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Assessing the innovative potential of the region using the cost approach

Vol. 18, Iss. 11, NOVEMBER 2019

PDF  Article PDF Version

Received: 24 September 2019

Received in revised form: 14 October 2019

Accepted: 28 October 2019

Available online: 29 November 2019

Subject Heading: Financial control

JEL Classification: O30, О35, R10

Pages: 2436–2452

https://doi.org/10.24891/fc.25.11.2436

Fedorova T.A. Higher Technical School Autonomous Non-Commercial Organization for Continuing Professional Education, Tula, Russian Federation
ftatiana75@mail.ru

https://orcid.org/0000-0002-1945-1835

Kozlova N.O. Financial University under Government of Russian Federation, Tula Branch, Tula, Russian Federation
95kno@mail.ru

ORCID id: not available

Subject The article considers the valuation of innovative potential of the region that enables to manage innovation on the basis of financially sound management decisions.
Objectives We focus on developing a cost approach to region’s innovative potential assessment to justify the funding volumes for Federal and regional programs for innovation-driven growth.
Methods The study employs methods of asset valuation on the basis of income and cost approaches, methods of descriptive statistics, and data analysis.
Results We developed practice-oriented methods for region’s innovative potential valuation. The paper distinguishes between the current and perspective innovative potential. The former one is built, using the existing innovative businesses and services, innovative technologies of management in government and provision of services in the social sphere. The latter – using the intellectual assets created in the region, which have not yet found an investor, the opportunities of inclusion of certain organizations in global and interregional innovative and technological cycles, the planned innovations in administrating authorities and in the social sphere. The paper substantiates approaches to valuation for each component.
Conclusions The offered methodology is more preferable to indexes that are being used now. It enables better management of innovative development of regions, including justification of areas and volumes of financing, and ultimately, contributes to increasing the return on investment.

Keywords: assessment, cost approach, innovative potential, region

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