Analysis of the Stage of Formation of the State Financial Policy of Intensification of Investment Activity in Ukraine

The issue of the state's stimulating influence on the economy in order to intensify investment activity in the country is constantly in the field of view of scientists and practitioners. One of the most effective areas of such influence is the financial policy of the State, which is the subject of the study . The aim of the study is to analyze the state of formation of the State financial policy of intensification of investment activity. The research methodology involves an analysis of regulatory legal acts and an analysis of the state of research on the state financial policy of intensifying investment activity in the scientific environment. Results . The current state of formation of the state financial policy of intensification of investment activity in Ukraine is characterised by the absence of the concept and strategy of the state financial policy of intensification of investment activity, and the regulatory support is implemented in the national legislation through the regulation of the instruments of the state financial policy of intensification of investment activity without proper conceptual and strategic justification of the technology of their practical application.


Introduction
Proceeding from the fact that the formation of the state financial policy of intensification of investment activity is understood, inter alia, as the activities of the state to substantiate the concept, develop a strategy and regulate the legal environment in the field of capital accumulation as an asset and stimulate its effective use, it is necessary to monitor the actual state of formation of the state financial policy of intensification of investment activity in three main areas: 1) assessment of the actual state of the conceptual justification of the state financial policy of intensifying investment activity; 2) diagnostics of the state of formalisation of the state financial policy strategy for intensifying investment activity; 3) analysis of the actual state of legal support for the state financial policy of intensifying investment activity.
The problem of the conceptual justification of the state financial policy, i.e., the intensification of investment activity in the war and post-war conditions of the Ukrainian economy, is an urgent task that needs to be addressed.

Conceptual Justification of the State Financial Policy of Intensification of Investment Activity
The assessment of the actual state of the conceptual justification of the state financial policy of intensification of investment activity will be considered in the context of two aspects: the availability and status of legal acts regulating the conceptual foundations of the state financial policy of intensification of investment activity and the state of the conceptual justification of the state financial policy of intensification of investment activity in the scientific environment.
The results of a search in the database of the Verkhovna Rada of Ukraine for regulatory acts using This is an Open Access article, distributed under the terms of the Creative Commons Attribution CC BY 4.0 the keyword "concept" and their analysis revealed the following.
1. There is no concept of state financial policy aimed at stimulating investment activity.
2. Lack of a state financial policy concept. 3. Absence of a concept of state economic policy. 4. There are separate concepts relating to different aspects of state financial policy (the concept of development of the public finance management system, the concept of state debt policy for 2001-2004, the concept of depreciation policy, the concept of a significant reduction in the number of tax privileges provided by law for the importation of goods into the customs territory of Ukraine). 5. There have been attempts to develop concepts for various aspects of state financial policy, which have not been successful.
On 29 October 1993, the Presidium of the Verkhovna Rada of Ukraine, considering the draft concept of preferential taxation, resolved: "Due to the fact that the adoption of the concept of preferential taxation will not contribute to the stabilisation of tax policy and given that this issue is envisaged in the Programme of Action of the Government of Ukraine for September-December 1993 and 1994, to remove it from control" (On the Draft Concept of Preferential Taxation 9. The formalisation of the conceptual justification of various areas of state policy in national legislation is a common practice. This is evidenced by the concepts of depreciation policy, state debt policy, state innovation policy, national information policy, state industrial policy, state housing policy, agricultural policy, etc. 10. The existence of a concept is a necessary but not sufficient condition for the effectiveness of public policy. This is exemplified by the existing conceptual framework for Ukraine's anti-corruption policy (the Concept of Fighting Corruption for 1998-2005 and the Concept of Overcoming Corruption in Ukraine "Towards Integrity") and the high level of corruption in the country.
Turning to the analysis of the state of conceptual justification of the state financial policy of intensification of investment activity in the scientific environment. First of all, it is worth noting that the term "concept" is interpreted by scholars and practitioners in somewhat different ways. For example, scientists define a concept as "a system of views, ideas about certain phenomena or processes, a way of understanding and interpreting them; the basic idea of any theory, the main idea; an idea or plan for a new, original understanding" (Encyclopedia of Modern Ukraine). Practitioners, on the other hand, are accustomed to understanding the concept as a specific regulatory document in which the "system of views" is presented in a formalised structured form. In essence, there are two possible forms of existence of the concept of the state financial policy of intensification of investment activity: as a set of scientific views and as a document suitable for its regulation in legislation for the purpose of practical implementation.

