Global determinants and models of innovations financing

The present article covers the conceptual foundations of innovation activity financing in the current context. Due to the fact that the innovation development of all agents of global economy play a crucial role to provision of their competitive ability, the vast majority of transnational corporations and countries try to create more efficient variants of financing of innovation activity. The interrelation between various indices of innovation activity and the indicators of development of national economies was investigated. The European practice of innovation activity financing was summarized based on the analysis of regional program “Horizon2020” and innovation localization systems. Characteristic of legislative and regulatory solutions regulating the innovation activity in Ukraine was given. Modern approaches to innovation activity financing were classified and the conclusion about vital necessity of formation of integral system of innovation activity financing was made. The analysis of international practices of innovation management in developed countries and leading global companies provide evidence of reasonability of use of alternative sources of innovation activity financing at certain stages of cycle of creation and implementation of innovations. The opportunities of state support of the activity of innovationoriented companies were identified through the example of developed countries. The activity of business angels and venture funds in relation to the support of drastic innovations became the subject of special study. The problems were identified and the courses of promotion of influence of international and national banks in the innovation activity financing were substantiated. The offers on determination of priority directions of innovations financing were proposed at the end of the article on the basis of comparative analysis of the structure of financing of research and development in certain countries and sectors.