Financing Of Innovative Activity Research Articles

Innovations and Technological Development in the Financial Sector of Ukraine: SWOT Analysis and Comparison of Opportunities

In today's conditions, the competitiveness of the economy in the long term depends on sustainable economic growth, improvement of the quality of life and welfare of the population. Achievement of such results is facilitated by the efficient use of the resource, scientific, technical, and financial potential, commercialisation of research and development, and active introduction of innovative goods and services into business practice. In this regard, there is a growing interest of the state and corporate structures in studying the experience of forming innovation systems; financing innovation activities on a global scale; and the country's transition to a new stage of development. Financing of innovation activity in the financial sector can ensure qualitative transformations in all spheres of economic life, so the relevance of this issue can hardly be overestimated. Given the critical relevance of the topic for the Ukrainian economy under martial law, the purpose of the article is to recognise the need to specify the strengths and weaknesses, as well as to diagnose the opportunities and threats to technological development of the financial sector. In order to achieve this goal, the following issues should be addressed: to outline the areas of the introduction of innovations and modern information technologies in the financial sector; to analyse statistical material on the introduction of innovations in the modern financial sector; to analyse the strengths, weaknesses, opportunities, and threats to technological and innovative development of the financial sector. As a result of the study, a statistical analysis was conducted, which showed that the modern financial sector has the potential for significant innovative development, but there are also significant risks in this area. The analysis revealed that the main risks in the area of innovative development of the financial sector are related to data protection and military operations in Ukraine. Therefore, the requirement for further development is a systemic nature and a comprehensive approach to introducing innovations in the financial sector.

СТРАТЕГІЇ ІННОВАЦІЙНОГО РОЗВИТКУ БІЗНЕС-СТРУКТУР: УМОВИ ВИБОРУ ТА ОСОБЛИВОСТІ РЕАЛІЗАЦІЇ

The article is devoted to definition of the innovative strategies chosen by the Ukrainian business structures, and features of their realization. Topicality of the conducted research stems from the necessity of innovative development of the domestic enterprises, which is impossible without the correctly chosen strategy. The aim of the article was to determine the strategies that promote the innovative development of domestic business structures, the conditions of their choice and features of their implementation. In order to achieve the purpose the state of innovation activity of Ukrainian enterprises was analyzed in the course of the research and it was determined what strategies of innovative development are chosen in unstable political and economic conditions. n the course of the study, general scientific methods such as analysis, synthesis, induction, analogy and deduction were applied. According to the results of the analysis it was determined that Ukrainian enterprises need a competent innovation policy, which is impossible without a properly chosen strategy for innovation development. The level of competitiveness and financial stability in a market economy depends on it. At the same time, financing of innovation activities in the majority of domestic business structures is at a rather steep level. This is evidenced by the survey of business representatives on innovation activities and the most pressing R&D needs conducted by the Ministry of Education and Science of Ukraine and the Ministry of Economic, Trade and Agricultural Development of Ukraine in 2020. According to it, funding of own and support of external R&D and other innovation activities is low. Out of the large choice of innovation strategies, Ukrainian business structures are more likely to choose organisational change strategies, marketing strategies, product strategies and information strategies, i.e. those that need little investment. The practical significance of the study lies in the possibility of using the results obtained by Ukrainian business structures implementing innovations to produce new types of higher quality products at lower costs.

ACCOUNTING AND INFORMATIONAL SUPPORT FOR FINANCING AND MANAGEMENT OF INNOVATIVE ACTIVITIES OF ENTERPRISES

Introduction. The development, financing, and implementation of innovative projects require the organization of effective innovation management, with the primary source of information being the accounting of innovative activities. The purpose of the article is to optimize theoretical principles and enhance the methodology of preparing and using accounting information for managing innovative activities, as well as financing innovative projects. Results. The interconnection of operational, investment, and financial activities of enterprises within the innovation environment has been substantiated, encompassing the creation, implementation, and realization of innovations. The positioning of accounting information about the operational, investment, and financial activities of enterprises in the management and financing of innovative processes has been investigated. In order to ascertain the substantive content of accounting information about the innovative activities of enterprises, a classification of its objects from the perspective of management, accounting, and financing has been carried out. For the effective accounting of diverse and variable innovative objects, the utilization of universal principles for the preparation and application of accounting information has been proposed. It has been demonstrated that adhering to fundamental provisions ensures an efficient integrated interaction between accounting, management, and financing of enterprises' innovative activities. The distinctive features of forming and using accounting information within an integrated system of accounting and management of innovative processes have been identified. Conclusions. The effective preparation and utilization of accounting information, utilizing the provided suggestions and recommendations, in the management and financing of innovative activities ensures the realization of its goals and the attainment of positive financial outcomes. Further research is needed for the methodology of accounting for variable innovative objects with the preparation of reporting for internal and external stakeholders.