Formalisation of the Strategy of the State Financial Policy to Intensify Investment Activity
A search of the Verkhovna Rada of Ukraine's database of legal acts using the keyword "strategy" and their analysis revealed the following. First, the Ukrainian legislative field lacks strategies for state financial policy in general and for intensifying investment activity in particular.
Second, in the field of public finance management, the concept-strategy-practice relationship is clearly visible. For example, the concept for the development of the public finance management system, approved by Resolution No. 633-p of the Cabinet of Ministers of Ukraine dated 03.09.2012, was further developed in the strategy for the development of the public finance management system, approved by Resolution No. 774-r of the Cabinet of Ministers of Ukraine dated 01.08.2013. Moreover, the strategy for the development of the public financial management system itself has been constantly rethought, adapting to dynamic changes in the economy (while the concept of the development of the public financial management system has remained unchanged). This is evidenced by the following regulations: Public Debt Management and Control over its Implementation" with annual re-approval.
Given the above-mentioned legal acts in the field of public debt management, two circumstances deserve attention: 1) the concept of the state debt policy was adopted for 2001-2004 (which is not quite logical, since it is actually outdated); 2) the continuity in the strategic rationale for public debt management (when each subsequent strategy provided for the invalidation of the previous one) was broken in 2015-2017 (during this period, the medium-term public debt management strategy was not approved by the Cabinet of Ministers of Ukraine) and, as a result, the Resolution of the Cabinet of Ministers of Ukraine "On Approval of the Medium-Term Public Debt Management Strategy for 2013-2015" No. 320 dated 29.04.2013 is still in force today.
These circumstances indicate the absence of a systematic approach to the implementation of the "concept -strategy -practice" model. Third, the NBU takes a rather comprehensive approach to the scientific justification of its strategic directions. Thus, the legal framework of Fifth, as early as 2011, the Cabinet of Ministers of Ukraine (when adopting the resolutions "On Approval of the Procedure for Developing, Monitoring and Evaluating the Results of Implementation of the State Regional Development Strategy" and "On Approval of the Procedure for Developing, Monitoring and Evaluating the Implementation of Regional Development Strategies") drew attention to the need to monitor and evaluate the results of strategy implementation. However, this useful practice has not been extended to other strategies.
Sixth, the wide range of anti-corruption strategies, given the high level of corruption in the economy, shows that any strategy is not an end in itself. It is a mandatory element of public policy, but not sufficient to achieve the expected result.
Seventh, qualitative changes in the strategy of formulating and implementing the state's economic policy are clearly visible.
Thus, the Decree of the President of Ukraine "On the Strategy of Sustainable Development "Ukraine -2020" of 12.01.2015 No. 5/2015 mainly declaratively identified 62 reforms and development programmes to be implemented in the economic sphere. When describing the tax reform, there is no mention of creating preconditions for investment or intensifying investment activity, and the investment attraction programme is not disclosed at all (the strategy contains only its name) (On the Strategy for Sustainable Development "Ukraine -2020").
The Resolution of the Cabinet of Ministers of Ukraine "On Approval of the National Economic Strategy for the Period up to 2030" No. 179 dated 03.03.2021, which was developed at the initiative of the President of Ukraine and the Prime Minister of Ukraine, reveals the economic policy of the state in general and the issues of intensifying investment activity in particular at a qualitatively new level.
Taking into account the provisions of the National Economic Strategy for the period up to 2030 on the need to "take it as a basis for the preparation of draft programme and strategic documents, draft laws and other legislative acts, draft action plans in the economic sphere" (On Approval of the National Economic Strategy for the period up to 2030), as well as the relevance and importance of the National Economic Strategy for the period up to 2030 as a basis for the formation and implementation of the state financial policy of intensifying investment activity, let us consider it in more detail in the context of the purpose of this article.
Based on the results of the analysis of the dominant factors of the actual state of the economy, challenges and barriers, as well as measures to create the preconditions for the country's investment development (including the state financial policy tools), outlined by the National Economic Strategy, the patterns of the state financial policy to intensify investment activity, which are defined by the National Economic Strategy for the period up to 2030, were identified ( Figure 1). The strategy of the state financial policy of intensification of investment activity should be developed with their consideration.
Having analysed the state of reflection of the strategy of the state financial policy of intensification of investment activity in the regulatory legal acts of Ukraine and having established that today there is no strategy of the state financial policy of intensification of investment activity in the legislative environment, the article will now proceed to monitoring the state of formalisation of the strategy of the state financial policy of intensification of investment activity in the works of scientists.
The analysis of scientific achievements of domestic scientists has shown that the strategy of the state financial policy of activation of investment activity as a separately formed document is not available today. At the same time, certain aspects of the strategic justification of the state financial policy in the field of stimulation of investment activity have been studied by scientists.
Thus, from the point of view of identification of strategic priorities, the intensification of investment activity was studied by Hutkevych S. O. (considered theoretical and practical issues of formation and implementation of the state investment strategy (Hutkevych, 2016)), Krakhina V. A. (developed a strategy for improving the infrastructure support of investment activity in the regions (Krakhina, 2014)), Babenko V. A. (focused on the state strategy for intensification of investment activity in Ukraine in general (Babenko, 2005)) and others. In the context of determining the strategic priorities of the state financial policy, it is advisable to highlight the work of Krysovatyi A. I. (who studied the methodological dominants of the strategy for developing tax, loan and transfer forms of financial support for the formation of a sustainable development society (Krysovatyi, 2015)), Myskin Yu. I. (who developed a strategy for the budget policy of ensuring the socio-economic development of Ukraine (Myskin, 2019) and Martyniuk V. V. (who described the pragmatics of developing and implementing the strategy of the state financial policy of innovative development (Martyniuk, 2017)).

