The article is solving an actual problem — development of a system of indicators to evaluate the effectiveness of financing industrial clusters in Russia. The article analyzes the cluster models of Russian and foreign authors, identifies their strengths and weaknesses. A universal information model of the cluster was developed, reflecting the interaction of the participants among themselves and with external stakeholders of the cluster development. The developed model has three control loops: internal cluster stakeholders, cluster, cluster's region. Each has the specificity of the movement of inventory and cash flows, information interaction in the implementation of cluster policy, and reflects the interests of various stakeholders of industrial clusters. The model lays the groundwork to justify a three-tier system of indicators to evaluate the effectiveness of financing industrial clusters. The subsystems of the indicators of the impact of the industrial cluster on the regional economy, of the indicators of the industrial cluster development and the subsystem of the indicators of the financial condition of enterprises participating in the industrial cluster are highlighted in the proposed system. The study used the methods of bibliographic and logical analysis, synthesis and systems approach, mathematical methods of statistical data processing. The developed system of indicators for assessing the effectiveness of financing industrial clusters can be used to conduct current and subsequent monitoring of financing the implementation of cluster programs, to prepare decisions on the allocation of budgetary funds by state and municipal authorities, and to potential investors to determine the most promising investment instruments.
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