Investments and Risks of Investing in Innovative Enterprises of the City of Sevastopol as an Opportunity for Economic Growth in the Region

Abstract

An increase in the volume of industrial production, especially innovation-active enterprises, provides the economic growth of the regions, which ensures in the improvement of the standard of living of the population with increasing demands for the quality of goods and services. The development of the regions of the Russian Federation is largely dependent on the introduction of innovative technologies and products. Sevastopol is not an exception; therefore, the importance of evaluating investments in innovative enterprises, which is always associated with risk, is becoming more urgent. A risk is, first, the possibility of an unfavorable outcome of some test. The investment risk or the risk of losing money intended for investing in innovative enterprises is commensurate with the risk of an alternative investment in the banking sector. Such a risk can be neglected in comparison with the risk of insufficient cash funds because of a decrease in the level of dividend payments. Therefore, the main purpose of the article is to determine the risk of investing in innovation-active enterprises and their impact on the economic growth of the Sevastopol region. In the article, it has formulated an approach to calculating the risk of investments in innovatively active enterprises of the city of Sevastopol in terms of the statistical behavior of a random variable. It has studied the trends and factors influencing the innovative activity of the enterprise. A risk or making an incorrect investment decision based on disposing data using the likelihood function. The authors considered the risk of investing in innovation-active enterprises of the Sevastopol region, which introduce organizational, marketing, and production innovations. It is the fact that at present there are no enterprises in Sevastopol, the profitability of whose shares can be commensurate with bank interest. The tendency to innovate in the Sevastopol region is low, as evidenced by the statistics of innovation activity. Calculations showed that the risk of investing in the securities of existing innovation-active joint-stock companies is high. Joint actions of the Russian Government and business structures level the political and economic crisis in the city of Sevastopol. The investment attractiveness of innovative enterprises of the city of Sevastopol will grow; the risks of investments will fall, which will ensure the economic growth of the city of Sevastopol.