âèìîãè äî ñèñòåìè óïðàâë³ííÿ ³íâåñòèö³éíèìè ïðîöåñàìè. Îäíàê íàÿâí³ â ãàëóç³ ï³äõîäè äî çàëó÷åííÿ òà óïðàâë³ííÿ ³íâåñòèö³ÿìè ïåðåâàæíî ìàþòü ôðàãìåíòàðíèé, ñèòóàòèâíèé õàðàêòåð, ïîçáàâëåíèé ñòðàòåã³÷íî¿ ñïðÿìîâàíîñò³ òà ñèñòåìíî¿ óçãîäæåíîñò³. Àíàë³ç âèÿâëÿº íàäì³ðíó çàëåæí³ñòü â³ä áàíê³âñüêîãî êðåäèòóâàííÿ òà âëàñíèõ îá³ãîâèõ êîøò³â, ñëàáêó ³íòåãðàö³þ ³ííîâàö³éíî¿ ñòðàòå㳿 ç ô³íàíñîâèì ïëàíóâàííÿì òà â³äñóòí³ñòü ôîðìàë³çîâàíèõ ìåòîäèê îö³íêè ³ííîâàö³éíèõ ïðîºêò³â. Ïîä³áíà ïðàêòèêà, ùî ïðîäåìîíñòðóâàëà 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 ïîòðåáîþ â ìàñøòàáíèõ ³ííîâàö³ÿõ òà íåñïðîìîæí³ñòþ ³ñíóþ÷î¿ ñèñòåìè ³íâåñòèö³éíîãî çàáåçïå- ÷åííÿ åôåêòèâíî ô³íàíñóâàòè öåé ïðîöåñ. ²ñíóº íàãàëüíà ïîòðåáà â ïåðåõîä³ â³ä çàñòàð³ëèõ, ðåàêòèâíèõ ìåòîä³â ïîøóêó ô³íàíñóâàííÿ äî íîâî¿ ïàðàäèãìè óïðàâë³ííÿ, ùî áàçóºòüñÿ íà ³íòåãðàëüíîìó, 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´ðóíòîâóþòü äîö³ëüí³ñòü çàñòîñóâàííÿ ñèñòåìíî–ôóíêö³îíàëüíîãî ï³äõîäó, âêàçóþ÷è íà ³ñíóþ÷èé áðàê êîìïëåêñíèõ, íàóêîâî îá´ðóíòîâàíèõ ìåòîäè÷- íèõ ïîëîæåíü ó ö³é ñôåð³. Ó ìåæàõ ñâîãî äîñë³äæåííÿ àâòîðè ðîçðîáèëè ìîäåëü ðåãóëþâàííÿ åôåêòèâíîñò³, ìåõàí³çì ìîí³òîðèíãó òà ìåòîä ïðîãíîçóâàííÿ åêîíîì³÷íî¿ åôåêòèâíîñò³ óïðàâë³ííÿ ³ííîâàö³éíèì ðîçâèòêîì, òèì ñàìèì ñôîðìóâàâøè âàæëèâå ï³ä´ðóíòÿ äëÿ ïîäàëüøî¿ ðîçðîáêè ñèñòåìíèõ óïðàâë³íñüêèõ ð³øåíü [1]. Ðîçãëÿäàþ÷è ïåðåøêîäè íà øëÿõó ³ííîâàö³é, Ò. Êîòóðàíîâà òà Ì. Êîíîãîâà ³äåíòèô³êóþòü êîìïëåêñ ñèñòåìíèõ ïðîáëåì, ùî õàðàêòåðí³ äëÿ óêðà- ¿íñüêèõ áóä³âåëüíèõ ï³äïðèºìñòâ. Ñåðåä êëþ÷îâèõ áàð’ºð³â àâòîðè âèä³ëÿþòü îáìåæåí³ñòü ô³íàíñóâàííÿ, â³äñóòí³ñòü ñó÷àñíî¿ áàçè äëÿ âïðîâàäæåííÿ ³ííîâàö³éíèõ ðîçðîáîê, âíóòð³øí³é îï³ð çì³íàì («ôåíîìåí îïîðó ³ííîâàö³ÿì»), à òàêîæ íåäîñòàòíþ ê³ëüê³ñòü êâàë³ô³êîâàíèõ êàäð³â. Îñîáëèâî íàãîëîøóºòüñÿ 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 åôåêòèâí³ñòü ñòðàòåã³÷íîãî óïðàâë³ííÿ äåðæàâíèìè ³íâåñòèö³ÿìè â áóä³âåëüíîìó ñåêòîð³. Äîñë³äíèêè äîõîäÿòü âèñíîâêó, ùî íåãàòèâí³ åôåêòè òàêîãî óïðàâë³ííÿ íàïðÿìó ïîâ’ÿçàí³ ç íåäîñòàòí³ì ð³âíåì åôåêòèâíîñò³ äåðæàâíî¿ ïîë³òèêè òà íèçüêîþ ³íñòèòóö³éíîþ ñïðîìîæí³ñòþ. Çîêðåìà, ³äåíòèô³êîâàíî òàê³ ïðîáëåìè, ÿê ãðîì³çäê³ àäì³í³ñòðàòèâí³ ïðîöåäóðè, íåäîñòàòíÿ óâàãà äî ïðîöåñ³â ïëàíóâàííÿ òà ìîí³òîðèíãó, à òàêîæ çàãàëüíèé áðàê ³íñòèòóö³éíîãî ïîòåíö³àëó äëÿ çàáåçïå÷åííÿ åôåêòèâíî¿ ðåàë³çàö³¿ ïðîºêò³â. Öå ï³äêðåñëþº ³ñíóâàííÿ ñèñòåìíèõ ïðîãàëèí íà ìàêðîð³âí³, ÿê³ ñòðèìóþòü ³íâåñòèö³éíó àêòèâí³ñòü òà ïîòðåáóConclusions. At the core of the mechanism lies an integral model aimed at creating a synergistic effect through the interaction of key stakeholders (enterprises, the state, and investors) and the use of a diversified toolkit (financial, organizational, and informational) for proactively developing investment– attractive projects. The functioning of the model is based on the principles of transparency, risk orientation, flexibility, and digital integration. It is substantiated that the technological core of the mechanism is a unified digital platform with a modular architecture (innovation identification, investment planning, risk management, and monitoring), which serves as a tool for overcoming information fragmentation and automating evaluation and control processes. Keywords: innovative development, investment support, construction sector, organizational and economic mechanism, digitalization.
