Instituto de Estudios Políticos y Derecho Público "Dr. Humberto J. La Roche"
de la Facultad de Ciencias Jurídicas y Políticas de la Universidad del Zulia
Maracaibo, Venezuela
Esta publicación cientíca en formato digital es continuidad de la revista impresa
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197402ZU34
ppi 201502ZU4645
Vol.39 N° 71
2021
Recibido el 15/09/2021 Aceptado el 18/11/2021
ISSN 0798- 1406 ~ De pó si to le gal pp 198502ZU132
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Vol. 39, Nº 71 (2021), 594-608
IEPDP-Facultad de Ciencias Jurídicas y Políticas - LUZ
Application of budget allocation
models in the management of investment
processes in the context of the digital
economy development
DOI: https://doi.org/10.46398/cuestpol.3971.35
Viktoriia Chobitok *
Oleg Shevchenko **
Oksana Lomonosova ***
Volodymyr Kochetkov ****
Valentyna Bykhovchenko *****
Abstract
Within the study, the use of the public-private partnership
mechanism in the management of investment processes in the
context of digitalization was argued. The methodological basis
of the study was a process approach, which allows to study
multidirectional investment actions and the interdependent impact
of the investment process, which determines the causal links of the
development of investment entities at dierent levels in the collection of
resources, in the conditions of the development of the digital economy.
Endogenous sources include nancial resources of internal and external
origin. Exogenous investment resources include nancial resources on
loan, as well as budgetary allocations. Varieties of budget allocations
include government procurement, concession, life cycle contract.
Comparativecreativecharacterization of investment resource attraction
models was carried out at the expense of budgetary allocations. In conclusion,
they highlight the advantages of attracting investment resources at the
expense of budgetary allocations, namely the public-private partnership
model as a concession. Finally, it carriesout the comparative characteristic
* Doctor of Economic Sciences, Associate Professor, Department of Economics and Management,
Ukrainian Engineering and Pedagogical Academy, Kharkiv, Ukraine. ORCID ID: https://orcid.
org/0000-0002-5272-388X
** PhD in Economics, Associate Professor, Department of Management and Civil Service, Chernihiv
Polytechnic National University, Chernihiv, Ukraine. ORCID ID: https://orcid.org/0000-0002-2739-
8018
*** Doctor of Economic Sciences, Professor, Department of Economics, Admiral Makarov National
University of Shipbuilding, Kherson, Ukraine. ORCID ID: https://orcid.org/0000-0002-1007-3786
**** Doctor of Economic Sciences, Professor, Department of Business Analytics and Digital Economy,
National Aviation University, Kyiv, Ukraine. ORCID ID: https://orcid.org/0000-0002-5646-7537
***** PhD in Economics, Associate Professor, Department of Production and Investment Management,
National University of Life and Environmental Sciences of Ukraine, Kyiv, Ukraine. ORCID ID: https://
orcid.org/0000-0002-7225-4646
595
CUESTIONES POLÍTICAS
Vol. 39 Nº 71 (2021): 594-608
of the conditions of the implementation of investment projects in various
models of attraction of investment resources at the expense of budgetary
allocations.
Keywords: budget allocation; state-private partnership; investment
processes; investment resources; digital economy.
Aplicación de modelos de asignación presupuestaria
en la gestión de procesos de inversión en el contexto del
desarrollo de la economía digital
Resumen
Dentro del estudio se argumentó el uso del mecanismo de alianza
público-privada en la gestión de los procesos de inversión en el contexto
de la digitalización. La base metodológica del estudio fue un enfoque de
proceso, que permite estudiar acciones multidireccionales de inversión y
el impacto interdependiente del proceso de inversión, que determina los
vínculos causales del desarrollo de las entidades de inversión a diferentes
niveles en la captación de recursos, en las condiciones del desarrollo de
la economía digital. Las fuentes endógenas incluyen recursos nancieros
de origen interno y externo. Los recursos de inversión exógenos incluyen
recursos nancieros en préstamo, así como asignaciones presupuestarias.
Las variedades de asignaciones presupuestarias incluyen contratación
pública, concesión, contrato de ciclo de vida. Se realizó la caracterización
creativa comparativa de los modelos de atracción de recursos de inversión a
expensas de las asignaciones presupuestarias. Como conclusión se destacan
las ventajas de atraer recursos de inversión a expensas de las asignaciones
presupuestarias, a saber, el modelo de asociación público-privada como
concesión. Por ultimo, se lleva a cabo la característica comparativa de las
condiciones de la implementación de proyectos de inversión en varios
modelos de atracción de recursos de inversión a expensas de las asignaciones
presupuestarias.
