Faculty of Economics
Speciality: Management of innovative activity
The present condition of realisation of innovative activity in Ukraine does not meet the requirements of the modern world market. It testifies to low efficiency of a modern innovative policy and imperfection of an operating control system of innovative projects and causes necessity to reconsider and improve principles of the state innovative policy. Also, considering that fact that realisation of innovative activity is priority in modern conditions it is necessary to estimate truly and precisely possible economic consequences of realised projects. Therefore essential value has such stage of the innovative project as an economic substantiation of the project. Special value of an economic substantiation is caused by that at this stage possible economic benefit of realisation of the project is defined and the decision concerning the further introduction of the project is made. Also the great value has the account of possible negative consequences ineffective, or absolutely inefficient projects.
The question of an economic substantiation of projects was in details considered by many domestic and foreign researchers, therefore today there is accurate enough methodical device of definition of economic efficiency. It is set of indicators which characterise the different parties of the project. But each of these indicators has certain lacks and requires the further improvement; also necessary working out of recommendations concerning use of these methods of estimation taking into account features of national economy.
The urgency of the specified problem, its special importance and necessity of the decision have defined a theme of master's work, its purpose and problems.
The purpose of master's work are the further development of theoretical bases and working out of methodical recommendations concerning an economic substantiation of innovative projects. For object in view achievement such problems have been solved:
- Principles of estimation of innovations are analysed;
- The role and a place of an economic substantiation of innovations in strengthening of motivation of innovative activity is revealed;
- The basic methods of an estimation of economic efficiency of innovations are analysed and systematised;
- Methodical bases of an economic estimation of innovative projects are improved;
- Specificity of use of separate estimated indicators is specified
efficiency of innovations;
- Methodical recommendations about a substantiation of the economic are developed
Expediency of realisation and the further use of innovations.
Object of research - process of an economic substantiation of innovative projects.
Subject of research - main principles and methods of an establishment of economic feasibility of realisation and the further use of innovations.
A theoretical and methodological basis of master's work are: classical positions of the economic theory, laws of functioning of market economy, and also scientific works of leading domestic and foreign scientists-economists which open fundamental positions of innovative management and a question of an economic estimation of investments and innovations.
In the course of research methods of formal and dialectic logic, the qualitative analysis and synthesis (for definition of a role of an economic substantiation of innovations in the course of their motivation and specification of economic essence of the basic categories of the innovative theory) are used; the system approach; forecasting, economic-mathematical modelling and the financial mathematics (in the course of working out of methodical recommendations from an economic substantiation of innovative projects).
As information sources were used standard and acts of Ukraine, and also other countries, the official data of Goskomstat of Ukraine, the accounting and design documentation of the separate enterprises of Donetsk area, results of author's researches.
The basic scientific result of master's work is formations of scientifically-practical toolkit for the decision of a complex of questions from an economic substantiation of innovative projects.
Scientific novelty of work is that:
It is improved:
- Methodical bases of calculation and use of estimated indicators (ARR, DPP, NPV, ІRR, WACC, MІRR) that causes increase of objectivity of results of an economic substantiation of innovations;
- The economic-mathematical toolkit of formation of the program of the innovative projects, which practical use assists maximisation of efficiency of use of the capital and increase of degree of validity of administrative decisions which are accepted;
Had the further development:
- A concrete definition of a role, a place and the maintenance of an economic substantiation of innovations in the course of their motivation which provides increase of objectivity and productivity of formalisation of economic motives of realisation of innovative activity;
- Perspective directions of improvement of the account of risks at realisation of an economic substantiation of innovative projects.
The methodical recommendations offered in work, assist maintenance of high level of validity of administrative decisions concerning expediency of introduction and the further use of innovations, and also a choice of the most convenient variants of their realisation. They can be used by different subjects of managing at an estimation of economic efficiency of innovative projects, optimisation of conditions of their financing, an establishment of economically expedient duration of use of innovations and formation of the innovative program. Realisation of these workings out in practice allows: to lower expenses of resources for carrying out of economic examination of innovations, to raise objectivity of planning of innovative processes, and also to provide an effective utilisation involved in investment of innovations of the capital.
In the first section the essence of estimation of innovative projects is investigated, principles of an estimation of efficiency of the project, the basic lacks of indicators of efficiency, widespread methods of the account of risks are analysed at economic efficiency estimation. Also in the first section the basic sources of the analysis of innovative activity have been defined.
So, the researches conducted in section give understanding of that important to problems of the enterprises in innovative sphere there are carrying out of selection of innovative projects for the further realisation and application for this purpose techniques which would consider all aspects of activity of the enterprise and showed efficiency of the innovative project not only after its introduction, but also at a stage of its working out.
In the second section as a result of studying and generalisation of references we will generate resultants indicators of a substantiation and realisation of innovative projects, we will formulate and we will prove the approach to estimation of economic efficiency of innovative projects of subjects of managing.
During research we will define specificity of use of dynamic indicators of investment projects (ARR, NPV, DPP, ІRR, WACC, MІRR) for an estimation of efficiency of innovative projects.
Carrying out in section of the analysis of methods of an economic estimation of innovative projects will show complexity in right decision acceptance at realisation of an estimation of efficiency of innovations in the pure state.
So, in the third section before us there is a problem concerning working out of own recommendations of a technique of an estimation of efficiency of innovative projects.
In the third section it is formulated and обоснованно the recommendatory approach to estimation of economic efficiency of innovative projects of subjects of managing; the advanced method of the account of risks is offered.
During research we will prove specificity, sphere and possibility of use of dynamic indicators of investment projects (ARR, NPV, DPP, ІRR, WACC, MІRR) for an estimation of efficiency of innovative projects.
For reduction of influence of risks by end results of innovative projects in master's work we will offer a method of minimisation of risk of manufacture of innovative production.
Work is carried out according to the order № 1657-14 from 28.11.2008 years about the statement of master's work.