Pilipenko Tatyana

Faculty: economic

Speciality: Management of innovative activity

Theme of master's work: THE FiNANCIALLY EСONOMIC GROUND OF INNOVATIVE PROCESSES

Leader of work:the professor Khobta Valentina

Abstract of thesis

"The financially economic ground of innovate processes"

Increase of competitiveness of the Ukrainian enterprises can be well-to-do only on the basis of acceleration of innovative processes which must provide the cost-effective use of innovations as new technologies, types of products and services, organizationally-technical and socio-economic decisions of production, financial, commercial, administrative or other character. Realization of these tasks is possible only at presence of necessary amount of financial resources.It requires the deep analysis of sources of financing and selection only that of them, which can provide a maximally effective innovative process. By the questions of theoretical bases financing of innovations in Ukraine related to the names of domestic and foreign specialists. A considerable deposit was brought in by scientists-economists: Druker П., Santo Б., Tvyss Б., Foster, Frymen To., Shumpeter And. and other The questions of classification of sources of financing, development of state support, development of the venture financing, require clarification in also time.

Purpose and tasks. The improvement and development of methodical approaches is to the purpose of work financially ekonomic ground of innovate projects.

For achievement of the put purpose at master's degree work set such problems:

Object of work is the financially ekonomic ground of innovative projects.

By the article of work researches there are theoretical approaches and practical methods during conducting of ground of innovative process.

Increase of competitiveness of the Ukrainian enterprises can be well-to-do only on the basis of acceleration of innovative processes which must provide the cost-effective use of innovations as new technologies, types of products and services, organizationally-technical and socio-economic decisions of production, financial, commercial, administrative or other character. Realization of these tasks is possible only at presence of necessary amount of financial resources.It requires the deep analysis of sources of financing and selection only that of them, which can provide a maximally effective innovative process.

Innovations and innovative processes in a modern economy carry out a deciding role in the question of acquisition and support of strong sides of enterprise in competitive activity. The innovations and attitudes toward them to a great extent determine position as large companies so small enterprises, including beginners.

Special importance is acquired by innovative projects exactly in time begin firms which are on the stage of entrance in some industry. It takes place because presently even in the conditions of the Ukrainian economic system the entrance in industry is the very difficult process of overcoming of the barriers taken as a result of already sufficient presence in industry of competitive companies. Realization of a different sort of innovations allows to do possible introduction in healthy competition of a new enterprise.

However known it is, that the high level of risk, large charges and large return, is the basic personal touches of innovative projects as a rule. The level of charges for development and realization of innovative projects often is exhausting for small companies, and special for firms which are on the stage of creation and becoming.

Concept innovative project is used in two values:

1. How business, activity, west, is, that assumes realization of complex of some actions which provide achievement of certain goal;

2. How the system is organizationally-legal and calculation-financial documents necessary for realization of some actions.

Every project regardless of complication and volume of works necessary for his implementation, passes the certain states in the development: from the state, when a «project is not yet present», to the state, when a «project is not already present». In obedience to practice, that was folded, the states, through which passes a project, named phases. Every phase of development and realization of project has goals and tasks (table 1)

Table is a 1 Maintenance of phases of life cycle of project.

Changes, that is brought in by the innovation, need high-quality estimation for determination of its efficiency as compared to a base investment project. For example, the promoted innovative risk entails relative diminishment of the discounted cost of project and profit of his participants in time unit. Increase of period of finding in the effective area of production due to supporting NYOKR at certain terms can compensate the relative losses related to high-risk estimation.

General approach to efficiency - as to comparison of results and charges. In relation to innovative projects it is possible to select next directions of efficiency of innovative project.

At the ground of innovative projects it is necessary to take into account the consequences of decisions, which can appear only in the future. Initial information for acceptance of similar decisions can be obtained only on the basis of the use of methods of prognostication. Difficulties and problems of application of such methods consist that, as a rule, an innovative project is an original new decision which can not have analogues in practice. The choice of method of estimation of efficiency of project to a great extent depends on the aims of investor, from the features of information of investment projects and from terms from realization. For the ground of efficiency of innovative projects the important value has the account of factor of time.

Opened there are the questions of completion of researches and developments begun in days gone by and economic confusions unfinished on the known reasons. Among such developments there are those, which own the practically assured efficiency of the subsequent industrial use. Therefore the innovative financing of leading to to readiness to introduction of the uncompleted researches and developments would follow to examine by important reserve of technological progress and economy growing.Realization of innovations in Ukraine related to possibilities of receipt of necessary financial resources, among which it is possible to select the following: personal funds of enterprise; budgetary appropriations; facilities of the special vnebyudzhetnykh funds of the NYOKR financing; credit resources and foreign investments.

