Organizational-financial mechanism of formation and realization of innovation policy of economic systems

An innovative type ofdevelopment implies the ability of the economy to continuous improvement and transformation. A distinguishing characteristic of theinnovation development process stems from the fact that the subject of scientific understanding is not only a positive impact ofinnovation on the development of the economy, but also what actually needs to be done to the State as a representative of the publicinterest to encourage innovative activity on the territory of the country. Accordingly, attention focuses on innovation and innovationpolicy 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 andprogramming 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 themost important prerequisites for innovation activity in the country; direct public investment in innovation projects; enabling institutionalenvironment and innovation of culture. The most important component is the special system of funding. Thus, a key objective ofinnovation policy is the development of a financial mechanism for the implementation of innovations. Under the financial mechanismthe author of the article understands a set of institutional, legal, economic, financial rules governing the management of financialrelationships of entities with the external environment and inside, between elements of the economic system. The organizational andfinancial mechanism can be a system of financial relationships of businesses through financial leverage with multi-currency financialmethods ;and its members include: financial relations; financial leverage; financial practices; legal, informational and methodologicalsupport of the management process. Financial practices and financial instruments represent a functional control subsystem, or scientificpracticaltools and organizational-technological, legal, informational and analytical security provide for the mechanism. In our view, thecircumstances require a policy of the State at the level of separate regions, which manifests both in the establishment of State institutionsand the financing of innovation, and in the formation of the institutional environment for the development of non-State institutions offunding innovation.

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