Основні інститути інноваційного інвестування

Abstract

У статті досліджено ефективність механізму використання кредитних і фінансових ресурсів для стимулювання інвестиційної й інноваційної активності суб’єктів підприємницької діяльності в Україні, проаналізовано досвід високорозвинених країн у фінансовому забезпеченні наукомістких і високотехнологічних розробок, обґрунтовано заходи щодо заохочення участі комерційних банків та венчурних фондів у довгостроковому кредитуванні інноваційних проектів стратегічно важливих для вітчизняної економіки підприємств. Ключові слова: венчурні фонди, інвестиції, інновації, інноваційна діяльність, інноваційне підприємницт-во, фінансові інститути, фінансово-кредитна діяльність.

One of the main causes of the deepening economic crisis in Ukraine is reaching the critical level of pro-ductive capital aging. This article outlines that this pro-cess can be overcome only through innovation and technological modernization of national economy. The features of investment in innovative projects, which are subjected to heightened risk and require large-scale and long-term investments were examined. Also it was determined that support and encouragement of innova-tion activity require the usage of different sources, methods and tools of financial assistance. The main financial sources of innovative projects should be state aid, commercial bank loans and venture capital invest-ments. The authors noticed that there are no effective mechanisms of credit and financial resources usage for encouraging investment and innovation activities of business entities. So, cash flows are mainly concentrat-ed in the national economy sectors, which provides short-term gains, reproduce economic stagnation and loss of competitiveness. Absence of capital movements from low-tech to high-tech segments continuing the trend of short-term gains and hinders innovation activi-ty. The experience of well-developed countries in the financial support of high-tech economy sector has been analyzed. In these countries, in contrast with the Ukrainian government, the state actively uses various forms of stimulation and provides significant funding for support innovation activity. Stimulations of actions for long-term crediting of innovation projects in the strategy for the national economy enterprises by com-mercial banks and venture capital funds were ex-plained. In particular, authors offer to actively involve venture capital for financial support and development of high-tech sector and to encourage commercial banks participation in long-term crediting for innovation pro-jects in the strategy for the national economy enterpris-es. The basic forms of such incentives for crediting were justified. The necessity of encouraging and de-veloping scientific and technological innovation and new legislative instruments for regulation of venture capital market, innovation risk insurance and encour-agement of commercial banks participation in financ-ing innovation were given in the article. Keywords: venture capital funds, investment, in-novation, innovation activity, innovative entrepreneur-ship, financial institutions, financial and credit activi-ties.