Innovative approaches to investment decisions substantiation in the sphere of agricultural land use on the base of ecological and economic assessment of investment quality

The aim of the article. The aim of the article is to elaborate innovative theoretical and methodological issues and practical recommendations concerning formation of ecological and economic assessment of investment quality, substantiation of investment decisions in the sphere of agricultural land use. The results of the analysis. The analysis of investment quality is undertaken in frames of the analysis of a category "investment". The author finds out that the category of "investment quality" can be investigated from economic and financial sides. From economic point of view, investments are regarded as expenditures on economic reproduction. From financial side, investments are considered as actives that are invested to the business activity in order to receive a profit. The author emphases that such twofold innovative approach can be taken as a principle for determining the category "investment quality". By the meaning of investment quality in agricultural land use one should understand a holistic characteristic of resource attributes that enable to satisfy investment demands in agriculture on the whole and to meet the interests of individual investors in particular. The author distinguishes investment strategies by the features of agricultural ecological and economic system and outlines the following ones: government strategy, banking strategy, self-investment strategy and foreign strategy. A set of ecological and economic indicators of investment quality is formed in the article. In authors' opinion, the system of ecological and economic indicators of investment quality must include: optimal investment structure adjusted to the influence of ecological factor; the risk of investment portfolio adjusted to the influence of ecological factor; index of profitability of the investment portfolio adjusted to the influence of ecological factor. For identification of the investment quality the researcher proposes to use additional indicator - the vulnerability index. Firstly, this index shows in what way the investors' income changes while decreasing the profits in the sphere of agricultural land use by 1 per cent. Secondly, the above mentioned index defines the desire of investors to be present in agriculture under conditions of irrational use of the land resources. The author estimates investment quality by the criterion of "high - low" and interconnects it with substantiation of investment decisions in agricultural land use. Conclusions and directions of further researches. The author concludes that innovative approaches include the following issues: using of the category "investment quality" helps to raise substantiation of investment attractiveness assessment; the assessment of investment quality is undertaken from the side of each investment strategy which helps to describe motivation issues of investment process; the complex ecologically oriented strategy, offered by the author, is innovative by itself as it is based on the ecological and economic indicators of the investment quality, which has never calculated before. The implementation of such a complex ecologically oriented investment strategy is a subject for further researches.