Abstract:

The identification of the innovative growth determinants, as factors affecting the innovative activities performance at the regional, level and the assessment of the impact of the structure and sources of funding on the effectiveness of innovative development in the region are one of the relevant research areas in the context of the countries’ strategy of innovative development aimed at boosting innovative activity.The article presents the tools, models and findings of multivariate analysis and modeling of the influence of sources and structure of financing of innovations on manufacturing innovative goods in 80 Russian regions. Based on the various mathematical models of regression analysis - the least-squares, least modules and minimax criteria - the structural changes in the sources of funding innovative enterprises were assessed in two groups of Russian regions - in leading regions and in regions with an average share of innovative goods in GRP for the period 2011-2017.

It was inferred about the stronger effect of the equity of innovative enterprises on the volume of innovative goods related to the spatial specificity of regional capital markets and the lack of an effective mechanism for capital flows (capital spillover) on them, insufficiently effective financial mechanisms and high risks of innovation investment. Strong regions conduct innovative activities based on their own investment resources. Regions with a mean level of innovation development increase the ratio of funds raised from the business sector, but this is not enough to become a leader. There are identified the directions for the development of instruments and mechanisms of innovation financing through private funds-raising, the development of stock market instruments and the encouragement of investing private capital in innovations.