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Finance: theory and practice Vol. 26, No. 2’2022 financetp. Fa. Ruparticipants, financing of innovation projects1577-3225-1-PB participants, financing of innovation projects
will be carried out only in market conditions,
considering existing competition.
3. The principle of regulation. On the one
hand, the public sector ensures control over
the actions of all participants in the model
being developed and the transparency of
the current legislation in the framework of
operations to finance innovation projects.
On the other hand, key players are obliged to
comply with the main provisions of the legal
framework created in Russia.
4. Information support. Each participant
of the developed model must have sufficient
and reliable information about the innovation
project. For example, before investing existing
capital, an investor needs to know the stages
of the innovation cycle in the industrial sector,
the purpose of the project, the net present
value, or the internal rate of return. At the
same time, a fairly quick exchange of such
information can take place within the digital
platform, and the public sector guarantees
the absence of distorted statistical data on a
single innovation portal.
The last element of the structure of the
developed model of financial incentives
for innovation activity is the directions:
financial, industry, and integration. The
financial direction includes tax incentives,
a preferential interest rate on a loan, and
a quick economic return on an innovation
project being implemented. More details
should be said about the last instrument
of the financial direction. Any market as
a system includes two enlarged product
groups: traditional and innovative. At the
same time, the receipt of economic returns
from the ongoing innovation project can
be seen through the positive value of net
present value and internal rate of return, as
well as a very low payback period for financial
investments. The authors of the article believe
that the greater the value of the parameters
of the net present value and the internal
rate of return, the higher the probability of
choosing this particular innovation project,
since its attractiveness for the investor will be
very high. However, for a company operating
in the industrial sector, the demand for new
products plays a special role: a sought-after
innovative product will increase the monetary
volume of sales, which can become the basis
for economic returns from the innovation
project being implemented. In addition,
within the framework of market relations,
special preference in financing is given to
breakthrough innovations and methods that
increase the company’s production potential
[13]. Therefore, their fairly rapid generation
will allow for a very short period of time to
receive income, taking into account the spread
of an innovative approach or method to other
related industries.
To ensure high efficiency in the activities
of companies operating in industrial sectors,
it is necessary to conduct R&D. Although
certain problems arise in the implementation
of R&D on an ongoing basis in Russian
entrepreneurship [14], tax incentives and
preferential interest rates on tax investment
loans can contribute to their elimination.
In this case, the approach presented by
the author will stimulate various areas of
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