FINANCING INVESTMENT AND INNOVATION ACTIVITIES OF INDUSTRIAL ENTERPRISES IN THE CONTEXT OF THE NATIONAL ECONOMY TRANSITION TO THE SUSTAINABLE DEVELOPMENT MODEL

For Ukraine the pressing issue of transition of the national economy to the model of sustainable development is to increase the efficiency of formation and implementation of the state policy of stimulating the financing of investment and innovation activities. This is especially relevant for the industrial sector, as the fixed assets of the industry have a high level of wear. Unfortunately, in Ukraine the efficiency of the implementation of the state investment and innovation policy is insufficient. It is possible to solve the problem of increasing the efficiency of formation and implementation of state support mechanisms for financing the investment and innovation activity of industrial enterprises by improving the appropriate organizational, economic and financial instruments. This task can be solved, in particular, by increasing the efficiency of the formation and implementation of relevant state target programs. The directions of improvement of the state policy aimed at development of mechanisms of financing of investment and innovative activity of industrial enterprises are highlighted, in particular: solving of strategic tasks of development of banking sector and strengthening of its orientation on long-term crediting of industrial enterprises; realization of investment and innovation requests of the national economy; - creation of the State Development Bank (State Investment Bank); support for further development of the stock market and its infrastructure; bringing investment legislation to international standards; expanding the range of financial instruments available to investors. The list of measures to optimize the fiscal policy, which in the conditions of post-crisis development will be the main stimulator of investment and innovation activity of industrial enterprises, is presented. All government programs implemented within the framework of state investment and innovation activities should be cost effective. In the context of the implementation of the strategy of transition of the national economy to the model of sustainable development, it is advisable to take measures to expand the so-called "social investment".