Financial and economic mechanism for stimulating the introduction of innovative technologies in flax industry

Abstract. The article reflects the problems of stimulating the development and implementation of advanced technologies in the field of agro-industrial production in general and in flax growing in particular. The mechanism is proposed, which is based on the use of the entire complex of financial, credit, economic, investment, tax and other instruments of influence on the activation of demand for scientific and technical products with a direct mechanism of state regulation and support. Relevance. One of the problems of the development of the agro-industrial complex is the existing model of the functioning of the economy, in which there are no sufficiently effective incentives for private capital investment in the acquisition of advanced developments in agricultural and agro-industrial production. The justification and application of a financial and economic mechanism to stimulate the introduction of innovative technologies in flax production has now become simply necessary to ensure technical and technological modernization at the expense of domestic developments of research centers and private companies, which is due to the sanctions imposed against our country and the growth of international tension. The problem of finding a mechanism to stimulate the allocation of long-term funds for the acquisition of advanced technologies is becoming particularly relevant. The purpose of this study is to propose a financial and economic mechanism to stimulate the introduction of advanced technologies in the flax industry of the agro–industrial complex of Russia, the tools of which will increase the level of innovation activity of economic entities of the flax complex. Methods. In the course of the study, methods of comparative, abstract-logical, functional-cost analysis, expert evaluation were used. Results. The article proposes a financial and economic mechanism to stimulate the introduction of advanced technologies, the tools of which will significantly increase the level of innovation activity of economic entities of the flax-growing subcomplex. In addition, the use of the mechanism of interaction between development institutes (VEB) and endowment funds proposed for use in industry science creates prerequisites for expanding the financing of research developments in flax production. The scientific novelty is in the proposal and justification of a new option for the interaction of development institutions within the financial and economic mechanism for stimulating the development and implementation of innovations in the agro-industrial complex (flax industry).