INNOVATIVE DEVELOPMENT OF THE AGRICULTURAL SECTOR: FINANCING MODELS AND ASSESSMENT OF THE IMPACT OF FINANCING AT THE REGIONAL LEVEL

Abstract

In the innovative development of the agricultural sector of Ukraine, it is important to choose the optimal financing model that would ensure the priority development of activities with increasing returns and sufficient cash flows for financing domestic science, startups, and innovative firms. The characteristics of the ten main financial models for ensuring the innovative development of enterprises in the agrarian sector are considered. It is noted that in the vast majority of cases, the presented models are not implemented in the so-called "pure" form, since in practice the innovative activity of any enterprise has its own characteristics and is based on a combination of various elements of the considered financial models. An individual financing model is formed based on the amount of necessary financial resources, terms, their cost and the possibility of involvement. When financing innovations, self-financing by business entities plays an important role. This allows efficient use of own funds, and investors reduce risks when co-financing innovations. At the same time, the volume and possibilities of self-financing depend on the level of the company's income and the state's incentives, in terms of exemption from taxation of the company's income rein-vested in innovative development. The cluster financing model was analyzed, which can be used for the implementation of important and valuable innovative projects and allows to connect and stimulate all participants of the innovation process to achieve the planned result with optimal financing, diversify risks and objectively assess the borrower's activities, in particular in terms of the efficiency of using financial resources at the implementation of an innovative project. Attention is focused on the need to use a cooperative model of financing for farmers and personal peasant farms, which allows to optimize costs and introduce innovations. The general innovation index according to the European Innovation Scoreboard was analyzed. It is noted that, despite its decrease, venture capital was actively attracted. In order to assess the impact of financing on the innovative development of the Carpathian macroregion, the calculation of integral indicators of the state of the innovative potential of the agricultural sector and its financing was carried out. To determine the impact, a matrix method of analysis and a two-dimensional coordinate system were used, each axis of which reflects the level of innovation potential and the impact of financing on its creation in each region. The proposed calculation method made it possible to determine the impact of financing on the innovative development of the agrarian sector of the region.