МЕТОДИЧЕСКИЕ ПОДХОДЫ К РЕАЛИЗАЦИИ ФИНАНСИРОВАНИЯ ИННОВАЦИОННОЙ ДЕЯТЕЛЬНОСТИ С УЧЕТОМ ИНСТРУМЕНТОВ ГОСУДАРСТВЕННОЙ ПОЛИТИКИ

The study examines current issues of financing innovation, where public policy instruments play a key role. The purpose of the study is formulated, which is to develop methodological approaches to the implementation of financing of innovation activities. A scoring-rating system is proposed for assessing the level of attractiveness within the framework of the export orientation of countries for industrial production, which allows ranking foreign countries for competitive advantages in the production and export of innovative types of products. An algorithm has been developed for identifying export-oriented countries for the industrial production of innovative types of products, the essence of which is to determine the financial conditions for the implementation of innovative activities on the world market.

ІННОВАЦІЇ ЯК КЛЮЧ ДО ЕКОНОМІЧНОГО РОЗВИТКУ І КОНКУРЕНТОСПРОМОЖНОСТІ ПІДПРИЄМСТВ БУДІВЕЛЬНОЇ ГАЛУЗІ

The article is devoted to the role of innovations in economic development and increasing the competitiveness of enterprises in the construction industry. Currently, innovations are actively developing in construction, in particular, the introduction of the latest technologies, solutions and materials. Special attention is paid to innovations and "ecological construction". These phenomena and processes are an important factor in increasing the productivity and competitiveness of construction enterprises and the construction industry in general. The article describes the sources of financing of innovative activities, which are divided into own funds of enterprises, funds from the state budget, funds from non-resident investors, and funds from other sources. The article analyzes the costs of innovation for industrial enterprises over the past 10 years, and presents a diagram of changes in the size of innovation costs for industrial enterprises. The article analyzes the sources of financing the innovative activity of industrial enterprises, because construction enterprises belong to the complex of heavy industry branches and provide it with the most important materials. Analysis of the sources of innovation financing for industrial enterprises during 2010-2020 proves that the main source of investment financing is the company's own funds. The article also presents the structure of sources of financing of innovative activities of industrial enterprises. Summarizing the importance of innovations for the economic development and competitiveness of enterprises in the construction industry, a number of advantages are highlighted, namely: innovations act as a driving force for development, contribute to the competitiveness of enterprises and the economic development of the industry.

FINANCIAL ASPECTS OF INNOVATIVE DEVELOPMENT

Innovation is a key factor in economic growth and competitiveness. It enables businesses to create new products and services, which increases their efficiency and profitability. However, innovation is costly. It requires significant financial resources, which are not always available to enterprises. This is one of the main problems hindering the innovative development of the economy. The purpose of this article is to study modern approaches to financing innovations, identify the factors that influence the choice of financing sources, identify existing problems, and develop proposals for their solution. The article examines the main sources of financing innovations, which include budget financing, company’s own funds, and attracted and borrowed funds. It argues that effective financing of innovative activity requires a comprehensive approach that takes into account both internal and external factors. Solving the problems of financing innovations and increasing the efficiency of innovative projects is an important task for increasing the competitiveness of the economy. For the successful development of innovations, it is necessary to create a favorable environment for financing and develop effective mechanisms for evaluating the effectiveness of innovative projects. Solving the problems identified during the research will help increase the level of innovative activity in the country and contribute to the growth of its competitiveness.

