Economic Analysis: Theory and Practice
 

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A methodology for program-oriented and goal-oriented approach to investment financing from the perspective of social sphere development

Vol. 18, Iss. 1, JANUARY 2019

Received: 18 July 2018

Received in revised form: 26 September 2018

Accepted: 22 November 2018

Available online: 29 January 2019

Subject Heading: INVESTMENT ANALYSIS

JEL Classification: G28, H53, I38

Pages: 64–82

https://doi.org/10.24891/ea.18.1.64

Artemov V.A. Kursk State University (KSU), Kursk, Russian Federation
ava_fkn@mail.ru

https://orcid.org/0000-0002-8669-2743

Subject The application of program-oriented and goal-oriented approach to financing the social sphere and promoting mutually advantageous relations of government authorities and private business for the most effective implementation of socially significant projects in the field of social investment requires modern methods and approaches.
Objectives The aim is to study the methodology for program-oriented and goal-oriented approach to social investment financing from the perspective of a possibility to apply advanced techniques, based on foreign experience.
Methods I employ methods of systems analysis, synthesis, comparison, generalization of theoretical and practical material.
Results The paper specifies the content, stages and methods of program-oriented and goal-oriented approach to social sphere financing, identifies weaknesses when using the relevant tools, and offers recommendations for improving its mechanism. I studied the foreign experience in implementing the approach and underpinned the recommendations on involving independent experts to develop an algorithm of assessment of actual efficiency of such financing. The paper proves the expediency of applying the concept of the balanced scorecard system when integrating the techniques of key concepts of financing the investment processes in the social sphere.
Conclusions The findings may be used by public authorities to implement the mechanism of program-oriented and goal-oriented approach to financial security of social investments. This will enable efficient implementation of financial tools through decreasing the public expenditures on the basis of attracting the capital of private business to investing activities in the context of the social sphere development.

Keywords: financing, investment, social sphere, program-oriented and goal-oriented approach

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