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23DEVELOPMENT OF A STRATEGY FOR INVESTING IN THE INNOVATIVE DEVELOPMENT OF
THE ENTERPRISE
Dolin G.
PhD, Associate Professor, MTUCI Alpeeva A.
student, MFUA
ABSTRACT
The principle of parallel development of marketing and investment strategies for innovative development of economic entities is proposed: the development of marketing and investment strategies should be carried out in parallel and in a coordinated manner, so that each of the directions of innovative development outlined in the marketing strategy is provided with appropriate investment resources. Accordingly, the adopted investment directions should expand the market opportunities for innovative development of an economic entity and stimulate their implementation. Compliance with the principle of parallelism will allow us to avoid situations where the identified market opportunities cannot be realized due to lack of resources, as well as to quickly assess the prospects for resource provision of the identified innovative development options and, in the absence of such options, proceed to the consideration of alternative options.
Keywords: innovation, finance, credit, economy, investment, enterprise strategy, business planning.
Introduction
Effective financial management directly concerns the financing of innovation activities, providing for attracting investment in those innovative programs and projects that provide a high financial return.
Investments - long-term investments of capital in various fields of activity to make a profit.
The investment of innovative activities is carried out based on the developed innovative programs or projects reflected in the investment strategy.
Innovation program— a program of innovative activities that is aimed at achieving development goals and provides for the participation of various legal entities and individuals (including foreign ones), as well as the state and international organizations in its implementation.
Investment strategy is the process of forming a system of long-term investment goals and choosing the most effective ways to achieve them.
The investment strategy is aimed at providing the resource base of the enterprise for the implementation of the innovative development options identified because of marketing research.
Among the functional areas of the organizational structure of the management of an economic entity, marketing and investment activities are the leading ones since these areas form the development strategy of the enterprise and largely determine the content of the innovation strategy.
1. Development of an investment strategy
The development of an investment strategy as a strategy for providing resources for innovative development should be based on the following principles:
1. Subordination of the strategic goals of the investment strategy to the strategic goals of the innovative development of the business entity - the formation of the investment strategy should be based on the general goals of the innovative development of the business entity [3].
2. Variability and flexibility with respect to changes in external conditions: the investment strategy should provide for a multi-variant development of events and be suitable for implementation when the business environment changes.
3. Compliance of the investment strategy with the existing investment climate, directions of state regulation of innovation and investment processes, considering the prospects for their change.
4. The parallel development of marketing and investment strategies for innovative development is a condition for the development of an economic entity as an adaptive dynamic system.
5. Acceptable (justified) level of risk of investment decisions - from a variety of options, you should choose those that have greater efficiency and less risk per unit of result [6].
6. Sufficiency of investment resources for the implementation of innovative development projects-the investment strategy should ensure the mobilization of own and borrowed investment resources in the amount sufficient for the implementation of accepted innovative development projects, considering the risk and the multi-variant scenarios for the implementation of each of them.
7. Investment efficiency. The investment strategy of innovative development should bring economic and non-economic results in accordance with the objectives of the general economic strategy.
The development of an innovation investment strategy should be carried out in stages:
1) specification of strategic goals depending on the options for innovative development based on existing and prospective market opportunities;
2) analysis of existing sources and mechanisms of investment, peculiarities of state and regional investment and innovation policies, investment climate;
3) formation of the optimal structure of investment resources (including sources and mechanisms of investment);
4) detailing the investment strategy by sources and directions of investment, stages and terms of implementation, etc.;
5)evaluating the developed strategy in terms of compliance with external and internal conditions of implementation;
6)monitoring implementation.
The investment strategy in the future is the basis for the development of appropriate innovative projects and programs within the framework of the general economic strategy of innovative development of the economic entity.
2. Innovative project as an object of financing
An important component of the development of enterprises is the implementation of projects based on innovations, which make it possible to radically solve the problems relevant to the enterprise.
An innovation project is a set of interrelated activities designed to create, produce, and promote new high-tech products to the market in the face of resource constraints [1, 5].