Legal Support of the State Financial Policy of Intensification of Investment Activity
Therefore, according to the above, the concept and strategy of the state financial policy of intensification of investment activity are absent in the national legislation. As for the direct regulation of the practical application of the instruments of the state financial policy of intensification of investment activity, it can be divided into three groups: legal support for tax depreciation (Tax

Conclusions
Summarising the assessment of the conceptual justification, diagnostics of the strategy's formalisation and analysis of the legal support of the state financial policy of intensifying investment activity, the following conclusion can be made.
The actual state of formation of the state financial policy of intensification of investment activity in Ukraine is characterised by: absence of the concept of the state financial policy; absence of the concept of the state financial policy of intensification of investment activity; separate concepts are available for different aspects of the state financial policy (the concept of development of the public finance management system, the concept of the state debt policy for 2001-2004, the concept of depreciation policy); attempts to develop concepts of various aspects of the state financial policy, which were unsuccessful; lack of a unified approach to the time horizon of the concepts; lack of a strategy of the state financial policy to intensify investment activity; absence of a systematic approach to the implementation of the "concept -strategy -practice" model.
Regulatory and legal support is implemented through the regulation of the instruments of the state financial policy of intensification of investment activity without proper conceptual and strategic justification of the technology of their practical application. Public investment  Improvement of the efficiency of realisation of the stimulating potential of the state financial policy in the context of intensification of investment activity  Consideration of inter-industry chain breaks that arose as a result of the war of the Russian Federation against Ukraine in the process of forming and implementing the state financial policy of intensifying investment activity  Consideration of the negative impact of the critically high level of public debt on the financial capacity of the state financial policy to intensify investment activity  Enhancing the effectiveness of anti-corruption policy as one of the pillars of the basis for building up the potential of the state financial policy to intensify investment activity  Simplification, optimisation and digitalisation of processes of interaction between business and the state (obtaining permits, reporting, control)  Application of the declaratory principle  Differentiation of the state financial policy of intensification of investment activity and the territorial principle, taking into account the consequences of military operations  Activation of shadow capital  Improving the efficiency of Ukraine's depreciation policy  Use of preferential depreciation  Application of preferential taxation in most sectors of the economy  Introduction of benefits for reinvested profits  Ensuring the effectiveness of preferential taxation  Improvement of public investment management  Ensure competitive selection of investment projects for state funding and justification of expenditures for their implementation  Development of a methodology for evaluating investment projects for the purpose of selecting them for state funding  Introduction of state co-financing of investment funds that have already received commitments from a limited list of foreign investors  Facilitating additional funding through state grants for projects that have already raised funds  Application of public-private partnership in the field of investment project financing Patterns of the state financial policy of intensification of investment activity, determined by the National Economic Strategy for the period up to 2030 In terms of the instruments of the state financial policy to intensify investment activity