Palabras clave: asignación de presupuesto; asociación estatal-privada;
procesos de inversión; recursos de inversión; economía
digital.
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Viktoriia Chobitok, Oleg Shevchenko, Oksana Lomonosova, Volodymyr Kochetkov y Valentyna
Bykhovchenko
Application of budget allocation models in the management of investment processes in the
context of the digital economy development
Introduction
Current challenges of increasing threats and risks are relevant to the
study of the issues related to the attraction of investment resources in the
activities of economic entities at the level of microeconomic systems, areas
of activity, regions and the state as a whole. This is due to the limited self-
nancing of businesses at dierent levels, global and local threats and risks,
the presence of ination. Changes in the credit and banking, and currency
system, uctuations in energy prices, etc. should be also considered.
Attracting investment resources and the eciency of their use makes
it possible to modernize the production capacity of economic entities of
dierent levels, to increase their protability, to solve problems of inclusive
and sustainable development. The activation of investment processes
has a positive eect on economic growth and sustainable development of
economic systems at various levels. Attracting investment resources are
expressed through the investment of resources to increase the capital of
enterprises, areas of activity, regions, state.
The purpose of the study is to justify the use of the mechanism of public-
private partnership in the management of investment processes in the
context of digitalization.
1. Literature Review
The study of budget allocations in the management of investment
processes, public-private partnerships, and their role in regional
development in the context of digitalization is devoted to the scientic
achievements of domestic and foreign scientists, namely: Abramova (2021);
Ahmad and Raza (2020); Albalate, Bel, Geddes. (2020); Armand (2020);
Balykina and Zakharov (2015); Belyaev (2020); Cosmulese (2019); Chen
(2021); Dergaliuk et al. (2021); Dubyna et al. (2018); Elwakil and Hegab
(2020); Fedyshyn et al. (2019); Fleta-Asín and Muñoz (2021); Garafonova
et al. (2021); Grigoraș-Ichim et al. (2018); Kadhim et al. (2020); Khan et
al. (2020); Khanin et al. (2021); Kholiavko et al. (2020, 2021); Kychko et
al. (2021); Mashnenkov et al. (2021); Popelo (2017); Pravkin et al. (2020);
Prokopenko et al. (2018); Qin et al. (2021); Raza et al. (2021); Samiilenko
et al. (2021); Samoilovych et al. (2021); Shahbaz et al. (2020); Shevchuk et
al. (2021); Shkarlet et al. (2019); Sresakoolchai (2020); Tulchynska et al.
(2021); Vovk et al. (2021) and others.
According to the results of the study (Kadhim et al. 2020), the authors
concluded that there is a need for constant state support, the constant ow
of funding and the search for other sources. According to the authors, this
will help prolong the implementation of investment projects and increase
597
CUESTIONES POLÍTICAS
Vol. 39 Nº 71 (2021): 594-608
annual allocations. The authors of the article (Balykina and Zakharov, 2015)
have developed a plan support algorithm that can be used to allocate the
budget over a period of time based on key performance indicators that are
formed in the context of the budget policy framework. The research results
of scientists (Chen, 2021) have shown that public-private partnership has
signicant and positive economic growth and the consequences of spatial
space, which can contribute to regional economic integration, embodying
its function of economic stability. It is proved that the economic impact of
public-private partnership has signicant industrial heterogeneity, energy
and water public-private partnership have positive externalities.
The authors of the article (Fleta-Asín and Muñoz, 2021) concluded
that the support of multilateral development banks has a positive eect
on the participation of private investors in public-private partnerships for
renewable energy. The authors argue that government actions that contribute
to the institutional nancing of third parties, as well as to the improvement
of their institutions and the economic environment, contribute to setting
priorities through a positive impact on private participation.
The research of the article (Raza et al., 2021) is aimed to focus public-
private partnerships on renewable energy where it is more ecient. The
results of the authors’ research will be useful for politicians in developing
countries, which will contribute to the rational and eective solution of
urgent environmental problems. The authors (Khan et al., 2020) examine
the impact of public-private partnership investments in energy and
technological innovation on carbon emissions based on the consumption
for China. Based on the research, scientists recommend technological
innovations for a cleaner production process and public-private partnership
investments in renewable energy sources.
