Academic journal article European Research Studies

Methodological Aspects of Prioritization of Financial Tools for Stimulation of Innovative Activities

Academic journal article European Research Studies

Methodological Aspects of Prioritization of Financial Tools for Stimulation of Innovative Activities

Article excerpt


Innovative activities under the modern economic conditions acquire great significance and ensure increase of competitiveness of specific regions and country on the whole. High level of innovative activity allows creating conditions for sustainable economic growth in long-term and for the most effective use of current resources. At this stage of development, special role belongs to management of innovational sphere at regional level.

Strategic decisions, taken at the level of region in the sphere of management of innovative activity and creation of conditions for successful functioning of innovational enterprises should be based on evaluation of, financial & investment potential of territory (as a source of internal financial assets) and, on the other hand, of innovational potential (as an object for investing financial resources).

Chapter I

In authors' opinion, building the system of indicators, which is a basis for formation of innovational potential, is conducted on the basis of structural & factorial model which characterizes the process of management of innovative activities at the level of regional economic system, which fully describes the components of regional innovational potential (subject, innovational infrastructure, and innovations consumers). As factors emerge from resources and conditions of economy, they actually create the dominant of their effective transformation into the production item for provision of the principle of sustainable development if this territory, thus creating a "core of development".

Modern methodological approach of O.V. Inshakov [Inshakov, 2003], offered on the basis of theory of endogenous factors of production, allows building the model of management of regional innovative activities, which reflects the influence of main factors of "core of development" of economic system, transformed as to the studied process.

During intensive interaction of transformational (human (H), technical & technological (T), natural and resource (N)), and transaction (institutional (Ins), organizational (O), and informational (Inf)) factors, a "core of development" emerges.

This model is described as a function of variables range, which include sets of six most important components:

U = F(N, H, T, Ins, (), Inf), where:

U--level of development of innovational potential of the region, N--natural and resource factor; H--development of human factor;

T--technical & technological factor; Ins--institutional factor; O--organizational factor; Inf--informational factor.

Let us view these factors as to innovational potential of region in detail and distinguish the groups of indicators which are peculiar for each factor.

Relating to innovational potential of region, from the point of view of accessibility of data for analysis and expedience of their processing, the given factor model should be adapted and specified. The offered model consists of 21 indicators, grouped into five blocks, and is presented in Figure 1.

Natural and resource factor is not viewed during evaluation of innovational potential due to impossibility for separation of resources which are potentially related to innovational process. Consideration of this factor as totality of natural resources on the territory of the region is possible, but during comparative analysis of regions there will be a shift of regions (higher ranking of innovational potential) with larger volume of natural resources--which does not reflect the sense of real innovational processes in region's environment.

Each indicator is assigned hierarchical ranking evaluations which are further summarized during calculation of total ranking of region.

For each indicator [c.sub.i] (i--counting number of indicator), average value is calculated (Formula 1).

[[bar.C].sub.i] = [N.summation over (J-1)] [C.sub. …

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