Investment and innovation activities of the enterprise. Investment and innovation activities Investment and innovation activities

1. Concept and essence of investment

2. Capital investments and indicators of economic efficiency of capital investments

3. Estimating future income and making investment decisions

The basis for the functioning of any activity is the availability of funds necessary to reimburse and expand production.

Investments are investments of financial resources in various types economic activity in order to subsequently generate income, ensure social effect, preserve and increase capital.

Investment activity is investments and a set of practical actions for their implementation. The subjects of investment activity are legal and individuals, various investment, insurance and pension funds.

The objects of investment activity are: current and fixed assets, securities, cash deposits, scientific and technical products, property rights, intellectual property rights.

Sources of investment - own funds mobilized on the market valuable papers.

Types of investment:

1. risky venture investments in innovation associated with great risk, but with a positive result giving the right to participate in the management activities of the enterprise;

2. direct investments - investments in the authorized capital of business entities in order to generate income and the right to participate in the management of this entity;

3. portfolio investments associated with the formation of other assets giving the right to receive income;

4. annuity investments related to investments in insurance and pension funds.

Capital investments play an important role. These are real investments aimed at the development and production of new products, technical re-equipment, expansion of production, reconstruction and new construction.

Elements of capital investments:

1. costs of design and survey activities;

2. costs of construction and installation activities;

3. costs of purchasing machines, etc.

The development of capital investments is carried out through capital construction.

There is a contracting method - by concluding an agreement with another organization indicating the timing, scope of work and cost estimates. In the future, it is necessary to develop investment activity by prioritizing investments in the development of progressive industries, in the renewal and re-equipment of enterprises.

When investing financial resources, their return is required.

The economic effect is the final result of the use of innovations, new technology, measured in absolute values ​​such as profit, cost reduction, increased production volume, and improved quality.

The annual economic effect of new technology is calculated:

1. how is the difference in the cost of old and new for annual production

Annual output (volume).

2. what is the difference between the price of a new product and the price of an old one for annual production

Capital investment efficiency ratio - profitability.

Relative efficiency - comparison of economic efficiency, capital investments by comparing different options according to the costs incurred.

When investing money, the task is to achieve profitability and payback by choosing various options, but the effectiveness of the investment decision appears only after some time, so it is necessary to take into account the temporary assessment of the value of money.

Having 100,000 rubles, you can use it in different ways, but if you invest it in a bank at 10% per annum, the value increases.

But in the case when we want to find out how much money we need to invest in order to get a certain amount, we carry out discounting - this is bringing future income to the current present value - we take or bank interest or the profitability of the compared option.

Net present value (net present value) NPV - the difference between the total amount of discounted cash flows for the entire period of sale investment project and the initial amount of investment costs.

NPV is the current value of cash flows, determined by the formula:

The amount of initial investment costs;

Results achieved at the t-th calculation step;

Costs incurred at the t-th step;

Discount rate (rate of capital expenditure)

If the NPV is positive, then the project is profitable.

Profitability index:

If the profitability index, then the project is effective.

Criteria for making investment decisions:

1. The most cost-effective one is selected from several options;

2. it is advisable to invest in production and securities if income after taxes is higher than bank interest;

3. return on investment must exceed the rate of inflation;

4. It makes sense to invest in the most profitable ones, taking into account discounting of the project;

5. low cost of the project and shorter payback period.

Leasing is a type of investment activity for the acquisition of property and its transfer on the basis of a leasing agreement to individuals or legal entities for a certain fee for a certain period, stipulated by an agreement with the right to purchase the property by the lessee.

Subject - lessor - an individual or legal entity who, at the expense of borrowed or own funds, acquires ownership of property during the implementation of a leasing transaction and provides it as a leased asset to the lessee for a certain fee for a certain period and on certain conditions.

Lessee is an individual or legal entity who, in accordance with the leasing agreement, is obliged to accept the leased asset for a certain fee for a certain period and under certain conditions for temporary use and possession.

Forms of leasing

1. Internal. All subjects are residents of the Russian Federation.

2. International. One of the entities is not a resident of the Russian Federation.

Types of leasing

1. Long-term (up to three or more years).

2. Medium-term (1.5 - 3 years).

3. Short-term (less than 1.5 years).

Types of leasing

1. Financial leasing

2. Operating leasing (the leased asset can be transferred repeatedly)

Russian economy

As a manuscript

SHNYAKIN KIRILL VYACHESLAVOVYCH

innovation and investment

ACTIVITIES OF ENTERPRISES

AS A FACTOR OF DEVELOPMENT

Russian economy

Specialty 08.00.01 - Economic theory

dissertations for an academic degree

Candidate of Economic Sciences

Samara 2010

The work was carried out at the Samara State Economic
university

Scientific supervisor - Doctor of Economic Sciences, Professor

Official opponents: Doctor of Economic Sciences, Professor

Candidate of Economic Sciences, Associate Professor

Leading organization - Saratov State Social

the University of Economics

Scientific Secretary

dissertation council

GENERAL DESCRIPTION OF WORK

Relevance of the research topic. The study of problems of innovation and investment activity is the focus of economic science. This is due to the fact that in modern conditions innovation is a decisive factor in the formation of national competitiveness, and the innovation process is the most important dominant economic development.

In order to maintain a stable position in the market, firms need to replace outdated material and technical base, reconstruct production facilities, and master the production of new types of products and services. Replacing and reconstructing old equipment and purchasing new equipment require a certain minimum critical amount of capital investment from the enterprise with a high share of the active part in the renewal of fixed assets. Therefore, innovation and investment processes have always been interconnected and interdependent. This interdependence has become especially strong, multifaceted and multidimensional in the modern post-industrial economy.

Traditionally, investment research in economics is carried out at both the macro and micro levels. At the micro level, the study of investments methodologically relies on several approaches. One of them is production. This approach reflects the purpose of using investments and in production theory is considered as a process of creating new capital. The transition to market relations has increased the research interest in the “resource approach”. However, like the first, this approach does not cover all links of the investment process and does not take into account the transformation of resources into a product of investment activity. An alternative is a holistic approach to the investment process, which should reflect and cover the relationship of all types and elements of resources, costs, profits and rental income.

In this regard, it seems relevant to study the process of investing in innovative activities aimed at the internal development of an enterprise in order to obtain a sustainable income or other beneficial effect in the medium and long term.

Currently, there are no serious developments within the framework of the analysis of innovation and investment activity in the modern Russian economy, which determined the relevance of the chosen topic.

The degree of development of the problem. The development of innovation and investment activity as a factor in economic development is a relatively new scientific direction, the epistemological origins of which go back to the basic principles of economic theory, which consider the relationship between resource and performance parameters of the functioning of economic systems.

The emergence and evolution of this area of ​​theoretical research is due to the need to substantiate the patterns of innovation and investment activity as a factor of economic development.

M. Blaug, J. van Wijn, and other scientists studied innovative activity in economics. Domestic economists paid much attention to studying the problems of the national innovation system.

Innovation activity is inextricably linked with investment. Historically, such famous economists as A. Smith, D. Ricardo, K. Marx, T. Malthus, A. Marshall initially paid attention to the dynamics of capital. J. M. Keynes developed the concept of investment as an independent category of macroeconomic science. His research was continued by G. Markowitz, M. Miller, F. Modigliani, P. Samuelson, R. Solow, D. Tobin, M. Friedman, W. Sharp.

Investment activities were considered by domestic scientists,
,
, and Western economists L. J. Gitman, .

Theoretical approaches that reflect, to one degree or another, innovation and investment activity have been paid attention to by such academic economists as.

However, some issues related to the theoretical and methodological justification of the innovation and investment activities of enterprises have not been sufficiently studied. The system of strategic priorities is being transformed, approaches to assessing the effectiveness of investments by various institutional groups are changing, which requires new scientific generalizations and conclusions.