METHODOLOGICAL JUSTIFICATION OF MANAGEMENT DECISIONS IN THE INVESTMENT AND INNOVATION SPHERE

In the study, attention is updated to the issues of management of the processes of investment and innovation development of business entities. The purpose of the research is to form methodological and applied support for the justification of management decisions in the field of investment and innovation development of economic entities. It is shown that the restoration and further strengthening of competitive positions, increasing the social and economic efficiency of enterprise management requires a more active and systematic introduction of innovations. It was concluded that one of the most important prerequisites for innovative activity is its financial, in particular, investment support. It is shown that the substantiation of the theoretical-methodical and applied basis for the justification and adoption of management decisions in the field of investing in the innovative development of enterprises is becoming highly relevant. It is pointed out that there is still a lack of a full-fledged methodology for justifying management decisions in the field of investment and innovation development of enterprises. It has been established that the application of the investment-innovation approach to the development of enterprises, which means a specific type of strategic management decision-making in the field of operation and development, which allows directing business processes to new, more effective parameters, covering all aspects of the enterprise’s activities and ensuring their improvement in innovative ways principles, today it is becoming more and more irreplaceable. It is substantiated that in order to ensure a sufficient variability of innovative approaches to development, the classification of their types should be applied, supplemented by approaches based on such classification features as competitive positions on the innovation market, the target orientation of financing of innovative activity, its directions, types of innovation policy, functional areas of innovation implementation. The applied value of the research results lies in the formation of a qualitative system of substantiation of management decisions at domestic enterprises through the implementation of an investment-innovation mechanism for supporting investment-innovation activities, which consists of a set of methods and tools for investment support for innovative development based on the use of internal and external financial and investment assets, institutional basis, organizational and information support. The scientific novelty of the research results lies in the identification of methods (forecasting and planning, budgeting, analysis, scenario modeling, regulatory and balance analysis, controlling, auditing, monitoring and technology outsourcing) and tools (normative regulation, economic incentives, standardization, reporting, informing, automated management and programming) investment support for innovative development of business entities.

FORMATION OF INNOVATIVE POTENTIAL OF ENTERPRISES IN THE CONTEXT OF DIGITALIZATION OF REGIONAL ECONOMIC SYSTEMS

The article analyzes the peculiarities of creating innovative potential of enterprises in the conditions of digitalization of regional economic systems. It is determined that the innovative potential can be considered from the point of view of the ability to produce/produce innovations on the basis of continuous, purposeful, professional, client-oriented activity, based on application of progressive knowledge, generation and realization of the most viable ideas, their commercialization, which makes it necessary to effectively cooperate with external environment and system functioning of all components of the enterprise. The interrelation of the components of the potential of the enterprise and peculiarities of its interaction with the external environment is outlined. Factors of formation of innovative potential of enterprises under conditions of innovative and digital tendencies are determined. The general trends of development of innovative opportunities of Ukraine according to the world ratings have been analyzed (World Competitiveness Rankings, Global Innovation Index). The structure of the sources of financing of innovation activity of industrial enterprises and the change of share of the number of innovation-active enterprises in the total number of industrial enterprises is analyzed. Assessment of direct losses in the industrial sector as a result of the war was carried out. It is determined that attraction of foreign investors into the domestic economy is possible by means of the use of digital transformation instruments, for example, the electronic platform Advantage Ukraine, as well as through the programs of international assistance, for example: «EU4Business: Competitiveness and internationalization of SMEs». The geography of activity of enterprises receiving microgrants from EU4Business is analyzed. It is well-grounded that digital transformation, dizhitalization has a stimulating effect on the development of all spheres, in particular, on the formation of innovative potential of enterprises. In this context, consistency and systematization are important to ensure an appropriate level of adaptability, taking into account limited resources and the formation of the environmental impact of limited resources.

FINANCING INNOVATIVE ACTIVITIES OF INDUSTRIAL ENTERPRISES OF UKRAINE

Ensuring the competitiveness of Ukrainian goods and technologies is an important problem, the solution of which is connected with the improvement of their development, production, sale and maintenance, that is, with the implementation of targeted financing of innovative activities. The purpose of the study is to determine the state and establish trends in the financing of innovative activities of industrial enterprises of Ukraine for the period 2000-2020 based on actual data provided by the State Statistics Service of Ukraine as of the date of publication of the article. Analytical method, methods of data grouping, graphic methods, methods of deduction, comparison, systematization and logical generalization were used in the research process. The article examines the dynamics of sources of financing innovative activities of Ukrainian enterprises over a certain period of time; considered internal and external sources of financing innovative processes, problems and prospects of their involvement by domestic industrial enterprises. It was established that in the period before the announcement of quarantine measures due to COVID-19 and the subsequent start of Russia's aggressive war against Ukraine, the main sources of financing innovative activities in Ukraine were: companies' own funds; funds from the state budget of the country; funds from foreign investors and funds from other funding sources (funds from domestic investors, grants, etc.). The conducted research shows that the state policy of Ukraine regarding the implementation of innovative activities is unstable and fragmented. Adopted state acts are not supported by financial and other instruments that would allow domestic enterprises to carry out and finance innovative activities at an accelerated pace. In such a situation, the leadership of our country should pay more attention to the improvement of the legislative framework and the creation of real financial instruments of forced assistance to Ukrainian enterprises in the implementation of innovative activities.

