FINANCING OF SUBJECTS OF INNOVATION INFRASTRUCTURE IN NATIONAL AND FOREIGN LEGISLATION: COMPARATIVE ASPECT

Abstract

Problem setting. One of the most important problems and obstacles to the innovative development of enterprises is the insufficient amount of financial resources used by the subjects of innovation activity.

Target of research is to analyze the legal aspects of the formation and use of sources of funding for the subjects of innovative infrastructure and to formulate directions of state support for the activation of innovative activities. Disclosure of the essence of financing of the subjects of innovative infrastructure on the expanses of Ukraine and abroad. Identification of the main prerogatives of different types of financing.

Analysis of resent researches and publications. This area of research is devoted to a number of works by renowned scientists, including A.R. Galchinsky, V.M. Heytsa, O.M. Alimova, O.I. Amoshi, A.I. Akmayeva, G.G. Pivnyaka, V.I. Sally, A.I. Kabanova, L.L. Starichenko, A.P. Dunny, L.M. Discuss, Yu.Z. Drachuk, N.I. Novikova, A.M. Dubrova, M.I. Krupki, K.I. Ilyina et al. Their work is the scientific basis for the development of an innovative way of development of the subjects of innovative infrastructure, which defines the main innovation priorities and directions for improving the financial support for the increase of scientific and technical and innovative potentials.

Article’s main body. Aspects of innovative development are reflected in a number of regulatory documents, namely: Laws of Ukraine “On Scientific and Scientific and Technical Activities”, “On Innovative Activities”, “On Priority Areas of Innovation”, “On Joint Investment Institutions”, “On Financial leasing”,” On securities and the stock market”, norms of the Civil, Economic, Customs and Tax Codes of Ukraine.

The sources of financing of innovative activity are: funds of the State budget of Ukraine; local budget funds; own funds of specialized state and municipal financial and credit institutions; own or borrowed funds of the subjects of innovative

activity; funds (investments) of any natural and legal persons; other sources not prohibited by the legislation of Ukraine.

Despite the deep market for US municipal bonds, innovative financing for infrastructure investment is becoming increasingly important as state budgets continue to tighten at all levels of government. The main methods of alternative financing today are: public-law partnerships, the Financing and Innovative Transportation Infrastructure Act, the Railroad Reconstruction and Improvement Financing Program, and tax-exempt bonds (such as Build America Bonds). Qualified private equity bonds (PABs) and credit enhancement. A public-private partnership can use many other alternative financing options, including the use of a specific combination of these resources.

At the legislative level, in the US, the following legal relationships are regulated: the Finance and Innovative Transport Infrastructure Act (TIFIA) provides for long-term, flexible financing for highway and transit projects that contain special sources of revenue.

Conclusions and prospects for the development. From the analysis of the above it should be noted that:

1) the need to strengthen the entrepreneurial potential of large groups by creating mechanisms to appeal to private banks. A possible alternative to step up this approach would be to use the assets of state-owned banks and financial institutions as a securitization of transactions between private banks and national enterprises, seeking to increase them productively;

2) an organization for developing Ukraine, with the direct involvement of public financial institutions, especially the National Bank and the Ministry of Finance of Ukraine. In this respect, it is worth noting the crucial problem regarding the entrepreneurial competence of these entrepreneurs and innovators who do not have experience in organizing and managing firms;

3) lack of an integrated approach. There’s no systematic work on developing PPP in the country which would cover legal, economic and social aspects and specific issues of the mechanism for establishing and regulating PPPs. Note that the problem here is not about one or several laws; it’s a complex, institutional problem and it must be dealt with through a systematic approach;

4) lack of a coordinating and supervising body. Currently a lot of various organisations participate in drafting PPPrelated legislation: legislative bodies’ committees, ministries and departments, services, research institutes, foundations, private individuals. All of them develop draft laws based on their own ideas about PPP, without any common conceptual ground.