Abstract
One of the most crucial tasks for the national economies development both in European countries and Ukraine is stimulating and ensuring sustainable economic growth. For this purpose, all states develop an innovative sphere and use financial different instruments. The aim of the article is determining the impact of financial instruments and innovations on business environment development of the national economy of Ukraine in comparison with European countries in order to create successful and effective business environment in Ukraine for foreign investments. The paper examines the impact of foreign direct investments and domestic loans on the Global Innovation Index 2018 using two-factor analysis of variance. The null hypothesis of an interaction effect (factor A (foreign direct investments, net inflows) and factor B (domestic loans of financial sector) doesn`t exert an interaction effect on result Y (Global Innovation Index)) was rejected. Also the combination of foreign indicators, direct investments and domestic loans has a significant impact on the Global Innovation Index. Practical recommendations should provide a comprehensive approach to assessing the use of financial instruments in order to encourage the investments. Thus, overcoming the uneven distribution of innovations and investments should provide using the global financial resources.
Highlights
One of the most vital tasks for the development of national economies of Europe and Ukraine is stimulating and ensuring sustainable economic growth, entering of traditional business into foreign markets, as well as business environment developing for innovative projects implementation
Since the null hypothesis of vative provision level of sustainable economic dethe interaction effect was rejected, it can be con- velopment of the countries of the world and the cluded that the combination foreign direct invest- construction of an integrated index of innovative ment, net inflows and domestic loan provided by provision of sustainable economic development in financial sector has a significant impact on global a defined sequence of stages, which enables a cominnovation index
The calculated value of Cochran criterion is based A comparative analysis of the innovative provion the formula: sion level of sustainable development of the national economy and the nineteen countries of the
Summary
One of the most vital tasks for the development of national economies of Europe and Ukraine is stimulating and ensuring sustainable economic growth, entering of traditional business into foreign markets, as well as business environment developing for innovative projects implementation. The success of development of innovative business environment and financial instruments depends on the systemic work of the government, public-private partnerships, entrepreneurial initiatives and scientific activity. Entrepreneurship support should be accompanied by effective use of financial instruments and innovations. Innovative development of enterprises in global conditions is an important factor in the competition both on micro- and macro-levels. Different social and economic development of countries provokes uneven innovation development of enterprises in the global dimension. All states develop, to a greater or lesser extent, the innovative sphere and financial instruments
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