Money, finances and credit

Modelling the process of making decisions on sources of financing of innovation activity

Economic Annals-XXI

Economic Annals-ХХI: Volume 160, Issue 7-8, Pages: 126-129

Citation information:
Voynarenko, M., Dzhedzhula, V., & Yepifanova, I. (2016). Modelling the process of making decisions on sources of financing of innovation activity. Economic Annals-XXI, 160(7-8), 126-129. doi: https://doi.org/10.21003/ea.V160-25

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Mykhailo Voynarenko
D.Sc. (Economics),
Professor,
Member of the National Academy of Sciences of Ukraine,
Khmelnytskyi National University
11 Institutska Str., Khmelnitskyi, 29016, Ukraine
voynarenko@ukr.net

Vyacheslav Dzhedzhula
D.Sc. (Economics),
Professor,
Vinnytsia National Technical University
95 Khmelnytske Shose Str., Vinnytsia, 21021, Ukraine
djedjulavv@gmail.com

Iryna Yepifanova
PhD (Economics),
Associate Professor,
Vinnytsia National Technical University
95 Khmelnytske Shose Str., Vinnytsia, 21021, Ukraine
epifanovairene@gmail.com

Modelling the process of making decisions on sources of financing of innovation activity

Abstract. In modern conditions, the majority of domestic enterprises is in a rather difficult financial position and is incapable of competition in the global market. For this reason, success can be achieved only by those enterprises which keep to intensive development, which can be provided due to innovative activity. However, the financing which provides for innovative activity of such enterprises is not sufficient.

There is a need to conduct further research regarding factors which have an impact on the support of innovative activity of enterprises under the conditions of deficiency of financial resources from a position of the theory of fuzzy logic.

The purpose of this work is to create a mathematical model of the decision-making with regard to the choice of sources of financing of innovative activity under the conditions of limited financial resources.

The authors of the article have determined major factors that impact financial supporting of innovative activity. The factors have been classified into three groups: sources of financial resources, external factors and internal factors. The linguistic variables describing the impact of the abovementioned factors on financial security of innovative activity are created. The mathematical model of intellectual support of decision-making relevant to the choice of an optimum ratio of financial support for innovative activity of the industrial enterprises in the conditions of deficiency of financial resources, which is presented in the form of indistinct logical equations, has been created on the basis of database extraction.

Keywords: Financing; Innovation; Own Funds; Fuzzy Logic; Membership Function; Universal Set; Linguistic Term

JEL Classification: C45; G32; G31

DOI: https://doi.org/10.21003/ea.V160-25

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Received 30.04.2016

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