Studying the Structure of Sources Providing Financial Support to Innovation Activities Performed by Enterprises Belonging to the Russian Federation Public and Private Sectors
The need to support the innovation development model is becoming of issue to maintain the competitiveness of Russian companies both in the domestic and international markets. The currently existing conditions in the Russian Federation are characterized by a decline of innovative activities of national companies. The development, creation and commercialization of innovative products by companies prompt the latter to search for financing sources. The modern state of innovation activities conducted by enterprises is analyzed. Approaches to classifying the sources financing the innovative activities of Russian enterprises are considered, and the structure of these sources is analyzed. The study results have revealed that the share of expenditures for research and development carried out in the private sector from the companies’ own funds is essentially lower than it is in the developed countries around the world. Low accessibility of bank loans results in that it is more profitable for companies to buy finished innovative products than to develop their own ones. Alternative kinds of financing sources available under the present-day conditions are studied. Key problems that hinder the financing of innovative activities of companies are revealed, and recommendations for intensifying innovative activities are elaborated. The analysis of sources for financing innovative activities of an enterprise made it possible to draw a conclusion about the need to change the structure of financing sources in favor to the private sector. The solution of this problem lies primarily in stimulating the innovative activities by means of market mechanisms. Special attention should be paid not only to widening the accessibility of bank loans, but also to developing of alternative financing sources.