Abstract
Actuality of the graduation work theme
One of the main themes of many of the economic debates of recent years is an innovative development of the country. Such interest is not accidental, since the main cause of the economic crisis in Ukraine is the aging of the industrial complex and the entry of the economic system in a recession long wave Kondratieva. The theory of cyclic Kondratieva, which is represented by periodic oscillations (phase of decline, recovery, depression), economic system, provides that access to the recovery phase is possible in terms of innovation. Therefore, in the publications of academic economists stressed that the basis of the strategic course of Ukraine should be projects that focus on innovative path of development. This demonstrates the need for effective implementation of financial projects to improve innovation activity in Ukraine's economy, which is currently low. In this connection the question arises concerning the sources of funding innovative projects. According to experts, Accounts Chamber of Ukraine, the reason for the unsatisfactory state of the return innovation loans is that the selection and examination, approval and funding of innovative projects the regional offices conducted in violation of the established order.
One of the main reasons for this — the imperfection of teaching materials to determine the effectiveness of capital investments in manufacturing, research and project work.
The problem of complex evaluation of the effectiveness of investment, innovation always has been and is the focus of economists as the classics of the domestic economy of scientific thought, in particular, NA Kondratiev, M. Tugan-Baranovsky, and modern scientists, such as: B. Burns, and . Blank, E. Brighem, Bogachev, S. Valdaytseva, S. Ilyenkov, P. Zavlin, IA Kazantsev, T. Călinescu, V. Kovalev, V. Koyuda, O. Lviv, L. Mendel, P. Orlov , A. Stoyanov, B. Twiss, R. Fathudinov, P. Havranek, B. Shapiro, A. Sheremet, A. Yakovlev and others.
The goal of the investigation
Aim is to examine the methods of evaluating the effectiveness of innovative projects as the main component of the management of the performance, choosing the best of them, which could apply equally to all phases of economic growth (recession, recovery, depression). We synthesized the theoretical concepts with practical applications.
As a result of writing the work will be solved the following tasks:
- Analyzed the concept of "innovation" using traditional theoretical (fundamental) approaches and new applications point of view on this issue;
- The correlation between innovation management and theory of cyclical economic development;
- Identify the optimal classification features innovations that are most needed in the analysis of the innovation project;
- Identified similarities and differences of investment and innovation projects;
- Discovered methods for assessing cost-effectiveness of innovative projects that can be applied at different phases of economic development.
The object of investigation was the process of managing innovation projects at the state level.
The subject of study in the thesis are methods for assessing cost-effectiveness of innovative projects
The practical significance of the study is that, with Methodical recommendations on the management of the innovative solutions can improve the problematic issue with respect to their relatively low funding because of the development and implementation of projects under the imperfect market system. The analysis of the theory of cyclical fluctuations, developed by M. Kondratyev, and the development of the innovation process has been determined at what stage of economic development (decline, growth, depression), the most expedient or not an innovation. The proposed criterion of efficiency (total return) makes it possible to apply a universal method for assessing the effectiveness of innovative projects. It is possible for both the baseline and for improving innovation, enhances its practical value in all phases of economic development. In general, the above can solve the problem of optimizing the management of the innovative projects at both the macro and micro levels, thereby improving the innovation climate in the state.
Principal part
In introduction the urgency of a dissertation topic, the aim, object, subject and methodological bases of research, formulated the problem. Reflected scientific novelty and practical significance of the results and conclusions. In the first section, "Theoretical basis for effective management of innovation", we consider the system of categories and concepts related to innovation management, analyzed and justified the need for new classification criteria of innovation, proposed a new classification scheme of innovation; essence of governance of economic effectiveness of innovative projects, the correlation between managing the innovation process and the theory of cyclical economic development; essence of economic assessment of innovative projects as the main component of management.
The experience of developed countries, economic progress of society is mainly provided on the basis of innovation, which are the result of a combination of capacity STP with economic needs. Thus, the first place (70%) in the export of most developed countries (USA, Germany, Japan) took exactly high-tech high-tech goods. The level of their use in individual countries and regions of uneven and depends on the willingness of a particular socio-economic environment to consume innovation.
In the western and domestic economic literature, scientific and technological progress is increasingly associated with innovative processes. From a certain point of view, these processes combine science, technology, economy, entrepreneurship and management. The essence of this process is to obtain innovations, ie it extends from the birth of an idea to its commercial implementation, thus effectively covering the entire complex of relations: production, exchange and consumption. The result is fully prepared to innovation environment for the implementation of new ideas in the form of goods. Therefore, Ukraine needs to implement a set of measures for innovative development that will accelerate its integration into the international market. All the above indicates the urgent need to implement effective financial and innovative projects that will enhance innovation activity in the economy of Ukraine.
