FINANCING INNOVATIVE ACTIVITIES AND SUSTAINABLE DEVELOPMENT OF ENTERPRISES IN REGIONS IN THE CONDITIONS OF DIGITIZATION AND CIRCULAR ECONOMY

The article analyzes the development of regions and existing business structures, which allowed us to establish the increasing disproportionality of the rates of investment and innovation development. It is determined that the reasons for the low level of investment and innovation growth of territories and enterprise development are the low efficiency of investment policy and irrational distribution of financial resources, obsolescence, and in some regions the complete absence of territorial production infrastructure. The factors of stable development of both individual regions and the country as a whole, the growth of their economic potential and the improvement of the standard of living of the population, in particular the strengthening of the economic autonomy of regions, the formation of favorable conditions for their socio-economic growth, as well as the active attraction of financial resources from both domestic and foreign investors, and the improvement of the innovative activity of enterprises are identified. It is proved that the innovative development of enterprises contributes to an increase in the total volume of production, an increase in revenues to local budgets and stimulates the development of the regional economy. It is substantiated that the sustainable development of enterprises in modern realities, which is reflected in the wide level of technological equipment and automation of its business processes, depends on the appropriate level of financial support, which implies the need to improve the mechanism of financing business structures by introducing new approaches for domestic practice. It is determined that innovative activity is inextricably linked with investment, since it is investments that ensure the implementation of innovations. The problems of financing the innovative activity of enterprises in Ukraine are characterized. The dynamics of the total number of enterprises and innovatively active enterprises are studied, including by regions. Special attention is paid to the implementation of the venture financing mechanism, which is one of the main economic instruments that ensures the innovative development of business in leading countries of the world. It is proven that venture business is a mechanism for financing innovative activity and sustainable development of enterprises in regions in the conditions of digitalization and circular economy.