Formation of a System of Strategic Management of Financial Resources for Innovative Development of Enterprises

Abstract

The article emphasizes the relevance of applying a strategic approach to planning, attracting, and effective use of financial support for the sake of implementation of innovation and technological projects of domestic enterprises in the face of modern challenges and threats. It is stated that the innovation activity of economic entities is integral when it comes to strengthening their competitive positions and ensuring sustainable and efficient functioning. At this, such activities require proper financial support. Accordingly, the issue of harmonizing the course of innovation processes and their financial and resource provision requires the application of principles and instruments of strategic management. In accordance with this, the study solves the problem of scientific substantiation of methodological and applied provisions regarding the formation and implementation of a system of strategic management of financial resources for innovative development of domestic enterprises. It is shown that the leading elements of such a system are: 1) actualized approach to the strategic nature of management of financial resources of enterprises; 2) development of the conceptual and methodological-applied basis of strategic management of financial support for innovative development of economic entities; 3) building of and adhering to a set of principles of strategizing when forming and using financial support for innovative business development; 4) identification of strategic priorities of the policy of long-term financial support of innovation activity of economic entities; 5) diversification of sources of formation of financial resources to support the processes of innovative development of enterprises. It is concluded that the most rational method of harmonizing the sources of formation of financial provision with the course of the processes of innovative development of enterprises on the basis of building a strategic matrix of management of financial resources, which is based on the stages of the innovation process of enterprise, namely, fundamental and applied research, design development, marketing, production and sale of innovative products (services).