Capital investment as a basis for innovative enterprises' capacity development

The aim of the article. The purpose of the article is to study the matter of investment in fixed capital of Ukraine's enterprises as a basis of country innovation development and to determine the role of fixed capital investments in innovative development providing. The results of the analysis. In the article the structure and the volume of foreign investments attracting to the national economy of Ukraine during 2003-2012 are analyzed. It is determined that in spite of annual positive foreign investments volume growth in compare to the previous year the dynamic shows the investment climate deterioration because of the investment runoff. The determined trends show the problem in providing a country's sunstainable economic development in the innovative aspect. The basis of the country's innovative development is the investment activation into the enterprises' fixed capital. The economic activity of the subjects of economy and the level of their competitiveness in domestic and foreign markets are determined by the essential level of fixed capital funds. They are the basis of the enterprise productive process. According to the analysis Ukrainian enterprises have a high level of fixed capital consumption. The rate of investments aimed to renovate fixed capital is too small. The volumes of fixed capital funds renovation and reproduction financing at the domestic enterprises reduced according to the reduction production volume and joint profits. The main source of fixed capital funds reproduction at the industrial enterprises of Ukraine is the main financial assets of the enterprise. The catastrophic lack of internal and external funds was the reason why heads of enterprises refused to implement new innovative projects and carry out all required actions on calling in accumulated credit obligations to the counteragents. Investment increasing will make it possible to renew enterprises' fixed capital funds, to reorganize the coproduction and to balance the development of national economy. They promote to create required industry's raw material base, to accelerate the scientific and technical progress, to the production quality, to develope new product markets. The financing of the innovation and investment activity can be both at domestic cost and at foreign investors' cost. Though nowadays the volumes of foreign investments are too small because of tense economic and political situation. The structure of investment sources in includes: enterprise own financial funds, borrowed money, raised money and allocation. At the present stage of national economy development the innovation and investment processes of industrial enterprises have inertial characteristics because of accumulated internal and external problems existing for many years. We should direct the domestic science and technical potential to provide the needs of the economic innovation development of Ukraine and to organize hi-tech production. Also it is necessary to develop and implement the means of government support in innovative activity, to increase the budget financing in enterprises' innovative activity. In spite of real gross domestic product increase in 2010 and improvement of internal and external market conditions the private and state sectors decreased the investments into the productive capacity extension. The law rate of investments into the fixed capital is to be a threat for further economy renewal because the third part of the investments is in operations in the current year, and the other two-thirds of investments is in next year operations. So it is impossible in medium-term prospect to fasten the development of Ukraine economy. Conclusions and directions of further researches. Consequently, the investment matter directed on enterprises fixed capital funds renewal is a key matter in the problem-solving of Ukrainian industry innovation development activation. The further research trends are the development of methods to choice the appropriate structure of Ukrainian enterprises investment resources.