STRATEGIC IMPACT OF INNOVATIONS ON ENTERPRISES FINANCIAL STATE

Authors

  • D. Fayvishenko Kyiv National University of Trade and Economics
  • T. Dubovyk Kyiv National University of Trade and Economics
  • A. Savchuk Kyiv National University of Trade and Economics
  • T. Romanchenko Kyiv National University of Trade and Economics

DOI:

https://doi.org/10.18371/fcaptp.v4i35.222442

Keywords:

innovations, innovative development, financial resources, innovative products, innovation activity, strategy

Abstract

Building a highly efficient national innovation system involves the development of state-owned scientific activity and the innovation activity of industrial enterprises. The purpose of the study is to determine the impact of innovation on the growth of financial resources of enterprises. A review of the literature has shown that enterprises that innovate to improve their processes and differentiate their goods and services are far ahead of competitors in terms of market share, quality, flexibility of production and service processes.

In order to study the impact of innovation on enterprise profitability, the relationship between generalized indicators of realized innovative products, gross value added, and gross profit of enterprises was investigated. The results of the analysis showed that innovation is an important factor in the economic growth of enterprises. It was found that the production of innovative products contributes to the growth of financial results of the enterprise. In order to analyze the general indicators of innovation performance of Ukrainian enterprises, the dependence of the volume of innovative products sold on the overall financing of innovations was analyzed, and the low level of innovation efficiency of Ukrainian enterprises was identified, which is a negative factor holding back the financial growth of enterprises. The analysis of industrial enterprises activity engaged in innovation makes it possible to conclude that significant changes have taken place in the structure of innovative directions. An important task of industrial enterprises innovative development today is the introduction of new production and storage technologies that allow to create quality and safe products. In order to attract foreign investment, it is important for enterprises to develop innovations that solve global economic, industrial, and social problems.

Author Biographies

D. Fayvishenko, Kyiv National University of Trade and Economics

Ph. D. in Economics, Associate Professor, Associate Professor of Department of Journalism and Advertising 

T. Dubovyk, Kyiv National University of Trade and Economics

Doctor of Economics, Professor of Department of Journalism and Advertising

A. Savchuk, Kyiv National University of Trade and Economics

Ph. D. in Economics, Associate Professor of Department of Journalism and Advertising

T. Romanchenko, Kyiv National University of Trade and Economics

Ph. D. student

References

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Published

2020-12-24

Issue

Section

Economic-theoretical aspect of Financial Credit System's development