The relevance of the topic of the dissertation work and the need to solve these problems determined the setting of the goals and objectives of this study.

Purpose and objectives of the study. The purpose of the dissertation work was to develop the theoretical and methodological foundations of innovation and investment activity of enterprises as a factor of economic development, as well as to develop practical recommendations for its improvement. The implementation of this goal determined the formulation of the following tasks:

To reveal, on the basis of theoretical approaches of domestic and foreign economists, the content of the concept of “innovation- investment activities";

Consider the role of investment in the innovation process, identify the relationship between the categories of investment and innovation;

To establish factors influencing the innovation and investment activities of enterprises in the Russian economy;

Analyze the development of innovation and investment activity and determine its role in the Russian economy;

Determine the features of the functioning of innovation and investment activities of enterprises in our country;

Identify the main directions of government regulation in the field of innovation and investment.

Field of study. The dissertation research was carried out in the specialty 08.00.01 "Economic Theory" of the Passport of specialties of the Higher Attestation Commission (economic sciences) within the framework of section. 1 "General Economic Theory", paragraph 1.2. "Microeconomic theory: theory of the firm" and paragraph 1.4. "Institutional and Evolutionary Economics: An Evolutionary Theory of Economic Dynamics."

Object of study is the innovation and investment activity of enterprises in the modern economy.

Subject of research economic relations appear in the process of implementing innovation and investment activities of enterprises.

Theoretical and methodological basis of the study scientific developments of domestic and foreign researchers, monographs, textbooks, scientific publications and materials of scientific and practical conferences devoted to the problems of investing in innovative activities in the Russian economy were presented.

Instrumental and methodological apparatus. The dissertation research used general scientific methods: historical and logical, analysis and synthesis, induction and deduction, ascent from the abstract to the concrete, comparative analysis, as well as methods of terminological analysis and operationalization of concepts. Mathematical methods were used: "href="/text/category/instrumentalmznie_i_matematicheskie_metodi/" rel="bookmark">mathematical methods: correlation method, methods of statistical analysis, grouping and generalization.

Empirical basis of the work. Official data was used when writing the dissertation Federal service state statistics, scientific publications, information from periodicals and materials from the global INTERNET network.

Regulatory framework. The regulatory framework for the study was federal laws, decrees of the Government of the Russian Federation, orders of the Ministry of Economic Development, Ministry of Finance, concepts and programs approved by the Government of the Russian Federation.

Working hypothesis. The innovative activity of any enterprise is continuously connected with capital investments. In this regard, there are stages innovation process in need of investment, as well as macroeconomic factors, conditions and features that determine the innovation and investment activities of enterprises. One of critical issues is state regulation in the creation of concepts and implementation of policies for the formation of a national innovation system.

The main provisions submitted for defense are: are as follows.

1. Innovation and investment activity is, to one degree or another, inherent in any organization. There are various theoretical and methodological approaches to the study of investing in innovative activities, among which we can distinguish: functional, mechanistic, conceptual, process. From the point of view of the process approach, innovation and investment activity is the process of making capital investments in the creation of an innovative product. The purpose of innovation and investment activity is to make a profit, achieve another useful effect as a consequence of solving problems of reproduction in the economic system.

2. One of the elements of innovation and investment activity is investment. The modern synthesis of theoretical principles that reveal the content of investments is developing in two main directions: the study of models and mechanisms of behavior of individual business entities, the study and regulation of macroeconomic conditions of investment activity. An investment is any instrument in which money can be placed in the hope of maintaining or increasing its value and receiving a positive amount of income. The essence of investment support is reflected in the functional directions of the impact of the investment sphere on the innovation sphere from the point of view of the relationship of reproduction, distribution and control. The reproductive function of investment support is manifested in the circulation of innovative investments.

3. In connection with the transition of the country’s economy to the intellectual path of development important aspect reforming the modern innovation system is the creation of an investment mechanism innovation sphere, which includes various sources of investment resources and a system of financial institutions. The development of innovation and investment activities is impossible without the appropriate infrastructure. It is advisable to highlight the following elements of innovation and investment infrastructure: technology parks, government funds and target programs, information technology systems.

4. Current state innovation and investment sphere in Russia can be characterized as critical, since the share of enterprises engaged in the development and implementation of innovations is decreasing, and the efficiency of using investments is decreasing. There is no reason to talk about ensuring dynamic sustainable growth, since business receptivity to innovation remains low. In addition, R&D funding through budget funds is carried out slowly and ineffectively.

5. The existence of innovation and investment activity is determined by macroeconomic factors and conditions. The most significant include institutional, risk and socio-demographic conditions. The most significant factors are the following: insufficient protection of property rights, the persistence of administrative and bureaucratic barriers, and the high cost of innovation.

6. Investment activity requires government regulation, since the market mechanism does not always ensure the effectiveness of investment decisions. To perform its functions, the state uses both organizational methods and methods of direct influence on the investment of innovative activities of enterprises. State regulation of the scientific sphere in Russia is of particular importance, which is due to the traditionally high role of science in the development of society and the breadth of problems covered. In conditions of severe shortage of financial resources of enterprises, the role of the state in ensuring the normal course of the investment process increases.

Scientific novelty dissertation work is to develop theoretical foundations and fundamental provisions that reveal the essence of innovation and investment activities of enterprises that contribute to the development of the Russian economy. The most significant results obtained during the study and constituting its scientific novelty are reduced to the following provisions:

The content of innovation and investment activity is revealed.
In a broad sense, this activity is the process of making investments aimed at the internal development of an enterprise in order to generate income or other beneficial effect; in a narrow sense, it is interpreted as a set of continuous innovation processes with intermediate results in order to create innovation;

The functions of innovation and investment activity are defined from the standpoint of functional, mechanistic, conceptual, and process approaches. The functional one consists of making capital investments in innovation, the mechanistic one is in the financial support of enterprises, the conceptual one is revealed in the direction of investing in certain innovative projects. The process approach involves the introduction of innovations into production;

The role of investments in the innovation process is revealed, which is as follows: investments are the primary element in relation to innovation in the innovation-investment system, and, consequently, in innovation-investment activity. Innovation and investment activity itself is risky, since investments are made under conditions of uncertainty of all the results of the innovation process. Its existence is determined by motivation and the need for capital investment. The system of investing in innovation activities is reflected in the functional directions of the impact of the investment sphere on the innovation sphere;

The features of the functioning mechanism of innovation and investment activity of enterprises are determined, which consists in the fact that innovation and investment activity is a open system, in which the appearance of a new element does not contradict, but significantly complements its capabilities. Investments at various stages of the innovation process determine their sources. Depending on the level of complexity of innovation, both the entire set of elements of the innovation and investment infrastructure and its individual components may be interested in them;

A system of factors influencing the innovation and investment activity of an enterprise has been identified, including: the lack of a mechanism for transferring research results to production, the lack of an effective marketing process, a reduction in the tax burden;

It has been proven that one of the important conditions for the existence of innovation and investment activity is the cooperation of enterprises in both the external and internal environment. The effectiveness of innovation and investment activities will depend on the extent to which the market needs of society are taken into account;

Directions summarized public policy in the field of supporting innovative enterprises by adopting appropriate programs and concepts for innovative development, construction of new technology parks, development of the nanoindustry, targeted financing of innovative projects through innovation funds.

Theoretical significance work. The conducted dissertation research allows us to update and expand existing theoretical and methodological ideas about the role of innovation and investment activities of enterprises in economic development. The conclusions reached by the author clarify a number of definitions related to innovation and investment processes, their goals and results.

Practical significance of the study is as follows:

Theoretical conclusions can be applied for complex developments in the field of innovation and investment activities;

The identified factors and trends in the innovation and investment activities of enterprises play a significant role in the adoption effective solutions both at macro and micro levels of the economy;

The formulated provisions can be used in teaching courses “Economic Theory”, “Microeconomics”, “Innovation”, “Investment”.

