VENTURE CAPITAL IN THE FINANCIAL SUPPORT SYSTEM OF INNOVATIVE ECONOMY

Анотація

In the article are considered the theoretical bases of venture financing. The economic essence and specificity of venture capital, as well as its main forms and influence on financial provision of innovative economy, are highlighted. Interaction of innovation development and venture investment is considered. The possibilities of using venture capital are determined as an additional source of financing for innovation activity. The world experience of formation and development of venture capital, mechanisms of organization of venture enterprises are analyzed. The present state and main tendencies of development of the venture capital market in the developed countries of the world are researched. The possibilities of using the experience of innovative economies for Ukraine are revealed, where venture capital with its distribution of risk can become one of the effective methods of raising capital to overcome the crisis and deep structural restructuring of the national economy. Conclusions regarding are made the conformity of development of Ukrainian venture financing to the world tendencies. The factors are revealed, which restrain the effective development of the domestic market of venture investments. The risks typical for venture financing are determined, which are conditioned by its features and specificity of the mechanism of such financing. The ways of minimizing and avoiding the risks of venture financing for the investor and the enterprise-recipient are set out. The practice of using venture financing in Ukraine is evaluated, on the basis of which conclusions are made about the high efficiency of venture financing for the newest innovative enterprises. The complex of measures was proposed and recommendations on creation of favorable investment climate for stimulating the development of venture business, activation of innovation activity in Ukraine, were given.

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