kaz29Вестник Казахстанско-Британского технического университетаHerald of the Kazakh-British Technical University1998-66882959-8109Казахстанско-Британский Технический Университет10.55452/1998-6688-2026-23-2-524-533kaz29-2930Research ArticleЭКОНОМИКА И БИЗНЕСECONOMY AND BUSINESSДЕТЕРМИНАНТЫ ОБЩЕГО ОБЪЕМА ИНВЕСТИЦИЙ В ГРИНФИЛД ИНФРАСТРУКТУРНЫХ ПРОЕКТАХ НА УРОВНЕ ПРОЕКТАPROJECT-LEVEL DETERMINANTS OF TOTAL INVESTMENT IN GREENFIELD INFRASTRUCTURE PROJECTShttps://orcid.org/0009-0008-2979-7857РыскулбековаМ. М.RyskulbekovaM. M.

Исследователь.

Шымкент

Researcher.

Shymkent

maralryskulbekova.98@gmail.comТОО «Nurstroy Yug»КазахстанNurstroy Yug LLPKazakhstan202627062026232524533Copyright © Рыскулбекова М.М., 20262026Рыскулбекова М.М.Ryskulbekova M.M.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vestnik.kbtu.edu.kz/jour/article/view/2930

Данное исследование рассматривает взаимосвязь между характеристиками проектов и общим объемом инвестиций в greenfield инфраструктурные проекты. В то время как существующая литература по прямым иностранным инвестициям в основном сосредоточена на макроэкономических и институциональных факторах, проектные характеристики остаются сравнительно недостаточно изученными. На основе выборки из 131 инфраструктурного проекта, полученной из базы данных Всемирного банка Private Participation in Infrastructure (PPI), в исследовании применяется множественный линейный регрессионный анализ для оценки влияния физических активов, мощности проекта, условий закупок, финансовой структуры и страновых характеристик на объем инвестиций. Результаты показывают, что физические активы оказывают положительное и статистически значимое влияние на общий объем инвестиций, что подтверждает капиталоемкий характер greenfield инфраструктурных проектов. В то же время мощность проекта демонстрирует значимую отрицательную взаимосвязь, что может свидетельствовать о наличии операционной эффективности или эффекта масштаба. Другие переменные, включая конкурентность закупок, финансовую структуру и страновые условия, не показали статистически значимого влияния. Полученные результаты подтверждают, что объем инвестиций в greenfield инфраструктурные проекты в большей степени определяется внутренними характеристиками проекта, чем внешними условиями. Исследование вносит вклад в литературу по инвестициям в инфраструктурные проекты и подчеркивает важность технического планирования, конфигурации инфраструктуры и операционной оценки при принятии инвестиционных решений.

This study examines the relationship between project-level characteristics and total investment in greenfield infrastructure projects. While existing foreign direct investment literature primarily focuses on macroeconomic and institutional determinants, project-specific characteristics remain comparatively underexplored. Using a dataset of 131 infrastructure projects obtained from the World Bank Private Participation in Infrastructure (PPI) database, the study applies multiple linear regression analysis to evaluate the effects of physical assets, project capacity, procurement conditions, financial structure, and country-level characteristics on investment size. The results show that physical assets have a positive and statistically significant effect on total investment, confirming the capitalintensive nature of greenfield infrastructure development. In contrast, project capacity demonstrates a significant negative relationship, suggesting the presence of operational efficiency or economies of scale. Other variables, including procurement competition, financial structure, and country-level conditions, do not demonstrate statistically significant effects. The findings provide empirical evidence that investment size in greenfield infrastructure projects is influenced more strongly by internal project characteristics than by broader external conditions. The study contributes to project-level infrastructure investment literature and highlights the importance of technical planning, infrastructure configuration, and operational assessment in investment decision-making.

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The authors declare that there are no conflicts of interest present.