Фінансування інновацій ТНК у контексті інноваційної трансформації економіки регіонів України

It has been found that the world flagship of financing innovation activities are TNCs, which, due to the high level of concentration of investment potential, have the opportunity to finance capital-intensive innovation projects related to the modernization of the most high-tech industries and basic information and telecommunication technologies. It is proved that the selection of sources and methods of financing the innovation activity of TNCs depends on the stage of the life cycle of an innovative product, which makes it possible to timely eliminate the deficit of financing by diversifying the sources of financial and investment support for research, development and approbation of prototypes of equipment and technologies. Studies have shown that the financing of innovation activities in American, European and Japanese TNCs is marked by their distinctive features based on the structure of sources of funding for research and development, in particular the participation of the State in this process. It is determined that Ukraine needs an innovative model of transformation of the post-war economy in order to eliminate at an accelerated pace the terrible consequences of the armed invasion of russian aggressors, to modernize energy-intensive segments of the national economy, to ensure the mass introduction of modern innovative technologies in all phases of the reproductive process and to use the existing production and technical potential of regional economic complexes to straighten territorial imbalances of the socioeconomic development. It has been found that the main catalyst for innovative transformation of regional economic complexes in Ukraine is the inclusion of TNC divisions in them, primarily in terms of financing the processes of production and introduction of innovative technologies. It is substantiated that in the context of the expediency of implementing the best practices of financing research and development into the domestic practice of innovative transformation of the regional economy, it is worth adopting the South Korean experience, which allowed this country to turn from an industrially backward agrarian country into an advanced country in Southeast Asia in a few decades.

Сучасні тренди у фінансуванні інноваційного розвитку підприємств промисловості в Україні

Nowadays, the role and importance of scientific developments in financing the innovative development of enterprises in Ukraine is growing more than ever because innovations are becoming the driver of all transformations. Despite the significant scientific output of Ukrainian researchers, the dominant problem that must be solved immediately is the search for effective sources of financial resources to ensure the development of innovative activities of industrial enterprises since they form the lion's share of the real GDP of the state. The article aims to assess current trends in financing innovative activities of industrial enterprises to substantiate how to ensure their innovative development in preserving competitive advantages on the market. The results of this study were obtained by analyzing and summarizing the conclusions made by Ukrainian scientists in previous studies and are the basis for substantiating the financing mechanism for the innovative development of industrial enterprises. In particular, it was established that the level of innovative development of enterprises in the real sector of the economy is influenced by general economic indicators, such as the level of innovative activity and the innovative capacity of the state. Ukraine's position in international rankings based on indices of innovation capacity was evaluated. The peculiarities of forming financial resources to ensure innovative development at the macro level were revealed. The results of the analytical assessment of the sources of financing of innovative activities of industrial enterprises show that the state's share in the financing of innovations is insignificant. Instead, the vast majority of innovations are financed by the funds of industrial enterprises, which is a negative trend in wartime. Several measures were proposed that will help increase the level of innovative activity of industrial enterprises by optimizing the funding sources for the innovation implementation process. The implementation of the measures listed in the article will be a catalyst for the innovative development of industrial enterprises. It will create a stable platform for financing innovations in Ukraine.

