Purpose: The aim of the study is to analyze investment activities in Ukraine to determine effective mechanisms and incentives for financing innovative activities.
Design / Method / Research ...approach. In the national economy of Ukraine, effective models of financing innovative activities, favorable for enterprises that introduce innovations, have not been created. Carrying out innovative activity, which is highly risky and does not always enable to plan profit amount, requires the use of financing flexible forms. Currently, there is no solution to individual issues of strengthening the positive impact of state financial policy on the innovation development in industry, funding sources optimization for innovation. In this regard, it is necessary to clarify the scientific provisions on the substantiation of mechanisms for stimulating the innovative activities financing as an important element of the national economy development state regulation.
Research results. The trends of innovative activity in terms of its financing sources have been analyzed. The problems of organizing the industrial enterprise financing have been highlighted. Prospective ways of solving the problem of financing innovative activities volume increasing and structure improving have been presented. It is necessary to transform the depreciation, budgetary and taxation, credit, technical and technological, foreign trade policy.
Theoretical value of research. It is proposed to modernize the methodological foundations for the targeted comprehensive programs development, implemented in the innovation sphere, which should consider the possibilities of using the appropriate instruments inherent in different areas of public financial policy, primarily budgetary and taxation.
Practical value of research. In order to stimulate innovative activities financing, it is necessary to introduce public-private partnership instruments. Various instruments can be used to solve the problem: direct government funding, government guarantees provision, joint (with a private partner) entrepreneurship (with or without a creation) on the basis of an open transparent tender. Further stimulation of conscientious venture business is advisable.
Originality / Value of research. The research is an original result of scientific work carried out by the author's team.
Research Limitations / Future Research. It is advisable to stimulate a conscientious venture business, which inherently tends to the implementation of innovative activities. The tools for the administration of intellectual property recognized by the world practice should be introduced.
Type of article: theoretical.
The article aims at studying the trends in the current state of the innovative activity at Ukrainian enterprises and its financing. The current state of the innovative activity at Ukrainian ...enterprises is analyzed; the financing of such an activity is explored. Trends in the innovation activities of Ukrainian enterprises during 2015–2019 indicate the presence of significant problems and a low level of innovation development, which, in turn, has a negative impact on product competitiveness and economic development, in general. So, according to the Global Innovation Index-2019, Ukraine ranks 47th among 129 surveyed countries. As for industrial enterprises, only 782 of them are innovatively active, making up 15.8% of their total number. It has been found out that the introduction of innovations in industrial enterprises in Ukraine is slowing down due to the lack of financial resources. The financial resources of enterprises remained the main source for funding innovation during 2015–2019. The role of the state in financing innovation is not significant, so almost the whole financial burden falls on business entities, which naturally hinders the increase in the innovative activity at enterprises. The problems of innovative development of enterprises in Ukraine have been identified and it has been established that the current state of innovation is a consequence of the lack of strategic vision and consistent state policy in transiting Ukraine to an innovative development path. The results of the research carried out shows the necessity of designing the Strategy for innovative activity development till 2030.
Studies on renewable energy, energy efficiency, and sustainability appear to have accelerated worldwide in response to the need for alternate energy sources against conventional fossil-based sources. ...This work contributes to the current body of information by estimating the effects of renewable energy and energy efficiency on technological innovation using panel data from 1995 to 2017 and employing the instrumental variable fixed effect technique. The results indicate that renewable energy and energy efficiency promote innovation performance at the aggregate and disaggregate levels. A one percent increase in renewable energy will lead to about 0.437% increases in trademark and 0.114% increase in the patent application, respectively. Increasing energy efficiency promotes trademark by 0.029% and patent by 0.054%, respectively. Another important finding illustrates the moderating impact of investment, trade and human development on the aforementioned relationship. A series of robustness checks support our essential findings. The research supports Porter's hypothesis and directs key policy suggestions regarding environmental policies and promotes policy measures for the use of cleaner energies; Décentralisation of the energy industry to give more room for private sector participation; financial incentives to energy consumers for using renewable energy; issuance of green certificates and intensification of feed-in-tariffs; introduction of the polluter-pay principles for accountable.
•Renewable energy, energy efficiency and innovation are analysed for 1995–2017.•Overall cleaner energy and energy efficiency has a significant impact on innovation.•Renewable energy promotes innovation through investment, trade and human capital.•Energy sector restructuring with regulations encourages sustainable energy.•Multilateral trade and energy measures link effective international cooperation.
The article discusses the problems of the innovative activity of managers in Russian enterprises as one of the conditions for the development of the labour potential of a region. The paper shows the ...main reasons for the low innovative activity of Russian enterprises. The systems of labour relations that have developed, as a rule, generate labour and innovative passivity as well as the opportunistic behaviour of managers. Most Russian enterprises lack incentive schemes for managers’ innovative activity. We propose a systematic approach to stimulating the innovative activity of managers, relying on the authors’ experience of researching the innovative activity of managers in a number of enterprises. The authors’ system «Innovation», which is a Russian version of the Japanese lean manufacturing system, stimulates the innovative activity of personnel. Implementing this system in the enterprises of the Ural Federal District has convincingly shown that in modern conditions, a radical increase in the innovative activity of business managers is possible. It, therefore, stimulates the development of regional labour potential. Our hypothesis is that a high innovative activity of managers in Russian enterprises is possible by developing and implementing a two-sided incentive system for stimulating managers’ innovative activity. Such a system should provide not only incentives for innovative activity but also managers’ responsibility for their innovative passivity. We suggest a system of concepts of the innovative activity of personnel, which is necessary when organizing work to stimulate the innovative activity of enterprise managers. For the first time in the theory of incentives for staff and practical activities of enterprises, we propose to introduce a semi-annual assessment of the innovative activity of managers. The assessment of managers’ innovative activity is an instrument for incentives for an enterprise. Moreover, for managers, it becomes one of the motivational factors for the manifestation of innovation activity. The research results were applied in the development of the System of Innovative Activity of Managers in OAO Uralelectromed and OAO Shadrinsky Auto Aggregate Plant. The results of the research can be applied in industrial enterprises of different legal status and forms of ownership.
The need to expand the current method of accounting for innovative activity of the enterprise, based on the use of modern economic concepts, has been highlighted. The expediency of introducing the ...concept of complementary assets into the accounting system has been grounded. The historical aspects of the emergence of the concept of «complementary assets» have been analyzed. The concept of complementarity has been characterized and the features of its use in economic sciences have been determined. The need for the development of applied aspects of the accounting of complementary assets, which are used in the innovative activity of the enterprise, have been grounded. The value of accounting information of complementary assets for internal and external users have been disclosed. The main features of complementary assets and their classification according to D.J. Teece approach have been analyzed. The role of complementary assets as the main factor in shaping the technological trajectory of the enterprise has been determined. The essence and importance of complementary assets in ensuring the efficiency of the innovative activity of the enterprise and the need to provide accounting information about them to interested users have been grounded.
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