The aim of this article is to present a thorough and comprehensive analysis of the causes and problems of cooperation between the state and private investors in Ukraine. We examine the role of government regulation in ensuring public-private partnership. The authors developed the scheme of a new investment model that includes a balanced application of state instruments, which are secured with financial resources, and legislative strengthening the common approaches to: 1) the investors’s participation in co-financing of the investments; 2) transparency in the fulfilment of projects and distribution of results and assets; 3) financial responsibility for improper fulfillment of obligations, risk management and fair distribution of possible financial losses. This will create proper conditions for the formation of stable incentives for private investors to participate in investment projects in the framework of achieving national priorities. The authors specify the essence of long-term investment commitments arising under public-private partnership; designed accounting principles for unpredictable and deferred investment assets and liabilities of the state and private investors. The developed approach can be used to improve the accounting practice of public finance, finance of budget funded organizations, banks, companies and other participants of the investment process and, in general, to ensure the protection of investors’ interests. The authors justify various suggestions for improving public investment policy, and formulates recommendations as to the ways to increase efficiency of the interaction between public and private investors in the implementation of priority projects in Ukraine. The paper contributes to debates on the assessment of the fair value of investment assets and liabilities.
Article is written as part of the research on "Financial support for structural modernization of the real sector of Ukraine’s economy" currently conducted by the Department of Finance of the Real Sector of State Оrganization "Institute for Economics and Forecasting of Ukrainian National Academy of Sciences".

Keywords: cooperation between public and private investors, government leverage, regulation, corporate investments, investment risks, recognized, contingent, investors’ deferred investment assets and liabilities, public-private partnership, the State Bank of

The article analyzes legal framework and practice of fiscal support for innovation in the form of tax incentives and budget funding. The authors summarized existing EU approaches to fiscal stimulation. The authors have analyzed two models of income tax reliefs: 1) Research and Development tax relief/super deduction (UK); 2) Research and Development tax credit and additional (premium) amortization of fixed assets for innovation projects (France). The authors have made estimations of the impact of tax incentives for these models and revealed certain conditions under which these models may appear ineffective. Authors recommend to use the second model for Ukrainian tax reform purposes, because such model is able to create the basis for the development of innovation activities, whereby tax savings would be used to acquire new technologies, fixed assets, equipment and intangible assets (given the high depreciation, low efficiency of capital investments and delays in implementing of new technologies).
It is established that the development of innovative businesses and promoting scientific and technological activities of enterprises is a complex issue that affects various aspects of public administration. To ensure progress in this sphere, the following tasks should be completed: ensuring sufficient funding and good governance in education and fundamental scientific research; establishing transparent requirements for assistance to entrepreneurs in research and innovation; and increasing the number of tax incentives for innovation. The authors propose various amendments to the Tax and Customs Code of Ukraine.
This article continues the discussion on the creation of an effective national research and innovation system that would speed up Ukraine's integration into the world economic and technological space, and concentrate available resources (capital, labor, market) to achieve national priorities as key factors for economic development. The article was written as part of the research on: "Consolidation of public finances of Ukraine in conditions of the global financial instability", "Financial support for structural modernization of the real sector of Ukraine's economy" completed at the Institute for Economics and Forecasting, NAS of Ukraine.
The article was written as part of the research on: "Public finance consolidation in Ukraine in the global financial instability", and "Financial support for structural modernization of the real sector of economy of Ukraine" completed at State Institution "Institute for Economics and Forecasting of NAS of Ukraine."

Keywords: innovative activities, state support, tax stimulation, Association Agreement between Ukraine and EU

The article tackles the problem of the lack of consistency between the fiscal and monetary levers and relevant instruments of state regulation. The author defines the main factors in the development of Ukraine's real sector, and provides a comparative analysis of financial sources in the EU and Ukraine, which indicates the need to address the problems of investing in Ukraine in order to achieve a long-term growth. The article deals with the problems of financial security of the investment process, implementation of innovative investment projects as well as funding for post-crisis recovery and stabilization in the real economy of Ukraine.
The author establishes that the revival of the state participation becomes increasingly important in financing projects of long-term economic development; as well as in stimulating research, development and innovation enterprises, and encouraging institutional investors and shareholders to participate in a long-term investment. Given the financial and economic situation in the real economy, it is determined that the investment problem should be resolved along with the restoration of the companies' financial stability (post-crisis recovery). The author argues that the imbalance in the flow of financial resources is one of the main causes of the recurrence of the crisis. Preconditions of the risks of imbalance in the financial flows are defined as well as the reasons for the lack of financial resources for operational and investment activities.
Proposed various indicators to assess the effectiveness of the use of financial resources. Developed a balance sheet based approach to assess the capital outflow from Ukraine's real economy. The author discusses the necessity of reform the levers and tools of financing the real sector based on a mutually ensuring financial cooperation between the state and businesses. There is an overview of the international experience in the financial security of economic development. Various recommendations are provided to improve the public policy of financial security of Ukraine's economy.

Keywords: state financial policies, financial support, access to finance, investment, financing innovative investment projects