MODELS OF FINANCIAL MANAGEMENT OF HIGH-RISK INNOVATIVE PROJECTS UNDER THE DIGITAL TRANSFORMATION OF THE ECONOMY

Анотація

Abstract. The article substantiates that the digital transformation of the economy not only changes the technological configuration of innovation processes but also radically restructures the financial logic of managing high-risk innovative projects. The problem is that traditional approaches to financial management, which rely mainly on static budget calculations, an averaged risk profile, and a linear sequence of investment decisions, increasingly fail to reflect the specific nature of digital products, platform-based business models, hybrid sources of financing, and the intensive uncertainty inherent in early innovation stages. The purpose of the study is to develop an integrated model of financial management for high-risk innovative projects that combines the logic of real options valuation, stage-based financing, digital risk analytics, platform mechanisms for capital attraction, and continuous digital monitoring. The methodological basis of the study includes a systematized review of international and Ukrainian scientific literature, comparative analysis, matrix modeling, morphological decomposition of the stages of the innovative project life cycle, and structural-logical synthesis. The paper proves that the most productive approach for high-risk innovative projects is not a mono-instrumental one, but a hybrid architecture of financial management, within which initial financing ensures the preservation of strategic optionality, subsequent tranches are linked to verified digital and market markers, and decisions on continuation, scaling, suspension, pivoting, or termination of financing are made on the basis of digital control dashboards and an updated risk assessment. The scientific novelty lies in the proposed integrated approach, which combines real options, stage-based financing, digital due diligence, machine learning for risk assessment, and follow-on financing mechanisms into a unified system of financial management. The practical value of the results lies in the possibility of applying the model by venture funds, corporate R&D units, banks, crowdfunding platforms, public innovation funds, and Ukrainian companies implementing digital innovative projects under conditions of heightened uncertainty. Keywords: high-risk innovative project; financial management; digital transformation; real options; stage-based financing; digital due diligence; finance.

Класифікація

Ідентифікатори

Схожі роботи