ЗАГРОЗИ ТА РИЗИКИ ФОРМУВАННЯ ТА РЕАЛІЗАЦІЇ ІННОВАЦІЙНО - ІНВЕСТИЦІЙНОГО ПОТЕНЦІАЛУ УКРАЇНИ ТА НАПРЯМИ ЇХ УСУНЕННЯ

For innovation, investment activity, use and increasing of innovation-investment potential effective management of innovation-investment processes is necessary, which involves analysis of their current state, identification of factors and risks affecting them. The complexity and multifactorial nature of these processes make it necessary to study the prospects for building innovation and investment potential, and the place of active government actions in this process. The article examines the prospects for building innovation and investment potential. The main strategic tasks of building innovation and investment potential are defined, such as the development of legislative and regulatory documents regarding the transition of Ukraine's economy to an innovative path of development; constant monitoring of the state and development trends; determination of scientific and technological level and production technology, finding priority areas of development; objective assessment of scientific potential; establishment of effective scientific and industrial relations and forms of transfer of intellectual property, provision of targeted state support to enterprises carrying out their own development of innovative products and technologies. Using a graphic method and analysis, the dynamics and structure of the investment resources involved in the economy of Ukraine and the sources of financing of innovative activities were determined. Measures to increase innovation and investment potential have been determined. The risks and problems that hinder the formation and implementation of innovation and investment potential in Ukraine are systematized, and the need for their timely detection and elimination is substantiated. It is argued that the basic condition for building innovation and investment potential should be neutralization of key risks that make it impossible to create a favorable investment climate, including important issues of forming incentives for building innovation and investment potential, taking into account and systematizing possible additional resources for innovation at the state level The main criteria of the state's investment policy for a continuous and constant flow of effective investments in innovation are determined, namely: science-based economic policy of the state; the development of the domestic producer with a priority on the introduction of innovations, the growth of solvent demand within the country and the capacity of the national market.

FINANCIAL ASPECTS OF INNOVATIVE STATE DEVELOPMENT MANAGEMENT IN MODERN CONDITIONS

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.

FEATURES OF INNOVATION MANAGEMENT AT MODERN ENTERPRISES

The article is aimed at substantiating the peculiarities of managing the innovative activity of enterprises in modern conditions. Methodology. The article substantiates the importance of innovation activity and innovations for modern enterprises. The review of statistical data on sources of financing of innovation activity in Ukraine is carried out. The reasons that led to the actual state of innovation in the country are indicated. The main stages of innovation management at enterprises, shortcomings and the most pressing problems are determined. Results. Considering the issue of innovation management, it is worth noting that currently there is no country where economic competition for leadership in world markets would not be associated with innovation, the innovation impetus, to a greater extent, concerns Ukraine. As never before, Ukraine must be ready to use innovative chances, increase competitiveness in order not only not to suffer losses, but on the contrary - to take advantage of new opportunities associated with EU enlargement. Under such conditions it is necessary to increase the efficiency of production factors, develop new competitive advantages that should ensure successful integration into the European and world markets. Practical implications. Innovation activity involves the development and implementation of new products, goods, technologies, organizational and managerial innovations through the development and use of the innovative potential of the enterprise. That is, development based on innovations enables enterprises to keep up with the times. Value/originality. It should be noted that the process of managing the development of an enterprise on an innovative basis includes the processes of introducing and using new equipment, technologies, management, organizational and other types of innovations carried out through the coordination, organization, streamlining, regulation of innovation processes and innovation activities of the enterprise. All this is aimed at preserving, maintaining and strengthening the competitiveness of the enterprise as a whole.

High-Tech Entrepreneurship in the Russian Regions: Conditions for the Emergence of New Companies

—The main goal of this study was to identify the environmental factors at the regional level that influence the emergence of high-tech companies and to assess the direction of this impact. The empirical basis of the study was the data on the state of companies in high-tech and knowledge-intensive industries by regions of the Russian Federation contained in the definitive SPARK database, indicators of economic development of the regions published by Rosstat, as well as open information provided by public authorities. The processes of setting up new companies were estimated by the number of firms with nonzero revenue whose age did not exceed 3 years. In addition, the ratio of this number to size of the regional employment was analyzed. The factors of the regional environment were considered in the context of five blocks: i.e., innovation potential, human resources, general characteristics of industrial production, state support for innovation activity, and partnership interactions between innovative companies. Particular attention was paid to the last two blocks. An analysis of the general characteristics of the sample shows that young companies are distributed extremely unevenly throughout Russia; 47.8% operate in five regions. At the same time, 96% of all firms can be rated as microenterprises. The results of econometric calculations reveal that federal financing of innovation activities in general at the regional level is positively significant, as is the involvement of organizations in joint R&D projects. At the same time, the participation of the regional budget and the allocation of federal resources in support of innovative infrastructure for small and medium-sized businesses, as well as the participation of regional firms in clusters and technology parks, have not yet had a significant impact on the emergence of new high-tech enterprises.

