Assessment of the role of innovative activity as a method of increasing the financial performance of an enterprise (on the example of textile industry enterprises)

Abstract

This article analyzes the indicators of economic and innovative activity of all enterprises, including enterprises of the textile industry of the Republic of Kazakhstan, and also the volume of services for financing enterprises and their impact on the activities of enterprises was studied.

The study purpose is to assess the volume of domestic enterprises’ innovative activity in the textile industry of the Republic of Kazakhstan and identify the financing sources for innovative projects, their effective directions.

The scientific and practical significance of the work lies in the study of the current volume of financing of innovative services of domestic light industry enterprises and the costs of general innovation, in determining the process of increasing the profitability of enterprises by improving product quality and using innovative opportunities.

The innovative measures’ correspondence with the volume of production costs, production quality, costs, market demand, adhering to certain requirements, is considered.

The methodological basis of the study was the following general scientific and special methods:  the method of system-structural analysis, scientific abstraction, induction, economic-statistical, logical and comparative analysis.

The research is conducted by authors on the significance of innovation in all light industry enterprises in global and national, regional economic development, the financial deficit of enterprises and the volume of financial dependence on external sources, and also analyze the amount of funds allocated for innovation in foreign companies (USA and EU), the necessary recommendations.

The ability and volumes of financing the innovation activity of domestic enterprises were assessed, the effectiveness of increasing the innovative activity of enterprises was assessed, the main factors and directions that increase the innovative activity of enterprises were identified. A comparative analysis of performance indicators of enterprises providing innovative services has been made.

Key words: еnterprises, financing of innovations, venture funds, multinational companies, search for investors, lending, external sources of financing, innovation activity.