Innovative projects can be of the following types:
1. Industrial projects are aimed at the production and sale of new products and are associated with the construction of structures, the improvement of technologies, the expansion of the market segment, etc.
2. Research and development projects focus on research activities, the development of software tools for information processing, new materials, structures, etc.
3. Organizational projects aimed at reforming the management system, creating a new division of the organization, holding scientific and practical conferences and seminars, etc. Do not need large funds and are financed by the enterprises that implement them.
From the depth of coverage of the stages of the innovation process, innovative projects are divided into complete and incomplete.
A complete innovation project covers all stages of the innovation process: from conducting basic research to implementing an innovative product. It is typical for large organizations that have specialized research and development laboratories and specialists of the appropriate level, or for several organizations or countries that jointly solve assigned tasks.
Incomplete projects provide for the implementation of only certain stages of the innovation process. Incomplete projects are divided into those that:
1) cover the first stages of the innovation process: from conducting basic research to creating new products;
2) cover the final stages of the innovation process: industrial use of the innovative product.
The financing of these types of innovative projects varies in scale and sources. The first type of project is dominated by the share of budget funds, the second-exclusively private investment (own or borrowed).
With limited financial resources, determining the feasibility of implementing an innovative project is an indispensable prerequisite for making a positive decision about it, since it is extremely important what the return on invested capital will be and whether it will ensure the commercial profitability of the project for its participants (initiator, customer, investor).
When deciding to start a project, the innovator must take into account the price of own and attracted capital, as well as its structure (the ratio of own and attracted funds). The combination of these factors in the capital price index is the basis for determining the investment attractiveness of an innovative project.
The price of capital is the ratio of the total amount of payments made when using financial resources to the total amount of these resources.
(1)
where WACC is the weighted price of capital; ki is the price of capital of the i-th source; di — the share of the i-th source in the company's capital;
n— the number of sources of capital. The price of equity is determined by the innovator's dividend policy (the price of raising equity) in proportion to the share of equity in the organization's own funds:
G=p*
u
■b
(2.)
uiatm
where Cs is the price of equity;
p — the ratio of the amount of dividends to the company's market capitalization;
U — share capital;
A-depreciation fund;
M-profit;
C-gratuitous receipts in kind or in the form of receipts from sponsors.
The price of the attracted capital is calculated as the weighted average interest rate of the attracted financial resources:
(3.)
where Cip V is the price of the attracted capital;
kj— the rate of attracting financial capital (kj = 0 for non-repayable loans), % per annum;
Vj — amount of funds raised;
t — the number of sources of funds raised.
After determining the cost of the project and the price of the capital required for its investment, it is necessary to assess its commercial attractiveness for the innovator and investor, for this purpose, the rate of return indicator is used. If it is equal to or exceeds the average for the region, considering the scale of the enterprise's activities, then the project is commercially attractive for the innovator.
To determine the amount of profit that can be obtained from an innovative project, make a business plan for the innovative project.
A business plan is a detailed document that contains a justification for the economic feasibility of an entrepreneurial project based on a comparison of the resources required for its implementation and the expected benefit (profit).
To a potential investor, the business plan should show the level of return on future investment and be the basis for making a positive decision regarding participation in the financing of the project.
3. Types of financing of innovative processes.
Investments for financing innovative programs are divided into three groups: direct, related, and research and development (R & D) financing [4].
Direct investments are used directly for the implementation of the innovation project and include:
1. Investments in fixed assets: purchase (manufacture) of new equipment, costs for its provision, installation and launch; modernization of existing equipment; construction and reconstruction of buildings and structures; technological devices that provide the robot with equipment; new technological equipment and modernization of existing equipment.
2. Investments in working capital: new and additional stocks of basic and auxiliary materials, finished products; increase in accounts receivable.
3. Investments in intangible assets are associated with the acquisition of a new technology (patent or license) and a trademark.
Related investments are investments in objects that are geographically and functionally connected to the innovative object and are necessary for its normal operation (access tracks, power lines, sewerage, etc.), as well as investments of a non-productive nature (environmental protection, social infrastructure).
