Abstract: The work focuses on analyzing the impact of technological innovations, including artificial intelligence, machine learning, and blockchain, on the evolution of asset management methods. The article examines changes in the structure of investment portfolios, the emergence of new asset classes and the transformation of traditional investment strategies. Special attention is paid to the integration of ESG factors into investment decision-making processes and their impact on the long-term effectiveness of asset management. The role of regulatory changes in the formation of new asset management standards and their impact on the development of the industry is analyzed. The issues of cybersecurity and data protection in the context of asset management digitalization, as well as the impact of global economic trends on the transformation of the industry are considered. The research is based on a systematic analysis of theoretical concepts, practical cases and regulatory requirements in the field of asset management. A comparative analysis of traditional and innovative approaches to asset management is applied, historical precedents of successful and unsuccessful asset management are studied. For the first time, the study presents a comprehensive analysis of the transformation of asset management under the influence of digitalization and ESG factors. An innovative methodology for evaluating the effectiveness of investment strategies has been developed, taking into account both traditional financial metrics and sustainable development factors. A new model for integrating artificial intelligence into asset management processes is proposed, including machine learning algorithms for portfolio optimization and risk management. The approaches to assessing the impact of technological innovations on the effectiveness of asset management are systematized. A methodology for analyzing cyber risks in digital asset management has been developed. The key findings demonstrate the need for a fundamental transformation of traditional approaches to asset management. It has been established that success in modern asset management is determined by the ability of organizations to adapt innovative technologies, integrate ESG factors and ensure cybersecurity. The critical importance of developing competencies in the field of big data analysis and the use of artificial intelligence has been identified. The necessity of creating new risk management models that take into account the increasing interconnectedness of global financial markets and the emergence of new classes of digital assets has been identified.

Keywords: active management, passive investing, digitalization of asset management, investment, diversification, risk management, financial instruments, portfolio, asset management, management

Abstract: The article substantiates the need to continue the work of lawyers and economists on land legislation in order to adapt the regulation to the changed realities in the field of land relations. In the conditions of modern market relations, where land becomes an object of investment activity, the development of privatization and denationalization of land requires attention to legal, economic and social consequences, as well as to the issues of sustainable development and conservation of natural resources. The subject of this study is the process of formation of the institute of private land ownership and the formation of the institute of land lease as a mechanism for the realization of land ownership in the forms of rent. The purpose of this study is a comprehensive analysis of the existing mechanism of denationalization and privatization of land, identification of problems and search for possible ways to solve them, as well as formulation of proposals to improve legislation and law enforcement practice. Achieving this goal requires the solution of a number of research tasks: to study the theoretical foundations of the process of denationalization and privatization of land, to analyze the legal aspects of denationalization, including constitutional and legislative norms governing this process in Russia and other countries, to analyze the current state of the mechanism of denationalization of land in Russia, to formulate current problems and prospects for the development of land ownership and legal relations in the field of land use and its transfer to operational management. To achieve the objectives of the study in the work the following methods are used: analysis of legal regulation, comparative analysis, historical-analytical and statistical analysis.

Keywords: regulation of land relations, structure of land ownership, land rent, land lease, business entities, land ownership, privatization, denationalization, land as a resource, restructuring

Abstract: The global economic crisis and the socio-economic consequences of the COVID-19 pandemic have a significant impact on the increase in volatility and risks of manipulation of stock asset quotes. The subject of the study is the organization of management of the investment fund process, taking into account non-market mechanisms for manipulating the value of shares of issuing companies. The purpose of the article is to improve the efficiency of managing the stock process based on the stock market model and procedures for fuzzy valuation of the value of shares of issuing companies within this model. The research methodology is based on the application of methods for analyzing economic phenomena and processes, a systematic approach to studying the development of issuing companies and stock markets. Modeling of fund processes is based on fuzzy logic theory and efficiency theory. The principles of stock market idealization and the principles of stock market management in a manipulated information environment are formulated. A model of the stock market is presented, which includes: an ideal model of the stock market, a model of fundamental disturbing factors and a model of stock market manipulation. Within the framework of the stock market model, an economic and mathematical model for estimating the value of shares of issuing companies has been developed, in which the uncertainty of parameters is described by fuzzy numbers. The novelty of the research lies in the formulated concept of factor psychodynamics (including a list of factors, functions of factors, the strength of factors and inertia of factors), which serves as the basis for the stock market model; as well as in the developed methodology for fuzzy valuation of shares of issuing companies. Participants of the stock market, potential investors, owners and acquirers of companies on the basis of the presented model of the stock market have the opportunity to obtain additional information about ongoing stock processes. Fuzzy procedures for estimating the value of shares of issuer companies make it possible to calculate the value of their shares in accordance with various forecast scenarios for the development of companies.

