UDC: 332:330.322.54
https://doi.org/10.25198/2077-7175-2026-5-46


viewing

THEORETICAL PROVISIONS FOR EVALUATING THE RESULTS OF THE INVESTMENT PROCESS IN A MUNICIPALITY

E. R. Sagatgareev
Ufa Law Institute of the Ministry of Internal Affairs of Russian Federation, Ufa, Russia
e-mail: eduard-sagatgareev@yandex.ru

T. N. Larina
Orenburg Branch of the Institute of Economics of the Ural Branch of the Russian Academy of Sciences, Orenburg, Russia
e-mail: lartn.oren@mail.ru

Abstract. In 2021–2024, the volume of investments in fixed assets in Russia increased annually, in 2025 the amount of investments decreased by 2.3% (in a comparable estimate) compared to the previous year. At the same time, the structure of investments in fixed assets by sources of financing has been stable in recent years, with the share of investments from local budgets remaining at just over 1%. In 2024, a new Spatial Development Strategy of the Russian Federation for the period up to 2030 was adopted with a forecast up to 2036. The new Strategy required adjusting the principles of budget financing of infrastructure projects, and the role of local governments, the local community, and businesses in the distribution of investment flows increased. Theoretical, methodological, information and analytical support for decision-making in the investment sector at the municipal level requires improvement due to the reasons mentioned above.

The authors of the article set a goal to clarify the definition of the concept of «investment process in a municipal entity» and to substantiate a system of indicators for evaluating the results of the investment process at the municipal level. Research objectives: to summarize the interpretations of the concept of «investment process» presented in the scientific literature and formulate the author’s definition of this concept from the point of view of the municipal level of management; to identify the main factors of improving the effectiveness of the investment process; to form a system of indicators for evaluating the results of the investment process in municipalities.

Process, institutional, and systemic approaches underlie the author’s developments. The theoretical conclusions are drawn based on the results of a critical analysis of publications by domestic and foreign scientists. The authors of the article used data from the Russian state statistics on the dynamics and structure of investments.

The scientific novelty is expressed in the formulation of the author’s definition of the concept of «investment process in a municipality», in the development of a system of indicators for evaluating the results of the investment process, which takes into account the strategic goals of the development of municipalities.

The results of the study contribute to the improvement of the theoretical provisions for assessing the effectiveness of investment processes in municipalities. The practical significance of the conclusions and scientific results obtained lies in the possibility of their application in the management of socio-economic development of territories, as well as in the development of investment strategies and investment standards of municipalities.

Key words: investment process, factors, stages of the investment process, system of indicators, effect, assessment, municipality.

Acknowledgements. The article was prepared as part of the state assignment of the Ministry of Education and Science of the Russian Federation for the Institute of Economics of the Ural Branch of the Russian Academy of Sciences for 2026.

Cite as: Sagatgareev, E. R., Larina, T. N. (2026) [Theoretical provisions for evaluating the results of the investment process in a municipality]. Intellekt. Innovacii. Investicii [Intellect. Innovations. Investments]. Vol. 5, pp. 46–59. – https://doi.org/10.25198/2077-7175-2026-5-46.


