ANALYSIS OF THE RELATIONSHIP BETWEEN THE RESULTS OF FINANCIAL AND INVESTMENT AND INNOVATION POLICY AT THE LOCAL LEVEL

Abstract

The role and place of financial policy in the modern state`s development in the conditions of globalization processes are determined. The urgency of improving the theoretical and methodological instruments concerning the implementation of modern financial policy and conducting additional research on the relationship of its effectiveness with the activity of investment and innovation processes in the country is substantiated. The analysis of publishing activity on the implementation of financial policy at the state and regional levels has shown an increase in recent scientific interest in this issue, which indicates its relevance. The purpose of this study is to analyze the relationship between the results of regional financial policy with indicators of investment and innovation activity of economic entities in the region. Methods of economic, system and comparative analysis and synthesis were used in the research process. Сalculation, analytical and graphical methods, regression analysis were used in the processing of statistical data. This article considers the indicators of socio-economic development that determine the effectiveness of financial policy at the regional level. The dynamics of the gross regional product for the Slobozhansky region of Ukraine (Poltava, Sumy and Kharkiv regions) was analyzed, the key factors influencing its volumes were also identified The dynamics of changes in the size of wages per employee was studied. Trends in changes in capital investment in the region were analyzed and regression analysis was performed, which showed a high level of relationship between the volume of capital investment and gross regional product. It was determined that a significant factor influencing the effectiveness of regional financial policy is the innovative activity of economic entities in the region. A regression analysis was performed between the volumes of innovation expenditures and gross regional product and the corresponding models characterizing it were obtained. As a conclusion was identified that the effectiveness of regional financial policy is directly related to the level of investment and innovation activity of enterprises in the region.