Financial mechanisms for stimulating innovation activity in Russian regions

Innovative development is a key factor in economic growth and increasing competitiveness in modern geopolitical conditions and the new multipolar world. The share of innovative goods, works and services is an important indicator of innovation activity and technological progress. Understanding the factors influencing the indicator is essential for developing effective innovation policies at the national and regional levels. This study analyzes the influence of two main factors on the share of innovative goods, works and services: the share of organizations that carried out technological innovations, and the share of internal current research and development costs in the gross regional product. The research methodology is based on the use of a combined multiple linear regression model with correction for heteroscedasticity and outliers. This approach allows us to identify statistically significant relationships between the considered indicators. The hypothesis of the study is that an increase in the share of organizations that implemented technological innovations and the share of research and development expenditures in the gross regional product have a positive effect on the share of innovative products. The innovative activity of enterprises has a 4.9 times greater impact on the estimated parameters than the cost of research and development, which emphasizes the priority of measures to stimulate business innovation. The practical significance of the work is to substantiate the regional differentiation of innovation policy, taking into account the identified dependencies and the importance of government support measures. The results obtained will make it possible to formulate recommendations for government authorities on improving innovation policy and increasing innovation activity in the regions.