The main idea of the study (Ahmad and Raza, 2020) is to examine the
impact of public-private partnership investments in energy, technological
innovation, economic growth, exports, and foreign direct investment on
CO2 emissions in Brazil. The results of the analysis and the adoption of
scientists contribute to the formation of a new view of politicians on the
regulation of public-private partnership investments in the energy sector in
order to improve the quality of the environment. The importance of public-
private partnerships is explained (Sresakoolchai, 2020) by the fact that
many governments around the world have budget constraints and may try
to prioritize their budgets for other events in need. The authors argue that
the ability of the private sector to participate in investment is an important
aspect of saving for the government. The authors proved that public-private
partnership has certain advantages and risks, depending on the phase of
the project.
The authors of the study (Albalate et al., 2020) argue that the use of
public-private partnerships is an important component in providing the
598
Viktoriia Chobitok, Oleg Shevchenko, Oksana Lomonosova, Volodymyr Kochetkov y Valentyna
Bykhovchenko
Application of budget allocation models in the management of investment processes in the
context of the digital economy development
infrastructure. According to researchers, attracting private investment
and expanding opportunities contributes to the exemption from property
taxes, exemption from current legislation on procurement and protection
of condentiality. Within the research (Pravkin et al., 2020), the use of
benets of public-private partnership is suggested.
The authors emphasize the consideration of regional specics on the
example of the rail freight market as a meso-level institution. Scientists
suggest the ways to improve legislation on the development of the freight
market based on established guidelines for the development of public-private
partnership models in transport projects. The scientists’ article (Elwakil
and Hegab, 2020) is based on a study of the impact of gross national income
and the percentage of the population with access to drinking water on the
choice of candidate countries for investing in public-private partnerships
in water supply projects. The authors simulated the relationship between
gross national income and the percentage of the population with the access
to drinking water. To classify countries by investment groups, scientists
have developed four models.
2. Materials and Methods
The methodological basis of the study. The use of the mechanism of
public-private partnership in the management of investment processes in
the context of digitalization is a process approach. This is due to the fact
that investments are a process of investing in investment objects, in this
process, the transformation of the potential of investment entities into
capital is highlighted. The process approach makes it possible to study
the multidirectional actions of investing, the interdependent impact of the
investment process, which determines causal links of the development of
investment entities in terms of attracting investment resources in today’s
growing threats and risks.
The process approach makes it possible to plan, coordinate, optimize
and increase the eciency of investment processes. It also provides an
opportunity to simultaneously investigate the impact of the external
environment on investment, namely by the state in the form of regulatory,
security and protective inuence, macroeconomic factors of the
development, market economic laws and more.
As a methodological basis, the process approach provides an opportunity
to consider the attraction of investment resources as a logical sequence of
interrelated actions over time, which, in turn, leads to changes and turns
input resources into the end result, which in turn can become an input
resource again.
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CUESTIONES POLÍTICAS
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Also, in the process of studying the use of the mechanism of public-
private partnership in the management of investment processes in the
context of the digital economy development, general economic and specic
methods of scientic knowledge are used.
3. Results
Investments have been and remain an important and relevant process
for the economic development of economic entities at various levels,
they contribute to the development of productive forces, increase prots,
social, environmental and economic eects. The process of the formation
of investment resources and their attraction depends on many factors,
including the process of capital accumulation and redistribution, political
and nancial stability, economic policy of the state, globalization challenges
of social development and so on.
Today’s challenges of social development require more and more
investment at dierent levels of economic systems. For businesses, the
sources of investment resources can be endogenous and exogenous,
depending on their origin. Endogenous sources include the own nancial
resources of economic entities. Such sources include:
• nancial resources of internal origin (for example, the prot of the
business entity, initial contributions of the founders, etc.).
• external origin (for example, payments of insurance companies, sale
of part of assets, additional contributions of share or share capital,
etc.).
They have many dierent advantages, but their main drawback is the
limited and insucient for the further development of the economic entity
at dierent levels. And this is the main incentive to attract investment
resources from exogenous sources.
If we consider in more detail the investment resources of exogenous
approval in relation to the entity, they can also be divided into several
components such as (Fig. 1):
rstly, attracted nancial resources (for example, from the sale of
securities, equity and other contributions of legal entities and individuals,
venture capital, factoring operations, sales, etc.);
secondly, borrowed nancial resources (for example, types of lending,
bond loans, investments of non-bank nancial institutions, etc.);
thirdly, budget allocations (the participation of budget funding at the
level of state or local budgets using dierent models of public-private
partnership is considered).