Basic source of financing the yavlyayut'sya personal funds of enterprise (income and depreciation) or facilities of owner. Practically the dedicaded mode of innovative activity is the unique operating today state form of support, statutory Ukraine «About innovative activity» and «About the dedicaded mode of innovative activity of technological parks…». Initially the legislation foresaw state support as tax and custom deductions. In opinion of experts, these privileges could provide indemnification of no more than 10–12% expenses of enterprises on implementation of innovative projects. Insignificant contribution to financing of innovative activity is brought in by banks, it is related to that the population does not wish to inlay a mean on deposits (urgent and sberegatel'nye), and also banks collect facilities from the population and enterprises on short space, therefore credits to the enterprises and organizations of vydayut'sya are more frequent than all on a term not anymore 1 year, what is insufficient for the innovations. The such perspective sources of financing of innovations are not nearly used on Ukraine as facilities from the issue of korproratyvnykh bonds and emission of actions.

Special influencing on the influx of private investments in the innovation is played by more universal measures of the macroeconomic adjusting is rate bank percent, level of taxation of income of enterprises and profits of citizens, amount of bet of tax on the security-related and other operation Venture investments are the investments directed directly in equity of organizations in an exchange on action of these organizations. The venture investing in Ukraine is carried out not enough actively. The financial risk of venture investor can justify the only proper reward, under which understand a return on the inlaid capital above the average level. However much low liquidity of venture capital investments comes forward a negative factor, as there is no trust to the companies in the world markets and absence of experience of acquisition of companies by major concerns.

Studying world experience, it is possible to systematize and generalize information about innovative processes. No less important, in my opinion, there is the national system of innovations.

The national systems of innovations take into account combination of those or other industries, and, consequently, and styles of innovations.

The theoretical globalization is examined, as strengthening of interdependence and vzaymovlyyanye of different spheres of public life and activity in the field of international relations and is expressed in the following forms:

- internationalizations of production (the ynstytutsyonnoy form of which there is TNK);

- internationalizations of capital;

- globalizations of productive forces.

These forms find the reflection in innovative processes. The specific of world economy influences on innovative processes: the revolutionary changes took place in the field of global facilities of communications. Modern information technologies decreased the necessity of physical contacts between the subjects of market, that substantially reduced the charges of service.

In whole, it is possible to select the following specific lines of innovative processes in a modern world: humanization of technologies; ekologyzatsyya technologies; socialization of technologies; informatization of society.

Investigation of these processes there is gradual rapprochement of standard of living in different countries, that the NTP globalization.

Intellectual leading industrial TNK constantly grow the power and competitiveness due to absorption and joining of more weak companies, during simultaneous intensification of charges on NYOKR. In this connection, objectively there is the threat of economic and political safety of country because of absence in Ukraine of competitive TNK. It should be noted that to rapid concentration of property industrial asset the row of factors hinders in Ukraine, namely:

- absence of the proper attention to the problem of creation of supercorporations in the economic program of the state;

- regional of particular a branch research centers are not the effective source NYOKR, unlike the developed countries of world[3];

- limitation of control above own markets by the antitrust legislation;

In this moment, one of basic instruments of the state adjusting of innovative activity is a tax policy. Tax collections are the source of profit of budget, and, consequently, by the source of internal investments (including and NYOKR). Unjustified high tax rates, as, for example, in Ukraine, development of enterprises is braked, and reduces the competitiveness of commodities.

If world experience, one of basic tasks of tax policy of Ukraine is encouragement of investment activity with an accent on the increase of interest to the long-term financing of new projects. With the purpose of creation of favourable terms for the innovations it is necessary to use an investment tax credit (deferment of taxes, in connection with conducting of certain priority economic measures).

Forming new tax system must be carried out parallel with creation of the systems of financing of science. State financing of science and scientific service in the budget of the developed countries, for example the USA, Japan, countries of ES makes 3-5% VVP. In Ukraine and in Russia this index makes 1,2 and 0,8 VVP accordingly [5]. If to take into account the particle of tax receipts from the sphere of science, this index does not exceed 0,5-0,7% VVP. The deficit of financial resources is related to the outflow of shots from a scientific sphere, by the inefficient structure of the use of scientific and technical potential, decline of innovative activity in industry.