Keywords: fuzzy value estimation, fuzzy numbers, forecast scenario, stock market management, issuing company, stock market model, company stock value, stock asset manipulation, stock asset, stock market

Abstract: The question of discounting (and justifying the discount rate) in relation to the effects on the budget of a country or region arises not only in connection with "classic" investment projects implemented by businesses in a certain territory, but also in connection with any management decisions requiring budget expenditures and/or implying an analysis of alternative solutions. The purpose of the work is to analyze and systematize normative and/or author's scientifically based methodological approaches to the selection and justification of the discount rate for evaluating the budgetary effectiveness of investment projects (and other management decisions). The subject of the study is the selection and justification of the discount rate for the purpose of evaluating deferred effects in calculating the budgetary efficiency of investment projects, taking into account the time value of money. Based on the analysis and systematization of available approaches and methods for constructing the discount rate in assessing deferred effects of budget efficiency based on domestic and foreign materials of normative, methodological and scientific literature, an algorithm for constructing and justifying the discount rate is proposed. The analysis of normative, methodological and normative literature has shown that today all the main approaches to the construction and justification of the discount rate when assessing deferred effects in calculating budget efficiency can be grouped by areas of application and the following can be distinguished: assessment of the effectiveness of investment projects with state participation (budget financing); assessment of the effectiveness of public-private partnership projects and municipal-private partnerships (including special economic zones); assessment of the effectiveness of tax benefits/ tax expenditures (and other changes in tax legislation); assessment of the effectiveness of various non-tax measures and measures to support and stimulate the development of certain industries and categories of economic entities; assessment of the effectiveness of projects in the public sector of the economy (provision of public goods, including regulatory impact assessment (when adopting and subsequent analysis of government regulatory measures), assessment of measures and technologies for managing risks to life and health of the population. The proposed algorithm for selecting and justifying the discount rate for calculating the budgetary efficiency of investment projects will allow taking into account the industry' specifics of projects.

Keywords: discounting, evaluation of effectiveness, priority investment project, investment project, project effectiveness, budget efficiency, economic efficiency, discounting rate, discount rate, budget impact analysis

Abstract: Unwillingness to carry out preventive measures and follow the principles of a healthy lifestyle (and, accordingly, spend money on it) can be considered as an example of irrational behavior not only from a medical point of view, but also from an economic point of view. The economic justification of the effectiveness of investments in health is not only a tool of personal financial planning for a person with a certain level of financial literacy, but also another argument for encouraging the population by the state and the employer to health–saving behavior of individuals. The proposed article is devoted to the relationship of a person's financial literacy with his decision-making about health-saving behavior and the implementation of measures aimed at reducing the risk to life and health. The results of research on financial literacy as a determinant of human health and financial literacy in the context of investing in one's health are studied on the data of the scientometric database Scopus. There has been a sharp increase in interest in this topic in the international research field since 2020. The analyzed works show that financial literacy is not determinant in health-saving behavior, but can be used as a tool for making rational decisions. Based on the theoretical analysis of normative and literary sources (domestic and foreign methodological recommendations, materials of scientific articles presented in the RSCI and Scopus database from 2000 to 2022), the main approaches to assessing the effectiveness of investments in disease prevention for an individual within the framework of personal financial planning as a way of rational decision-making are summarized. Conclusions are drawn about the complexity of independent "rational" calculation of the effectiveness of investments in health, regardless of the level of financial literacy. The assumption is made about the need to use formalized approaches in assessing investments in health as a tool for rational decision-making on the one hand, and a tool for improving health literacy.

Keywords: health risk management, disease prevention spending, personal financial planning, health-saving behavior, effectiveness of risk management, effectiveness of prevention, prevention of diseases, health literacy, financial literacy, health investment

Abstract: The subject of the study is the role of venture investments in the development of the Russian economy during the pandemic. The object of the study is venture investments. The purpose of the study is to identify the role of venture investments in the development of the Russian economy in the context of a pandemic. The global economic crisis caused by the pandemic is forcing investors to look for new sources of financing for the long term. The methodology of the work uses logical generalization, factorial and comparative analysis, grouping method and systematic approach. To determine the role of venture investments in the development of the Russian economy in the conditions of the coronocrisis, an assessment of the current state of venture investment in the country was carried out.   The results of the study are to substantiate the importance of the development of the Russian venture capital investment market and the formation of proposals to solve problems related to the insufficient effectiveness of the implementation of venture projects. Based on the research conducted within the framework of the article, it can be concluded that venture investments had a positive impact on the economy during the pandemic, as they became a source of financing for the development of various projects, including e-commerce, which allowed many business entities to continue their activities. It is advisable to create a Venture Fund of the EAEU on the basis of RVC – the state fund of Funds, which is an institute for the development of the Russian Federation, purposefully attracts Russian and foreign investors to priority segments of the Russian economy, promotes the development of new investment instruments of the national venture market.

