EFFECTIVENESS EVALUATION METHOD OF FINANCING INNOVATION YOUTH ENTERPRISES

Abstract

The purpose of the article is to determine the features of assessing the effectiveness of financing the innovative activities of youth enterprises. The methodological basis of this article is the methods of scientific knowledge, in particular, the following methods were used in the study: monographic – in studying the evolutionary views of economists to assess the effectiveness of financing the innovative activities of youth enterprises; analysis and synthesis – in the study of scientific papers, laws and regulations and the practice of assessing the effectiveness of financing innovation; systematization – in the study of socio-economic phenomena and processes studied during the study; scientific abstraction – in determining the purpose, objectives and formulation of the conclusions of this article. The authors propose to use the indicators of the three grouped groups in order to better assess the economic efficiency of financing. The study identifies the most important criteria for assessing the effectiveness of financing the innovative activities of youth enterprises should, which should reflect the economic feasibility of certain alternative sources. It is proved that the efficiency of financing the innovative activity of youth enterprises is influenced by the optimal ratio of internal and external sources. Analyzing the effectiveness of raising additional funds, it was found that it is influenced by quantitative and qualitative factors. It is established that the main financial instrument of the policy of stimulating innovative development of youth enterprises is the use of state budget funds, and the main indicator that determines the level of compliance of science with the tasks of innovative economic development is the knowledge intensity of GDP. Evaluation of financing of innovative activity at internal and external investment should be carried out by a technique of an estimation of economic efficiency of investments which should be statistical or dynamic. The study found that the main and essential difference between the dynamic method and the statistical method is the discounting of cash flows. The authors determined that the most important dynamic indicators of investment in innovation are net present (present) value, internal rate of return on investment, return on investment (or return on investment index) and the discounted payback period. It is established that the assessment of the effectiveness of attracting credit resources is carried out according to three main methods. According to the study of the effectiveness of attracting credit resources, the following rule is established: the excess of profit from the project over the amount of interest paid on the loan used to finance this project is a necessary condition for the feasibility of the project.