Approbation of research results. The main provisions and results of the scientific research were approved at the following scientific and practical conferences: at the International scientific and practical conference "Problems of enterprise development: theory and practice" (Samara, 2008), the All-Russian scientific and practical conference "The role of finance in solving socio-economic problems society" (Samara, 2009), All-Russian scientific and practical conference "Russia. Century XX: Economics. Politics. History. Culture" (Samara, 2010), International scientific and practical conference "Reproductive potential of the region" (Ufa, 2010).

The main results of the study are presented in 6 scientific publications of the author (including 2 in publications from the list of the Higher Attestation Commission) with a total volume of 2.5 pages. l.

Structure of the dissertation work determined by the stated goals, objectives and logic of the study. The dissertation includes an introduction, two chapters, a conclusion, a bibliography, and appendices. The provisions and conclusions are illustrated with tables and figures.

MAIN CONTENT OF THE WORK

The introduction substantiates the relevance of the topic of the dissertation research, defines its goals, objectives, theoretical and methodological foundations, information and empirical bases, formulates a working hypothesis, presents the main provisions submitted for defense, scientific novelty, theoretical and practical significance of the work.

In the first chapter" Theoretical basis research of innovation and investment activity of enterprises" reveals the content of the concept of "innovation and investment activity", substantiates the role of investments in innovation activity, and also identifies the mechanism for implementing the innovation and investment activity of enterprises.

Innovation underlies the process of social division of labor and, accordingly, economic development, therefore innovation is far from a new phenomenon in the economy. The innovation process has gradually turned from a “spot” economic phenomenon into a dominant feature of economic development. Innovation has become an essential feature of developed economic systems, where the active formation of a new economy - the knowledge economy - has begun. In order to maintain competitiveness and sales markets, firms need to replace outdated material and technical base, reconstruct production facilities, and master the production of new types of products and services. Reconstruction of old and purchase of new equipment require capital investments from the enterprise. Therefore, innovation and investment activity is, to one degree or another, inherent in any organization.

The economic literature has not proposed a clear definition of innovation and investment activity. In this regard, the author considered different approaches, reflecting, to one degree or another, investment activities aimed at innovation (Fig. 1).

Rice. 1.Theoretical approaches reflecting investment

innovation activity

The movement of investments is characterized by two main stages. The content of the first stage - "investment resources - investment of funds" - reflects the investment activity itself. The second stage - “investment of funds - result of investment” - involves the recoupment of the costs incurred and the receipt of income as a result of the use of investments. It characterizes the relationship and interdependence of two necessary elements any type of economic activity: costs and their returns.

On the one hand, investment activity is associated with the investment of funds, on the other hand, the feasibility of these investments is determined by their return. Without receiving income (effect), there is no motivation for investment activity; the investment of investment resources is carried out with the aim of increasing the advance cost. Therefore, investment activity as a whole can be defined as the unity of the processes of investing resources and generating income in the future. It can be aimed at internal and external development of the enterprise.

From the point of view of investing in innovative activities, the author examined the process of making capital investments aimed at the internal development of an enterprise in order to generate income or other beneficial effects.

According to the dissertation author, the concepts of “innovation” and “innovation activity” are closely related to each other. Innovation is the result of activities to update, transform previous activities, leading to the replacement of some elements with others or the addition of existing elements with new ones. Such activities have general patterns: the goals of the change are determined, the innovation is developed, tested, mastered by production, distributed and, finally, “dies away”, being exhausted physically and morally. Despite the fact that the innovation process and innovation activity are interconnected and interdependent, the concept of “innovation activity” is more comprehensive than the term “innovation process”. In terms of its content, innovative activity involves various types of scientific research not only for the purpose of solving problems that arise during the implementation of practical activities, a set of works on the development (implementation) of these solutions in practical activities, but also for the subsequent dissemination (diffusion) of innovations in economic systems. If the innovation process consists of sequentially implemented interconnected stages leading ultimately to the emergence of innovations, then the diffusion of innovations within a certain economic system is most often a disjointed implementation of the stages of the innovation process associated with the development of innovations and entering the market without conducting fundamental and applied research , experimental design work. The author believes that innovation activity covers the entire set of innovation processes that implement various innovations and their subsequent dissemination within a certain economic system (enterprise, industry, country).

The dissertation shows that innovation is a component of the innovation process that is the result of the implementation of new knowledge in the form of new or improved products accepted by the market, or new or improved technological process used in practical activities. Being the end result of creative work, realized in the form of a new product or technological process, innovation itself is a commodity. According to the author, innovation and investment activity is a continuous activity, consisting of several innovative processes with intermediate results, the goal of which is the emergence of innovation.

To determine the role and place of investments in innovation activities, the work identifies the main reasons for their implementation, the motivation of the entities that make capital investments (Table 1).

Table 1

Reasons and motivation for making investments

economic entities

Representatives of economic schools and directions	Reasons and motives making investments
T. Malthus, A. Smith	Thrift due to the relationship between idleness and hard work
A. Marshall	"Restraining" and "incentive" motives
M. Friedman	Amount of money in circulation
D. Buchanan, T. Veblen, J. Commons, W. Mitchell, A. Spiethof	Political, legal, social, economic, technological
G. Markovich, M. Miller, F. Modigliani, P. Samuelson, R. Solow, D. Tobin, W. Sharp,	Mechanisms of investment behavior of individual business entities
P. Krugman, M. Obstfeld	Share of products for the future production
R. Dornbusch, S. Fischer, R. Schmalenzi	Increase in fixed assets
S. Brew, K. McConnell	Expenses for the construction of new factories, capital equipment, machine tools

The specifics of organizing the investment of innovative activities (in addition to its target orientation) include both a set of factors that ensure the comprehensiveness of investment coverage in various areas of the innovation process and its various subjects, and the ability of enterprises to flexibly adapt to dynamically changing conditions external environment in order to ensure maximum efficiency in the use of financial resources. The growth of financial returns from the implementation of innovative projects is the most important general indicator on the basis of which the final results of innovation activities and the effectiveness of financial policies implemented by business entities themselves and a complex economic entity - the state are determined.

For successful innovation, the structure of the organization of the innovation process has been synthesized, the stages of its financing have been identified, and the mechanism through which finished products and services are sold on the market is considered (Fig. 2).

Results of the stages of the innovation process

Individual stages of the innovation process that are subject to financing.

Legend:

FI - fundamental research; PI - applied research; PKR - design development, a set of works that includes strictly directed scientific research, design, construction, creation of a prototype, its testing and fine-tuning; O - opening; And - invention, overcoming barriers to technical, economic, organizational and psychological innovations; N - innovation, novelty; OP - pilot production; P - production; P - sales on the market

Rice. 2. Mechanism for investing in innovation processes

The dissertation shows that in order to understand the mechanism of investment in the innovation process, it is advisable to identify a certain area that collectively covers both investment and innovation. The innovation sphere is understood as the area of ​​activity of producers and consumers of innovative products (works, services), including the creation and dissemination of innovations. The most important subsystem in the structure of innovation and investment activity is the innovation and investment infrastructure - that subsystem that is aimed at promoting and supporting innovation activity. This subsystem itself has a complex structure. Elements of innovation and investment infrastructure are in a relationship of interconnection and interaction. Innovation and investment activity is an open system in which the emergence of a new element does not contradict, but significantly complements its capabilities. Financing of various stages of the innovation process determines the sources of their investment. Depending on the level of complexity of innovation, both all elements of the innovation and investment infrastructure and its individual components may be interested in it (Fig. 3).

Over the past 10 years, the following funds have operated in the scientific and technical field: the Russian Foundation for Technological Development, the Russian Foundation for Basic Research, the Russian Humanitarian Science Foundation, the Fund for Assistance to the Development of Small Enterprises in the Scientific and Technical Sphere, and the Federal Fund for Manufacturing Innovation.