Keywords: Venture projects, Startups, Project lending, Risk, Profitability, Innovative projects, Venture funds, Venture investments, Investment activity, Investment policy

Abstract: The strategic factor for economic growth of the Russian regions is the activation of innovative processes. The problem of increasing innovative activity has been particularly acute in recent years due to the unfolding crisis and extended restrictions on the budget expenditures. The goal of this article consists in the analysis of indicators of innovative activity, and assessment of the impact of budget investments in fixed capital upon the indicators of innovative process in the Central Black Earth Region. The analysis employs the available statistical data on financing of investment processes and results of innovative activity in the Russian Federation, Central Federal District, and Central Black Earth Region. The research relies on the system approach, economic-statistical, logical and expert methods of analysis. The conducted analysis reveals the insufficient level of innovative development in all six zones of the Central Black Earth Region. The innovative processes in the Central Black Earth Region are characterized by low output of innovative products and investment in research and development. The dynamics of innovative processes in the region is of differential nature. There are substantial interregional differences in the indicator values of the expenditures for research and development, and innovation activity, as well as the volatility of indicators of production of innovative goods and services. The clear outsider in the Central Black Earth Region in the Oryol Oblast. The author formulates recommendations that can be used by the authorities of the constituent entities of the Russian Federation in elaboration of state support measures for innovative activity in the Central Black Earth Region aimed at acceleration of their economic development.

Keywords: budget investments, investment in fixed assets, finance of investment process, stimulating innovation, innovation product, innovation, innovative development, R&D, economic and statistical analysis, the Black Earth Region

Abstract: The subject of this research is the procedure for assessment of investment attractiveness of the Russian regions. A favorable investment situation is an important factor for investors in making their decisions, and this requires a transparent, information comprehensible and methodologically simple tool for assessment of investment attractiveness of a region. There is a need to develop criteria for assessment investment attractiveness of the Russian regions, which would allow determining the competitive advantages or underachievement of the specific regions and formulating recommendations based on the acquired results of assessment of investment attractiveness of the Russian regions. The author proposes a 6-stage assessment procedure of investment attractiveness of the Russian regions, which would calculate the final indexes of the integral assessment of investment attractiveness for each region under consideration, with the possibility of further comparison of the indexes and their ratings. Each index is calculated on the basis of 6 to 11 variables, and reflects corresponding subsystem of the factors of investment attractiveness of a region. The developed assessment procedure of investment attractiveness of the Russian regions can be valuable for the potential investors for the purpose of minimization of possible losses, as well as or public authorities for analyzing the development trends of a region and investors’ behavior.

Keywords: development, investments, integral evaluation, region, regulations, investment risks, investment climate, investment attractiveness, investment attractiveness factors, investment attractiveness index

Abstract: The subject of this research is the development and implementation of the key metrics for estimation of efficiency of investments into the human capital in corporate management. The object of this research is the human capital of “Network Company” JSC of the Republic of Tatarstan. The metric approach is applied as a method for analyzing integrated monetary and non-monetary metrics used in management and investment planning into human capital of the company. Usage of metric approach in human capital management allows quantifying the value of human capital, determining its contribution to rise in the value of the company, as well as identifying potential risks and losses in the modeled chain of creating value. The author offers the modernization of methodological approach of Saratoga Institute towards human capital management  by using the concept Activity Based Costing. The effectiveness of application of control metrics in integrated corporate reporting, which implement monetary approach towards human capital management is substantiated. The author develops the scheme of digital app “Human Capital Return on Investment (HCROI)”, which is recommended to use in preparation of the integrated annual report for 2020 of “Network Company" JSC. The presented in digital app conversion of costs and investments into human capital by assessing the key metrics demonstrates the compliance of human capital management with expectations of the corporate management and the strategy for increasing the value of the company. It also establishes the link between non-financial and financial metrics of human capital management, as well as provides assessment of impact of the factors of human capital upon the achievement of strategic goals and value of the company.

