Factors Influencing The Innovation And Investment Development Of Ukrainian Enterprises

The article investigates the theoretical, methodological, and practical aspects of ensuring the sustainable innovation and investment development of Ukrainian enterprises operating under highly volatile, turbulent, and uncertain macroeconomic conditions. The primary objective of this research is to identify, qualitatively evaluate, and mathematically model the key structural factors and driving forces that determine the dynamics, structural direction, and overall efficiency of modernization processes within the domestic business sector. The empirical and informational foundation of the study is comprised of official statistical reporting and macroeconomic data provided by the State Statistics Service of Ukraine collected over a multi-year period. In the course of the research, a comprehensive set of scientific cognition methods was applied, including systemic, structural-functional, and comparative economic analysis, alongside advanced methods of economic and mathematical modeling. The central analytical tool employed in this study was correlation-regression analysis. This approach enabled the construction of a robust three-factor linear regression model. Within this model, the volume of marketed innovative products of enterprises was defined as the dependent variable, while the independent factors included the volume of capital investments, total expenditures on innovation activities, and the financial result before taxation. The results of the correlation analysis revealed the closest direct relationship between targeted innovative expenditures and the final volume of innovative product sales. Concurrently, a high level of multicollinearity was diagnosed between enterprise profits and capital investments, which confirms the critical dependence of Ukrainian business on internal sources of self-financing due to severely restricted access to the external credit market. The constructed regression model demonstrated a high explanatory capacity and goodness of fit. The estimated regression coefficient for innovation expenditures proved the existence of a powerful multiplicative effect, indicating that each resource unit invested directly into innovation activity ensures a substantially greater increase in revenue from the realization of novel products. It is substantiated that to stimulate strategic economic growth, state economic policy must shift its emphasis from supporting generic capital investments toward the targeted subsidization of research and development processes, the comprehensive advancement of digital ecosystems, and the integration of domestic enterprises into international research grant programs.