In the second chapter, “Innovation and investment activities of enterprises in the Russian economy,” factors, conditions and features of the process of making capital investments in the creation of an innovative product, characteristic of the Russian economy, are identified.

Innovation and investment activities include innovative processes that occur extremely slowly in our country. One of the reasons for this is the predominance of the raw material export policy in the Russian economy. Resource exports generate large revenues to meet current needs, but are entirely dependent on world prices, which is a prerequisite for low-quality economic growth. The consequence of the process described above is the deindustrialization of the economy, when the producing sector of the economy suppresses the extractive sector. Another factor hindering the innovative development of the economy is the activity of the bureaucratic apparatus, which creates barriers to the creation of small enterprises (an abundance of various types of licenses, restrictions on patenting research and development results, numerous authorities controlling each small enterprise, bureaucracy within the company itself).

Rice. 3.Innovation and investment infrastructure

An important source of inhibition of innovation processes is the institutional insufficiency of the country's economy as a whole. The reason for this is the legislative insecurity of the property rights of investors and inventors, which is a major obstacle to the implementation of innovation and investment activities. The absence of a mechanism for transferring research results into production (or technology transfer) creates the need to introduce an intermediate link connecting two stages of the innovation process: the development and distribution of new products.

Another significant factor in the development of innovation is the financing of science from the state budget (Table 2).

table 2

Dynamics of federal budget expenditures on science

and the number of patent applications filed (by year)

The dissertation carried out correlation analysis expenses federal budget and the number of patent applications filed. The calculated correlation coefficient was 0.97. The value of this coefficient characterizes a fairly close relationship between correlated quantities. This is confirmed by the expenses of venture investors in Russia. According to the Russian Association of Venture Investors (RAVI), in 2007, about 108.3 million dollars or about 3032 million rubles were allocated for innovation. (1 dollar in 2007 was equal to 28 rubles). Thus, according to the author, the state plays a significant role in the innovation and investment sphere.

Recently, Russia has seen a growing trend in funding from extra-budgetary sources, due to the fact that the Russian industrial sector has become more receptive to science and scientific developments that create demand for innovation, while scientific organizations have experienced a shortage of funds.

The consequence of these factors was a reduction in researchers and the number of organizations conducting research. Low wages contribute to the flight of scientific personnel abroad, and the lack of government funding leads to the cessation of fundamental scientific research on which the innovation process is based.

The current state of the innovation and investment sphere can be described as critical. There is a trend in the country to reduce spending on research and development, reduce the share of enterprises developing and introducing innovations, and reduce the efficiency of using investments. There is still no reason to talk about ensuring dynamic sustainable growth, increasing the competitiveness of products, the quality of life of the population, technological breakthroughs in industry, as well as the intensity of utilization of research and development results. Business receptivity to innovation remains low.

Funding of R&D using budget funds is slow and ineffective. Currently, the amount of funding for the scientific sector from the federal budget to support fundamental and applied scientific research is limited to 2.22% of its expenditure, which is approximately 0.4% of GDP.

The author presents the system of distribution of budgetary financing of the innovation sphere by objects as three directions, focused, respectively, on basic financing of the state academic sector and research laboratories, targeted financing through the system of budgetary funds (Russian Humanitarian Scientific Foundation, Russian Foundation for Basic Research accumulate about 6% total state budget expenditures on science, Fund for Assistance to the Development of Small Enterprises in the Scientific and Technical Sphere - about 1.5%, Russian Fund for Technological Development - 1.5-4% of total expenses state budget for science) and financing of priority areas of science and technology policy. An analysis of the dynamics of federal budget expenditures to finance these funds is given in Table. 3.

The low efficiency of the Russian banking sector, especially in the production, scientific-technical and innovation-implementation spheres, does not give reason to count on expanding the investment of bank capital in innovative projects characterized by a high degree of risk and a long implementation period. The problem of risk financing, despite the measures taken by the state to stimulate it, is the extremely low volume of Russian venture capital. Investment activity requires government regulation, since, like the economy as a whole, it is undergoing reform. Along with market self-regulators in the form of using the categories of demand, supply, price and competition, the state uses certain state regulators.

Table 3

Federal budget expenditures to finance government

innovation funds (by year)*

federal budget (FB),
% of FB expenses
RFTR, million rubles.
% of FB expenses
Assistance Fund, million rubles.
% of FB expenses
RFGU, million rubles.
% of FB expenses
% of FB expenses

*Compiled and calculated according to: Decree of the Government of the Russian Federation of February 3, 1994 No. 65 “On the fund for promoting the development of small enterprises in the scientific and technical field”; Decree of the Government of the Russian Federation dated 01.01.01 No. 000 “On approval of the procedure for the formation and use of extra-budgetary funds of federal executive authorities and commercial organizations to finance scientific research and experimental development”; Decree of the Government of the Russian Federation of September 4, 1995
No. 000 "On financing of the Russian Humanitarian Fund"; Decree of the Government of the Russian Federation dated January 1, 2001 No. 000 “On the Federal Fund for Production Innovation”; Russian statistical yearbook 2009 / Rosstat. - M., 2009. P. 553; websites: http://www. *****/, http://www. *****/.

IN last years state regulation of investment activities is ensured by state federal bodies and local governments. The state should at a minimum support, and at a maximum regulate, the innovation and investment activities of enterprises. To perform its functions, the state uses both administrative methods and methods of indirect influence on investment activity.

The dissertation concludes that it is necessary to change the policy of financial institutions operating in the country and, above all, the banking system, which currently not only does not contribute to the expansion of the scale of innovation and investment activity, but also largely predetermines its reduction. It is necessary to increase the volume of funding for the innovation sector and create conditions that stimulate its functioning, including through tax incentives up to the complete exemption of participants in innovation activities from taxation. Preferential government support should be given to projects focused on basic innovations rather than improving ones, subject to the possibility of their practical creation in the future in the form of developments of at least an applied nature or even R&D. If a fundamental basic improvement project appears, it is advisable, before making a decision on state support, to find out whether there are any analogues to it on the world market and what are the possibilities for economic entities of the national economy to receive it. Only after comparing the proposed and available options can an appropriate decision be made.

At the conclusion of the work, the results and conclusions of the dissertation research are formulated.

ON THE TOPIC OF THE DISSERTATION

Articles in scientific periodicals,

1. Implementation of the mechanism of innovation and investment activity of enterprises in Russia [Text] /
// Vestn. Samar. state econ. un-ta. - Samara, 2010. - No. 6 (68). - P. 98-1.6 print. l.

2. On the factors and features of the innovation and investment sphere in Russia [Text] // Econ. Sciences No. 8 (69). - P. 11.45 pcs. l.

Publications in other publications

3. Innovation and investment activity of venture capital in Russia [Text] // Problems of enterprise development: theory and practice: materials of the 7th International. scientific-practical Conf., November 2008 - Samara: Samar Publishing House. state econ. University, 2008. -
P. 120-1.47 printed. l.

4. The role of investments in financial relations: historical aspect [Text] // The role of finance in solving socio-economic problems of society: materials of the All-Russian Federation. scientific-practical Conf., May 2009 Samar. municipality Institute of Management. - Samara, 2009. - P. 69-,3 p. l.

5. Factors of the innovation process in the innovation and investment activities of enterprises [Text] // Reproductive potential of the region: materials of the IV International. scientific-practical Conf., June 2010 - Ufa: RIC Bashkir State University, 2010. - pp. 347-34 printed. l.

6. Innovation as the basis of technological development of society [Text] // Russia. Century XX-XXI. Economy. Policy. Story. Culture: Sat. scientific Art. Samar. Institute (phil.) RGTEU. - Samara, 2010. - P. 286-2.34 printed. l

Investment mechanism for investing in innovative activities / SSTU. - Saratov, 2003. - P. 37.

