FINANCIAL ASPECTS OF INNOVATIVE STATE DEVELOPMENT MANAGEMENT IN MODERN CONDITIONS

Abstract

Introduction. The issue of financial support for the management of innovative development of the state in modern conditions is highlighted. The analysis of the sources of financing of innovative activity was carried out, indicating negative trends in the structure and conditions of financial support for the management of innovative development. Recommendations have been developed for the improvement of innovative activity, taking into account the continuity of reproductive processes, which are implemented in the presence of a sufficient amount of financial resources by distinguishing the mechanism of financing, planning, budgeting and balancing of cash flows. Goal. The purpose of the article is to analyze the state, features of the financial support of innovative development of the state and assess its consequences in the conditions of modern economic transformations in order to identify the optimal directions of management of innovative processes. Research methods. The methods of generalization, systemic and structural-logical analysis were used in the process of preparing the article. The results. It is substantiated that in modern conditions, the imperative of innovative development is determined by the novelty, complexity, intensity and danger of global transformations, which determines the expediency of using management tools and their adaptation to a specific situation. It has been proved that the key role in the innovative development of the state is played by financial resources, due to which all stages of the innovation process are provided and various links of innovative activity are coordinated. The state of financial support for the management of innovative development is analyzed, since the economic effect of such development is determined by the ability to accumulate a sufficient amount of financial resources for the implementation of innovative ideas and affects the speed of bringing innovations to the market, and therefore, their commercial success. Attention is focused on the fact that the reduction of research and development costs, as a result, the reduction of the attractiveness of the research system for young scientists, the low concentration of researchers, the insufficient level of development of the innovation infrastructure, the limitation of the tools of institutional and financial support for innovators caused a negative impact on the reduction of the effectiveness of innovation activity. insufficient protection of intellectual property rights. It is proposed to ensure effective financing of innovative activities of economic entities by releasing a certain part of financial resources as a result of the introduction at the state level of special accounting and depreciation and tax policy regimes, as well as by attracting external investors to finance innovative projects, participation in international projects, within the framework of which innovative developments of enterprises will be supported. Recommendations have been developed for the activation of innovative activities through the use of various forms of state financial support; stimulation of investment in the innovative sphere; increase in funding of priority areas of science and innovation; balancing the volumes of expenses for fundamental, applied research and development; establishment of cooperation between the state and business sectors regarding the commercialization of innovations; expansion of interstate cooperation. Key words: financial support, innovative activity, innovative costs, sources of financing, innovative development, innovative processes, financial support, investment resources.