ResearchBib Share Your Research, Maximize Your Social Impacts
Sign for Notice Everyday Sign up >> Login

FINANCIAL FACTORS TO STIMULATE INNOVATION ADOPTION AT INDUSTRIAL ENTERPRISES

Journal: International scientific journal "Internauka." Series: "Economic Sciences" (Vol.1, No. 42)

Publication Date:

Authors : ; ;

Page : 91-97

Keywords : VAR-model; funding sources of innovations; innovative activity; innovative process; innovation; novation; innovation adoption; stimulating factors of innovation adoption;

Source : Downloadexternal Find it from : Google Scholarexternal

Abstract

Modern industrial enterprises play a crucial role in providing the innovation process of the national economy. They are the suppliers of high-tech products that affect the economic growth of various sectors of the economy. Despite the fact that the issue of innovative activity intensification of modern enterprises is quite actively covered by scientists, the process of innovation adoption at industrial enterprises remains insufficiently studied. Therefore, there is a need to identify the main factors of innovation adoption at industrial enterprises of Ukraine. In addition, it is important to determine the role of different funding sources for stimulating innovation adoption. The purpose of the article is to substantiate the place of financial resources in the set of innovation adoption stimulating factors and to determine the optimal structure of funding sources for industrial enterprises innovation activity. The article examines the approaches of modern scientists to the interpretation the concept of «adopted innovation» essence. The place of the innovation adoption in the innovation process is determined: it is an intermediate link between the created R&D and the commercialized one. It is determined that the innovation implementation at an enterprise depends on such aspects as: human resources, market, novations, and finance. It is noted that these aspects generate internal and external factors affecting the innovation adoption. The importance of different funding sources for stimulating innovation adoption is substantiated. Based on the data for 2000–2019, a vector autoregression model (VAR) of the new machines and equipment adoption dynamics at industrial enterprises of Ukraine under the influence of various funding sources was built. With the help of VAR-model and situational analysis it is determined that in order to maximize the number of new machines and equipment adoption at the industrial enterprises of Ukraine in the funding structure of innovative activity the predominant share should be occupied by own resources of industrial enterprises and state budget funds.

Last modified: 2021-03-23 04:30:00