Section 4. Economic mechanism of enterprise management

Topic 3. Innovation and investment activities of the enterprise

Goal, tasks: Modern enterprise must constantly carry out innovation and investment activities. This is due to the need to maintain sustainable economic growth, competitiveness and maintaining its position in the market. The topic reveals the content of innovations, the organization of innovation implementation in an enterprise and their economic assessment. Since the introduction of innovations is associated with the implementation of investment projects, the characteristics of investments, the principles underlying these activities in the enterprise and approaches to the economic assessment of their effectiveness are also given.

3.1. The concept of innovation and its classification

One of the important tasks of the enterprise is to ensure sustainable long-term economic growth. This is possible by increasing production efficiency, achieving and consolidating competitive advantages, and expanding foreign economic relations.

The economic growth of an enterprise is based on the following processes:

• a change in technological structures, promoting the creation of production of new goods, increasing the efficiency of production of previously mastered goods;
• growth in the scale of production and development of organizational and economic forms of economic activity.

The following concepts are used to characterize innovation activity.

Innovation is a field of science that studies various theories of innovation; formation of innovations, their dissemination; factors counteracting innovation; adaptation to these counteractions of humans and innovative organs; development of innovative solutions.

Innovation activities– a process aimed at realizing the results of completed scientific research and development or scientific and technical achievements into a new or improved marketed product or technological process.

Innovation (innovation)– the final result of innovative activity in the form of a product or technological process.

Innovative potential of the organization– a set of different types of resources necessary for the implementation of innovative activities.

Innovation sphere– the area of ​​activity of producers and consumers of innovative products, including the creation and dissemination of innovation.

Innovation program– a set of innovative projects and activities, agreed on resources, performers, deadlines for the development and dissemination of new types of products and technologies.

Innovation infrastructure– organizations that promote innovation activities.

The following organizations are distinguished:

• incubator is a complex multifunctional complex that implements a wide range of information services, occupies several buildings.
• technology park– a research and production territorial complex with a complex functional structure. Its main task is to create an environment for the development of small, knowledge-intensive client firms. The structural unit of the technology park is the center. It can be in the form of: a research center, incubator, scientific and technical complex, industrial zone, marketing center, etc.
• A technopolis is an integral research and production structure created on the basis of a separate city, in the economy of which technology parks and incubators play an important role.

Smart product– the result of activity in the field of spiritual production. It comes in the form of: scientific and technical products, computer science products (computer programs, databases, etc.), cultural products. In connection with the emergence of an intellectual product, intellectual property arises.

Innovative activities at the enterprise include:

1. R&D to develop an innovation idea;
2. selection of raw materials and materials;
3. design, manufacture, testing of a sample of new equipment;
4. development of new organizational and management solutions for the implementation of innovations;
5. information support for innovation;
6. training of personnel for R&D;
7. organization marketing research to promote innovation, etc.

So, the central link in innovative activity at an enterprise is innovation (innovation). There is a classification of innovation as an object of innovative activity of an enterprise in accordance with the following characteristics:

• by content (goods, services, technical, organizational, economic, environmental, information);
• by degree of novelty (absolute, relative, conditional, particular);
• by innovative potential (radical, combined, modified);
• according to the characteristics of the innovation process (intra-organizational, inter-organizational);
• by the duration of the stages of the innovation process;
• by level of development and distribution (state, republican, regional, industry, corporate, branded);
• by areas of development and application (industrial, financial, services, trade and intermediary, scientific and pedagogical, legal);
• by sources of financing (own funds, direct budget financing, raised funds, borrowed funds).

An important concept characterizing innovation is its life cycle. It represents a set of stages from the creation of an innovation to the discontinuation and disposal of an innovative product.

Innovation in its life cycle goes through the following stages:

• origin, when R&D, development and creation of a pilot batch of an innovation are carried out;
• growth (industrial development with simultaneous entry of the product into the market);
• mature (serial and mass production);
• market saturation (maximum production and sales volume);
• decline (curtailment of production and withdrawal of the product from the market).

A distinction should be made between the production life cycle and the innovation life cycle.

The innovation life cycle analysis is carried out in the following sequence:

• the total duration of the life cycles of a given type of product is determined;
• the main trend and the distribution of the innovation life cycle around it are determined;
• developing a strategy and tactics for growing the production of new equipment;
• analysis of factors influencing the duration of past cycles.

To analyze the innovative activity of an organization, a forecast of factors for the future period is needed.

3.2. Indicators of the innovation process at the enterprise

Innovation indicators are based on an analysis of the correlation between the results of economic activity and the costs of past experience and current trends.

To successfully implement an innovation, it is necessary to select the appropriate technological solution and the appropriate level of production organization. Analysis of the new equipment and technology used requires studying not only novelty and priority, but also the ability to adapt to current conditions, the ability to re-adjust the production apparatus. The flexibility of the production process plays a special role.

Indicators of the technical level of innovation can be divided into three groups: at the R&D stage, at the production stage, and at the operation stage.

At the R&D stage, innovation is characterized by the following indicators: novelty, patent purity, level of standardization and unification, R&D costs, economic efficiency, science intensity, design continuity, product complexity, ability to modify, ergonomic indicators, safety, environmental indicators.

At the production stage innovation is characterized by: productivity, speed, parameters and dimensions, controllability, optimal structure, optimal functioning, reliability and safety, economic indicators: labor intensity, material intensity, capital intensity, cost, labor productivity, specific capital investments, level of mechanization and automation.

At the operational stage: reliability, safety, performance and power, manufacturability, life cycle length, efficiency, design, operating costs, availability of components and spare parts, maintainability.

It is important to distinguish the most technical level of production. An increase in the technical and organizational level of production is reflected in the level of use of production factors (equipment, raw materials, labor).

Indicators of the technical level of production can be grouped according to the following criteria: scientific and technical level, organization of production, level of technology, level of technology.

The scientific and technical level of production is reflected in the following indicators: the level of R&D, knowledge intensity of products, product renewal, equipment renewal, renewal of organizational and technological structures, economic efficiency of innovations.

Organization of production characterized by the following indicators: duration of the production cycle, rhythm, rational organization of processes: continuity, isolation, consistency, parallelism, staging of production, aesthetics and production culture.

Technology level expressed in the following indicators: technological intensity, technical controllability, flexibility and adaptability of technology, novelty and priority, technological safety, waste-free and environmentally friendly.

The level of technology is revealed by the following indicators: productivity of equipment, technical and energy equipment of labor, degree of mechanization and automation, obsolescence of equipment, structure of the equipment fleet, ergonomics.

The progressiveness of the applied technical and technological solutions is related to the level of production capabilities or the technological level of production. It is characterized by: the level of technological impact, the level of technological intensity, the level of technological controllability, the level of adaptation of the technological process.

Along with the technical and economic assessment, an important role is played economic assessment of innovation. In practice, it is important to find the optimal relationship between indicators of the technical level, the quality of the innovations used and the conditions of their production and operation with economic efficiency.

To quantify the beneficial effect of an innovation, cost estimates are used. The criteria are: the minimum reduced costs and the integral (generalizing) indicator of the quality of the innovation. However, it is not always possible to establish a functional relationship between private quality indicators and reduced costs. Then use expert assessments and statistical methods for determining weighted average indicators of innovation.

But the introduction of innovations into production in the short term leads to a deterioration in economic indicators, disruption of stability, and increased uncertainty and risk of production activities. The introduction of new technologies can lead to unprofitable production activities. Therefore, an important role in determining the quality of new technologies in market conditions is played by: adaptability, flexibility, the ability to “embed” innovation into functioning production, the synergy effect, a sound R&D strategy, highly qualified personnel, and appropriate organizational and management structures.

Comparative economic efficiency of new equipment and technology

Economic efficiency is characterized by the ratio of the economic effect obtained during the year and the costs associated with the implementation of this activity. But innovation can be characterized by lower costs and inappropriate indicators of the technical level and quality of innovation, but also by higher specific capital investments. Therefore, to determine best option innovations use comparison of present costs.