600
Viktoriia Chobitok, Oleg Shevchenko, Oksana Lomonosova, Volodymyr Kochetkov y Valentyna
Bykhovchenko
Application of budget allocation models in the management of investment processes in the
context of the digital economy development
Fig. 1. Varieties of sources of investment resources by economic
entities of dierent levels. Source: suggested by the authors
If we dwell in more detail on budget allocations, the most commonly
used models of interaction between private business and public partner are:
• public procurement, including deferred public procurement, in
which case nancing is provided by the public sector through
redistribution of budget funds, debt nancing or in the form of soft
loans from institutional or commercial banks with the participation
of a state guarantee. It should be noted that this model of investment
is gradually, as the world experience shows, ceases to be widespread.
This is due to the processes of the power decentralization, the
reduction of revenues to central budgets and the emergence of more
eective models for attracting budget allocations;
• concession, the main essence of this investment model is to transfer
the main commercial risks to the concessionaire, namely the risks
associated with the level of income from the use of goods and
services by the nal consumer;
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CUESTIONES POLÍTICAS
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•life cycle contract, in this investment model the risk of demand
remains with the public partner, and the private partner implements
all stages of the life cycle of the investment project, including the
operation and maintenance of the project object;
•combinations of the previous investment models using budget
allocations.
•Comparative characteristics of investment models of budget
allocations in the context of digitalization are presented in Table 1.
Table 1. Comparative criteria characteristics of models for
attracting investment resources through budget allocations in
the context of digitalization
Criterion for
comparing budget
allocation models
Model
state
purchases concession life cycle
contract
Terms of the preparation
of the investment project
(months)
12-24 months
when attracting
a loan, 3-6
months when
deferred
payment under a
state guarantee
12-36 12-24
Percentage of budget
nancing of the total cost
of the investment project
(%)
100 50-80
100 less
compensatory
business
Percentage of attracted
private partner funds
from the total cost of the
investment project (%)
0 50-20
in the
volume of
compensatory
business
Percentage of state
guarantees, from the total
cost of the investment
project (%)
100 10-20
100 less
compensatory
business
The core of nding the
risks of the investment
project state customer
balance of risks
between public
and private
partner
public partner
Deviation of investment
project costs from the
planned level in capital
expenditures (%)
30-50 3-5 5-10
Deviation of investment
project costs from the
planned level in operating
costs (%)
30-40 Has no data 10-15
Source: suggested by the authors
Fig. 1. Varieties of sources of investment resources by economic
entities of dierent levels. Source: suggested by the authors
If we dwell in more detail on budget allocations, the most commonly
used models of interaction between private business and public partner are:
•public procurement, including deferred public procurement, in
which case nancing is provided by the public sector through
redistribution of budget funds, debt nancing or in the form of soft
loans from institutional or commercial banks with the participation
of a state guarantee. It should be noted that this model of investment
is gradually, as the world experience shows, ceases to be widespread.
This is due to the processes of the power decentralization, the
reduction of revenues to central budgets and the emergence of more
eective models for attracting budget allocations;
•concession, the main essence of this investment model is to transfer
the main commercial risks to the concessionaire, namely the risks
associated with the level of income from the use of goods and
services by the nal consumer;
602
Viktoriia Chobitok, Oleg Shevchenko, Oksana Lomonosova, Volodymyr Kochetkov y Valentyna
Bykhovchenko
Application of budget allocation models in the management of investment processes in the
context of the digital economy development
The presented in Table 1 criterion comparison of models of the attraction
of investment resources at the expense of budgetary allocations gives a
chance to state that each model has the unconditional advantages and lacks.
Thus, according to the model of public procurement, the center of nding
the risks of the investment project is the state customer, which reduces the
risks of the private partner. Given the application of the life cycle contract
model, on the contrary, the main burden of risk falls on the public partner.
The public procurement model has a very limited range of involvement in
investment processes and very long deadlines for signing agreements and
preparing contracts.
But, as already noted, the global trend of attracting investment resources
through budget allocations has moved away from the model of public
procurement. This is due to the fact that attracting investment resources
through such models of public-private partnership as a concession has
certain advantages, including:
- a possibility of using the latest innovative technologies owned by the
private sector;
- distribution of investment risks in the direction of their transfer to
a private partner who has more experience and higher eciency of
such risk management, which, in turn, helps to obtain the eect of
value for money in such risk distribution;
- reducing the cost of investment projects through the use of optimal,
innovative, creative technologies and motivation of the private
partner to reduce investment and the compliance with time periods
of its implementation;
- nancing of capital investments at the expense of private, not public
funds, which reduces the burden on the budgets of dierent levels;
- maximum reduction of the deviation of investment project costs
from the planned level.