Investments in research and development are material resources (equipment, various devices) necessary for conducting pre - project research, as well as working capital to support the current activities of research and development or higher education institutions.
When planning an innovation activity, it is necessary to determine the total amount of investment for the implementation of an innovation project or program. Its value determines the commercial profitability of the innovation and should be considered when justifying the decision regarding its implementation.
Sources of financial resources of the enterprise can
be:
I. The company's own financial resources are used to finance small-scale innovative projects or programs (implementation of a system of quality standards, modernization of certain types of equipment, modification of products). Among them are:
1. Profit and depreciation.
2. Mobilization of internal assets-part of the current assets of the enterprise is withdrawn from the main activity, as this activity slows down due to capital construction, and is spent on financing this capital construction. This source appears during the project preparation process.
3. The monetary part of the contributions of the owners of the enterprise. Includes additional contributions to the authorized funds of the owners of the enterprise [2].
ii. Raised funds:
1. Issue of shares - additional issue of shares of the enterprise. Common in economically developed countries, in Ukraine this source is not popular due to the underdevelopment of the stock market.
2. Charitable contributions of outsiders (sponsors). They are formed when the project has a significant social orientation and arouses public interest.
III. Borrowed funds:
1. Budget funds: the state budget of Ukraine, local budgets, own funds of specialized state and municipal innovative financial and credit institutions.
2. Extra-budgetary funds for financing R & D and supporting innovation can be created in ministries, in large cities and regions, as well as within concerns, holdings, and FPG.
3. Long-term loans are the most common source of financing for innovative projects, which includes:
1) long-term commercial loans;
2) leasing - long-term lease of machinery and equipment, which makes it possible to reduce the amount of initial investment in the creation of production enterprises or the diversification of production;
3) forfeiting - a financial operation that turns a commercial loan into a bank loan and is used to accumulate financial resources in the process of implementing an innovative project, if the investor does not have enough funds for innovation. The maturity dates of the promissory notes, which are signed by the investor, are evenly distributed over time, which makes it possible to obtain a deferral on payments and guarantees from the bank regarding their security;
4) franchising is the most complete financial scheme for attracting investment resources to innovative activities. It provides for the replication of innovations by attracting large capital. In addition to financial resources under the contract, the innovator can be transferred intangible assets (technology, know-how), trademark, company image, etc. Franchising combines the advantages of credit and leasing.
4. Foreign direct investment is attracted mainly for the implementation of large-scale projects related to the technological renewal of production, reorganization, and diversification of activities, etc.
The most common is the general investment of innovative projects by domestic and foreign investors on the rights of equity participation (joint venture). However, the volume of attracting foreign investment in Russia is still insufficient, due to the unfavorable investment climate and the low attractiveness of most domestic enterprises for foreign investors [1].
The company can use different sources of financing for the implementation of innovative projects. Each of them has its own advantages and disadvantages, so making decisions about their choice should be carefully justified.
The choice of investment sources for innovative projects and programs largely depends on the conditions for granting loans. For example, domestic enterprises can use the services of the following investors:
Domestic banks. They know the specifics and conditions of doing business in Russia better than others and can offer advice on reducing the cost of financing, referring to their own experience. They are wary of risk and will require substantial collateral for loan agreements.
Foreign banks. Financing is possible for a longer period and at a lower cost than domestic banks. They
are very picky in the choice of enterprises that can be provided with a loan, they prefer to lend to industrial, utility, telecommunications enterprises, as well as export areas.
Portfolio investors. These are investment funds (private funds and aid funds), venture capital funds, pension funds, insurance funds, etc. They try to combine the income from the payment of dividends and from the increase in the value of fixed assets (the value of shares). They do not claim a controlling stake, but they want to have a say in the management of the company.
Aid funds. These investment institutions support foreign governments; they invest in small and medium-sized enterprises, as well as subsidiaries [7].
Strategic investors:
1) companies that operate in the same field as the enterprise in which they invest; their goal is to expand their existing areas of activity;
2) companies that work in a different industry area, but try to make better use of their assets;
3) financial and industrial groups (FPG) that seek to develop strategic relationships. They are committed to long-term cooperation and strive to have significant authority in making strategic and operational decisions.