References

  1. Averyanov, E. A. (2023) [Evaluating the regulatory impact of control on the investment attractiveness of city-forming enterprises in mono-profile municipalities]. Gosudarstvennaya sluzhba [Public Administration]. Vol. 25. No 4, pp. 38–45. – https://doi.org/10.22394/2070-8378-2023-25-4-38-45. (In Russ.).
  2. Ashurkov, O. A., Orlova, N. A. (2020) [Peculiarities of forming the system of statutory regulation of investing activities]. Vestnik Instituta ekonomicheskih issledovanij [Economic Research Institute Journal]. Vol. 2 (18), pp. 112–121. (In Russ.).
  3. Burtseva, T. A., Gubareva, A. I. (2022) [Sustainable development monitoring of municipal and urban districts in the Kaluga region]. Ekonomika, predprinimatelstvo i pravo [Journal of Economics, Entrepreneurship and Law]. Vol. 12. No. 1, pp. 465–478. – https://doi.org/10.18334/epp.12.1.114107. (In Russ.).
  4. Gataullin, R. F., Chuvashaeva, E. R. (2025) [Challenges affecting the sustainability of spatial development]. Ekonomika i upravlenie: problemy resheniya [Economics and Management: Problems, Solutions]. Vol. 6. No. 10 (163), pp. 94–102. – https://doi.org/10.36871/ek.up.p.r.2025.10.06.011. (In Russ.).
  5. Ermakova, Zh. A., Larina, T. N. (2024). [Assessment of the impact of the investment process on economic growth in Russian regions]. Drukerovskij vestnik [Drucker Bulletin]. Vol. 5. No. 61, pp. 189–199. – https://doi.org/10.17213/2312-6469-2024-5-189-199. (In Russ.).
  6. Kaidashova, A. K. (2025) [Algorithm for identifying «growth points» in the formation of territorial development strategies]. Intellekt. Innovacii. Investicii [Intellect. Innovations. Investments]. Vol. 2, pp. 44–51. – https://doi.org/10.25198/2077-7175-2025-2-44. (In Russ.).
  7. Normova, T. A., Ayvazyan, S. V., Mocheran, V. D. (2021) [Investment Activity and its Improvement in the Municipality]. Estestvenno-gumanitarnye issledovaniya [Natural-Humanitarian Research]. Vol. 35. No. 3, pp. 146–149. – https://doi.org/10.24412/2309-4788-2021-11143. (In Russ.).
  8. Iakhiaev, D. B., et al. (2025) [Assessment of investment attractiveness of municipalities] Ekonomicheskoe razvitie Rossii [Economic development of Russia]. Vol. 32. No. 7, pp. 203–210. – https://doi.org/10.24412/2306-5001-2025-7-204-210. (In Russ.).
  9. Panenko, A. I. (2023) [Russian methodology for evaluating public investment projects vs European methodology PIMA: compliance analysis]. Vestnik Altajskoj akademii ekonomiki i prava [Bulletin of the Altai Academy of Economics and Law]. Vol. 2-2, pp. 247–251. – https://doi.org/10.17513/vaael.2721. (In Russ.).
  10. Yukhtanova, Yu. A., et al. (2024) [Projects for the development of municipalities in the context of the economic security of the Tyumen region]. Kreativnaya ekonomika [Creative Economy]. Vol. 18. No. 1, pp. 75–96. – https://doi.org/10.18334/ce.18.1.120271. (In Russ.).
  11. Reshetnikov, M. G. (2025) [New Spatial Development Strategy of Russia: Key Tasks and Priorities]. Problemy Prognozirovaniya [Studies on Russian Economic Development]. Vol. 4. No. 211, pp. 6–10. – https://doi.org/10.47711/0868-6351-211-6-10. (In Russ.).
  12. Sagatgareev, E. R. (2025) [Integral assessment of the effectiveness of the investment process in the cities of the Republic of Bashkortostan]. Aktual’nye aspekty obespecheniya bezopasnosti cheloveka v usloviyah razvitiya grazhdanskogo obshchestva: materialy Vserossijskoj nauchno-prakticheskoj konferencii s mezhdunarodnym uchastiem [Current aspects of ensuring human security in the context of civil society development: collection of scientific articles of the All-Russian scientific conf. with international participation, Orenburg, May 22–23, 2025] Orenburg, pp. 258–261. (In Russ.).
  13. Sagina, O. A. (2025) [Key trends in the development of state and municipal administration in the context of an unstable external environment]. Vestnik evrazijskoj nauki [The Eurasian Scientific Journal]. Vol. 17. No. s5. – https://esj.today/PDF/37FAVN525.pdf. (In Russ., abstract in Eng.).
  14. Semenova, A. E. (2025) [Economic essence of investments: relationship between the concepts]. Vestnik universiteta [Bulletin of the University]. Vol.1, pp. 184–191. – https://doi.org/10.26425/1816-4277-2025-1-184-191. (In Russ.).
  15. Stroev, P. V., Bessonov, I. S. (2025) [Assessment of investment management systems in municipalities of the Russian Federation, taking into account their differentiation]. Vestnik Akademii znanij [Bulletin of the Academy of Knowledge]. Vol. 4 (69), pp. 496–504. (In Russ.).
  16. Goncharenko, L. N., et al. (2025) Ustojchivoe razvitie ekonomiki territorij: mekhanizmy, instrumenty i perspektivy [Sustainable development of the territorial economy: mechanisms, tools and prospects]. Мoscow: Witte Moscow University, 236 p. (In Russ.).
  17. Filatova, N. G. (2025) [Challenges in Aligning Municipal Investment Passports with Regional Investment Policy in Russia]. Ekonomika regiona [Economy of regions]. Vol. 21. No. 2, pp. 268–282. – https://doi.org/10.17059/ekon.reg.2025-2-2/ (In Russ.).
  18. Chebodaev, V. P. (2025) [Development of investment processes in the municipality]. Moskovskij ekonomicheskij zhurnal [Moscow Economic Journal]. Vol. 10. No. 1, pp. 49–56. – https://doi.org/10.55186/2413046X_2025_10_1_4. (In Russ.).
  19. Shpilev, D. A. (2026) [Systematization of disincentivizing factors of municipal formations sustainable development: measures for overcoming]. Izvestiya Sankt-Peterburgskogo gosudarstvennogo ekonomicheskogo universiteta [Bulletin of the St. Petersburg State University of Economics]. Vol. 1. No. 157, pp. 176–179. (In Russ.).
  20. Ragulina, Yu. V., et al. (2025) Ekonomika municipal’nyh obrazovanij : monografiya [Economy of municipalities: Monograph]. Мoscow: Publishing House «Scientific Library», 292 p. (In Russ.).
  21. Dabla-Norris, E., et al. (2012) Investing in Public Investment: an Index of Public Investment Efficiency. Journal of Economic Growth. Vol. 17. No. 3, pp. 235–266. – https://doi.org/10.1007/s10887-012-9078-5. (In Eng.).
  22. Li, Y., et al. (2025) Drivers of urban fixed assets investment efficiency across western China. Journal of Competitiveness. Vol. 17. No. 4, pp. 123–147. – https://doi.org/10.7441/joc.2025.04.05. (In Eng.).
  23. Mourão, P. J. R., Popescu, I. A. (2023) Investment, growth and Competitiveness: The multiplier-accelerator in the 21st century. Journal of Competitiveness. Vol. 15. No. 3, pp. 60–78. – https://doi.org/10.7441/joc.2023.03.04. (In Eng.).

In order for us to provide you with high-quality services, we use cookies that are stored on your computer (location information; ip-address; type, language, OS and browser version; device type and screen resolution; source from which you came to site the user; what pages the user opens and what buttons the user clicks; the same information is used to process statistical data on the use of the site through the Yandex.Metrika Internet service). By clicking the "I agree" button, you confirm that you are informed about the use of cookies on our website. You can disable cookies in your browser settings.