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 40 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww þòü ðîçðîáêè ñïåö³àë³çîâàíèõ ìåõàí³çì³â äåðæàâíî¿ ï³äòðèìêè [3]. Ïåðåõîäÿ÷è äî àíàë³çó ô³íàíñîâèõ àñïåêò³â, äîñë³äæåííÿ Ì. Äóàíà, õî÷à ³ íà ïðèêëàä³ êîìóí³êàö³éíèõ ³íæåíåðíèõ ïðîºêò³â, âèñâ³òëþº íèçêó óí³âåðñàëüíèõ äëÿ êàï³òàëîì³ñòêèõ ãàëóçåé ïðîáëåì. Àâòîð ³äåíòèô³êóº òàê³ êëþ÷îâ³ ô³íàíñîâ³ ðèçèêè, ÿê íàäì³ðíèé ð³âåíü ô³íàíñîâîãî âàæåëÿ, çðîñòàííÿ âàðòîñò³ âèðîáíè÷èõ ðåñóðñ³â òà ³íôîðìàö³éí³ áàð’ºðè, ùî ïðèçâîäÿòü äî «ñë³ïîòè ³íâåñòèö³éíèõ ð³øåíü». Ó ðîáîò³ îá´ðóíòîâóºòüñÿ íåîáõ³äí³ñòü ïåðåõîäó äî ðàö³îíàëüíîãî óïðàâë³ííÿ ³íâåñòèö³ÿìè òà âäîñêîíàëåííÿ ìåõàí³çì³â êîíòðîëþ ðèçèê³â, 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 îñîáëèâîñòÿõ ðîçâèòêó êîíêóðåíòíîãî ñåðåäîâèùà â óìîâàõ íåñòàá³ëüíîñò³. Àâòîðè çàçíà÷àþòü, ùî ïîïðè âñ³ âèêëèêè, ðèíîê çàëèøàºòüñÿ äèíàì³÷íèì, îäíàê éîãî ðîçâèòîê óñêëàäíþºòüñÿ åêîíîì³÷íèìè (³íôëÿö³ÿ, çäîðîæ÷àííÿ ìàòåð³àë³â) òà ³íñòèòóö³éíèìè (êîðóïö³ÿ, íåäîñêîíàë³ñòü çàêîíîäàâñòâà) ôàêòîðàìè. Ó öüîìó êîíòåêñò³ îñîáëèâî âàæëèâèì º âèñíîâîê àâòîð³â ïðî òå, ùî ñàìå âïðîâàäæåííÿ ³ííîâàö³é ñòຠâèð³øàëüíèì ³íñòðóìåíòîì äëÿ îòðèìàííÿ êîíêóðåíòíèõ ïåðåâàã. Öå ï³äòâåðäæóº, ùî äëÿ âèæèâàííÿ òà ðîçâèòêó â àãðåñèâíîìó êîíêóðåíòíîìó 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 àíàë³ç ¿õí³õ ïåðåâàã òà íåäîë³ê³â â óêðà¿íñüêîìó á³çíåñ–ñåðåäîâèù³, ðîçãëÿäàþ÷è âíóòð³øí³ êîøòè, áàíê³âñüêå êðåäèòóâàííÿ, âåí÷óðíå ô³íàíñóâàííÿ, äåðæàâíó ï³äòðèìêó òà êðàóäôàíäèíã. Îñîáëèâó ö³íí³ñòü ñòàíîâèòü âèñíîâîê àâòîðà ïðî òå, ùî âèá³ð îïòèìàëüíîãî äæåðåëà ô³íàíñóâàííÿ çàëåæèòü â³ä êîíêðåòíèõ ïîòðåá òà îáñòàâèí á³çíåñó, ùî âèìàãຠãëèáîêîãî àíàë³çó òà ñòðàòåã³÷íîãî ï³äõîäó. Öå, ó ñâîþ ÷åðãó, ï³äêðåñëþº àêòóàëüí³ñòü ðîçðîáêè ³íñòðóìåíòàð³þ, ÿêèé áè äîçâîëèâ ï³äïðèºìñòâàì ðîáèòè òàêèé îá´ðóíòîâàíèé âèá³ð, äèâåðñèô³êóþ÷è äæåðåëà çàëó÷åííÿ êàï³òàëó äëÿ ³ííîâàö³éíîãî ðîçâèòêó [6]. Äîñë³äæóþ÷è òåõíîëîã³÷íèé âèì³ð ³ííîâàö³é, Ä. Áîíäàðåíêî òà Ê. Êàëàøí³êîâà âèçíà÷àþòü öèôðîâ³çàö³þ, 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¿, â³äñóòí³ñòü åôåêòèâíèõ öèôðîâèõ ñòðàòåã³é íà ï³äïðèºìñòâàõ, ãîñòðèé äåô³öèò êâàë³ô³êîâàíèõ êàäð³â òà íåâðåãóëüîâàí³ñòü íîðìàòèâíî¿ áàçè. Íàÿâí³ñòü öèõ ñèñòåìíèõ ïåðåøêîä ïðÿìî âêàçóº íà íåîáõ³äí³ñòü ñòâîðåííÿ ºäèíîãî îðãàí³çàö³éíî– åêîíîì³÷íîãî ³íñòðóìåíòàð³þ, çäàòíîãî êîìïëåêñíî âèð³øóâàòè çàçíà÷åí³ ïðîáëåìè òà ïðèñêîðþâàòè öèôðîâó òðàíñôîðìàö³þ ãàëóç³ [7]. Äîïîâíþþ÷è àíàë³ç íàÿâíèõ ï³äõîä³â, ².