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Management of financial support for innovative activities of agricultural enterprises

Author(s) Кустріч Л. О., , ,
Category Economics
year 2020 issue Issue number 97. Part 2
pages 157-168 index UDK 631. 162:[005.591.6:631.11]
DOI 10.31395/2415-8240-2020-97-2-157-168 (Link)
Abstract It has been established that the key obstacle to the implementation of innovative activities by agricultural enterprises is the insufficient volume of financial investments, which can be replenished by finding sources of financing. The lack of state support for innovative activities of agricultural enterprises in Ukraine due to the limited budgetary resources was established. It is proposed to use the experience of countries with a sufficiently high level of development of scientific and technical potential, in particular, Japan, Switzerland. It was revealed that only large enterprises can implement innovations using their own resources (depreciation charges, mobilization of internal assets, proceeds from the sale of certain types of property, retained earnings and other savings, private savings of farms). The reasons have been established that significantly complicate or make it completely impossible to obtain loans from banking institutions, especially for a long term. It is noted that the opening of the land market will allow farmers to obtain the right to mortgage their land plots as collateral in a commercial bank, receive a loan and direct it to the development of the enterprise, innovation, technical modernization and re-equipment of production. The low level of investment attractiveness of the innovation sector for foreign investors in the country is attested and ways to increase it are proposed. It was proposed to develop and attract non-traditional sources of financing for innovative development, in particular: crowdfunding, venture funds, business incubators, business angels. It has been determined that the sources and forms of financing for innovative activities depend on the stages of the innovation process (fundamental research, applied research, development, implementation and commercial use). It is generalized that for the implementation of innovative activities, it is necessary to use various sources of financing to achieve their flexibility and adaptability to market requirements. The components of the implementation of the mechanism for managing the financial support of innovative activities of agricultural enterprises and the factors of the efficiency of its functioning have been determined, which will ensure the competitiveness of agricultural products in the market and the national economy.
Key words financial support, innovation activity, agricultural enterprises, sources of financing, management of financial support for innovation activity
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