Keywords: economic value added, competencies, digital application, digital transformation of the economy, value chain, balanced scorecard, integrated reporting, human capital, metric approach, intangible assets

Abstract: With the cooling of global economic and exhaustion of internal sources of finance, the countries need to attract foreign investment in form of foreign direct investments (FDI) to stimulate economic growth. The subject of this research is the factors defining the inflow of foreign direct investments into national economies, as well as comparison of the factors impacting attracting of foreign capital into developing and developed countries. For comparison of the inflow of FDI, the work utilizes the following factors: openness of trade, wages, size of the market, development of infrastructure, and tax policy. In the next few years, developing countries will continue to maintain an edge in size of wages, but due to drastic difference in the quality of labor resources, developed countries will be more preferable from the investment perspective. In absence of the necessary infrastructure and without additional support or stimulus of the receiving state, decisions on investments will lean towards the more accessible markets of developed countries. As a result of limited business environment, high level of expenses for starting a company, and inefficiency of the market, the state needs to provide clear communication regarding the vector of government policy in the area of investments and refrain from inconsistency in passing measures. If companies would not be certain in the future of the political course, their profit expectations would rise significantly, while investment activity would drop.

Keywords: openness of the economy, growth factors, competition, developing countries, investment attraction, human capital, foreign direct investment, economic development, return on investment, risks

Abstract: The subject of this research is assessment of the role direct foreign investments as the key factor in maintaining sustainable economic growth of the CIS partner-states. A comparative assessment of the indicators of macroeconomic stability is conducted. The author identifies the problems of attracting direct capital investments in the CIS; examines the largest direct investments funds of the CIS countries as an instrument of investments development of the considered group of states. The article substantiates the need for development of the mechanism of public-private partnership, establishment of bilateral and multilateral direct investment funds, unified protection and promotion investment agreement for the CIS member-states that would contribute to ensuring sustainable economic growth of the union countries. The scientific novelty consists in formulation of the original classification of direct foreign investments as a factor of development of national economies of the capital importing countries. The conclusion is made on the insufficient activity of existing funds in financing the large investments projects within the union. The analysis of information proves that the direct foreign investments are currently not the key direction in development of economies of the CIS partner-states.

Keywords: macroeconomic indicators, investment development, agencies, economic growth, CIS, private equity fund, foreign direct investments, assessment of influence factors, public-private partnership, investment agreement

Abstract: The object of this research is the government investment management strategy. The subject of this research is the classification of government policy tools for managing medium-size business investments. The existing approaches towards determining the government policy tools for managing medium-size business investments, as well as their classifications are examined. In the course of this research, the author analyzes the regulatory framework, scientific insights and policy recommendations of international organizations. The scientific novelty consists in formulation of an original definition of the term “government policy tools for managing medium-size business investments” alongside the development of classification of such measures. The author systematizes the government policy tools for managing medium-size business investments in accordance with the existing measures corresponding to their description.

Keywords: government policy instruments, non-financial insentives, financial insentives, government support, investment management, investment policy, medium-sized enterprises, investment, medium-sized enterprises investment, investment support

Abstract: The article is devoted to developing the methodology for comprehensive assessment of all the combination of 'external effects' and 'socio-economic efficiency' of infrastructure projects. The author of the article gives necessary definitions and provides a broad list of effect groups that can be assessed. He also provides variants of indicators for each group of effects to assess relevant effects. The comprehensive analysis of project efficiency will extend the list of criteria that can be used in the decision making process concerning whether to implement an infrastructure project or not. This will allow to assess the impact on the society in general and encourage the best investment decisions. The results of the present research were obtained using analysis and systematisation of researches in this sphere combined with the author's recommendations and findings. The main results of the research that represent the scientific value thereof is, first of all, the synthesis of different methodologies and socio-economic impact indicators used in these methodologies within the framework of one research. Secondly, results of the research can be used, and suggested to be used, by all those who are involved in developing the unified basic methodology of socio-economic impact assessment to be further used by infrastructure project designers, executives and assessors including state authorities which would allow to reduce the time and resource consumption when searching and/or developing the methodology. The author also makes a conclusion that such a unified methodology will contribute to making an infrastructure project to be a driver of innovation-based economic growth as a result of the comprehensive assessment of all socio-economic impact assessement of such an infrastructure project implementation.

