The paper considers of regional the ways of solving systemic problems of investment activity that are relevant for developing countries, including for the Ukraine. It is specified that in the conditions of globalization of the world economy and the intensification of the use of information and communication technologies, conditions are created for the transformation of savings of households in developing countries into investment in stock markets in developed countries mainly the United States. This calls into question the feasibility of purely market conditions for the financial market of Ukraine and other developing countries. A list of effective administrative methods of state regulation of investment activity that may be used by state and regional authorities to convert household savings into investments in the domestic financial market is proposed. The attention is drawn to the necessity of applying these methods, especially at the initial stages of the intensification of state regulation of investment activity in the country, in order to create a sufficient demand for domestic stock assets. Such of the sufficient demand will allow to launch the mechanism of automatic inflow of investments both domestic and foreign, and in the future gradually switch to predominantly market-based methods of state regulation. The criterion of the level of sufficiency of demand for stock assets of the country is a positive long-term trend of stock indexes taking into account inflation, it is desirable that their growth rate exceeds the growth rate of GDP of the country.

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Дîñë³äaeåíî ìîòèâàö³éí³ ÷èííèêè òà óìîâè, щî ñпðèÿюòü п³äпðèºìíèöòâó, îñîбëèâîñò³ ìîòèâàö³éíîї ñпðÿìîâàíîñò³ òà â³äì³íí³ хàðàêòåðèñòèêè п³äпðèºì-ö³â, íà îñíîâ³ óзàгàëüíåííÿ ÿêèх îбґðóíòîâàíî ñêëàäîâ³ åëåìåíòè ìîòèâàö³éíîгî ìåхàí³зìó âèбîðó п³äпðèºìíèöüêîї ä³ÿëüíîñò³. Ñфîðìîâàíèé ìåхàí³зì ó ñâîºìó ñêëàä³ âêëю÷àº: åëåìåíòè, щî зóìîâëююòü фîðìóâàííÿ òèпîëîг³÷íèх îñîбëèâîñòåé âíóòð³шíüîї ìîòèâàö³éíîї ñпðÿìîâàíîñò³ п³äпðèºìöÿ; åëåìåíòè, ÿê³ âðàхîâóюòü îñîбëèâîñò³ ä³ëîâîї пîâåä³íêîâîї àêòèâíîñò³ òà ðåàêö³ю íà íåñпðèÿòëèâ³ ñòàíè, щî âèíèêàюòü ó пðîöåñ³ п³äпðèºìíèöüêîї ä³ÿëüíîñò³ ëюäèíè; åëåìåíòè, ÿê³ ñòèìóëююòü àêòèâí³ñòü п³äпðèºìöÿ, òà åëåìåíòè, щî ñпðèÿюòü òðèâàëîìó зä³éñíåííю п³äпðèºìíèöüêîї ä³ÿëüíîñò³, òàê³ ÿê зàбåзпå÷åííÿ ðåзóëüòàòèâíîñò³, зàäîâîëåíîñò³ òà ñò³éêîгî ³íòåðåñó äî п³äпðèºìíèöüêîї ä³ÿëüíîñò³. Нà îñíîâ³ âèêîðèñòàííÿ ìåхàí³зìó âèбîðó п³äпðèºìíèöüêîї ä³ÿëüíîñò³ зàпðîпîíîâàíî ñòèìóëюю÷³ òà п³äòðèìóю÷³ зàхîäè, щî ñпðÿìîâàí³ íà àêòèâ³зàö³ю ìîëîä³aeíîгî п³äпðèºìíèöòâà íà ð³âí³ ðåг³îíó. Ключові слова: ìîòèâàö³éíèé ìåхàí³зì, àêòèâ³зàö³ÿ, ìîëîä³aeíå п³äпðèºì-íèöòâî, п³äпðèºìíèöüêà ä³ÿëüí³ñòü, ³íñòðóìåíò, ðåг³îí.

Abstract. The article clarifies the possibilities of using financial leverage in investment processes on the stock market. The main condition for obtaining such an effect is the acquisition of shares of leading US corporations through the issue of bonds. The US stock market is recognized as contributing to the effect of financial leverage. The possibility of issuing bonds only by legal entities (public companies) determines their exclusivity in the matter of obtaining the effect of financial leverage. The possibility of using the effect of financial leverage justifies the economic feasibility of creating investment funds. In working with using quantitative methods of estimation, the advantages of those corporations that use such an effect over competitors are proved. The basis of this valuation method is a comparison of the average annual growth rate of shares of representatives of two types of investment companies. Berkshire Hathaway and the Vanguard S & P 500 ETF investment fund were selected as these representatives. Berkshire Hathaway was a representative of corporations using financial leverage, and the Vanguard S & P 500 ETF was the opposite. In particular, regarding the investment company Berkshire Hathaway, it is determined that the use of financial leverage allows it to outperform the dynamics of the S & P 500 stock index in terms of the growth rate of its own shares. Moreover, such a result is achieved even when in the structure of the assets of Berkshire Hathaway there are many shares of companies that have lagged behind this stock index. It is clarified that in practice, the use of the effect of financial leverage is not common, since ETF funds dominate the stock market. Such entities do not have the practice of issuing bonds. The rare nature of the use of the effect of financial leverage in investment processes made it possible to identify not used reserves for intensifying these processes. Keywords: financial leverage, stocks, bonds, stock market, stock index, investment processes. JEL Classification G 30; G 31. Formulas: 5; fig.: 3; tabl.: 1; bibl.: 13.

The purpose of this work is to clarify the causes and circumstances of the negative influence of the compound interest effect in investment processes and to refute the theory of the compound interest effect in the capitalization of dividends. The article considers the peculiarities of the negative effect of the compound interest effect in terms of capitalization of dividends. The reasons and circumstances of the negative value of the corresponding effect in investment processes were specified. It is stated that the effect of compound interest is often not positive at all in case of capitalization of dividends on shares. Dividend tax neutralizes the "magic of compound interest" in the case of appropriate capitalization of dividends. The payment of dividends is economically feasible only when the investor plans to direct these funds to consumption and not to capitalization. To improve the conditions of investment processes, the need to reduce the tax on dividends has been proven. It showed the possibility of avoiding the tax on dividends for investors in the case of its relatively large size. The material of the article allows us to refute the theory of the "compound interest effect" in the capitalization of dividends.