Key words: region, investment, innovative activity, investment potential, project, marketing, rankings, enterprise

Abstract. The paper presents the results of a study of the investment potential of the Republic of Mordovia; the main sources of funding regional business are identified, the key actors in the investment market and strategic investment targets are singled out. Special attention is paid to specific features of financing of innovative projects undertaken by regional enterprises and organizations, as well as to methods of attracting investors.

Synopsis. Introduction: in their search for sources of funding business, regional companies have to operate under contradictory conditions. Despite favorable trends in the capital markets (reducing barriers to entry into the Russian and international markets of investment resources due to development of information technologies, expansion of funding sources and emergence of new investment instruments), the issue of finding prospective investors and attracting investment into the region remains relevant. In the face of reduction of public investment and outflow of foreign capital due to sanctions imposed on Russia by foreign states, the model of investor behavior based on speculative expectations becomes the dominant one.

Materials and Methods: the study was based on the data from the Ministry of Economic Development of the Russian Federation, the Ministry of Economy of the Republic of Mordovia, the Corporation for Development of the Republic of Mordovia, as well as on annual statistical compilations and reports of enterprises and organizations. The research used the methods of induction and deduction, of comparison and grouping, as well as content analysis and structural analysis.

Results: the study of the investment potential of the Republic of Mordovia revealed a positive trend of attracting investments into the fixed capital. The structure of investment in the region by the sources of funding is dominated by the own funds of enterprises and organizations, public investment taking a significant share. Sectoral structure of investments indicates the predominance of manufacturing industries, transport and communication. Large enterprises dominate those implementing investment projects on the territory of the region. One of the strategic investment projects of the region is the development of innovative territorial cluster of the Republic of Mordovia, "Energy efficient lighting engineering and intellectual lighting control system", bringing together industrial enterprises, leading scientific organizations and the region's institutes of higher education.

Discussion and Conclusions: it is recommended to use the value-oriented approach as a promising methodological approach to the search and attraction of investors because it allows balancing the values of the owners of financial resources and those of the consumers of capital.


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4 Rejting investicionnoj privlekatel'nosti regionov 2015 goda [The rating of the regions' investment attractiveness 2015]. Available from: https:// raexpert.ru/ratings/regions/2015/ (accessed 20.07.2016). (In Russ.)

5 Investicionnaja dejatel'nost' v Respublike Mordovija [Investment activity in the Republic of Mordovia]. Available from: http://mineco.e-mordovia.ru/ index.php?option=com_content&view=article&id=197&Itemid=450 (accessed 12.07.2016). (In Russ.)

6 Ibid.

7 Nacional'nyj rejting sostojanija investicionnogo klimata v sub#ektah RF [The National rating of investment climate in subjects of the Russian Federation]. Available from: https://asi.ru/investclimate/rating/ (accessed

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8 See reference number 5 in the list of References.

9 Regiony Rossii. Social'no-jekonomicheskie pokazateli. 2015 [Regions of Russia. Socio-economic indicators. 2015]. Moscow; 2015. 1266 p.

10 See reference number 5 in the list of References.

11 Ibid.

12 Sajt Korporacii razvitija Respubliki Mordovija [Mordovia Development Corporation website]. Available from: http://investrm.ru/ (accessed 18.07.2016). (In Russ.)

13 Sajt AU «Tehnopark-Mordovija» [Technopark Mordovia website]. Available from: http://www.technopark-mordovia.ru/lighting-cluster (accessed 18.07.2016). (In Russ.)

14 Sajt Associacii innovacionnyh regionov Rossii [The Association of Innovative Regions of Russia website]. Available from: http://www.i-regions. org/regions/the-republic-of-mordovia (accessed 20.07.2016). (In Russ.)

15 Rejting innovacionnogo razvitija sub#ektov Rossijskoj Federacii. Vypusk 4 [The rating of innovation development of the subjects of Russian Federation]. Moscow: Higher School of Economics; 2016. 248 p.

16 Sajt Federal'noj sluzhby gosudarstvennoj statistiki [Federal State Statistics Service]. Available from: http://www.gks.ru/ (accessed 20.07.2016). (In Russ.)

17 Sajt OOO «Centr nanomaterialov i nanotehnologij Respubliki Mordovija» [Nanomaterials and Nanotechnologies Center of the Republic of Mordovia website]. Available from: http://cnnrm.ru (accessed 18.07.2016). (In Russ.)

18 Otchet o realizacii Programmy razvitija FGBOU VO «MGU im. N.P. Ogareva» v 2015 g. [Report on implementation of Programme of development of Ogarev Mordovia State University in 2015]. 125 p.

19 Ibid.

20 See reference number 12 in the list of References.

21 Sajt AU «Agentstvo innovacionnogo razvitija Respubliki Mordovija» [Innovative development agency of the Republic of Mordovia]. Available from: http://i-mordovia.ru/ (accessed 18.07.2016). (In Russ.)

NERETINA Evgeniya Alekseyevna, Doctor of Economic Sciences, Full Professor, Head of the Department of Marketing, National Research Mordovia State University (Saransk, Russian Federation),e-mail: ch.marketing@econom.mrsu.ru.

SOLDATOVA Elena Vladimirovna, Candidate of Economic Sciences, Associate Professor at the Department of Marketing, National Research Mordovia State University (Saransk, Russian Federation), e-mail: elensold@mail.ru.


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