Instruments of State Financial Support for Scientific Research and Development and Innovation

Анотація

The article is devoted to the topical issues of state support for scientific, technical and innovative activities in order to create a favorable environment for the development and implementation of new technologies and innovations. Significant investments and time spent on the implementation of scientific research and development (R&D) and innovations make them risky for the private sector, so the state as an investor and regulator can reduce risks and create incentives for private investment. The instruments of financial state support for R&D and innovation used in the EU and OECD countries are identified. It is determined that, depending on the type of impact on the object, R&D financing methods are classified into direct (directly influence the decision-making of economic entities) and indirect (create the prerequisites for choosing development directions that meet the economic goals of the state and provide an opportunity to stimulate entrepreneurial initiative). The theoretical foundations of direct methods of stimulation implemented by the state using the following instruments are considered: institutional funding; project grants for public R&D projects; grants for business R&D and innovation; grants from centers of excellence; public procurement programs for R&D and services; loans and credits for innovative activities for enterprise; equity financing; innovation vouchers; scholarships and loans for young researchers. It is noted that the advantages of direct funding are the targeting of provision and the possibility of state control over the use of funds. However, conditions are created for lobbying and corruption, and the level of administrative costs for supporting state initiatives increases. Indirect methods of stimulation require deferred budgetary costs compared to direct financing. These include various tax regimes implemented through the use of instruments such as tax credits or social contribution credits, tax credits for individuals, debt guarantees and risk-sharing schemes. The article highlights the features of each of the above types of instruments and determines their impact on the implementation of scientific, technical and innovation policies that contribute to ensuring the country’s technological independence, sustainable development and strengthening national security.

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