The strategy of fiscal support for business research and innovation in the context of economic crisis

Анотація

Object: study of the problems of fiscal support for business research and innovation in the conditions of economiccrises, analysis of the implied tax subsidy rate on R&D (Research and Development) expenditures, generalization ofinternational experience of state support and stimulation of business innovative activities in crisis periods, substantiationof strategic directions of such support in crisis conditions. The subject of the study was fiscal support for business R&D,as well as the state's strategy for its implementation. The purpose of the article is to substantiate the strategic directionsof fiscal support of business R&D in crisis conditions.Methods: methods of systemic and historical-logical analysis, structural-functional analysis, and statisticalcomparisons were used.Findings: the study determined certain peculiarities of fiscal R&D support and business innovations during theperiods of economic crises in OECD (Organisation of Economic Cooperation and Development) countries; it is statedthat such support, in particular, through tax allowances and direct budget support, as well as state funding of other R&Dexpenditures, should be an important component of economic recovery measures; strategic areas of fiscal support forbusiness R&D have been developed to ensure the post-crisis reconstruction of the national economy on an innovativebasis.Conclusions: measures aimed at provision of high level of R&D investment (even in difficult conditions) shouldbelong to the priority areas of economic policy, and state support for R&D investment should be counter-cyclical. Thegoals and measures of innovation policy in crisis conditions should spur the restoration of the national economic growthand improve its competitiveness, which requires, in particular, finding a balance between the creation of generalconditions for innovation and state support for business R&D. The latter should be based on clearly articulated prioritiesof such support as well as areas of innovative activity that should be developed in the long term.Having summarized the experience of applying various business support measures in crisis conditions, thefollowing measures have been substantiated as foreground: to provide direct budget support for business R&D, as wellas budget financing of high- risk long-term research of the creation of public goods and knowledge that have a highexpansion potential; to improve the information base for fiscal decision-making, to broaden support for business R&Dof small and medium-sized enterprises in order to create the potential for sustainable economic recovery.Improving the effectiveness of the impact of R&D fiscal measures on the development of national economiesrequires ensuring a wide coverage of the components of the innovation system, in particular, by expanding stateprocurement of innovative goods and services; development of cooperation in the spheres of mutually complementaryeconomic activities; expansion of public-private partnership projects and commercialization of public sector research.

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