Medium-sized enterprises are the best investment activity for strategic investors. The most appropriate form of investment for a strategic investor is a joint venture.
Public issue of shares and bonds. It is used by well-known large enterprises whose shares are in demand. Their additional issue and sale on the stock market allows the company to increase the liquidity of the sold shares and is an excellent advertisement for the company in case of success [3].
Business entities should take a balanced approach to the choice of an investor, since this depends not only on the possibility of implementing an innovative project with the desired results, but also on the prospects for the development of the enterprise.
With limited financial resources, it is advisable for an enterprise to use fundamentally new mechanisms for raising funds in the innovation sphere, among which financing with the participation of venture capital plays an important role.
Venture capital is a qualitatively new way to invest the funds of large companies, banks, insurance, pension, and other funds in the shares of small innovative firms that have significant growth potential and implement innovative projects with a high level of risk.
The activities of venture capital firms are characterized by certain features:
1. The firm is formed at the expense of individual and institutional investors, and it is managed by venture capital companies - highly qualified specialists in the field of innovation and financial management.
2. The venture capital firm invests the accumulated funds in carefully selected innovative projects by acquiring a stake in innovative enterprises that are not yet listed on the stock exchange.
3. Venture capitalists are active investors, i.e. they do not leave the company after providing it with finan-
cial resources, but actively participate in its management, providing useful business advice and necessary connections with financial and business structures, which makes it possible to constantly monitor market conditions, significantly reducing the risk of loss of income.
4. Venture capitalists withdraw from the company they have invested in by selling their stake when they reach a value that would indicate the transformation of a novice company into a company that can develop independently. That is, the income of a venture firm is the difference between the initial share price of the enterprise and its value at the final stage of investment. This provides a personal motivation for the venture investor in the qualitative growth of the enterprises supported by him.
Investors with a serious risk believe in the success of venture activities [6] and, having no conditions for their own research and commercial implementation of promising technology, expect to use this development to modernize their own products with the least risk, minimum time and money.
Leasing is one of the tools for crediting various operations when buying machinery, equipment, and other goods.
Leasing (English lease) - long-term lease of machinery, equipment, vehicles, production facilities, etc. based on an agreement between the lessor and the lessee, which provides for the possibility of their purchase by the lessee.
Leasing entities: lessor — a legal entity (leasing company) that leases the property specially acquired for this purpose under the contract; lessee — a legal entity that receives the property for temporary use under the contract.
Objects of leasing: movable and immovable property that belongs to fixed assets, except for property that is prohibited for free sale on the market.
Leasing operation - an economic operation of a business entity (lessor), which provides for the transfer of the right to use material assets to another business entity (lessee) on a paid basis and for a certain period. The right of ownership of these tangible assets for the entire term of the contract is retained by the lessor and is recorded on its balance sheet. At the end of the term of the lease agreement and payment by the lessee of the full value of the property and certain percentages, this property becomes his property or, if this is stipulated by the terms of the agreement, is returned to the lessor.
The long-term lease mainly takes modern equipment, diagnostic equipment, control and measuring devices, complete technological complexes and lines, mini factories "turnkey", medical equipment, agricultural machinery, etc.
Conclusion
These strategies for investing in the innovative development of the enterprise must meet the principle of parallel development of marketing and investment strategies for the innovative development of economic entities. In particular, the development of marketing and investment strategies should be carried out in parallel and in a coordinated manner, so that each of the directions of innovative development outlined in the
marketing strategy is provided with appropriate investment resources. Accordingly, the adopted investment directions should expand the market opportunities for innovative development of an economic entity and stimulate their implementation. Compliance with the principle of parallelism will allow us to avoid situations where the identified market opportunities cannot be realized due to lack of resources, as well as to quickly assess the prospects for resource provision of the identified innovative development options and, in the absence of such options, proceed to the consideration of alternative options.
References
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АННОТАЦИЯ
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