INSTITUTIONAL TOOLS FOR STIMULATION OF FINANCIAL ENGINEERING
UDC330.837:336.153.2
Anastisiia KUCHERENKO,
Postgraduate Student of the Economics and Business Finance Department of Kyiv National University of Trade and Economics
INSTITUTIONAL TOOLS FOR STIMULATION OF FINANCIAL ENGINEERING
Background.The government of the country is orienting the business to the production of competitive innovative products. A condition for the successful implementation of innovative intentions by business entities (state corporations, large industrial enterprises, small innovative firms, banks, etc.) considers the obligatory structuring of this process both in the resource field and in time. Moreover, the reduction of the implementation stages is also considered as an innovative feature of the process. It is very important in this process to create a system of incentives both market-based and through the instruments of state regulation.
An analysis of recent research and publications showed that despite the existence of individual scientific studies, the topic in the context of incentives for innovation activity and the introduction of financial engineering has not been enough disclosed in scientific papers.
The aim of the paper is to determine the methodological tools for institutional regulation of financial engineering based on a systematic approach.
Material and methods.Dialectical, systemic and graphical modeling methods were used in the process of research. The content is based on the system-structural approach.
Results.The theoretical aspects of financial engineering have been studied, the interpretation of the concept "financial engineering" has been presented and its components have been described. The essence of financial innovation and its tools have been considered. The main classification features of institutional tools for increasing the efficiency of financial engineering are presented, classification elements are substantiated. The main direct and indirect methods of stimulating innovation activity, financial incentives, problems of application of fiscal incentives of innovation activity and implementation of financial engineering are determined. The levers of influence on the efficiency of implementation and application of financial engineering, including customs and tax policies, leasing services, depreciation and open innovation, are analyzed, their application status and prospects for their development in Ukraine are described.
Conclusion. In order to achieve maximum organizational and financial advantages for an innovative enterprise it is expedient to use different types of most suitable instruments. Within the policy of development and stimulation of innovation activity it is necessary to: form the most favorable mode of administration of innovative projects; ensuring the unconditional implementation of the current provisions for the support of innovative projects; introduce of state orders for innovative products; systemize information on legal and economic peculiarities of the implementation of innovation projects in a particular region and spread it among current and potential investors; strengthen tax incentives for innovation; ensure publicity and transparency of information concerning volumes and recipients of fiscal incentives for innovation.
Keywords:financial engineering, institutional instruments, innovation and investment sphere, fiscal instruments, leasing.
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Anastisiia KUCHERENKO,
Postgraduate Student of the Economics and Business Finance Department of Kyiv National University of Trade and Economics
INSTITUTIONAL TOOLS FOR STIMULATION OF FINANCIAL ENGINEERING
Background.The government of the country is orienting the business to the production of competitive innovative products. A condition for the successful implementation of innovative intentions by business entities (state corporations, large industrial enterprises, small innovative firms, banks, etc.) considers the obligatory structuring of this process both in the resource field and in time. Moreover, the reduction of the implementation stages is also considered as an innovative feature of the process. It is very important in this process to create a system of incentives both market-based and through the instruments of state regulation.
An analysis of recent research and publications showed that despite the existence of individual scientific studies, the topic in the context of incentives for innovation activity and the introduction of financial engineering has not been enough disclosed in scientific papers.
The aim of the paper is to determine the methodological tools for institutional regulation of financial engineering based on a systematic approach.
Material and methods.Dialectical, systemic and graphical modeling methods were used in the process of research. The content is based on the system-structural approach.
Results.The theoretical aspects of financial engineering have been studied, the interpretation of the concept "financial engineering" has been presented and its components have been described. The essence of financial innovation and its tools have been considered. The main classification features of institutional tools for increasing the efficiency of financial engineering are presented, classification elements are substantiated. The main direct and indirect methods of stimulating innovation activity, financial incentives, problems of application of fiscal incentives of innovation activity and implementation of financial engineering are determined. The levers of influence on the efficiency of implementation and application of financial engineering, including customs and tax policies, leasing services, depreciation and open innovation, are analyzed, their application status and prospects for their development in Ukraine are described.
Conclusion. In order to achieve maximum organizational and financial advantages for an innovative enterprise it is expedient to use different types of most suitable instruments. Within the policy of development and stimulation of innovation activity it is necessary to: form the most favorable mode of administration of innovative projects; ensuring the unconditional implementation of the current provisions for the support of innovative projects; introduce of state orders for innovative products; systemize information on legal and economic peculiarities of the implementation of innovation projects in a particular region and spread it among current and potential investors; strengthen tax incentives for innovation; ensure publicity and transparency of information concerning volumes and recipients of fiscal incentives for innovation.
Keywords:financial engineering, institutional instruments, innovation and investment sphere, fiscal instruments, leasing.
FREE FULL TEXT (PDF)