Problemi Ekonomiki (Dec 2023)
Financing of TNCs’ Innovations in the Context of Innovative Transformation of the Economy of the Regions of Ukraine
Abstract
It has been found that the world flagship of financing innovation activities are TNCs, which, due to the high level of concentration of investment potential, have the opportunity to finance capital-intensive innovation projects related to the modernization of the most high-tech industries and basic information and telecommunication technologies. It is proved that the selection of sources and methods of financing the innovation activity of TNCs depends on the stage of the life cycle of an innovative product, which makes it possible to timely eliminate the deficit of financing by diversifying the sources of financial and investment support for research, development and approbation of prototypes of equipment and technologies. Studies have shown that the financing of innovation activities in American, European and Japanese TNCs is marked by their distinctive features based on the structure of sources of funding for research and development, in particular the participation of the State in this process. It is determined that Ukraine needs an innovative model of transformation of the post-war economy in order to eliminate at an accelerated pace the terrible consequences of the armed invasion of russian aggressors, to modernize energy-intensive segments of the national economy, to ensure the mass introduction of modern innovative technologies in all phases of the reproductive process and to use the existing production and technical potential of regional economic complexes to straighten territorial imbalances of the socioeconomic development. It has been found that the main catalyst for innovative transformation of regional economic complexes in Ukraine is the inclusion of TNC divisions in them, primarily in terms of financing the processes of production and introduction of innovative technologies. It is substantiated that in the context of the expediency of implementing the best practices of financing research and development into the domestic practice of innovative transformation of the regional economy, it is worth adopting the South Korean experience, which allowed this country to turn from an industrially backward agrarian country into an advanced country in Southeast Asia in a few decades.
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