METHODOLOGICAL AND APPLIED PROVISIONS OF FINANCIAL MANAGEMENT IMPLEMENTING THE STRATEGY OF INNOVATIVE AND TECHNOLOGICAL MODERNIZATION OF BUSINESS

Abstract

The study focuses on the issue of innovative technological development of business entities as the only alternative in the face of fierce competition. It is shown that such activity should be carried out on a systematic basis, but with an understanding of the nature and elements of the corresponding strategy for the development of the business entity. It is proven that such activity must be coordinated with the goals, tasks and capabilities of the financial management of the enterprise.  Therefore, on the basis of these principles, the purpose of the study is to develop methodological and applied financial management provisions for the implementation of the strategy of innovation and technological modernization of the business entity. Priorities and means of improvement of the company's financial management toolkit in the field of activation of innovative and technological business development have been determined. It has been proven that the implementation of plans for innovation and technological modernization is carried out by businesses in accordance with a strategy specially developed for such purposes. Its leading provisions are the goal of strategic priorities that must be achieved. Implementation of the process of innovation and technological modernization of existing and formation of new production facilities as the basis of the enterprise's competitiveness is defined as the goal of the strategy. The following strategic priorities of such a policy have been identified: development of existing and creation of new high-tech industries; growth of the share of technologies of the fifth and sixth technological systems; increase in the volume of production of innovative products due to the creation of new productions with technological innovations; creation of integrated structures producing and selling high-tech products. It is proven that the successful implementation of the strategy of innovation and technological modernization is closely correlated with the tasks of the financial management of the enterprise, because the leading tasks of the strategy are connected with a number of important measures in the field of financial management. Special attention should be paid to such means as funding measures for professional training of qualified specialized personnel; implementation of expenses related to the import of advanced technologies and high-tech equipment, protection of property rights, cooperation with financial and credit funds, investors, representatives of the system of state guarantees of investments and innovative activities; financing of activities on cross-functional and cross-industry cooperative relations; implementation of costs related to the opening of production and the use of high-tech equipment; financial activity in the market of innovations and technologies, etc.