Resumen
The subject matter of the article is economic relations arising among subjects of investment activity within institutional models for financing the real sector of the economy. The goal of the work is the development of a financial and economic mechanism for ensuring the investment activity of enterprises within institutional models for financing the real sector of the economy with determining the optimal ratio of sources for financing investment resources on macro and micro levels when implementing the "state-regulator" and "state-investor" models of financing. The following tasks were solved in the article ? the essence of institutional models for financing the real sector of the economy was determined and their main characteristics were compared; the financial and economic mechanism to ensure the investment activity of enterprises within institutional models "state-regulator" and "state-investor" was developed. The following methods were used: the logical generalization and comparison, analysis and synthesis, induction and deduction, system analysis. The following results were obtained. The basic institutional models of financing the real sector of the economy were studied; basing on the comparison of the characteristics of models where the X and Y-economies predominate, the elements of the financial and economic mechanism for ensuring the investment activity of enterprises were determined; the elements of the mechanism were systematized in accordance with the prevailing interests of the subjects of ensuring investment activity depending on the investment goal on the basis of the selected model of the economic development and financial policy in the country. A set of methods and tools that actuate economic laws in financial relations under two institutional models of financing is emphasized. The order for determining the optimum interrelation of sources of financing of capital investments on macro and micro level is offered. Conclusions. The developed financial and economic mechanism includes the procedure for selecting methods and instruments of indirect stimulation (state-regulator) or direct financial support for investment activity of enterprises (state-investor) on the basis of the selected model of economic development and financial policy in the country. At the present stage of the development of Ukraine, a financial mechanism is needed to ensure the investment activity which includes the elements of two models, where the state simultaneously acts as both a regulator and an investor (mixed type).