Keywords: externality, socio-economic impact assessment, social return, social impact, social effects, investment projects, public efficiency, socioeconomic impact, infrastructure, methodology

Abstract: The research aims on the identification and removing the disadvantages of modern treat-ments to forming the relevant information support of the business investment attractiveness eco-nomic analysis. The validity and the exhaustiveness of the data that is valuated have the great im-pact on the managerial decision making process quality inside the organization and on the risk level that investors outside have. The economic conditions are rapidly changing, creating new tasks and new tools that causes the accounting, collecting and processing of information adaptation to new requirements. The text highlights the main problems of the relevant information support of the business investment attractiveness economic analysis forming including the actuality of Russian accounting statements, their exhaustiveness for describing non-quantitative characteristics of the business examined, factors and risks determining the organization development, which could be important for the investment decision making process. To improve the information support of the business investment attractiveness economic analysis is possible by means of using the IFRS or the transition to reporting on sustainable development. Such forms of reporting have the more clarity, expose the qualitative business characteristics, and involve the information about determining fac-tors and risks. The research results are in the sphere of the great number of users interest. It could be the financial departments workers, the business head, top-managers, creditors, investors, and also the employees of the state Supervisory bodies. Considering the external conditions instability, new treatments to forming the information support of the business investment attractiveness valuation promote the decreasing of the risk level connected with the investment choice, the growth of trust among the investment process parties, the investment inflow, including the foreign investing, the economy stabilization.

Keywords: investment attractiveness valuation, investment attractiveness analysis, integrated report, sustainable development, IFRS accounting statements, analysis information support, economic analysis, investment attractiveness of an organization, investment analysis, definition of investment attractiveness

Abstract: The article is devoted to analyzing legal problems arising in the process of launching international construction companies on the Russian construction market. The author examines the most common method of running business in the Russian Federation through creating a subsidiary business entity, advantages and disadvantages of such method compared to establishing affiliate or representational offices of an international construction company. In his research Nikitin focuses on the most recent amendments to the legislation in the sphere of foreign investments, actual judicial practice as well as the government executive authorities' views on the matter. The methodology of the research involves methods that are typical for entrepreneurial law and implies combination of the civil approach and analysis of an object in cooperation with public order institutions. The scientific novelty of the research is caused by the fact that the author raise a problem about business reputation of subsidiaries of international construction companies. The solution offered by the author implies the legal mechanism of plain partnership within which a consortium of the parent international construction organisation and their branch organisation is established to combine material and non-material resources. 

Keywords: commercial representation, affiliates, foreign companies, contracts, projection, construction, partnership, consortium, international construction companies, development

Abstract: The present research article is devoted to the investment potential of the constituents of the North Caucasian Federal District. In her article Aguzarova examines socio-economic indicators of the regions and based on that provides a comprehensive assessment of the current state of investment development and investment potential of the regions of the North Caucasian Federal District. The author emphasizes the crucial need to attract investments including foreign investments into Russian economy. According to the author, growing investments contribute to the economic growth and development of the agricultural industry and health resort institution. The author states the great role of tax policy instruments in the encouragement of investment activity. 

Keywords: capital assets, investment decisions, investment development, investment programs, investment projects, investment activity, investment processes, investment potential, investments, economy

Abstract: The article is devoted to the question whether it would be efficient to implement the institution of building-and-loan associations in the Russian Federation. The author of the present research has developed the mathematical economic model taking into account the share of apartment spaces affordable through mortage loan received at building-and-loan associations or bank. The results of the research demonstrate the positive influence of building-and-loan associations on the level of availability of housing that could be afforded by the population. The main conclusion is that it is easy to predict the housing demand, therefore building-and-loan associations have a positive influence on the rate of residential construction as well as the volume of investments into the construction sector. The model of the consumer behavior offered by the authors of the present research allows to define the most efficient method of housing financing from the point of view of an average consumer and the most desirable volume of funding (particularly, housing allowances) from the point of view of the government's financial abilities. The present model is based on the hypothesis that consumers choose between accumulation of assets and receiving credit at building-and-loan associations or banks so that they can maximize the space of the apartment to be purchased. Based on the calculations, building-and-loan associations turn out to be 1.56% more efficient than bank mortage loans due to the fact that a member of a building-and-loan association deposits over 70 000 roubles annually in order to receive a better bank interest and maximum state grant, thus increasing the volume of savings and, consequently, the space of the apartment to be purchased. 

Keywords: construction savings bank, mortgage credit lending, housing, investments, an initial fee, government regulation, interest rate, affordable housing, consumer choice, size of the apartment