STRATEGIC ORIENTATIONS FOR FINANCING INVESTMENT AND INNOVATION ACTIVITIES IN HIGHER EDUCATION

The article presents the results of the study of trends and processes of financing investment and innovation activities in higher education. It is noted that developed countries use various financing instruments of higher education institutions (educational vouchers, educational loans, educational grants, etc.), which allows these institutions to accumulate adequate resources for further financing of investment and innovation activity, while at the same time these instruments are not used in Ukraine. . It was noted that the development of the higher education system of Ukraine is under unfavorable macroeconomic conditions, investment costs for new construction, introduction of new educational technologies, purchase of educational equipment, carrying out of promising scientific researches, implementation of innovative projects («development articles») are hardly financed. It is concluded that the mechanism of budget financing of higher education institutions of state and communal ownership is extremely irrational, and the distribution of financing among higher education institutions is opaque and often based on non-economic factors. Insufficient investment and innovation support for the development of the higher education system leads to a narrowing of the potential of higher education institutions and, as a consequence, to a decrease in the quality of education. The peculiarities of financing of investment and innovative activity of functioning of higher educational institutions are determined. The strategic guidelines of the state policy of ensuring adequate financing of investment and innovation activity in the field of higher education are substantiated. The principles of effective financing of investment and innovation activity in the higher education system are defined. Measures are proposed that are aimed at improving the mechanisms and instruments of financing the investment and innovation activities of higher education institutions.