It is necessary, that study of problems of internal investments and internal competitiveness, as requires the terms of innovative activity additional research. It will allow in more complete volume to develop the measures of the state adjusting of innovative activity.

that quality of preparation of innovative projects, their comparable and cost and terms of ground of tekhnyko-ekonomycheskykh requirements cutting information technology of prognostication and analysis of technic ekonomic indexes will admit to the projects. Information technology of comparison of economic evaluations of efficiency of projects and technical requirements to the projects is represented as the set procedure of actions, which de bene esse is adopted by a methodic. It is possible evidently to represent the model of choice of project for realization (fig. 1)

A fig. is a 1 Model of choice of project for realization (animation, 10 shots, 10 cycles, 72 kB)

Basic idea of method stage-by-stage strukturyzatsyy, analysis, estimation, orientation and concordance of interests of participants of development process, making and circulating of news on the eventual economic results of their mastering and use.

There are the following methods of choice of innovative project for realization:

1. Method of the net discounted profit is he expresses a difference between the sum of the resulted effects and resulted besides to the moment of time by the size of capital investments.

2. Method of index of profitability - is attitude of sum of the resulted effects toward the size of the resulted capital investments.

3. Method of internal norm of profitability - there is that norm a discount (=приемлемой for the investment norm of yield on a capital), at which size of the resulted effects even to the size of the resulted capital investments.

4. Method of term of recoupment. The term of recoupment is a minimum sentineling interval from the beginning of realization of project, outside which primary investments and other charges related to the investment project we cover by the total results of his realization.

5. Method of list of criteria. Essence consists in the following is this accordance of project to each of the set criteria and on every criterion is given estimation of project.

6. Ball'nyy method. Major factors which have influence on the results of project are determined. General estimation will go out by multiplying of marks on authenticity of achievement of these results and findings on this criterion is summed up.

«State adjusting of innovative activity, realized by purposeful action of organs of state administration on economic interests of institutes of innovative sphere, assumes as condition of the efficiency of foresight of reactions of these institutes on action of state organizations». Thus, the organ of state administration carries out regulative action on the object of innovative activity so that to get the desired results.

State adjusting is based on the choice of priorities, general strategic directions and reference points of effective scientific and technical and socio-economic development. One of tasks of the state adjusting is conducting of complex of measures on organizationally-normative and state financially-resource support of innovative activity of enterprises.

A greater part the legislative acts bound by the normatively-legal adjusting of innovative activity, is uncoordinated between itself and, provisions general, of principles are determined though and, however regulated innovative activity as logical innovative process directed on acceleration of economic development of Ukraine is not. Necessary normatively-legal acts which regulate innovative activity in Ukraine it is possible de bene esse to subdivide into general and special.

General normative acts determine basic strategic principles of realization of innovative activity in Ukraine. Except for Consti tution of Ukraine (item 54,116), general norms in relation to innovative activity were contained in Law of Ukraine «About bases of state policy in the field of science and scientific and technical activity», from December, 13, 1991. In December, 1998 this law got the name of Law of Ukraine «About scientific and scientific and technical activity», «Conception of scientifically-technological and innovative development of Ukraine», approved by Supreme Soviet of Ukraine by Decision from July, 13, 1999. There is the noted necessity of development of polnomasshtabnoy state innovative policy In Conception. By the special normatively-legal acts, which regulate innovative activity, there are laws and podzakonnye acts regulative the relations in the field of realization of concrete innovative activity. It is possible to them, to take, foremost, Law of Ukraine «About innovative activity» from July, 4, 2002. In accordance with this law activity is innovative, which is directed on the use and commercialization of results of scientific researches and developments and is predetermined the issue to the market of new competitive goods and services. Yet there is the row of legislative acts, which control activity of technoparkov, scientific and technical and scientific ekspertyzu- it is activity. By a purpose, which research, verification, is, analysis and estimation of scientific and technical level of objects of examination and preparation of the grounded conclusions for acceptance of decisions in relation to such objects.

Necessity increases of efficiency of the legal adjusting of innovative activity, in particular, improvement of method of examination innovative projects, which are the important lever of influencing from the side of the state on innovative processes.

Therefore, a strong system innovative task is presently impossible in Ukraine. Not removed too plenty of endogenous (internal) and exogenous (external) factors of braking of innovation or not overcame. A general system innovative process can begin on condition of creation for him of favourable terms by common efforts of the state, businessmen and individuals – if in one or a few positions making the obstacle to the innovative process positive changes will happen. For acceleration of forming of system innovative task and successful overcoming of inventory problems creation of the National innovative system is expedient (NYS).

Therefore, if we understand the innovation as process, we must acknowledge the presence of forces of resistance to this process, designating them, although in the first approaching, in economic interpretation. Importance of this action is dictated by the necessity of construction of effective constructions of the innovative process control system.

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