The present costs of introducing new equipment and technologies are calculated as follows:

Z t – reduced costs per unit of production for period T, rub.;

C t – cost of production in period T;

E n – standard efficiency coefficient;

Kud – capital investments per unit of production, rub.;

E n ×K ud – standard profit, rub.

Annual economic effect new equipment and technology is calculated as the difference between the economic effect of the base year before the introduction of innovation and the economic effect after the introduction of innovation into production as follows:

Ent = (Zt base - Zt new) * Q new = [ (St base + E n *Kud base) - (St new + E n *Kud new) ] * Q new,

E nt – economic effect of new technology, rub.;

3 base – reduced costs for producing a unit of product using the basic version of equipment and technology, rub.;

Zt new – reduced costs of production using new equipment and technology, rub.;

Q new - annual volume of production using new equipment and technology, pcs.

In a market economy, the main way to introduce innovations into production is the project approach. The basis of the project approach is cash flow analysis. Regulatory document regulating the development of these projects are “Methodological recommendations for assessing the effectiveness of investment projects and their selection for financing”, approved by the State Construction Committee, the Ministry of Economy, the Ministry of Finance, the State Committee for Industry of the Russian Federation on March 31, 1994. This document establishes the following indicators of the effectiveness of an innovative project:

• financial (commercial) efficiency, taking into account the consequences for project participants;
• budgetary efficiency, taking into account the financial implications for budgets at all levels;
• national economic economic efficiency, taking into account costs and results that go beyond the direct financial interests of project participants and allow for cost measurement.

The main methods for assessing the effectiveness of a project are: methods based on discounted estimates and based on accounting estimates.

Methods based on accounting estimates include calculation of the payback period, investment efficiency, and debt coverage.

Methods based on discounted valuations include the calculation of the profitability index, net present value, and internal rate of return.

3.3. Concept and types of investments

Investments are divided into short-term and long-term investments.

By type, investments are divided into risk (venture), direct, portfolio, and annuities.

Risky (venture) investments– investments in new areas of activity with high risk.

Direct investments– investments in the authorized capital of the enterprise.

Portfolio investment– investments in securities and other valuables.

Annuities are investments that bring the investor a certain income at regular intervals (investments in insurance and pension funds).

3.4. Investment principles

For investments to be effective, an enterprise must adhere to certain principles in implementing its investment policy.

The most important principles are the following. These are the marginal efficiency of investment, the “putty” principle, the principle of combining material and monetary assessments of the effectiveness of capital investments, the principle of adaptive costs, the multiplier principle, the Q-principle.

Principle of marginal efficiency investment guides the enterprise in making investments to achieve maximum profit, provided that the marginal revenue is equal to the marginal cost of producing an additional unit of output.

The "putty" principle reflects the investment process over time. That is, from a certain moment of investment on a certain project, the enterprise has a narrowed choice in making decisions on the reorientation of investments.

The principle of combining material and monetary assessments of the effectiveness of capital investments allows you to more accurately assess the effectiveness of investments in conditions of inflation and other fluctuations in the stock market.

The principle of adaptive costs guides the enterprise towards balancing the profitability of the enterprise with the losses from embedding new technology into the production process.

Multiplier principle allows you to assess the role of relationships between related industries and types of production activities. The multiplier reflects the economic strength of a specific innovation and signals the feasibility of further investment or reorientation of investment flows.

Q-principle. It reflects the establishment of a relationship between the valuation of assets on the stock exchange and their real replacement cost. If this ratio is greater than one, then investing is profitable. The Q-principle reflects the relationship between the demand price and the supply price, that is, it is effective in a market economy.

3.5. Methods for assessing the effectiveness of investments

Since investment is carried out in the form of projects, the profitability of the investment project is analyzed. The analysis includes the following types:

• technical analysis to determine the most appropriate equipment and technology for the enterprise;
• commercial analysis, revealing the features of the economic situation in the product sales market;
• institutional analysis that assesses the state of the enterprise’s external environment;
• social analysis, which provides insight into the future impacts of the project on the local population;
• analysis environment, predicting environmental damage and determining measures to reduce the load on the environment;
• the financial analysis;
• economic analysis.

The following methods are used as specific methods for evaluating an investment project.

Determination of project profitability. Two alternative situations are compared: the result after the project was implemented and the result if the project had not been implemented.

Profitability of an investment project = (Changes in benefits (income)) - (Changes in costs due to project implementation)

Discounting method. Determination of the future value of the current value obtained from investing for a number of years:

,

PV – current value;

FV – future value;

r – interest rate;

n – number of years.

conclusions

• One of the important activities of an enterprise is innovation. It finds its expression in improving the product or mastering the production of a new product, in the constant introduction of new technologies into production, in improving the organization of production, in the development of new markets.
• Innovative activities at an enterprise include a complex of scientific, technical, organizational, financial and commercial activities.
• The choice of method and directions of innovative activity of an enterprise depends on the resource, scientific and technical potential of the enterprise, market requirements, stages of the life cycle of equipment and technology, and the characteristics of its industry.
• In order for an enterprise to remain competitive, improve product quality, and reduce production costs, it must invest in business activities. Investments represent all types of assets invested in economic activities in order to generate income.
• Investment activity at an enterprise is a set of practical actions to implement investments. It is implemented on the basis of principles and at the expense of both own and borrowed funds.
• Investment activity can be in the form of capital-forming and financial investments.
• Investments require a comprehensive analysis of the project, including technical, commercial, institutional, social, financial, economic, and environmental analysis.

Self-test questions

1. Reveal the content of innovation activity at the enterprise.
2. What is the innovation life cycle and what are its stages?
3. How is an economic assessment of the effectiveness of new equipment and technology carried out?
4. What is the essence of investment and what types of investment activities are there?
5. What are the basic principles of investment activity?
6. How is the effectiveness of investments assessed?

Literature

1. Economics of Enterprise: Textbook for Universities / Ed. prof. V. Ya. Gorfinkel, prof. V. A. Shvandara. – 4th ed., revised. and additional – M.: UNITY-DANA, 2006.
Workshop name

annotation Practical work

Investments of an enterprise are long-term investments of capital in various areas of its activity in order to make a profit and also to achieve other economic effects. An enterprise's investments can be classified according to the following main characteristics. By areas of investment: real construction of new enterprises, expansion of existing enterprises, reconstruction of technical re-equipment of existing production; modernization of existing production facilities; re-profiling of the enterprise; acquisition of intangible assets etc.

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Section 10

Lecture No. 16

10.1. Economic essence and investment classification

Development of production and increasing its efficiency requires constant attraction of available funds, primarily financial resources, i.e. investments.

Enterprise investmentsthese are long-term investments of capital in various areas of its activity in order to make a profit, as well as to achieve other economic effects. An enterprise's investments can be classified according to the following main characteristics.

1. By investment areas:

real (construction of new enterprises, expansion of existing enterprises, reconstruction, technical re-equipment of existing production; modernization of existing production facilities; re-profiling of an enterprise; acquisition of intangible assets, i.e. investing in the purchase of licenses, patents, know-how; expansion of inventories of tangible current assets, etc. .P.);

financial (purchase of bonds, shares and other securities; placement of temporarily free funds on deposits, etc.).

1. In relation to the enterprise investor:

internal (investing funds in the development of the enterprise itself);

external (investing capital in the assets of other enterprises).

1. By investment period:

short-term (up to one year);

long-term (more than one year).

1. By level of profitability:

highly profitable;

middle income;

low income;

unprofitable.

1. By risk level:

risk-free;

low risk;

medium risk;

high-risk.

1. By type of ownership:

private;

corporate;

state (municipal);

mixed.

Investments in a market economy as a process of investing capital in any form are inextricably linked with obtaining income or some effect. Thus, the essence of investment contains a combination of two sides of investment activity: the expenditure of resources and the receipt of results. If resource costs, i.e. investments do not lead to the desired result, then they become useless.