Â. Ìîñ³é÷óê äîñë³äæóº ³íñòðóìåíòè ñòèìóëþâàííÿ ðåã³îíàëüíîãî 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 öèôðîâ³çàö³ÿ â³ä³ãðຠêëþ÷îâó ðîëü ó ðîçâèòêó ãàëóç³, òà âêàçóº íà â³äñóòí³ñòü êîìïëåêñíîãî ï³äõîäó äî ôîðìóâàííÿ ³íñòðóìåíò³â ðîçâèòêó â ïîïåðåäí³õ äîñë³äæåííÿõ. Òàêèé áàãàòîð³âíåâèé ï³äõ³ä º ñóãîëîñíèì ³ç çàïðîïîíîâàíèì ó äàí³é ðîáîò³ ³íòåãðàëüíèì ìåõàí³çìîì, îñê³ëüêè â³í òàêîæ îõîïëþº ñòðàòåã³÷í³, åêîíîì³÷í³ òà òåõíîëîã³÷í³ (öèôðîâ³) àñïåêòè óïðàâë³ííÿ ³ííîâàö³éíèì ðîçâèòêîì áóä³âåëüíèõ ï³äïðèºìñòâ [8]. Çàíóðþþ÷èñü ó òåõíîëîã³÷í³ àñïåêòè öèôðîâ³çàö³¿, Ñ. Äîëãîïîëîâ òà ñï³âàâòîðè äîñë³äæóþòü ñèíåðã³þ øòó÷íîãî ³íòåëåêòó òà BIM–òåõíîëîã³é äëÿ ñòâîðåííÿ áàãàòîð³âíåâî¿ êëàñèô³êàö³¿ îá’ºêò³â áóä³âåëüíîãî ìàéäàí÷èêà. Ó ¿õí³é ðîáîò³ çàïðîïîíîâàíî êîíöåïö³þ «åâîëþö³éíîãî» öèôðîâîãî äâ³éíèêà, äå çà äîïîìîãîþ íåéðîííèõ ìåðåæ çä³éñíþºòüñÿ àâòîìàòè÷íà ³äåíòèô³êàö³ÿ, êëàñèô³êàö³ÿ òà îö³íêà â³äïîâ³äíîñò³ ôàêòè÷íîãî ñòàíó îá’ºêò³â ¿õí³é BIM–ìîäåë³ íà ð³çíèõ åòàïàõ æèòòºâîãî öèêëó. Òàêèé ï³äõ³ä º ïðàêòè÷- íîþ ðåàë³çàö³ºþ òåõíîëîã³÷íîãî ÿäðà äëÿ ìîäóëÿ ìîí³òîðèíãó, çàïðîïîíîâàíîãî â ðàìêàõ îðãàí³çàö³éíî–åêîíîì³÷íîãî ìåõàí³çìó, îñê³ëüêè â³í äîçâîëÿº àâòîìàòèçóâàòè êîíòðîëü çà õîäîì ðåàë³çàö³¿ ïðîºêò³â, ñâîº÷àñíî âèÿâëÿòè â³äõèëåííÿ òà ï³äâèùóâàòè ÿê³ñòü óïðàâë³íñüêèõ ð³øåíü. Äàíå äîñë³äæåííÿ ï³äòâåðäæóº, ùî ñó÷àñí³ òåõíîëî㳿 çäàòí³ çàáåçïå÷èòè òåõí³÷íó îñíîâó äëÿ ôóíêö³îíóâàííÿ ³íòåãðàëüíèõ öèôðîâèõ ïëàòôîðì óïðàâë³ííÿ â áóä³âíèöòâ³ [9].
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 41 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww Äîñë³äæóþ÷è ³íâåñòèö³éí³ ïðîöåñè â óìîâàõ âîºííîãî ñòàíó, Ð. Ïàëàãóñèíåöü òà Î. Ìàðóøåâà ïðîâîäÿòü ãëèáîêèé àíàë³ç äèíàì³êè êàï³òàëüíèõ òà ïðÿìèõ ³íîçåìíèõ ³íâåñòèö³é ó áóä³âåëüíó ãàëóçü Óêðà¿íè âïðîäîâæ 2022–2024 ðîê³â. Àâòîðè êîíñòàòóþòü çíà÷íèé â³äïëèâ êàï³òàëó íà ïî- ÷àòêó ïîâíîìàñøòàáíîãî âòîðãíåííÿ, îñîáëèâî çà ñòàòòåþ «ðå³íâåñòóâàííÿ äîõîä³â», ùî ñâ³ä- ÷èòü ïðî ãëèáîêó êðèçó äîâ³ðè ³íâåñòîð³â äî ³íñòèòóö³éíî¿ ñïðîìîæíîñò³ äåðæàâè. Âîíè òàêîæ âêàçóþòü íà çì³íó ñòðóêòóðè ³íâåñòèö³é íà êîðèñòü áîðãîâèõ ³íñòðóìåíò³â, ùî ï³äòâåðäæóº âèñîêèé ð³âåíü ðèçèêîâàíîñò³. Êëþ÷îâèì äëÿ äàíîãî äîñë³äæåííÿ º âèñíîâîê àâòîð³â ïðî íàãàëüíó ïîòðåáó â óäîñêîíàëåíí³ ³íñòèòóö³éíèõ ìåõàí³çì³â ï³äòðèìêè ³íâåñòóâàííÿ òà ôîðìóâàííÿ íîâî¿ ïàðàäèãìè ïóáë³÷íîãî óïðàâë³ííÿ, îð³ºíòîâàíî¿ íà ïðîçîð³ñòü, àäàïòèâí³ñòü òà ïàðòíåðñòâî ç ì³æíàðîäíîþ ñï³ëüíîòîþ [10]. ϳäòâåðäæóþ÷è ðîëü ³ííîâàö³é ÿê ðóø³éíî¿ ñèëè ðîçâèòêó, Â. Êîñòþê òà Â. Øàíòà äîñë³äæóþòü äæåðåëà ô³íàíñóâàííÿ ³ííîâàö³éíî¿ ä³ÿëüíîñò³ â áóä³âåëüí³é ãàëóç³. Íà îñíîâ³ àíàë³çó äàíèõ çà 2010–2020 ðîêè àâòîðè ðîáëÿòü êëþ÷îâèé âèñíîâîê, ùî îñíîâíèì äæåðåëîì ô³íàíñóâàííÿ çàëèøàþòüñÿ âëàñí³ êîøòè ï³äïðèºìñòâ. Òàêå äîì³íóâàííÿ âíóòð³øí³õ ðåñóðñ³â âêàçóº íà íåäîñòàòíþ åôåêòèâí³ñòü ³ñíóþ÷èõ ìåõàí³çì³â çàëó- ÷åííÿ çîâí³øíüîãî êàï³òàëó òà ñèñòåìí³ áàð’ºðè ó äîñòóï³ äî äåðæàâíîãî, áàíê³âñüêîãî ÷è ³íâåñòèö³éíîãî ô³íàíñóâàííÿ, ï³äòâåðäæóþ÷è íàãàëüíó ïîòðåáó â äèâåðñèô³êàö³¿ äæåðåë òà ðîçðîáö³ ³íòåãðîâàíèõ ìåõàí³çì³â ³íâåñòèö³éíîãî çàáåçïå÷åííÿ, ÿê³ áóäóòü çäàòí³ ïîäîëàòè íàäì³ðíó çàëåæí³ñòü ãàëóç³ â³ä âëàñíèõ îá³ãîâèõ êîøò³â [11]. Äîñë³äæóþ÷è çâ’ÿçîê ì³æ âåí÷óðíèì êàï³òàëîì òà «çåëåíèìè» ³ííîâàö³ÿìè, À. Áåëëó÷÷³ òà ñï³âàâòîðè åìï³ðè÷íî äîâîäÿòü, ùî íàÿâí³ñòü «çåëåíèõ» ïàòåíò³â çíà÷íî ï³äâèùóº éìîâ³ðí³ñòü çàëó÷åííÿ âåí÷óðíîãî ô³íàíñóâàííÿ, çá³ëüøóþ÷è øàíñè êîìïàí³¿ íà îòðèìàííÿ ³íâåñòèö³é äî 20%. Àâòîðè ðîáëÿòü âèñíîâîê, ùî «çåëåíå» ïàòåíòóâàííÿ âèñòóïຠïîòóæíèì ïîçèòèâíèì ñèãíàëîì äëÿ âåí÷óðíèõ ³íâåñòîð³â, ÿêèé çìåíøóº ³íôîðìàö³éíó àñèìåòð³þ òà âêàçóº íà âèñîêèé ³ííîâàö³éíèé ïîòåíö³àë. Öåé âèñíîâîê º îñîáëèâî âàæëèâèì ó êîíòåêñò³ àäàïòàö³¿ ñó÷àñíèõ ô³íàíñîâèõ ³íñòðóìåíò³â äëÿ áóä³âåëüíî¿ ãàëóç³, îñê³ëüêè â³í îá´ðóíòîâóº 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´ðóíòóâàííÿ êîìïëåêñíîãî îðãàí³çàö³éíî–åêîíîì³÷- íîãî ìåõàí³çìó ³íâåñòèö³éíîãî çàáåçïå÷åííÿ ³ííîâàö³éíîãî 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 óïðàâë³ííÿ ³íâåñòèö³ÿìè, ùî äîì³íóþòü ñüîãîäí³ â áóä³âåëüí³é ãàëóç³, äî ñèñòåìíîãî ï³äõîäó âèìàãຠðîçðîáêè ö³ë³ñíî¿, íàóêîâî îá´ðóíòîâàíî¿ ³íòåãðàëüíî¿ ìîäåë³. Òàêà ìîäåëü çäàòíà çàáåçïå- ÷èòè çíà÷íèé ñèíåðãåòè÷íèé åôåêò â³ä ñêîîðäèíîâàíî¿ òà ïðîçîðî¿ âçàºìî䳿 âñ³õ çàö³êàâëåíèõ ñòîð³í, ùî º êðèòè÷íî âàæëèâèì â óìîâàõ ïîâîºííî¿ â³äáóäîâè òà ïîñèëåííÿ ãëîáàëüíèõ òåõíîëîã³÷íèõ âèêëèê³â [1]. Íà â³äì³íó â³ä çàñòàð³ëîãî ðåàêòèâíîãî ï³äõîäó, ÿêèé ïîëÿãຠó ïîøóêó ô³íàíñóâàííÿ ó â³äïîâ³äü íà âæå âèíèêëó ïîòðåáó, çàïðîïîíîâàíèé îðãàí³çàö³éíî–åêîíîì³÷íèé ìåõàí³çì ïåðåäáà÷ຠñòâîðåííÿ íà ï³äïðèºìñòâ³ áåçïåðåðâíîãî, ïðîàêòèâíîãî òà ñòðàòåã³÷íî îð³ºíòîâàíîãî ïðîöåñó. Öåé ïðîöåñ âêëþ÷ຠïîñò³éíèé ïîøóê, îö³íêó òà ñòðóêòóðóâàííÿ ³ííîâàö³éíèõ ³äåé ó ôîðìàò³ ³íâåñòèö³éíî–ïðèâàáëèâèõ ïðîºêò³â, ùî ïåðåòâîðþº çàëó÷åííÿ êàï³òàëó ç åï³çîäè÷íî¿ çàäà÷³ íà îäíó ç êëþ÷îâèõ á³çíåñ–ôóíêö³é ï³äïðèºìñòâà. Àðõ³òåêòîí³êà öüîãî êîìïëåêñíîãî ìåõàí³çìó, ùî ´ðóíòóºòüñÿ íà âçàºìî䳿 éîãî êëþ÷îâèõ êîìïîíåíò³â, ïðåäñòàâëåíà íà ðèñóíêó. Îñíîâíèìè ñòðóêòóðíèìè åëåìåíòàìè ðîçðîáëåíîãî ìåõàí³çìó âèñòóïàþòü éîãî ñóá’ºêòè, îá’ºêò, ³íñòðóìåíòàð³é òà ôóíäàìåíòàëüí³ ïðèíöèïè ôóíêö³îíóâàííÿ. Öåíòðàëüíèì åëåìåíòîì ñèñòåìè òà ¿¿ ðóø³éíîþ ñèëîþ º áóä³âåëüíå ï³äïðèºìñòâî, ÿêå â ðàìêàõ ö³º¿ ìîäåë³ âèñòóïຠíå ïàñèâíèì âèêîíàâöåì, à àêòèâíèì ñóá’ºêòîì, ùî ãåíåðóº ïîïèò íà ³íâåñòèö³¿ òà äîëຠ³ñíóþ÷³ âíóòð³øí³ áàð’ºðè, ÿê–îò «ôåíîìåí îïîðó ³ííîâàö³ÿì» [2]. ²íøèìè êëþ÷îâèìè ñóá’ºêòàìè ³íâåñòóâàííÿ º äåðæàâà â îñîá³ óïîâíîâàæåíèõ îðãàí³â, ÿêà âèêîíóº áàãàòîãðàííó ðîëü: ðåãóëÿòîðíó, ñòèìóëþþ÷ó òà êîíòðîëüíó. Ïðîòå, ÿê ñâ³ä÷àòü äîñë³äæåííÿ, ñàìå íèçüêà ³íñòèòóö³éíà ñïðîìîæí³ñòü òà íååôåêòèâí³ñòü ïóáë³÷íîãî óïðàâë³ííÿ ³íâåñòèö³ÿìè º îäí³ºþ ç ãîëîâíèõ ïåðåøêîä äëÿ ðîçâèòêó ãàëóç³, ùî ï³äòâåðäæóºòüñÿ çíà÷-
