Substantiating the Recommendations for the State Financing of Innovative Economic Development

Abstract

The article is aimed at substantiating the practical recommendations for defining the amount of financing for innovative economic development by type of economic activity of economic entities. The article analyzes actual works on the chosen topic and formulates a conclusion on the need for scientific recommendations on defining the amount of the State financing for the innovative development of economic entities. Based on the analysis of official statistical information, the publication calculates the indicators reflecting the innovative activity of enterprises, the efficiency of their innovation activities, the introduction of new products and their interaction with European partners. To ensure the correctness of the comparison of computed indicators, the article determines the indices, which represent the ratio of indicators and their average values for Ukraine. Based on the generalization of indices, the integral indicator of financing the innovations is determined. The results of ranking the types of economic activity, depending on the values of this indicator, allows to determine that the most promising of them are the mining and processing industry. According to the results of the application of the integral indicator of financing innovations as a base for the distribution of the State funds, the article defines structural indicators for calculating the absolute value of the State-owned funds directed towards the innovative economic development by types of economic activity. A promising direction of research is the formulation of recommendations for assessing the innovative potential of the economy, subject to the addition of official data describing the innovative activities in Ukraine.

Keywords

• innovative development
• innovative activity
• integral indicator of financing innovations
• share of the state financing for innovations