10.2. Sources of investment

The main sources of investment resources are domestic sources (individuals and legal entities, as well as the state) and foreign sources (foreign states, foreign citizens, as well as legal entities of other countries: enterprises, firms, companies).

Domestic sources of investment, in turn, are divided into own and borrowed (Fig. 10.1.).

The most reliable sources of investment are its own internal sources, which include profits remaining at the disposal of the enterprise, depreciation charges, additional issue of shares of the enterprise and their sale on the stock market. Own external sources of investment resources are not so reliable and, as a rule, are small in volume.

Rice. 10.1. Main sources and types of investment resources.

Borrowed investment resources (bank loans, loans, state targeted and preferential loans, leasing), used by almost every enterprise, are a necessary way of financing investment activities. This is due to the fact that the investor’s enterprise often lacks its own investment resources to implement large investment programs and projects.

The activities of the state play an important role in determining the sources of investment and their structure. Through financial and monetary policy, it directs investment activity in the required direction and either stimulates it or discourages it.

10.3. Organization of investment activities at the enterprise

In practice, the process of implementing investments in an enterprise is carried out in the form of investment activities. In accordance with the federal law “On investment activities in the Russian Federation”investment activitiesrepresents an investment and the implementation of practical actions in order to make a profit or achieve another useful effect.

Investment activity consists of two main stages:

formation of investment resources;

investment of investment resources in specific investment objects.

The movement of investments from the beginning of the formation of investment resources to the receipt of income and return on invested funds is calledinvestment cycle.

To begin investment activities, any enterprise must solve the following tasks:

determine investment goals;

develop an investment policy;

develop an investment project;

justify the developed investment project;

determine the ratio of own and borrowed funds;

determine the risks of future investment;

evaluate the effectiveness of the developed investment policy.

Investment policyenterprise is a set of techniques, methods, decisions that determine the feasibility and efficiency of using resources in the process of implementing the enterprise strategy. There are three types of investment policies: conservative, compromise and aggressive. All these types of investment policies allow enterprises to develop an investment project.

Investment projectthis is a set of documents confirming the economic feasibility of investing money in real objects.

Thus, the investment activity of an enterprise is a process of justification and implementation of the most effective forms of capital investment aimed at expanding the economic potential of the enterprise.

10.4. Capital investments

Capital investmentsthis is an integral part of investments, which represent costs allocated to the creation and reproduction of fixed assets.

Capital investments include: costs of construction and installation work; costs for the acquisition of fixed assets (machines, machinery, equipment); costs of research and development (R&D), design and survey work, etc.; investments in labor resources; other costs.

The most important areas for using capital investments are the following:

New construction;

expansion of existing enterprises through the commissioning of additional workshops and production facilities;

reconstruction, i.e. partial or complete reorganization of production without the construction of new or expansion of existing workshops;

technical re-equipment of an existing enterprise, i.e. increasing the technical level of individual production areas and units through the introduction of new equipment and technology, mechanization and automation, and equipment modernization.

The choice by an enterprise of one direction or another of capital investments depends on the goals it pursues when making investments.

Lecture No. 17

Topic: Innovation and investment activities of the enterprise

10.5. Concept and classification of innovations

The entire history of human development is a continuous process of improving production activities and increasing socio-economic efficiency, achieved through the development and application of various innovations.

In the process of formation and development of market relations in our country, the development and implementation of various innovations becomes the most important prerequisite for the survival of any enterprise in conditions of fierce competition.

The main product in the innovation market is the result of scientific and scientific-technical research, which is a product of intellectual activity, which is subject to copyright and other rights. Suppliers of the innovation market are scientific organizations, academic and industry research institutes, higher education institutions educational establishments, research departments of enterprises, venture organizations.

The term “innovation” was first introduced into scientific circulation by the Austrian scientist J.A. Schumpeter at the beginning of the twentieth century, and means innovation, i.e. the result of the process of introducing any innovation. Innovation usually represents the result of scientific research or development in some area of ​​human knowledge.

There are two main types of innovation: product innovation and process innovation (Fig. 10.2.).

Rice. 10.2. Classification of innovations.

Product innovations are aimed at creating new types of products (basic) or significantly improving consumer properties and improving the quality of mastered types of products (improving). Process innovations are associated with the development of new forms and methods of organizing production when releasing new products (labor technologies, organization, production management).

Thus, in relation to an industrial enterprise, innovation should be understood as the development, introduction into production, introduction to the market of a new or improved product, or a new more effective way receiving them.

10.6. Innovative activity of the enterprise

Innovative activity of the enterpriseis a field of activity that is aimed at the practical use of scientific, scientific and technical results and intellectual potential with the aim of updating productive forces, obtaining new or improving manufactured types of products, and methods of their production.

The main motives for the development of innovative activities at the enterprise are the following:

desire to expand markets for goods and services;

the need to increase the competitiveness of manufactured products and the enterprise as a whole;

real opportunities to increase the profit of the enterprise.

In the process of its innovative activities, the enterprise formsinnovation program, which is a set of investment projects and activities planned for implementation, agreed on resources, performers and timing of their implementation.

The innovative activity of an enterprise is a complex multi-stage process. The process of organizing innovative activity at an enterprise consists of the following enlarged stages:

search for new ideas that contribute effective achievement enterprise goals;

selection and preliminary assessment of innovations necessary for the implementation of selected ideas, i.e. implementation of innovative marketing research;

formation of a business plan for the implementation of an innovative project;

implementation of an innovative project;

launching an innovative project into production and managing it.

The organization of innovative activities at an enterprise is determined by the level of government support. The essence of the strategy of active state intervention in the innovation process is the recognition by the state of scientific, scientific-technical and innovative activities as the main and determining component of the economic growth of the national economy, as well as the need to enshrine in legislation mechanisms for stimulating the development of innovative processes. Such mechanisms include:

creating conditions conducive to increasing innovation activity;

allocation of public resources to generate initial demand for innovation;

creation of innovation infrastructure;

security favorable conditions for the acquisition of foreign licenses and patents.

10.7. Innovation life cycle

The innovation life cycle is a set of interrelated processes and stages of innovation creation.

Innovation life cyclethis is the period of time from the origin of an idea to the discontinuation of an innovative product. A generalized diagram of the innovation life cycle is presented in Fig. 10.3. Innovation in its life cycle goes through a number of stages, including:

inception, accompanied by the completion of the required amount of research and development work, the development and creation of a pilot batch of innovations;

growth (industrial development with simultaneous entry of the product into the market);

maturity (stage of serial or mass production and increasing sales volume);

market saturation (maximum production volume and maximum sales volume);

decline (curtailment of production and withdrawal of the product from the market).

The stage of inception of an innovation is the most labor-intensive and complex. There is a large amount of expenses for mastering production and releasing a pilot batch of a new product. At this stage, technology is developed and improved, and regulations for the production process are worked out.

The growth stage is characterized by a slow and extended increase in output.

The maturity stage is characterized by a rapid increase in production, a significant increase in capacity utilization, well-established technological process and production organization.

The stage of market saturation is characterized by a steady pace of the highest volumes of product output and the maximum possible utilization of production capacity.

The decline stage is associated with a drop in capacity utilization, curtailment of production of a given product and a sharp decrease in inventory.

Rice. 10.3. Innovation life cycle diagram.

10.8. Venture organizations

The innovation process must be considered as a probabilistic system, since during its implementation various unfavorable situations are possible, i.e. risk situations may arise.

Financial costs for carrying out technical activities, the time gap between the introduction of innovations and obtaining useful result, as well as the likelihood of losses from innovations, lead to the need to assess the risk of innovative solutions.

External and internal risks of innovation are distinguished.

External risks include:

risk of partnership stability;

banking risk;

risk of stable supply;

risk of changes in tax policy;

risk of changes in budget allocations;

contracting partnership risk;

market risk;

risk of decreased demand;

risk of oversupply;

risk of rising inflation and other risks.

