Research and improvement of tools for optimizing the cost of innovation in terms of entry of domestic enterprises into Polish markets
Students Name: Mykhailov Volodymyr Olehovych
Qualification Level: magister
Speciality: International Business
Institute: Institute of Economics and Management
Mode of Study: full
Academic Year: 2021-2022 н.р.
Language of Defence: англійська
Abstract: The cost of innovation (Toivanen, Stoneman & Bosworth, 2002) is a direct factor in Tobin’s extended q model, in which the value of companies reflects how the market perceives future profits and dividends, which in turn are partly driven by tangible assets and partly their intangible assets, in particular the stock of "innovative" knowledge, ie intangible assets created as a result of research activities. The purpose of this work is to study and improve the tools to reduce the cost of innovation of domestic enterprises in terms of entering Polish markets. The task of the work is to study the scientific and methodological literature and legislation and regulations on the interpretation, accounting, evaluation of efficiency and optimization of innovation costs, analysis of trends in international economic activity between Ukraine and Poland, study trends in certain sectors of the economy. the leader of the industry in which the object of study operates, its financial condition, production, economic and innovative activities, economic justification of the proposed measures to optimize the cost of innovation. The object of the study is the plant "Polymer-Electron", which is one of the leaders in the production of plastics and polymers in Ukraine and a leader in tool production in the western region. The subject of the study is the management of innovation costs of domestic enterprises on the example of the leader in the production of plastics and polymers - the plant "Polymer-Electron". The study of the tools for optimizing the cost of innovation was carried out in several stages. First of all, the analysis of literature sources on the topic was carried out, approaches to the optimization of innovation costs by foreign companies and the participation of public authorities in this process were presented. In the study of OV Palchuk and Gai (Palchuk and Gai, 2021) proposed to create additional analytical sub-accounts for accounts 23, 26, 39, 70, 79, 90, 94, 44, 47, 48 in order to detail financial and accounting information on innovation and its results, which, in turn, will improve its perception by internal and external users and allow for more rational management decisions. In order to optimize the cost of innovation in the study (Hyk, 2021), multiple linear regressions were used to calculate the relationship between sales and the cost of innovation of Ukrainian industrial enterprises. Optimizing the cost of innovation according to the built model means achieving the amount of cost of innovation at which sales will be maximum. An important prerequisite for the application of the model is the excess of the growth rate of sales over the growth rate of innovation costs. A comparison of innovation activities of Polish and Ukrainian companies was made, it was found that the main factor in the development of Poland’s developed innovation infrastructure is a significant amount of private R&D expenditures, which use various modern methods of optimization and budget incentives. A study of the financial condition of the plant, its production, economic and innovation activities and found that the company is characterized by high financial stability, solvency and in some respects higher than the average industry profitability and turnover and operating cycle speed. Based on the identified factors influencing the cost of innovation, the innovative activity of the plant "Polymer-Electron" was studied, which revealed a number of problems with the management of innovation costs and innovation in general. A comprehensive measure is proposed to optimize the cost of innovation, reduce costs at the stage of basic research, identify problems and processes that can be sources of innovation, problem formulation and hypotheses that are part of the problem. The amount of savings on these types of innovation costs can be used to finance long-term projects that will create new intangible assets for the plant - patents, utility models and secure positions of technological leader not only in Ukraine but throughout Central and Eastern Europe. In addition, the plant will be able to become a center for providing services to create innovative solutions for other companies, solve complex technical problems of industrial giants in the region, improve innovation and research infrastructure of the western region. The proposed measures are in line with global trends in informatization and implementation of high-tech processes in the processes of production, management and can be applied both by the object of study and by other domestic and foreign companies. Key words - costs of innovation, costs of R & D, cost optimization, cost management, comprehensive activities, enterprise resource planning system. List of used literature sources Toivanen, O., Stoneman, P. And Bosworth, D., (2002). Innovation and the market value of UK firms, 1989–1995. Oxford Bulletin of Economics and Statistics, 64(1), pp.39-61. Palchuk, O.V. and Gai, O.M., (2021). ACCOUNTING POLICY AND ITS ROLE IN THE FORMATION OF INFORMATION SUPPORT OF INNOVATION ACTIVITY MANAGEMENT. ІННОВАЦІЙНА ЕКОНОМІКА, (1-2), pp.166-173. Hyk, V., (2021). Optimization of costs for innovations of industrial enterprises Western Ukraine in ensuring sustainable environmental development. In E3S Web of Conferences (Vol. 234, p. 00049). EDP Sciences.