The Financial Aspects of Innovative Development of the Railway Transport in Ukraine
Keywords:financing, fixed assets, infrastructure, innovative development, railway transport.
The implementation of the strategy of re-industrialization of national economies is now the main trend in both Europe and Asia. In this context, railways are of great importance, as a mode of transport, capable of carrying large volumes of cargo and passengers with a sufficiently high speed. Special attention is paid to the innovative development of transport corridors connecting Europe and Asia to a single transport network. Mainly this paper is devoted to the financial aspects of the development of Ukrainian railway infrastructure, which has a significant transit potential. It is shown that underfunding of renewal of fixed assets of railways leads not only to the intensification of current problems, but to the formation of problems that will have a decisive influence in the future. The high cost of projects related to the innovative development of the railway infrastructure necessitates the attraction of private capital. The types of public-private partnership models as a mechanism for investment financing are considered. It has been determined that for the railway transport the most feasible are the BOT (build-operate-transfer) and BOOT (builtâ€“ownâ€“operateâ€“transfer) models, which allow to ensure the innovative development of strategic infrastructure sites and maintain its integrity, by keeping it in state ownership.
 Ahrens J. (2002), Governance and the implementation of technology policy in less developed countries, Economics of Innovation and New Technology, Vol. 11, Iss. 4â€“5, 441â€“476.
 Newman P., Davies-Slate S & Jones E. (2017), The entrepreneur rail model: Funding urban rail through majority private investment in urban regeneration, Research in Transportation Economics, available online: http://dx.doi.org/10.1016/j.retrec.2017.04.005, last visit: 18.03.2018.
 Michel N. & Brzeski W.J. (2004), Mobilizing private finance for local infrastructure in Europe and Central Asia: an alternative publicâ€“private partnership framework. Working Paper no. 46, World Bank, available online: https://elibrary.worldbank.org/doi/abs/10.1596/0-8213-6055-8, last visit: 10.03.2018.
 Queiroz Cesar A.V. (2007), Publicâ€“private partnerships in highways in transition economies: recent experience and future prospects, transportation research record: Journal of the Transportation Research Board, no. 1996, 34â€“40.
 Yang Y., Hou Y. & Wang Y. (2013), On the development of publicâ€“private partnerships in transitional economies: an explanatory framework, Public Administration Review, Vol. 73, Iss. 2, 301â€“310.
 Scott TJ & Scott JT (2015), Standards and innovation: US public/private partnerships to support technology-based economic growth, Economics of Innovation and New Technology, Vol. 24, Iss. 5, 457â€“489.
 The future railway. The industryâ€™s railway technical strategy 2012 supporting railway business (2012), Technical Strategy Leadership Group (TSLG, Great Britain), available online: https://www.rssb.co.uk/library/future%20railway/innovation-in-rail-rail-technical-strategy-2012.pdf, last visit: 18.02.2018.
 Association agreement between the European Union and its member states, of the one part, and Ukraine, of the other part (2014), Official journal of the European Union, 29.5.2014, l 161/3, available online: https://eeas.europa.eu/sites/eeas/files/association_agreement _ukraine_2014_en.pdf, last visit: 20.08.2017.
 Strategic plan for the development of railway transport for the period up to 2020 (2015), Ministry of Infrastructure of Ukraine, available online: http://mtu.gov.ua/files/%D0%A1%D1%82%D1%80%
D0%B0%D1%82%D0%B5%D0%B3%D1%96%D1%8F%20%D0%9D%D0%B0%D0%BA%D0%B0%D0%B7%20547.pdf, last visit: 24.03.2018.
 General information about railway transport. (2017), Ministry of Infrastructure of Ukraine, available online: https://mtu.gov.ua/en/
timeline/Zaliznichniy-transport.html, last visit: 09.04.2018.
 Transport (2010-2017), State Statistics Service of Ukraine, available online: http://www.uz.gov.ua/about/investors/financial_state-ments/, last visit: 17.04.2018.
 The Global Competitiveness Report 2017â€“2018 (2017), World Economic Forum, available online: https://www.weforum.org/re-ports/the-global-competitiveness-report-2017-2018, last visit: 23.04.2018.
 Explanatory note to the financial plan of PJSC "Ukrzaliznytsya" in 2017 (2018), State Administration of Railway Transport of Ukraine "Ukrzaliznytsia", available online: http://www.uz.gov.ua/about/in-vestors/financial_statements/vkfp/, last visit: 15.03.2018.
 Consolidated financial statements (2010â€“2017), State Railway Administration of Ukraine "Ukrainian Railway", available online: http://www.uz.gov.ua/about/investors/financial_statements/, last visit: 14.04.2018.
View Full Article:
How to Cite
LicenseAuthors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under aÂ Creative Commons Attribution Licensethat allows others to share the work with an acknowledgement of the work''s authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal''s published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (SeeÂ The Effect of Open Access).