Involved sources in the enterprise innovation activity financing

Abstract

Introduction. Ukrainian enterprises should strengthen their innovation activity that needs proper funding to ensure competitiveness in the domestic and international markets. In the financial crisis and the scarcity of current assets the availability of  financial resources is one of the determining factors in the development of enterprises. The effectiveness of the company depends on how quickly the funds that have been invested in assets can convert into real money. So the process of raising funds to finance innovation activity becomes urgent.

Purpose of the article is to study the areas of growing volumes of sources for innovation activityfunding.

Method (methodology). To achieve this goal with the help of abstract logical analysis it has been investigated the essence of use of involved sources in financing of innovation activity. The use of the method of absolute and relative values has allowed to explore the state of financing of innovation activity through own and borrowed funds. The use of the method of tabular and graphic analysis has created a visual representation of the used statistical material. A systematic analysis of the results will provide an opportunity to identify areas of increasing and improving the use of borrowed sources of financing of innovation activity.

Results. In the article it has been shown the dynamics of financing of companies innovation activity through borrowed sources in general and through the individual components on the example of domestic industrial enterprises.

Advantages and disadvantages of individual components of involved sources are determined. The problems of bank financing of innovation activity are shown. The benefits of venture funding as the external sourse of innovation activity are investigated. The necessity of raising the level of venture financing is grounded. The direction of increasing the share of borrowed sources of financing of innovation activity are defined. It has been determined that the active cooperation and support of enterprises at the state level, activation of ventures and clusters are very important things to increase sources of funding of innovation activity .