MECHANISMS OF THE BUSINESS ENTITIES INNOVATIVE DEVELOPMENT FINANCING IN THE FACE OF GLOBAL CHALLENGES

Maryna Tatar; Valeriia Zaburanna

doi:10.32782/2308-1988/2024-48-10

Maryna Tatar National Aerospace University "Kharkiv Aviation Institutе" https://orcid.org/0000-0002-1111-7103
Valeriia Zaburanna National Aerospace University "Kharkiv Aviation Institutе"

DOI: https://doi.org/10.32782/2308-1988/2024-48-10

Keywords: innovative interaction, global challenges, sources of financing, innovative development, tools, mechanisms, mobilization of financial resources, business entities

Abstract

Strengths and weaknesses of the innovative development of Ukraine are identified. Possible sources of Ukrainian enterprises innovative development funding were analyzed and factors influencing the financing of the business entities’ innovative development were identified. The advantages and disadvantages of financing sources of innovative development are determined. The analysis of statistical data showed that the main source of financing innovations in the industry in Ukraine is the company's own funds. Mechanisms and tools for mobilizing financial resources for financing the innovative development of economic entities have been systematized. The results of modeling the impact of sources of financing on GDP and the volume of products sold by enterprises demonstrated the greater importance of financing enterprises at the expense of state budget funds for increasing the effectiveness of innovative activities.

References

Audretsch D. B., Link A. B. & Scott J. T. (2002) Public/Private Technology Partnerships: Evaluating SBIR-supported Research. Research Policy, no. 31(1), pp. 145–158.

Chung E. Y., Lee K. B. & Choi M. K. (2013) The Structural Relationship between R&D Resources and Innovation Performance in Manufacturing Industry: With a Special Emphasis on Internal R&D Capability, External R&D Collaboration, and Governmental Support. POSRI Business Review, no. 13(1), pp. 100–124.

Global Innovation Index (2023). Available at: https://www.wipo.int/edocs/pubdocs/en/wipo-pub-2000-2023/sk.pdf

Hovrak I. V. (2013) Financing of innovative development: realities and prospects. Marketing and Innovation Management, no. (1), pp. 229–235.

Kim J. & Park S. Y. (2015) The effect of innovation activities and governmental support on innovation performance: comparison between innovative SMEs and general companies. Asia Pacific Journal of Innovation and Entrepreneurship, no. 9(2), pp. 93–124.

Kolodyazhna I. V. & Borblik K. E. (2017) Sources of financing innovative activities of Ukrainian enterprises. Economy and society, no. (9), pp. 448–454.

Law of Ukraine "On Innovative Activity" dated October 16, 2012 No. 5460-VI. Available at: https://zakon.rada.gov.ua/laws/show/40-15#Text

Official website of the State Statistics Service of Ukraine. Available at: https://www.ukrstat.gov.ua/

Vnukova N. M. (2020) Activation of expanding access to means of financing the implementation of innovative projects of small and medium enterprises. Law and innovation, no. 2(30), pp. 17–23.

Yoon J. W. & Yoon S. (2013) The Effect of Government R&D Support on the Exploratative Activities of the Firm in Korea. Journal of Korea Technology Innovation Society, no. 16(1), pp. 279–302.