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 42 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww íèì â³äïëèâîì êàï³òàëó òà êðèçîþ äîâ³ðè ³íâåñòîð³â â óìîâàõ â³éíè [10]. Âàæëèâèìè ñóá’ºêòàìè º ³íâåñòîðè, ùî ÿâëÿþòü ñîáîþ äèâåðñèô³êîâàíó ãðóïó, ÿêà âêëþ÷ຠâåí÷óðí³ ôîíäè, ùî îð³ºíòóþòüñÿ íà âèñîêîòåõíîëîã³÷í³ ðèçèêîâ³ ïðîºêòè (ConTech), ïðèâàáëèâ³ñòü ÿêèõ çíà÷íî çðîñòຠçà íàÿâíîñò³ ó êîìïàí³¿ «çåëåíèõ» ïàòåíò³â [12]. Îêðåìó ðîëü â³ä³ãðàþòü ô³íàíñîâ³ ³íñòèòóö³¿ (áàíêè, ³íâåñòèö³éí³ ôîíäè), äîñòóï äî ÿêèõ íàðàç³ óñêëàäíåíèé, ÷åðåç ùî ï³äïðèºìñòâà çäåá³ëüøîãî ïîêëàäàþòüñÿ íà âëàñí³ êîøòè. Îá’ºêòîì ³íâåñòèö³éíîãî çàáåçïå÷åííÿ º áåçïîñåðåäíüî ³ííîâàö³éí³ ïðîºêòè áóä³âåëüíîãî ï³äïðèºìñòâà. Ñïåêòð öèõ ïðîºêò³â íàäçâè÷àéíî øèðîêèé ³ ìîæå ìàòè ð³çíèé õàðàêòåð: òåõíîëîã³÷íèé, ùî ïåðåäáà÷ຠâïðîâàäæåííÿ ïåðåäîâèõ ð³øåíü ÿê BIM, ùî âèçíàíî êëþ÷îâèì âàæåëåì öèôðîâî¿ òðàíñôîðìàö³¿ ãàëóç³, 3D– äðóê, ðîáîòèçàö³ÿ áóä³âåëüíèõ ïðîöåñ³â ÷è ñòâîðåííÿ öèôðîâèõ äâ³éíèê³â îá’ºêò³â; ïðîäóêòîâèé, îð³ºíòîâàíèé íà ðîçðîáêó òà çàñòîñóâàííÿ íîâèõ åíåðãîåôåêòèâíèõ ìàòåð³àë³â; îðãàí³çàö³éíî–óïðàâë³íñüêèé, ùî âêëþ÷ຠâïðîâàäæåííÿ ñó÷àñíèõ ñèñòåì óïðàâë³ííÿ ïðîºêòàìè; àáî åêîëîã³÷íèé, ñïðÿìîâàíèé íà ðåàë³çàö³þ ïðîºêò³â «çåëåíîãî» áóä³âíèöòâà, ùî, ÿê äîâåäåíî, ï³äâèùóº ³íâåñòèö³éíó ïðèâàáëèâ³ñòü äëÿ âåí÷óðíîãî êàï³òàëó [12]. Äëÿ äîñÿãíåííÿ ïîñòàâëåíèõ ö³ëåé ï³äïðèºìñòâî âèêîðèñòîâóº êîìïëåêñíèé ³íñòðóìåíòàð³é, ùî ñèíåðãåòè÷íî ïîºäíóº ô³íàíñîâ³, îðãàí³çàö³éí³ òà ³íôîðìàö³éí³ âàæåë³ [8]. Äî ô³íàíñîâèõ ³íñòðóìåíò³â íàëåæàòü ÿê òðàäèö³éí³ (âëàñí³ êîøòè, áàíê³âñüêå êðåäèòóâàííÿ), òàê ³ á³ëüø ñó÷àñí³ òà àäàïòîâàí³ äî ³ííîâàö³éíî¿ ä³ÿëüíîñò³ (âåí÷óðíå ô³íàíñóâàííÿ, âèïóñê êîðïîðàòèâíèõ ÷è «çåëåíèõ» îáë³ãàö³é, êðàóäôàíäèíã), ùî äîçâîëÿº äèâåðñèô³êóâàòè äæåðåëà êàï³òàëó òà çìåíøèòè çàëåæí³ñòü â³ä âíóòð³øí³õ ðåñóðñ³â [6, 11]. Îðãàí³çàö³éí³ âàæåë³ âêëþ÷àþòü ðîçðîáêó òà ³ìïëåìåíòàö³þ ôîðìàë³çîâàíî¿ ñèñòåìè ðèçèê–ìåíåäæìåíòó, ùî äîçâîëÿº óíèêíóòè «ñë³ïîòè ³íâåñòèö³éíèõ ð³øåíü» â óìîâàõ âèñîêî¿ íåâèçíà÷åíîñò³, à òàêîæ âèêîðèñòàííÿ ìåõàí³çì³â äåðæàâíî–ïðèâàòíîãî ïàðòíåðñòâà. ²íôîðìàö³éí³ ðåñóðñè, ùî º òåõíîëîã³÷íèì ôóíäàìåíòîì ìîäåë³, ïðåäñòàâëåí³ öèôðîâèìè ïëàòôîðìàìè (Common Data Environment), áàçàìè äàíèõ ³ííîâàö³éíèõ òåõíîëîã³é òà ïðîãíîñòè÷íèìè àíàë³òè÷íèìè ñèñòåìàìè. Åôåêòèâíå ôóíêö³îíóâàííÿ âñ³º¿ ñèñòåìè çàáåçïå÷óºòüñÿ äîòðèìàííÿì íèçêè âçàºìîïîâ’ÿçàíèõ ïðèíöèï³â. Ïðèíöèï ïðîçîðîñò³ ïåðåäáà÷ຠÑõåìà ³íòåãðàëüíî¿ ìîäåë³ ³íâåñòèö³éíîãî çàáåçïå÷åííÿ ³ííîâàö³éíîãî ðîçâèòêó áóä³âåëüíîãî ï³äïðèºìñòâà
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 43 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww ìàêñèìàëüíó â³äêðèò³ñòü ³íôîðìàö³¿ ïðî ïðîºêòè òà ô³íàíñîâ³ ïîòîêè, ùî º óìîâîþ äëÿ çàëó÷åííÿ ³íâåñòîð³â òà ì³í³ì³çàö³¿ êîðóïö³éíèõ ðèçèê³â, ÿê³ º çíà÷íèì áàð’ºðîì äëÿ ðîçâèòêó êîíêóðåíòíîãî ñåðåäîâèùà [5]. Ïðèíöèï ðèçèê–îð³ºíòîâàíîñò³ 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 åëåìåíòè â ºäèíó, çëàãîäæåíó ñèñòåìó, º öèôðîâà ³íòåãðàö³ÿ. Öåé ïðèíöèï, ÿê ³ âñÿ ìîäåëü, áàçóºòüñÿ íà ñèñòåìíîìó ï³äõîä³, ôîðìóþ÷è ò³ñíèé ñèíåðãåòè÷íèé çâ’ÿçîê ç ³íøèìè. Ñàìå öèôðîâà ³íòåãðàö³ÿ, ðåàë³çîâàíà ÷åðåç ºäèíó ïëàòôîðìó, äîçâîëÿº àãðåãóâàòè òà íàäàâàòè âåðèô³êîâàí³ äàí³ óñ³ì ñòîðîíàì, çàáåçïå÷óþ÷è ðåàëüíó ïðîçîð³ñòü. Ó ñâîþ ÷åðãó, ïðîçîð³ñòü º ôóíäàìåíòîì äëÿ åôåêòèâíîãî ðèçèê–ìåíåäæìåíòó, àäæå áåç ïîâíîãî ðîçóì³ííÿ ñòàíó ïðîºêòó íåìîæëèâî àäåêâàòíî îö³íèòè ðèçèêè. Îòæå, ëèøå