Economic effectiveness of enterprise’s innovative development (on the example OF JSC “Ust-kamenogorsk valves plant”).

Abstract

Innovative processes, as well as scientific and technological progress, provide an opportunity to constantly update production based on mastering the achievements of science and technology. Innovation is an important means of achieving the goals of developing a strategy for economic agents that have a positive effect on improving the effectiveness of a company.Anecessary factor for economic growth and competitiveness of the Kazakhstani economy is to solve the problem of organizing innovations, focusing on innovative needs, as well as the creation of stimulating development of innovative processes of organizational and economic conditions and the development of theoretical and practical provisions in order to assess the economic impact of research and development on it. In this context, the aim of the study is to consider ways to improve the economic performance of enterprises through innovation. To achieve this goal, an analysis of the literature in the field of innovation, analysis of regulations, as well as interpretive research methods, such as sociological and empirical methods, were used. Also, a financial analysis of the activities of Ust-Kamenogorsk Valves Plant JSC was carried out, which made it possible to characterize the financial condition of the company. The company was found to have managed its funds responsibly during the period under review. Two innovative portfolios were evaluated, which made it possible to determine the profitability of certain projects. It is concluded that the state innovation policy in the Republic of Kazakhstan is predominantly of an organizational and regulatory nature, there are few financial and resource measures and tax support for innovations from the state.