Analysis of correlation between innovative costs and volumes of realized innovative products in the industry of Ukraine

One of the main barriers to enhancing innovation activities of the industrial enterprises of Ukraine is the lack of financial resources per se and their limited use for innovative purposes. Therefore, the primary objective, on the one hand, should be an increase of investment support of enterprises’ innovative activity from all sources - own, borrowed and external - and, on the other hand, optimization of innovative expenditures’ structure that has developed in enterprises of various types of industrial activity in order to ensure maximum economic returns.The aim of this paper is to analyze the correlation between the amount and components of expenditures on innovation activity and the total amount of innovative products, sold by industrial enterprises of Ukraine, and, according to the results of this analysis, to submit proposals for improvement of investment support of their innovation activity.In the paper, using correlation and regressive analysis the correlation between expenditures on innovation and the volume of innovative products, sold by industrial enterprises of Ukraine in 2015 and 2017, is investigated. It was hypothesized that the total amount of innovative products sold and their share, which is new to a market, as well as the number of innovative products, marketed abroad, depend on various types of investments in innovations.Correlation and regressive analysis revealed a different impact of components of investments in innovation on the amount and structure of innovative products sold, which confirmed the hypothesis of the study. It has been defined that the overall amounts of innovative products sold depend the most on the level of expenditures on purchasing of machines, hardwareand software, as well as expenditures, related to the component “Others”. The positive tendency of innovative products sold that are new to the market and which are sold to other countries are largely determined by the volume of expenditures on external R&D. Thus, by changing the structure of investment in innovation, an enterprise can significantly increase economic return, and, consequently, their level of competitiveness.