êîìïëåêñíå äîòðèìàííÿ âñ³õ ïðèíöèï³â äîçâîëÿº ìåõàí³çìó ôóíêö³îíóâàòè ÿê ºäèíèé, óçãîäæåíèé òà àäàïòèâíèé îðãàí³çì. Ïðàêòè÷íå âò³ëåííÿ ïðèíöèïó öèôðîâî¿ ³íòåãðàö³¿ çíàõîäèòü ñâîº âèðàæåííÿ ó ñòâîðåíí³ òà âïðîâàäæåíí³ ºäèíî¿ êîðïîðàòèâíî¿ öèôðîâî¿ ïëàòôîðìè, ÿêà ñòຠòåõíîëîã³÷íèì ÿäðîì âñüîãî ìåõàí³çìó. Ñàìå öèôðîâ³çàö³ÿ âèñòóïຠòèì ³íñòðóìåíòàëüíèì çàñîáîì, ùî äîçâîëÿº ïîäîëàòè ïðîáëåìó «³íôîðìàö³éíèõ ñèëîñ³â», ÿêà º îäí³ºþ ç ïåðåøêîä íà øëÿõó äî öèôðîâî¿ òðàíñôîðìàö³¿. Óïðàâë³ííÿ ³ííîâàö³éíèìè ïðîºêòàìè, ùî õàðàêòåðèçóþòüñÿ âèñîêèì ð³âíåì íåâèçíà- ÷åíîñò³, âèìàãຠîïåðàòèâíîãî äîñòóïó äî âåðèô³êîâàíèõ äàíèõ òà ïîòóæíèõ àíàë³òè÷íèõ ³íñòðóìåíò³â, ùî ìîæóòü áóòè ðåàë³çîâàí³ íà îñíîâ³ ïîºäíàííÿ BIM òà øòó÷íîãî ³íòåëåêòó äëÿ ñòâîðåííÿ «åâîëþö³éíîãî» öèôðîâîãî äâ³éíèêà. Ðåàë³çàö³ÿ çàïðîïîíîâàíî¿ ³íòåãðàëüíî¿ ìîäåë³ ïåðåâîäèòü óïðàâë³ííÿ ³íâåñòèö³ÿìè íà ÿê³ñíî íîâèé, ñòðàòåã³÷íèé ð³âåíü. Âîíà òðàíñôîðìóº áóä³âåëüíå ï³äïðèºìñòâî ç ïàñèâíîãî îá’ºêòà çîâí³øí³õ âïëèâ³â íà ïðîàêòèâíîãî ñóá’ºêòà ³ííîâàö³éíîãî ïðîöåñó. Ñèíåðãåòè÷íà âçàºìîä³ÿ êëþ- ÷îâèõ ñóá’ºêò³â, ãíó÷êå âèêîðèñòàííÿ ñó÷àñíîãî ³íñòðóìåíòàð³þ òà äîòðèìàííÿ áàçîâèõ ïðèíöèï³â, òåõíîëîã³÷íî ï³äêð³ïëåí³ öèôðîâîþ ïëàòôîðìîþ, ñòâîðþþòü óìîâè äëÿ åôåêòèâíî¿ ðåàë³çàö³¿ ³ííîâàö³éíèõ ïðîºêò³â. Ô³íàëüíèì ðåçóëüòàòîì ñòຠñòàëèé ³ííîâàö³éíèé ðîçâèòîê, ùî ï³äâèùóº êîíêóðåíòîñïðîìîæí³ñòü ï³äïðèºìñòâà òà ïîêðàùóº çàãàëüíó ³íâåñòèö³éíó ïðèâàáëèâ³ñòü óñ³º¿ áóä³âåëüíî¿ ãàëóç³ Óêðà¿íè, ùî º êëþ÷îâîþ ïåðåäóìîâîþ äëÿ ¿¿ ìîäåðí³çàö³¿ òà óñï³øíî¿ ³íòåãðàö³¿ ó ñâ³òîâó åêîíîì³êó. Âèñíîâêè Ó ðåçóëüòàò³ ïðîâåäåíîãî äîñë³äæåííÿ áóëî ñôîðìîâàíî íàóêîâî îá´ðóíòîâàíèé êîìïëåêñíèé îðãàí³çàö³éíî–åêîíîì³÷íèé ìåõàí³çì ³íâåñòèö³éíîãî çàáåçïå÷åííÿ ³ííîâàö³éíîãî ðîçâèòêó áóä³âåëüíèõ ï³äïðèºìñòâ, ùî äຠçìîãó ïîäîëàòè íåäîë³êè ³ñíóþ÷èõ ôðàãìåíòàðíèõ òà ñèòóàòèâíèõ ï³äõîä³â. Çàïðîïîíîâàíà ìîäåëü ïåðåäáà÷ຠïåðåõ³ä äî ñòðàòåã³÷íîãî, ñèñòåìíîãî óïðàâë³ííÿ ³íâåñòèö³éíîþ ä³ÿëüí³ñòþ â êîíòåêñò³ öèôðîâî¿ òðàíñôîðìàö³¿ ãàëóç³. Öåíòðàëüíèì åëåìåíòîì ìåõàí³çìó âèñòóïຠºäèíà öèôðîâà ïëàòôîðìà ç ìîäóëüíîþ àðõ³òåêòóðîþ, ÿêà çàáåçïå÷óº êîìïëåêñíó ³íòåãðàö³þ êëþ÷îâèõ ó÷àñíèê³â ³íâåñòèö³éíîãî ïðîöåñó – ï³äïðèºìñòâ, ³íâåñòîð³â, äåðæàâíèõ îðãàí³â. Òàêà ïëàòôîðìà ñëóãóº òåõíîëîã³÷íîþ îñíîâîþ äëÿ ðåàë³çàö³¿ ïðèíöèï³â ïðîçîðîñò³, ðèçèê–îð³ºíòîâàíîñò³, ãíó÷êîñò³ òà àäàïòèâíîñò³ äî çì³í çîâí³øíüîãî ñåðåäîâèùà. Âîíà äîçâîëÿº àâòîìàòèçóâàòè ïðîöåñè ³äåíòèô³êàö³¿ ³ííîâàö³éíèõ ïðîºêò³â, ³íâåñòèö³éíîãî ïëàíóâàííÿ, óïðàâë³ííÿ ðèçèêàìè òà ìîí³òîðèíãó ðåàë³çàö³¿. Âïðîâàäæåííÿ ìåõàí³çìó ñïðèÿòèìå ðîçøèðåííþ ìîæëèâîñòåé äëÿ çàëó÷åííÿ äèâåðñèô³êîâàíèõ äæåðåë ô³íàíñóâàííÿ, çîêðåìà ÷åðåç çìåíøåííÿ ³íôîðìàö³éíî¿ àñèìåò𳿠ì³æ ñóá’ºêòàìè ðèíêó, ï³äâèùåííþ åôåêòèâíîñò³ ïðèéíÿòòÿ óïðàâë³íñüêèõ ð³øåíü òà çíèæåííþ ³íâåñòèö³éíèõ ðèçèê³â. Î÷³êóâàíèì ðåçóëüòàòîì º çàáåçïå÷åííÿ ñòàëîãî ³ííîâàö³éíîãî ðîçâèòêó áóä³âåëüíèõ ï³äïðèºìñòâ, ùî ó ñâîþ ÷åðãó ïîñèëþº êîíêóðåíòîñïðîìîæí³ñòü ãàëóç³ â óìîâàõ ïîñòâîºííî¿ â³äáóäîâè òà ãëîáàëüíèõ âèêëèê³â. Òàêèì ÷èíîì, çàïðîïîíîâàíèé ï³äõ³ä ìຠÿê íàóêîâó, òàê ³ ïðèêëàäíó ö³íí³ñòü, â³äêðèâàþ÷è íîâ³ ïåðñïåêòèâè äëÿ åôåêòèâíîãî óïðàâë³ííÿ ³íâåñòèö³éíî–³ííîâàö³éíèìè ïðîöåñàìè â áóä³âåëüí³é ñôåð³ Óêðà¿íè. Ñïèñîê âèêîðèñòàíèõ äæåðåë: 1. Gontareva, I., Marcel Kurt, M., Dorokhov, O., Rusin– Grinik, R., & Galayko, N. (2022). A Systematic–Functional
