Formation and regulation of construction enterprises' investment attractiveness as an economic security factor under digitalization

Abstract

The aim of the article is to develop an integrated approach to the formation and regulation of investment attractiveness of construction enterprises in which the digitalization of material and technical supply is treated as a separate component, and state regulation instruments as factors that strengthen or limit its effect, taking into account the role of investments in ensuring the economic security of construction enterprises. The research methods include structural analysis of the sources of capital investment financing for 2021–2025, comparison of reconstruction needs estimated by RDNA5 with the volume of attracted financing, construction of an integral index of investment attractiveness consisting of five blocks weighted by the rank-sum method, and scenario modelling for a model construction enterprise. It was found that enterprises' own funds provided 71.2% of capital investment in 2025 and 75.4% in the first half of 2026, bank loans only 4.6–5.1%, and foreign investors 0.1%, while reconstruction needs amount to USD 587.7 billion and only 9.2% of the declared needs of projects in the DREAM system are covered by financing. The calculations showed that the integral index of the model enterprise increases from 0.404 to 0.535 with supply digitalization, to 0.481 with regulatory instruments only, and to 0.642 when they are combined; the synergy effect is 0.030 points, and the largest contributions to the increase come from the digital supply block (38.7%) and the institutional and regulatory block (27.3%). A matrix of regulatory instruments is proposed in which each instrument is linked to a block of the integral index and a target indicator, with priority given to dual-action instruments – state guarantees and war risk insurance combined with requirements for digital traceability of materials in reconstruction contracts. Enterprises' reliance mainly on their own funds limits their financial stability and threatens their economic security; therefore, increasing investment attractiveness is considered a condition for strengthening it. The scientific novelty lies in substantiating the complementarity of corporate supply digitalization and state regulation in forming the investment attractiveness of construction enterprises. The practical value lies in the possibility for public authorities to use the model when selecting regulatory instruments, and for enterprises to use it for self-assessment and preparation for raising capital in reconstruction projects.