AN ISSUE OF DEVELOPMENT OF COMPLEMENTARY INSTITUTIONS FOR SUPPORTING INNOVATIVE ENTERPRISES OF REGIONS

Author
, associate professor, Kharkiv, Marshal Bazhanov, 17

In heading

 Economic theory;

Signed print

 21.02.2020

Issues number

 2020 - № 1 (40)

Page

 35-57

Type of articles

 Scientific article

Code UDK

 330.1: 005.35

ISSN print

 2411-5584

Abstract

 Problem setting. Sustainable development of the Ukrainian economy and its regions is impossible without stimulating the processes of formation of the innovative potential of the regions and significant funding. All of it contributes to increasing the relevance of search and improving the use of funding sources for investments that ensure economic growth.
Recent research and publication analysis. The research of the mechanism of innovative development of the Ukrainian’s economy and its regions is devoted to the works of Yu. Bazhal, A. Halchynskyi, V. Heiets, N. Honcharova, B. Danylyshyn, M. Dolishnii, A. Lapko, V. Semynozhenko, L. Fedulova, V. Chyzhova and others. However, this topic needs further study, as the issues of development of complementary institutions supporting the innovative enterprises of the regions, namely the financial component of the innovation development mechanism are rather incomplete.
Paper objective. The purpose of the article is to analyze the current state and development trends of complementary institutions to support innovative enterprises in the regions of Ukraine and to generalize directions and measures to increase their innovative activity.
Paper main body. The viability of the socio-economic environment of the region largely depends on the level of development and reliability of the institutional infrastructure. The creation and development of regional innovation infrastructure deserves special attention, as it contributes to the development of high technology. An important part of the economy is the credit market infrastructure, because of its elements the main financing of economic growth is carried out. To the complementary institutions of the credit market, that form the institutional infrastructure, include coordination institutions and risk insurance institutions. The formation of an effective credit system is the best direction for the development of the financial infrastructure of the region.
State financial support for the development of small business should be considered in the institutional and functional aspect. The institutional aspect provides for the formation and development of institutions that directly or indirectly implement the state financial policy of supporting entrepreneurship.
The functional aspect of state financial support provides for the implementation of its distribution, control and information functions. The redistribution of financial resources ensures the functioning of an effective mechanism for stimulating the development of innovation and investment, the production sector of the economy, the system of socio-economic relations, as well as the possibility of accelerated modernization of the regional and national economies.
Conclusion of the research. Based on the analysis, it can be concluded that Ukraine has a rather large potential for industrial enterprises to innovate. However, there are many problems that arise in the way of activation and implementation of innovative activities. The most important of them is the lack of funding in this area, the high level of expenses, and the lack of government support. It is necessary to form an effective institutional infrastructure of the financial and credit system, which will reduce the costs of credit market participants and provide incentives for development. The basis for increasing the effectiveness of financial policy is the development of state and regional programs to support small businesses, taking into account the harmonization of the interests of business and society.
Short abstract for an article
Abstract. The article discusses the features of the development of complementary institutions to support innovative enterprises in the regions. The elements of the institutional infrastructure of innovation are analyzed. The features of the development of financing innovative enterprises in the regions and the constraints of this process are investigated. The directions of structural transformations, both of a specific region and the economy as a whole, are substantiated.

Keywords

 innovative enterprises, complementary institutions, institutional infrastructure, regional features, financing of innovative enterprises, innovation policy.

Reviewer

External reviewer

Article in PDF

 35-57

Bibliography

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Code DOI

 10.31359/2411-5584-2020-40-1-35

21.02.2020