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 44 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww Approach in Managing Innovative Development of Construction Enterprises in Ukraine. TEM Journal, 11(1), 125–137. DOI: 10.18421/tem111–15. 2. Koturanova, T., & Konohova, M. (2022). Problems of Management of Innovative Development of Construction Enterprises in Ukraine. Economic scope, 182, 83–87. DOI: 10.32782/2224–6282/182–12. 3. Radchenko, O., Nepomnyashchyy, O.M., Marusheva, O.A., Prav, R., & Shandryk, V. (2023). Efficiency of Strategic Public Investment management of in the Construction Sector. International Journal for Quality Research, 16(3), 833–846. DOI: 10.24874/ ijqr17.03–13. 4. Duan, M. (2023). On Financial Risks and Investment Management in Communication Engineering Projects. Studies in Social Science Research, 4(4), 134–138. DOI: 10.22158/sssr.v4n4p134. 5. Duliaba, N., & Zhishko , R. (2024). Features of the Development of the Competitive Environment in the Construction Sphere. Economy and Society, 68, 1–5. DOI: 10.32782/2524–0072/2024–68–106. 6. Yankovoi, R. (2024). Models of Financing Innovations in the Ukrainian Business Environment. Development Service Industry Management, 1, 82–87. DOI: 10.31891/dsim–2024–5(11). 7. Bondarenko, D., & Kalashnikova , K. (2024). Digitalisation of the Construction Industry in Ukraine: Analysis of the State, Problems and Development Prospects. Economy and Society, 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 Series «Regional Economics», 21(83), 125–131. DOI: 10.36910/2707– 6296–2024–21%2883%29–13. 9. Dolhopolov, S., Honcharenko, T., Terentyev, O., Savenko, V., Rosynskyi, A., Bodnar, N., & Alzidi, E. (2024). Multi–Stage Classification of Construction Site Modeling Objects Using Artificial Intelligence Based on BIM Technology. 2024 35th Conference of Open Innovations Association (FRUCT), 179–185. DOI: 10.23919/ fruct61870.2024.10516383. 10. Palahusynets, R., & Marusheva, O. (2025). Analysis of the Investment Level in Ukraine’s Construction Sector from 2022 to 2025: a Public Administration Dimension. Philosophy and Governance, 5(9), 1–12. DOI: 10.70651/3041–248X/2025.5.01. 11. Kostiuk, V., & Shanta, V. (2023). Innovation as the Key to Economic Development and Competitiveness of Construction Industry Enterprises. Actual Problems of Economics, 12(2), 90–97. DOI: 10.32752/1993– 6788–2023–2–270–90–97. 12. Bellucci, A., Fatica, S., Georgakaki, A., Gucciardi, G., Letout, S., & Pasimeni, F. (2023). Venture Capital Financing and Green Patenting. Industry and Innovation, 30(7), 947–983. DOI: 10.1080/13662716.2023.2228717. References: 1. Gontareva, I., Marcel Kurt, M., Dorokhov, O., Rusin– Grinik, R., & Galayko, N. (2022). A Systematic–Functional Approach in Managing Innovative Development of Construction Enterprises in Ukraine. TEM Journal, 11(1), 125–137. DOI: 10.18421/tem111–15. 