THE ROLE OF INSTITUTIONAL FACTORS IN THE DEVELOPMENT OF ENTREPRENEURIAL ACTIVITY
This study is aimed at studying the tools of institutional design of entrepreneurial activity. Goal. We suggest an expanded interpretation of the dependence of the dynamics of aggregate revenues from institutional factors and the institutions that regulate entrepreneurial turnover. This is based on the analysis of the approaches used in theory and practice to study the tools for regulating entrepreneurial activity, taking into account the degree of influence of formal institutions on the state of entrepreneurial turnover. Tasks. This paper analyzes the factors that stimulate the development of entrepreneurial activity, offers an expanded classification of institutions that regulate entrepreneurial activity, taking into account the development phase of business organizations; it is showed the dependence of the level of entrepreneurial activity and the average level of student entrepreneurial activity from the level of development of formal institutions using tools of economic and mathematical modeling. Methodology. In this article, general scientific and special methods of scientific research have been used. The latter include the method of correlation analysis and tools of economic and mathematical modeling and principles of socio-economic forecasting, as well as software SPSS (Statistical Package for the Social Sciences) or PASW (Predictive Analytics Soft Ware). Results. The article proposes a classification of institutions that regulate entrepreneurial activity. The classification includes, along with formal and informal institutions, institutes that regulate entrepreneurial activity in certain phases of the life cycle of an entrepreneurial organization. The high level of dependence of entrepreneurial activity from the level of development of formal institutions regulating the activity of entrepreneurial structures in the process of doing business at various stages of its life cycle and the level of development of formal institutions regulating the exit of entrepreneurial structure from the market are revealed. Conclusions. Institutes are an essential factor determining the level and direction of development of entrepreneurial activity at all stages of the life cycle. They are the stages of potential, early, new, mature entrepreneurship and the stage of liquidation of the organization. Thus, it is justified to include in the arguments of the production function of the institutional factor.