Economic Sciences / 10. Business Economics

Golyshevska A., Goncharuk K., Burlaka O.

Supervisor: Assoc. Department of Accounting and Analysis

Fedoryshyna L.

Vinnytsia National Agrarian University, Ukraine

INVESTITION AND INNOVATION RESEARCH COMPANIES AGRICULTURAL REFERRALS

Place and role of innovation policy in the structure of state regulation of economy are determined by characteristics of the innovation process as a control object. As the development and implementation of ideas, research companies need to start with advancing money capital. The specifics of such investments is that the idea associated with sharply increased the risk of losing money capital. Innovations are usually risky nature. A considerable number of works of both domestic and foreign scientists dedicated to innovation and investment activities of domestic and foreign investors.

In Ukraine the investment in research areas dealing T. Ben, V. Geets, M. Gerasimchuk, B. Gubsky, J. Zhalilo, B. Kvasnyuk, A. Mahmoud, A. Molina, B. Panasyuk, A. Peresada and others. In these works are determined by the experience of investing in foreign countries and the possibility of using it in Ukraine.

Innovative investment - is a form of real investment company that is to implement the achievements of scientific and technical progress in industry [7, P.37].

Enhancing innovation research companies in a market economy, primarily related to sources and forms of investment, which should ensure a balance between innovation expenditure and financial opportunities. Probability of success implementing new ideas into new product reaches only 8.7% with every 12 original ideas only one reaches the stage of mass production and mass sales. Innovative investments play an important role in scientific and technological development. In a permanent reduction in government funding for innovation activities financed by public funds today, mostly long-term basic and applied research that have national significance, as well as international, national scientific and technical programs and projects. In addition, the state creates conditions for funding the research, development work from various sources. In the field of applied research and development contract to be the main method of funding on the basis of design (and software target) organization.

Among the significant factors that limit long-term innovative lending should be noted the following: a high level of interest rates on bank loans, large credit risk, the risk of changing interest rates, liquidity risk, mostly current and short-term nature of bank liabilities; low liquidity of the collateral object that can be transferred for innovation loan, the interest banks in lending to business transactions in a fast invertible cash flows. One of the most promising sources of financing innovation research companies have become foreign investors. Their use several advantages compared with loan capital and other forms of financial credit. Thus, unlike loans, and loans are not increasing the debt of the state, they contribute to obtaining funds for production development, interesting in the foreign direct investor. An important tool to stimulate the development of production research enterprise is to provide state guarantees on foreign credit lines. It facilitates access to capital markets businesses.

One form of subsidization of enterprises is guaranteed by the government to provide easier access to obtain credit. The volume of this subsidy can be estimated based on the reduction of research companies to pay interest on bank loans. In case of bad loans now amount equal to the amount of the subsidy budget for its repayment and servicing.

That is, at first glance, the provision of government guarantees to obtain loans or government assistance for their service does not affect the validity of the market mechanism: the state simply to help businesses get the credit market conditions. But this means of financing projects without the state would not be made because of high costs or lack of reliability. In the case of credit constraints, this leads to displacement profitable investment. Provision of state guarantees, compared with other forms of subsidization of enterprises, has two important advantages.

Firstly, the government is able to provide support to businesses without the use of budget funds. And, secondly, the need to return to business loans is an incentive to maximize the use of borrowed funds. However, in Ukraine loans guaranteed by the government not only have these advantages, but even of a serious economic problem associated with debt obligations of the state. In modern conditions of market transformation often there are situations when a company can not prefer one or another form of financing, decide it will be any one source or more. To evaluate the value of one is advantageous compared with other financial management using two indicators: the effect and efficiency. Must recommend them for use in assessing the various sources of funding innovative projects.

Strategy innovation potential agricultural sector in the years 2003-2011 aimed at ensuring the competitiveness of agricultural products and accelerate the development of scientific and technological potential. Business research and innovation infrastructure should be based on budgetary and extra budgetary sources: innovative primary refinancing by creating a highly effective research base and implementation of development in the form of technologies and resources, scientific and technological support their implementation; venture secondary refinancing, advanced applied research at the expense of corporatization, commercialization and capitalization of the objects of research institutions.

Indeterminable at a sufficient level is currently a problem source of the level of provision of financial resources, research oriented agricultural enterprises. Successful development of the same can be ensured only if the implementation of active investment and innovation processes, their development and use of scientific and technological potential [1, P.59].

References:

1. Golyshevska L.V., providing investment research oriented agricultural enterprises., Collected Works VDAU Issue 32.

2. Krushelnytska AF Methodology and organization of scientific research.-K.: Condor, 2006.

3. On investment. Law of Ukraine № 1560 - XII. from 18.09.1991.

4. On innovation activity. Law of Ukraine № 40 - IV of 04.07.2002.