PROBLEMS OF FINANCING INNOVATIVE ACTIVITY IN UKRAINE

Анотація

The article clarifies the essence, structure, properties and significance for the national economy of innovation, the effectiveness of which depends on the appropriate level of financial security. The analysis of the latter found, first, the predominance among the main sources of own resources of economic entities, whose share over the past seven years was over 85%, which maintains economic independence and independence from creditors, ensures high mobility of money, focuses management in in the hands of the management of the enterprise or owners. However, the shortage of equity of innovation entities often leads to limited or fragmented funding for innovation, which significantly exacerbates the problem of further growth of innovation. Secondly, the level of investment in innovation is rather low. In 2020, the share of foreign investment in the structure of financing innovation was only 0.9%, and domestic investment in general 0.3%. In the same year, due to the spread of coronavirus infection, domestic investment in innovation was almost halved and amounted to only 45.2 million UAH, which does not meet the needs of today. It is determined that one of the ways to solve this problem may be to develop an effective system of investment in innovation, which should meet such principles as flexibility and purposefulness, which involves the rapid introduction of new scientific and technological advances in the economic system; validity and legitimacy, which should provide a stable legal framework, legal protection of participants in the investment process; multiple sources of investment, which will significantly minimize uncertainty and risk, and thus lead to increased internal and external investment inflows into the innovation sphere. Thus, an effective system of investment in innovation should be considered as a set of economic institutions and entities whose activities are aimed at accumulating short- and long-term investment resources to invest in innovation; multi-vector set of activities and related economic mechanisms designed to ensure investment in the innovation process; system of relations between the elements of investment and innovation systems of the national economy in order to build a holistic and powerful Ukrainian innovation system.

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