2. Koturanova, T., & Konohova, M. (2022). Problems of Management of Innovative Development of Construction Enterprises in Ukraine. Economic scope, 182, 83– 87. DOI: 10.32782/2224–6282/182–12. 3. Radchenko, O., Nepomnyashchyy, O.M., Marusheva, O.A., Prav, R., & Shandryk, V. (2023). Efficiency of Strategic Public Investment management of in the Construction Sector. International Journal for Quality Research, 16(3), 833–846. DOI: 10.24874/ijqr17.03–13. 4. Duan, M. (2023). On Financial Risks and Investment Management in Communication Engineering Projects. Studies in Social Science Research, 4(4), 134–138. DOI: 10.22158/sssr.v4n4p134. 5. Duliaba, N., & Zhishko , R. (2024). Features of the Development of the Competitive Environment in the Construction Sphere. Economy and Society, 68, 1–5. DOI: 10.32782/2524–0072/2024–68–106. 6. Yankovoi, R. (2024). Models of Financing Innovations in the Ukrainian Business Environment. Development Service Industry Management, 1, 82–87. DOI: 10.31891/dsim–2024–5(11). 7. Bondarenko, D., & Kalashnikova , K. (2024). Digitalisation of the Construction Industry in Ukraine: Analysis of the State, Problems and Development Prospects. Economy and Society, 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 Series «Regional Economics», 21(83), 125–131. DOI: 10.36910/2707– 6296–2024–21%2883%29–13. 9. Dolhopolov, S., Honcharenko, T., Terentyev, O., Savenko, V., Rosynskyi, A., Bodnar, N., & Alzidi, E. (2024). Multi–Stage Classification of Construction Site Modeling Objects Using Artificial Intelligence Based on BIM Technology. 2024 35th Conference of Open Innova-
²ÍÍÎÂÀÖ²ÉÍΖ²ÍÂÅÑÒÈÖ²ÉÍÀ ÏÎ˲ÒÈÊÀ 45 ´ÎÐÌÓÂÀÍÍßÐÈÍÊÎÂÈÕÂÄÍÎÑÈͳÊÐÀÍww tions Association (FRUCT), 179–185. DOI: 10.23919/ fruct61870.2024.10516383. 10. Palahusynets, R., & Marusheva, O. (2025). Analysis of the Investment Level in Ukraine’s Construction Sector from 2022 to 2025: a Public Administration Dimension. Philosophy and Governance, 5(9), 1–12. DOI: 10.70651/3041–248X/2025.5.01. 11. Kostiuk, V., & Shanta, V. (2023). Innovation as the Key to Economic Development and Competitiveness of Construction Industry Enterprises. Actual Problems of Economics, 12(2), 90–97. DOI: 10.32752/1993– 6788–2023–2–270–90–97. 12. Bellucci, A., Fatica, S., Georgakaki, A., Gucciardi, G., Letout, S., & Pasimeni, F. (2023). Venture Capital Financing and Green Patenting. Industry and Innovation, 30(7), 947–983. DOI: 10.1080/13662716.2023.2228717. Äàí³ ïðî àâòîðà Ìàêñþòà Àíòîí Ïåòðîâè÷, àñï³ðàíò Êè¿âñüêîãî íàö³îíàëüíîãî óí³âåðñèòåòó áóä³âíèöòâà ³ àðõ³òåêòóðè, Êè¿â, Óêðà¿íà ORCID: https://orcid.org/0009–0002–5313–403X e–màil: [email protected] Data about the author Maksiuta Anton, PhD student at Kyiv National University of Construction and Architecture, Kyiv, Ukraine e–màil: [email protected]