ORGANIZATIONAL-FINANCIAL MECHANISM OF FORMATION AND REALIZATION OF INNOVATION POLICY OF ECONOMIC SYSTEMS

An innovative type of development implies the ability of the economy to continuous improvement and transformation. A distinguishing characteristic of the innovation development process stems from the fact that the subject of scientific understanding is not only a positive impact of innovation on the development of the economy, but also what actually needs to be done to the State as a representative of the public interest to encourage innovative activity on the territory of the country. Accordingly, attention focuses on innovation and innovation policy of the State, its major components. The following key components of the innovation policy of the State can be distinguished: legal support; formation and development of innovation infrastructure; prediction of innovation activity in the country; planning and programming activities of the innovative character; protection of intellectual property; redemption of tax incentives for innovation; promotion of development of innovation-oriented production activities; stimulating the development of science and education as the most important prerequisites for innovation activity in the country; direct public investment in innovation projects; enabling institutional environment and innovation of culture. The most important component is the special system of funding. Thus, a key objective of innovation policy is the development of a financial mechanism for the implementation of innovations. Under the financial mechanism the author of the article understands a set of institutional, legal, economic, financial rules governing the management of financial relationships of entities with the external environment and inside, between elements of the economic system. The organizational and financial mechanism can be a system of financial relationships of businesses through financial leverage with multi-currency financial methods; and its members include: financial relations; financial leverage; financial practices; legal, informational and methodological support of the management process. Financial practices and financial instruments represent a functional control subsystem, or scientific-practical tools and organizational-technological, legal, informational and analytical security provide for the mechanism. In our view, the circumstances require a policy of the State at the level of separate regions, which manifests both in the establishment of State institutions and the financing of innovation, and in the formation of the institutional environment for the development of non-State institutions of funding innovation.