Current Trends in Financing Innovative Development of Industrial Enterprises in Ukraine

Nataliia Spasiv, Olga Kneysler and Iryna Hyzela
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Nataliia Spasiv: West Ukrainian National University, Ternopil, Ukraine
Olga Kneysler: West Ukrainian National University, Ternopil, Ukraine
Iryna Hyzela: West Ukrainian National University, Ternopil, Ukraine

Oblik i finansi, 2023, issue 3, 126-137

Abstract: Nowadays, the role and importance of scientific developments in financing the innovative development of enterprises in Ukraine is growing more than ever because innovations are becoming the driver of all transformations. Despite the significant scientific output of Ukrainian researchers, the dominant problem that must be solved immediately is the search for effective sources of financial resources to ensure the development of innovative activities of industrial enterprises since they form the lion's share of the real GDP of the state. The article aims to assess current trends in financing innovative activities of industrial enterprises to substantiate how to ensure their innovative development in preserving competitive advantages on the market. The results of this study were obtained by analyzing and summarizing the conclusions made by Ukrainian scientists in previous studies and are the basis for substantiating the financing mechanism for the innovative development of industrial enterprises. In particular, it was established that the level of innovative development of enterprises in the real sector of the economy is influenced by general economic indicators, such as the level of innovative activity and the innovative capacity of the state. Ukraine's position in international rankings based on indices of innovation capacity was evaluated. The peculiarities of forming financial resources to ensure innovative development at the macro level were revealed. The results of the analytical assessment of the sources of financing of innovative activities of industrial enterprises show that the state's share in the financing of innovations is insignificant. Instead, the vast majority of innovations are financed by the funds of industrial enterprises, which is a negative trend in wartime. Several measures were proposed that will help increase the level of innovative activity of industrial enterprises by optimizing the funding sources for the innovation implementation process. The implementation of the measures listed in the article will be a catalyst for the innovative development of industrial enterprises. It will create a stable platform for financing innovations in Ukraine.

Keywords: financial resources; innovations; innovative development; industrial enterprises; innovative capacity; innovative activity (search for similar items in EconPapers)
JEL-codes: G24 O31 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:iaf:journl:y:2023:i:3:p:126-137

DOI: 10.33146/2307-9878-2023-3(101)-126-137

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