Also, the use of the public-private partnership model to attract
investment projects has many other advantages over the model of public
procurement, which is presented in Table 2.
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Table 2: Comparative characteristics of the conditions for the
implementation of investment projects for dierent models of
attracting investment resources through budget allocations in
the conditions of digitalization
Conditions
for nancing
an investment
project
Due to budget nancing
(public procurement) Due to the use of public-
private partnership
(concession)
Technological
risk management A high level of the eective
technological risk management is
not achieved due to the gap in the
competencies of the private sector
High level of the technological
risk management because the
private partner directly takes
care of them at all stages of the
investment project
The cost of the
investment
project
There are no motivating factors to
reduce the cost of the investment
project, and can be increased in the
presence of a corruption component
of public administration
Motivates to reduce the cost of
the investment project in terms
of using the model of attracting
investment resources through
public-private partnership
Volumes of state
funding The design and construction of the
investment project is fully nanced
by investments from the state
(local) budget
Capital expenditures on the
investment project are nanced
by a private partner with partial
state nancing or state crediting
and guaranteeing
Use of innovative
technologies Lack of motivation to use
innovative technologies as there is
no motivation to reduce the cost
of the project and attract the latest
technological solutions
Private partner is interested in
using innovative technologies
to ensure a balance of value and
quality of the investment project
Transfer of risks
of investment
projects
Risk transfer is not used, i.e., the
eect of price-quality ratio is not
achieved due to risk transfer
With a reasonable distribution of
risks on the investment project,
the eect of value for money is
achieved
Reduction
of terms
(construction,
reconstruction)
for the
investment
project
There is no reduction in the
terms of the investment project
because there are no motivational
mechanisms for this, and often
the deadlines are increased due to
delays in budget allocations
Motivational factors using
public-private partnerships
help to reduce the time of
implementation of investment
projects
Gradual state
nancing of
the investment
project
The state nancing of the
investment project occurs at all
its stages from designing to its
implementation, nancing is
carried out for a short period of
time.
The state partially nances the
creation of an object to attract
investment resources, as well
as pays service fees for services
related to quality infrastructure,
distributed over the entire life of
the investment project. Deadlines
can be reduced by the amount of
payment received from end users,
when transferring such a function
from the state to a private partner
Source: suggested by the authors.
The presented comparative characteristic (Table 2) of attracting
investment resources under dierent models of budget allocations clearly
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Viktoriia Chobitok, Oleg Shevchenko, Oksana Lomonosova, Volodymyr Kochetkov y Valentyna
Bykhovchenko
Application of budget allocation models in the management of investment processes in the
context of the digital economy development
in the conditions of digitalization demonstrates the greater attractiveness
of using the model of public-private partnership compared to public
procurement. The mechanism of public-private partnership involvement
has strong positive eects for all participants of investment projects both
for state (local) authorities and for the private partner, as well as for the nal
consumer, as it can receive timely and higher quality services and products
due to the use of innovative technologies in the investment project.
At the same time, it should be noted that the model of attracting
investment resources has negative factors of its implementation that
accompany any complex process. Negative factors include a signicant
political inuence and lobbying of the interests of dierent political elites
on the institutional basis and the procedure for regulating the objects of
attracting investment resources. This issue is especially acute when the
country is experiencing political turmoil, changes in the Government and
the Cabinet of Ministers, reforming the political system and economic
regulation, legitimate procedures for reviewing and revoking previous
decisions to attract investment resources and signing public-private
partnership agreements. Also, the facts of bureaucracy and corruption, the
shadowing of the economy, can negatively aect the attraction of investment
resources and the interaction of public-private partners, lead to an increase
in the cost of investment projects.
Conclusion
Thus, the use of such a budget allocation model as a public-private
partnership has signicant positive eects over other models, such as public
procurement. This is due to the fact that public-private partnership makes
it possible to reduce the cost of providing services to consumers, develops
various creative forms of project nancing, establishes closer relationships
between the authorities at dierent levels and private partners and
businesses. The mechanism of attracting investment resources using the
model of public-private partnership gives other indirect eects in the form
of increasing employment, reducing the cost of services, including socially
signicant, helps to solve environmental problems.
The scientic novelty of this study is that based on the process approach to
attracting investment resources and highlighting the criteria characteristics
of budget allocation models justify the principles of using the mechanism
of public-private partnership in managing investment processes in the
context of digital economy development.
Further research requires the activation of power structures at various
levels to intensify the attraction of investment resources through the model
of public-private partnership.
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Esta revista fue editada en formato digital y publicada
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