TO internal risks include:

risk of failure of planned programs;

risk of funding cuts;

the risk of insufficient scientific and technical potential;

the risk of erroneous economic forecasts and other risks.

To implement an innovative project associated with significant risk,venture organizations.

Venture capital organizations are busy developing scientific ideas and turning them into new technologies and products. The initiators of such an enterprise are most often a small group of people - talented engineers, inventors, scientists, innovative managers who want to devote themselves to developing a promising idea and at the same time work without the restrictions that are inevitable in the laboratories of large companies, subordinated in their activities to rigid programs and centralized plans. This method of organizing research makes it possible to maximize the potential of scientific personnel, who in this case are freed from the influence of bureaucracy. Risky enterprises are a unique form of protecting talent from losses at the starting stages of the innovation process, when the novelty of a scientific or technical idea interferes with its perception by the administrative managers of the company.

The advantages of venture organizations: flexibility, agility, the ability to reorient themselves, change search directions, quickly capture and test new ideas. The desire for profit, market and competition pressure, a specific task, and strict deadlines force developers to act effectively and quickly, intensifying the research process.

Large organizations, having expensive equipment and stable positions in the market, are not very willing to undertake technological restructuring of production and various kinds of experiments. It is much more profitable for them to finance small innovative companies and, if the latter are successful, to move along the path they have trodden.

It is estimated that venture (risk) capital invested in the implementation of projects is completely lost in 15%, brings losses in 25%, and gives a very modest profit in 30%. However, in the remaining 30% of cases, the success achieved and the profit obtained in this case make it possible to cover the invested funds by 30-200 times.

Self-study questions:

1. Risks and effectiveness of venture entrepreneurship.

Main sources of investment resources

Borrowed

public

Direct investments

Targeted loans

Briefcase

investments

Domestic

sources

Profit,

remaining at disposal

enterprises

Depreciation

Foreign

Domestic

External

sources

Capital

investors

Emission and

sale of shares

Funds from state and municipal budgets allocated free of charge

Free financial

help

Bank loans

State targeted and preferential loans

Commodity

(commercial) loans

Leasing

Organization

Improving food

Basic grocery

Process

Grocery

Labor technology

Control

Innovation

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1. Investments and investment activities of the enterprise.

2.Classification of investments.

3. Indicators of the efficiency of the enterprise's investment activities.

4. Innovations and innovative activities of the enterprise.

1. Capital is one of economic resources(factors of production) . It includes means of production - machines, equipment, tools, enterprise vehicles, buildings, structures, transmission devices, raw materials, stocks of goods and semi-finished products at various stages of production ( physical capital), as well as the knowledge and skills of enterprise personnel obtained through education and practical experience ( human capital).The process of accumulating and adding capital to an enterprise is called investing.

Investments– all types of values ​​invested in objects of entrepreneurial and other types of activity with the aim of generating profit (income) or achieving a positive social effect. Cash can be used as investment assets. bank deposits, shares, shares and other securities, loans, any property and property rights, intellectual values.

Investment activities represents an investment (investment) and a set of practical actions for the implementation of investments.

Subjects of investment activity– individuals and legal entities, the state, foreign entrepreneurs and organizations participating in investment activities as investors, customers and performers of work, suppliers, contractors, financial intermediaries, etc.

Objects of investment activity– directions for investing investment resources (newly created and modernized fixed assets, working capital, securities, targeted cash deposits, scientific and technical products and other property, property rights and intellectual property).

2. Investments can be classified according to various criteria.

1.By object of investment they distinguish

1.1. Real (capital-forming) investments– investments in tangible and intangible assets that provide an increase in the value of capital. These include: capital investments, innovative investments, investments in human capital. Capital investments include: costs of construction and installation work; costs of purchasing machinery and equipment; costs of design and survey activities; cost of capital works.

1.2. Financial investments– investments in various financial assets that provide the investor with income, but do not increase the total amount of capital in the economy.

2. According to the purpose of investment and acquired control, they are distinguished

2.1. Direct investments– investments in the authorized capital of a business entity in order to generate income and the rights to participate in the management of this entity.

2.2. Portfolio investment– investments in financial and non-financial assets in the process of forming an investment portfolio. An investment portfolio is a specially formed set of investment objects designed to achieve investment goals: high rates of capital or income growth, minimizing investment risks, ensuring sufficient liquidity of investment objects.

3. According to the nature of the subjects’ participation in investing, investments can be direct (immediate) and indirect (indirect, realized through financial intermediaries).

4. According to the investment period, investments are divided into short-term and long-term.

5. On a territorial basis, domestic and external (foreign) investments are distinguished.

6. According to the form of ownership, private, state and municipal, mixed, foreign and joint investments are distinguished.

Sources of investment financing are divided into internal and external. Internal sources are the enterprise’s own funds (profit, depreciation, etc.), external sources are borrowed funds (credits and loans, budget investments, equipment leasing) and attracted funds (issue of securities, foreign investments, funds from individual developers, etc.)

Investment methods– self-financing, corporatization, lending, leasing, selling, etc.

2. Investment policy of the enterprise– a set of management decisions that determine the goal, main directions and volumes of investment.

Investment project– a system of organizational, legal, settlement and financial documents necessary for carrying out investment activities.

Design analysis– analysis of the profitability of the project based on a comparison of the costs of its implementation and the benefits that will be received from it. Includes technical, commercial, institutional, social, environmental, financial, economic analysis.

The main indicators of the effectiveness of the investment project are its financial (commercial), budgetary and economic efficiency, taking into account the consequences of the project for its direct participants, for the budget and economy of the country (region).

Indicators of commercial efficiency of projects:

1. Net present value(NPV, NPV) – the difference between the amounts of cash flow reduced to the present value (results minus costs) for the entire period of the project implementation and the amounts of investments for the same period.

3. Payback period (period) is the minimum time interval from which investments and other costs of the project are covered by the total results of its implementation.

4. Internal rate of return (IRR, IRR or i in) – the interest rate at which the value of the reduced cash flow will be equal to the reduced volume of invested funds.

,

(12.3)

The project is effective if NPV> 0, R.I.> 1, IRR not less than the investor's required rate of return on capital.

Before assessing the effectiveness of a project, its social significance is determined by an expert, i.e. the possibility of it positive influence not only on the activities of its direct participants, but also on other economic entities, the population, and the economy of the region. Large-scale, national economic and global projects are considered socially significant.

Next, the assessment of the investment project is carried out in two stages: 1) indicators of the effectiveness of the project as a whole are calculated; 2) an assessment of the effectiveness of investments is carried out for each individual project participant.

3. Innovation is a complex process of creating, disseminating and using innovations (products, technologies, knowledge, management methods) to meet changing human needs.

Life cycle of innovation– the period of time from the origin of an idea, the creation and dissemination of an innovation to its use. These life cycle stages form the innovation process.

Innovative activity of the enterprise– a system of measures to use its scientific, scientific, technical and intellectual potential in order to obtain a new or improved product (service), a new method of their production to meet the demand and needs of society for innovations.

Innovation policy of the enterprise- an integral part of its general economic policy, which determines the goals of innovation activity and the means of achieving them, depending on the scientific and technical potential of the company, its market goals and competitive position. There are innovation policies of “technological push”, demand orientation, social orientation, and transformation of the economic structure.

Innovation strategies of companies can be divided into two classes:

– defensive strategies (response to demand, imitation of other people’s innovations, waiting);

– offensive strategies (active R&D, aggressive marketing, “mergers and acquisitions”).

Technical preparation of production– a complex of consistently linked design, technological, production and economic work on the creation, development and implementation of new equipment and technology. Includes design and technological preparation of production. In order to effective organization work on technical preparation of production has been developed and used Unified system of technical preparation of production (USTPP), components which are unified systems of design (ESKD) and technological documentation (ESTD).