Теоретические подходы к изучению инновационного финансирования в условиях улучшения инвестиционного климата

В статье рассматривается историческая эволюция и сравнительные характеристики методов финансирования, которые классифицируются авторами как традиционные, переходные и инновационные. В процессе исследования применяются методы причинно-следственного и структурно- логического анализа, что позволяет перейти от теоретического обзора методов финансирования к изучению особенностей инновационных источников финансирования на основе крауд-платформ с точки зрения ресурсов, инвесторов и механизма реализации. Полученные результаты исследования подчеркивают значимость и необходимость внедрения новых финансовых технологий в рамках общей цифровизации в части краудфандинга, краудинвестинга и краудлен- динга в экономику России, что позволит обеспечить устойчивый экономический рост российским предприятиям. At all stages of the economy development and growth the issue of creating the system of financial sources, affordable and meeting the demands of the business entities financial activities, was one of the most acute. Fundamentally new sources and methods of the enterprises financing are being developed due to the world community entering the fourth industrial revolution. The traditional methods, such as bank lending, commercial lending, payables, leasing, factoring, venture financing and issuing securities can no longer be completely adequate to the occurring changes speed and mobility, including the financial sector and the field of capital formation. The authors of the article considered the features of the modern financial market, analyzed the methods of financing depending on the period of financing (short-term, medium-term, long-term), as well as on the extent of the company treatment (internal and external sources). Based on the systematization and generalization of the scientific and practical ground in this area, the authors developed and logically proved their own classification of financing methods, conventionally divided into groups according to the historical chronology - traditional, transitional, and innovative. The most challenging from the point of view of the internet technologies development and the general digitalization of the economy are such forms as crowdfunding, crowdinvesting and crowdlending. The authors provided the comparative analysis of the funding sources which are included into these groups and proved the necessity for developing and introducing the crowding technologies into the country's economy. To understand and implement the practical mechanism for introducing the Crowd technologies into the modern financial sector of the Russian Federation, the authors analyzed the applicable regulatory framework and demonstrated the essentiality of introducing an appropriate federal legislation that would legalize the basic concepts in this area and would reduce the risks of the crowd transactions participants. As an illustration, confirming the possibility of introducing these financial instruments, the authors considered such factors as the volume of transactions and the main indicators of crowdfunding in the world. The recommendations of the authors are aimed at simplifying and accelerating Russia's joining the world of financial innovations, which would ensure sustainable economic growth for Russian enterprises.