Innovative potential of the consumer sector of the economy: financial, economic and legal aspects

The authors of the article have analyzed the legal, financial and economic aspects of the innovative capacity of the consumer sector of the national economy of Ukraine. The problems that slow down the process of forming the innovative capacity of the consumer sector of the national economy have been identified. The results of theoretical and methodological research of the essence of the innovative capacity of the consumer sector of the national economy have been presented. It has been offered to consider the following the most influential financial and economic aspects for the formation of the innovative capacity of the consumer sector of the national economy: the dynamics of issuing security documents for industrial property facilities in Ukraine; volumes and sources of financing of innovation activity in Ukraine; motivation to intensify innovation activity. It has been concluded that Ukraine has created a regulatory legal base for regulating innovation activity, but it needs further improvement and adaptation to European legislation. It has been determined that the innovative capacity of education as a component of the consumer sector of the national economy is influenced by several factors, namely: the dynamics of budget funding of general secondary educational institutions and the dynamics of changing in the number of such institutions. The authors have suggested the list of resources, which are expedient to involve at acceleration of the process of the formation of innovative capacity of the consumer sector of the national economy.

State Financing of Innovation Activities in the Russian Federation: Problems and Prospects in a Crisis

State Financing of Innovation Activities in the Russian Federation: Problems and Prospects in a Crisis

Current trends of financing the innovative activity of industrial enterprises of Ukraine

The article aims to determine current trends in financing the innovative activities of industrial enterprises of Ukraine using statistical methods and theoretical and methodological tools. The methodology of the research on the financing of innovation activities of industrial enterprises includes the use of several general scientific and special methods. In particular, when developing the source base of the researched issues, the authors used the method of unity of historical facts and logical conclusions. Concerning special methods, the authors were guided by observation, analysis and synthesis when conducting vertical and horizontal analysis of state and quality indicators of financing the innovative activities of industrial enterprises and changes in the number of such enterprises. Also, the comparison method was used to analyze the state of financing the innovative development of enterprises abroad and in Ukraine. The scientific novelty of the study is to identify the main deterrents in the financing of innovative activities of industrial enterprises of Ukraine and provide recommendations, applying the experience of other countries. Over the last decade, Ukraine has suffered from several risks, both at the macro level and at the level of the real sector of the economy, which affected the level of innovation in the country. However, despite more negative than positive trends in innovation, industrial enterprises in Ukraine still focus on innovation. The issue of financing remains problematic, as it is more a concern of the industrial enterprises themselves. Therefore, the state should take care of the development of innovations and promote industrial enterprises by increasing funding. Conclusions. Thus, the conditions of financing of innovative activity of the enterprises of Ukraine are not stable, but they are also not critical. Considering the strengths in financing the innovations of the neighbouring countries, it is necessary to consider possible options for improving the innovation potential of industrial enterprises in Ukraine. However, the risks that may become an obstacle are worth considering. One of the most significant is still the risk of the country with an unstable macro-situation and many political and social problems. Key words: innovative activity, industrial enterprises, innovations, expenses, financing.

State Financing of Innovation Activities in the Russian Federation: Problems and Prospects in a Crisis

State Financing of Innovation Activities in the Russian Federation: Problems and Prospects in a Crisis

ТРАДИЦИОННЫЕ И СПЕЦИФИЧЕСКИЕ ФОРМЫ ФИНАНСИРОВАНИЯ ИННОВАЦИОННОЙ ДЕЯТЕЛЬНОСТИ В РЕАЛЬНОМ СЕКТОРЕ ЭКОНОМИКИ

One of the promising areas of the economy in recent decades is innovation. To date, a significant advantage in the economic environment has been given to developments in the field of innovation. The development of new innovative projects and technologies, as well as the results of scientific research, come to the forefront in the confrontation between states. But the financing of innovation activities in the Russian Federation is one of the primary difficulties faced by scientific and innovative organizations. This article discusses the traditional and specific forms of financing innovation in the real sector of the economy. The positive and negative aspects of each of the forms are given. Also given are examples of factors for the most effective management of innovation activities and recommendations for the effective use of forms of financing.