INNOVATIONS IN THE FINANCIAL MANAGEMENT SYSTEM
Vera E. Gladkova, Dr. Sci. (Economic), Prof., email@example.com
Olga B. Repkina, Dr. Sci. (Economic), Prof., firstname.lastname@example.org
Russian Academy of entrepreneurship, Moscow, Russian Federation
The article is devoted to the most promising innovative way of social-economic development of the Russian Federation and importance of financial management for the implementation of the role of commercial organizations in the development of innovative activities. Comparing predicted variants of social-economic development according to the Forecast of long-term social-economic development of the Russian Federation for the period up to 2030, the authors come to the conclusion that in modern conditions the most promising thing is the innovative way of development. However, this way is associated with a number of difficulties for practical application of qualitatively new systems of governance both at the state level and at the level of individual organizations. In the financial management context we should understand innovation as a deliberate commercialization of business ideas in the long term. Objectively, there is appeared the question of innovation evaluation in the aspect of the financial relations of the organizations. As long as innovation is a complex system of probabilistic aspects with a high level of risk, any assessment of innovative activity is probabilistic in nature. But in any case, it is necessary to state that innovation is a subsystem of the financial management and should be considered in financial policy and financial strategy of the organization. In modern scientific literature innovations in the system of financial management are considered mainly from the standpoint of finance and of economic efficiency. This point of managers’ view doesn’t always form preferences in favor of the innovation implementation. The availability and adequacy of financial resources for the development and implementation of innovative projects are almost permanent problems in financial management and, obviously, should be integrated into financial development strategies of commercial organizations. The article describes the variety of classifications of the innovative project risks, which in turn lead to a variety of methods of response to innovation risks in the financial management system. The authors propose the evaluation system of innovation, allowing not only to comprehensively review the effectiveness of the innovation activities, but also to assess the promising directions of its development. The systematization of innovation will allow to create the optimal interaction of financial and innovative component in the development strategy of the organization and, depending on the characteristics of innovation, to develop and implement appropriate methods and tools of financial management. Thus, it is proved that the integrated assessment of innovation activity in the financial management system is the most promising in the long term at the level of individual commercial organization and at the state level.
Keywords: innovation activity, financial management, commercial organization
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