Innovative projects are characterized by high cost and lengthy implementation period. Yes, a lot of innovative projects carried out during the first 10-15 years or more, but at the time of the transfer operation instead of the expected profits for a few years bring loss or gain was much less than anticipated. One of the main reasons for this fact — the imperfection of guidelines to determine the effectiveness of capital investments in manufacturing, research and project work.
Particular attention in the master's work focused on evaluating the effectiveness of innovation, since it is the economic evaluation of the effectiveness of innovation is the basis of performance management of innovative projects.
Under the rule of state ownership and centralized economic management, dominated by the corresponding centralized, uniform for all enterprises and organizations approach to evaluating the effectiveness of economic decisions. Its essence was reduced to the principle from which it follows: what is advantageous for the state, should be beneficial for each of the entities. This principle is common for many parts of the performance indicator — shows costs did not define the results of their innovation and economic activity. This approach to justification of decisions led to a deterioration of the economic situation. Therefore, the Ministry of Economy of Ukraine in 1994, reviewed the procedure and technology development of investment projects. This technology allows the use of investment planning method for the analysis of cash flows underlying methodology UNIDO.
The question naturally arises about the degree of novelty and relevance of such recommendations to real economic conditions and the possibility of their use for the assessment of innovative projects. It is therefore necessary to review not only the methodology for assessing innovative projects but also the theoretical basis for the development of the innovation process in order to develop a more refined method for assessing the effectiveness of innovative projects, thus, to optimize the process of innovation management.
To this end, particular attention is paid to a systematic study of the uneven techno-economic development, held in the framework of the theory of long waves Kondratieva. According to his theory of economic development is carried out not straight along the path of expansion, and a succession of periods of increasing production with periods of sharp economic downturn, that is, the economic cycle. From this it follows that in matters of inventions is necessary to distinguish the time of their occurrence and the time of their introduction. This is the time lag of innovation is not considered in the mathematical methods of evaluation.
Based on the above, the classification of innovation were also considered through the prism of the cyclicity developed by M. Kondratyev. Considering the various classification schemes of innovation, in the conclusion that they do not contain elements of cyclical swings in the economy. Since innovation is the basis of cyclic changes, ignore this fact means to provide the classification system of innovation, to some extent chaotic and haphazard. Based on the existing classification of innovations, the following classification attributes, which can meet the reasonable classification scheme: a target-oriented innovation and scope of innovation (Fig. 1).
Fig. 1. The classification of innovation (animation, made in Adobe Photoshop CS4, the number of cycles — 7)
The paper notes that the task-oriented innovation should answer the question about the purpose of innovation: the elimination of economic crisis or the need for innovation in the future. In other words, at what stage of economic (production) cycle there was a need to innovate — recession, depression or recovery. Therefore considered appropriate to link this feature of the so-called action of "innovation multiplier", which connects the process of investing in successful innovation with an increase in aggregate demand.
Investment in basic innovations cause the growth of production, which leads to secondary-enhancing innovations, replace obsolete technology. Their introduction in turn accompanied by new investment, stimulate further growth in production.
The decline of investment demonstrates the achievement of basic innovations of maturity, and related markets, the state of saturation. Then it becomes clear that the feature that defines innovation recession, is to solve the problem of realization of goods (works, services) in response to falling demand for these goods and the decline in its sales. Innovation recession aims to eliminate institutional, industrial, economic or financial crisis of that undertaking. The need for innovation boom — an innovation for the future. It is caused by perspective projections of economic activity. The purpose of innovation here is to increase the competitiveness of the product and its business entity in the future.
Analysis of the theory of cyclical economic development revealed its relationship with the development of the innovation project. As the financial outcome of the sale of goods innovative type periodic in time and takes the form of the life cycle, it is logical that the criteria for evaluating the effectiveness of an innovative project also interrelated with cyclical fluctuations in economic development.
Due to the fact that the innovation project is by nature a long-term investment, should be particularly careful when choosing a particular method in the evaluation of the innovation project.
The main problem with this is the uncertainty and associated risks that accompany all stages of an innovative project.
Among all the dynamic parameters of the most weighty and significant is the net present value (NPV), since it is established for each project individually, based on the expected terms of its implementation:
where NCFi — net cash flow for the i-th period,
Inv — initial investment
r — discount rate (cost of capital raised for investment project).
If NPV>0, return on investment exceeds the minimum rate of discount, if NPV<0, the profitability of the project is below the minimum standards, and the project should be abandoned.
Conclusion
The study shows the approach to methods of assessing cost-effectiveness of innovative projects of direct relevance to the management of innovation processes at the state level. On the basis of these studies will prepare a set of measures that allow for the analysis of innovative projects, helping them implement and improve the innovation climate in the country.
When writing this Autosummary master work is not finished. Completion date December 1, 2010
References
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- http://ucoz.forbiz.com.ua/load/2-1-0-16
