Models of mixed financing of innovative projects in development: comparative analysis of instruments and selection criteria for a developer companies

Ушенко, Наталя Валентинівна and Терещенко, Елеонора Юріївна and Ушенко, Олександр Павлович (2026) Models of mixed financing of innovative projects in development: comparative analysis of instruments and selection criteria for a developer companies Ефективна економіка (3). ISSN 2307-2105

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Abstract

The article summarizes scientific approaches to financing development projects and systematizes mixed financing models as configurations of capital sources, fundraising instruments, and conditions for their use, which ensure project implementation according to the criteria of capital cost, risk, liquidity, and regulatory compliance. The relevance of the topic is due to the high capital intensity of construction, the length of the investment cycle, and the unevenness of cash flows, as well as the tightening of requirements for the institutional reliability of mechanisms for attracting funds from investors and buyers of future real estate in Ukraine. The purpose of the article is to systematize mixed financing models for development, compare instruments, and justify the criteria for selecting a configuration for a developer, taking into account the project phases and risk-oriented control. The methodological basis of the study was formed by methods of logical and comparative analysis, systematization, and structuring.As a result, basic models have been identified, including corporate financing on the developer's balance sheet, project financing through a special project company based on projected cash flows, financing with the involvement of end buyers within the framework of legally defined mechanisms, targeted funding and other collective investment instruments, public-private partnerships, as well as hybrid structures using instruments that are similar in economic nature to capital, in particular mezzanine financing and partnership contributions. A system of criteria for selecting a model has been developed, covering the cost of capital and transaction costs, solvency over time, the ability to distribute risks and ensure currency consistency, assessment and control requirements, as well as the preservation of management control and reputational stability. A decision-making procedure has been proposed based on a combination of investment and financial stability indicators with scenario analysis and a contractual sequence of payment priorities.A matrix of interchangeability of development financing instruments has been developed, which systematizes the appropriateness of each financial instrument by project life cycle phase, indicating its priority, rationale, and key risk.

Item Type:	Article
Uncontrolled Keywords:	development; construction financing; development company; mixed financing; project financing; project management; SPV; special purpose vehicle; public-private partnership; investments; investment security; investment mechanisms; innovative project; innovative development; investment instruments; construction company
Subjects:	Статті у періодичних виданнях > Фахові (входять до переліку фахових, затверджений МОН)
Divisions:	Факультет економіки та управління > Кафедра міжнародної економіки
Depositing User:	професор Наталя Валентинівна Ушенко
Date Deposited:	06 Apr 2026 08:20
Last Modified:	06 Apr 2026 08:20
URI:	https://elibrary.kubg.edu.ua/id/eprint/56909

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