Artem Levchenko

Faculty: Economics

Speciality: Economics of enterprise

The theme of the master's work:

"FINANCIAL SUPPORT OF INNOVATION DEVELOPMENT COMPANY"

Scientific leader: PhD in Economics, Associate Professor Sergei Kravchenko

Introduction

Main part of magister work

1. The general theoretical framework of financial support for the innovation of enterprises in Ukraine

2. Analysis of the current state of the financial support for the innovation of enterprises in Ukraine

3. Recommendations for optimizing the financial support of innovation

Conclusions

List of references

In today's science and innovation define economic development. In Ukraine there is always the issue of revival of economic growth, improve the competitiveness of domestic businesses and their products in the global market. This is possible thanks to the introduction of modern technologies, enhance innovation at all levels of the economic system.
So important is finding the real sources of innovation financing industrial enterprises is of particular urgency and importance under conditions of limited budget, lack of own funds of enterprises to upgrade facilities, increase production and competitiveness. The fate of innovation active enterprises in Ukraine remains very low due to lack of funding.
Finding ways to improve the efficiency of domestic enterprises and means of financing innovation studied by many scientists. Problems and prospects of innovative activity in Ukraine studied Milashenko TT [1] Onishko SV Denysenko MP, Shablina Y. [2]; innovation of industrial enterprises and its financing methods studied Wozniak G. V. Kuznetsov AY [3] L. Fedulova [4], Filin GI [5] and others. However, methodological and methodical aspects of solving the complex issues of innovation financing companies require more detailed study.

The purpose of the master's work is to study the current situation of financial support for innovation activities of enterprises in Ukraine and to develop recommendations for optimizing their sources of funding.
To achieve this goal in the put and agreed to the following objectives: investigates general theoretical framework of financial support innovative development of enterprises in Ukraine, the analysis of the current state financial support of innovative development of domestic enterprises; recommendations for optimizing financial support innovation industries.
object of study — the process of financial innovation of enterprises in Ukraine.
subject of study — theoretical aspects of the analysis and selection of innovative sources of financing industrial enterprises in Ukraine.
Methods , which were used in the work include: general scientific — induction and deduction in the synthesis of theoretical positions, development of practical recommendations to improve the funding of innovation activities of enterprises, as well as methods of comparison were used, graphical, Economics and Mathematics and other methods of economic justification.
InfoBase — laws and regulations, official materials State Statistics Committee of Ukraine. Sources are also theoretical and methodological research scientists, materials of scientific conferences.

Basic theoretical and practical results of master's thesis are as follows: Based on the definitions of financial support domestic scientists suggested a better definition and mechanism of financial support for businesses The system of financial support for investment and innovation, including the impact on innovation activities of all entities of financial market. The modern financial support of innovative development of Ukraine, which might provide guidance for each activity, including the risks that can confront this or that industry. The practical significance of the results is to develop effective recommendations for optimizing financial support for innovation activities of enterprises in Ukraine.

The introduction Actuality of the theme of master's work, defined subject and object, formulated goals and objectives of the study, scientific novelty and practical value of the results.  
Chapter 1, "General theoretical foundations of financial support for innovation development of Ukraine» — analyzes the difference between the terms "finance" and "financial security" and provides several definitions of financial support domestic scientists to compare. It turned out that in the economic literature there is no uniform approach to the definition of this concept.
Considered in detail the elements of the financial mechanism through which financial support is innovation. We found that each funding source has its own feature. State through fiscal policy can affect the form of financial support. The principles to be followed for successful implementation of enterprise investment project [1]: support liquidity balance, the maximum capitalization of current financial resources, diversification of funding sources. These principles of financial innovation are achieved based on the following objectives: to determine the optimal capital structure, scheduling needs for financial resources, funding a portfolio company. At the same time found that the task depends on various factors that are essential for making decisions on financing innovation [6]. The features and main problems of the innovation process in enterprises. A model of financial innovation. Found that the choice of means of financing investment and innovation activities should be carried out taking into account the inherent innovation classifications, namely the type of innovation, spheres of influence, depth and scale of implementation in the economy, degree of innovation, sources of ideas, innovations and kind way replace existing analogues. Highlight the criteria of innovativeness of businesses that will help assess the financial viability of firms to exercise investment and innovation, and to develop proposals for the creation of appropriate conditions for innovative enterprises in Ukraine.
Chapter 2, "Analysis of current state financial support for innovation development of Ukraine» — found that the problems of the innovation process in enterprises associated primarily with risk financing and innovation. High-innovations are always accompanied by high risks and require large investments. Financial risks investors presented in pic 2.1.

Risk reduction participants in the innovation process is achieved broad adoption of consulting activities in the innovation sector. For Ukrainian investors consulting services are unfamiliar reserve growth yield, whereas performance management, market research, market analysis and other successful operational and financial actions are an integral part of innovation [7]. The modern state financial support innovation industries Ukraine and found the overall downward trend of innovative activity by 2007, and its gain from 2007 to 2013. But the level of enterprises that implement innovations significantly below the level of enterprises engaged in innovation activities.  Although innovation in industrial enterprises, as well as in any other sphere of activity, can increase the efficiency of their operations and bring a new level, but it can not be done without adequate financial support. It was his lack of is one of the reasons for the low level of innovation activity in Ukraine. Financial support in innovation is a set of techniques and leverage innovation can be realized in various forms of funding through an adequate system [8].   Financial support involves the formation and use of financial resources of enterprises through optimization of all of its forms and creates the following amounts of funds business, from which the company would have to operate not only break even, but also enhance the effectiveness of, introducing innovation and strengthen the economy general. It was found that the bulk of the structure of sources of financing innovation in Ukraine is self-financing, ie financing from its own financial resources. But there are advantages and disadvantages of this method of financing innovation.
need for innovation to ensure the development and the inability to attract a sufficient amount of own funds in the investment process leads to the fact that economic agents are forced to seek other sources of financing innovation. Among the financial institutions participating in the financing of innovation an important place belongs venture funds, which are interest-free businesses from providing funds to finance innovation, and in return receive securities confirming the right to participate in business and a portion of profits. [9] By loan type of financial support for innovation activities may also include leasing as a means to enhance innovation to technological development, sales and scientific and technological achievements. [10] Companies that have significant financial difficulties in acquiring the necessary equipment can get it by lease on favorable terms. An important source of financing innovation are foreign investors.
Chapter 3, "Guidelines for optimizing financial support innovation industries" — provides recommendations for optimizing financial support for innovation activities of enterprises based on their careful selection and implementation of the evaluation model of innovation.

Methods: theoretical and methodological basis of the research is comprehensive, systematic, process and integration approaches, methods of analysis and synthesis, abstraction and formalization of economic phenomena in the field of management, to achieve the goal in the method of theoretical generalization, qualitative analysis and synthesis, statistical and graphic methods.

In the master work of the essence of innovative development financing and methods of its activation. One effective economic instruments of financial support innovation activity is the design of optimal choice of financial support given to determine the optimal capital structure of enterprises, constructing an optimal schedule of financing of new technologies and a portfolio of sources of financial support for innovation. The main objectives of further improving financial support for promotion of innovative activity of industrial enterprises has become: the formation of the state system of guarantees of bank loans aimed at financing innovation enterprises and preferential loans for innovative projects financial and credit institutions, creating favorable conditions for the development of this form of financing business as lease, the formation of stimulating the development of venture capital in Ukraine, creating a legal operation of venture businesses.

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