Financial Mechanism of Development of Innovative Territorial Clusters

Abstract

In modern conditions intensify competition for limited financial resources that can be devoted to innovation, there is the issue of allocation of optimal ratio of sources as one of the most important criteria for the effectiveness of regional clusters in the implementation of real investment projects of innovation orientation. Due to the fact that the implementation of innovative processes related to the uncertainty and the high level of risk, the authors proposed the basic principles of the system of financing innovation in regional clusters. The article describes and gives the characteristics of the basic forms of financing of innovative activity of companies, among which is the cost, equity financing and project financing. Based on the analysis of financing mechanisms of innovation processes territorial clusters operating in foreign countries noted that the largest share of indirect methods of support of innovative activity. Some of these measures are common in the Russian practice, such as the possibility of using accelerated depreciation of fixed assets, receipt of investment tax credit, as well as companies from VAT exemption of activities related to research and development. At the same time stands a large role in the development and financing of innovative processes in regional clusters of institutions. The article emphasizes that one of the leading regions in the creation of innovative regional clusters in Russia is the Kaluga region. In this area, established and dynamically developing biopharmaceutical, automotive, transportation and logistics, aerospace, tourism and recreation clusters, as well as the ICT cluster. However, the development of innovative processes in regional clusters are the high interest rates on loans. The priority direction of attracting financial resources in innovative territorial clusters are foreign investments. Their volume during the period of 2011-2014. It decreased by 58.5% in the Russian economy. According to the authors, it is advisable to redirect cash flows to Russia to support innovative regional pilot clusters, facilitating more rapid progress of the national economy.