Venture Financing of Innovative Activities in Ukraine: Problems and Prospects
Journal Title: Бізнес Інформ - Year 2014, Vol 9, Issue 0
Abstract
The article discusses the problems of intensification of venture financing of innovative activities in Ukraine. The objective of the article consists in evaluation of circumstances and determination of prospects for venture financing of innovative activities in Ukraine. The results of the conducted study indicate that the current stage of development of Ukrainian economy cannot be described as innovative. The problems of low innovation development and implementation rates are traditionally associated with shortage of the funding provided for innovative activities. This is especially typical of the initial realization stages of innovative projects characterized by a considerable need for venture investment. In the first 15 years of development of Ukraine as an independent state a shortage of venture financing was associated with an insufficient number of venture collective investment schemes and low value of their net assets. In order to encourage growth in the number of collective investment schemes and increase in the value of net assets achieved by venture collective investment schemes, a series of tax incentives were developed and implemented. One of the results of implementing such tax mechanisms was an increase in the number of collective investment schemes (including venture ones) and growing value of net assets of venture collective investment schemes. This means, there was a nominal increase in the financial potential of ventures. However, there was no actual increase in the volume of venture financing in the sphere of innovative activities. This is caused by the fact that most venture collective investment schemes invest money either in traditional processes or those involved in tax optimization schemes. We believe that a possible solution can be introducing changes to taxation of activities of collective investment schemes, namely: imposition of a tax on financial operations. This step will make utilization of collective investment schemes useless for tax evasion purposes and will encourage them to make real investments. Prospects for future studies consist in providing a rationale for the choice of objects of financial operations tax imposition and its rates.
Authors and Affiliations
Oleksandr Danilov, Tetiana Paientko
Keywords
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