№ 4/2020

Ekon Ukr. 2020 (4): 73–92https://doi.org/10.15407/economyukr.2020.04.073

SOCIAL PROBLEMS IN MANAGEMENT PRACTICE

УДК 330.354

JEL:

DULSKA Iryna¹

¹Institute for Economics and Forecasting of the NAS of Ukraine, Research ID : http://www.researcherid.com/rid/AEP-2520-2022
OrcID ID : https://orcid.org/https://orcid.org/0000-0002-2657-8375

INVESTING ICT INNOVATIONS IN THE NATIONAL ECONOMY AT THE EXPENSE OF A COMPULSORY CUMULATIVE PENSION SYSTEM

The article explores the possibilities of investing companies implementing ICT innovations in the national economy at the expense of a compulsory pension system, which has been planned to be launched in Ukraine for a long time. However, this draft law, submitted to the Verkhovna Rada of Ukraine at the end of 2019, contains approaches that regulate ineffective voluntary pension benefits. Therefore, its implementation will result in low profitability of invested pension savings, low coverage of the population, weak investment in the real sector and technological priorities of the national economy at the expense of voluntary pension savings. The problem of successful formation of an effective stock market as a prerequisite for the introduction of a compulsory cumulative pension system is created by a shortage of reliable profitable stock instruments, caused by the predominance of the insider corporate model in Ukraine (internal investor dictates), while the development of the stock market is promoted by the outsider model (many external investors).
The experience of investing retirement savings in the USA, Estonia, Kazakhstan, Poland and Romania is investigated, and proposals for improving the draft law on inclusion of more risky and profitable investment declarations and more freedom of choice for the members of the system are developed on this basis. It is proposed to create based on the Ministry of Digital Transformation of Ukraine a Coordination Council, which will cooperate with the Pension Treasury in investing the compulsory pension system into the implementation of ICT innovations in all sectors of the national economy. This council will be able to carry out an examination, prepare prospectuses for the issue of shares (IPO, SPO) of such companies, and underwrite their placement among authorized entities. It is also necessary to create, as soon as possible, at large exchanges, stock structures that will specialize in listing, rating and valuing these and other high-tech companies (such as Nasdaq), create specialized direct investment funds in Ukraine that will focus on the purchase of prospective small and large companies of the ICT sector.

Keywords:voluntary and compulsory cumulative pension provision; digitalization; non-state pension funds; asset management companies; co-investment institutions; stock market; information and communication technologies; ICT innovation

Article original in Ukrainian (pp. 73 - 92)

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The article was received by the Editorial staff on January 31 , 2020

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