Abstract: The subject of this research is the quality of the fixed capital of industrial enterprises and its relation to the financial state of the company. The goal of this research is to devise a methodological toolset for assessment of efficiency of financial management of the fixed capital in the conditions of industrial modernization of the Republic of Belarus. For the purposes of efficient management of the fixed capital in the process of its reproduction it is necessary to justify a complex of indexes, calculation of which will allow objective evaluation of the need for additional investments into the fixed capital, as well as determine the sources of its financing in order to prevent deterioration of the structure of accounting balance, and thus – the financial state. The practical importance of the research results is substantiated by the fact that implementation of the devised methodologies and algorithms in the practice of business administration will help increase efficiency of management of the fixed capital and will contribute to improvement of the financial state. The authors offer a methodology for determining the efficiency in management of the modernization policy based on the comparison of the integral index of the quality of the fixed capital and the integral index of financial state.

Abstract: This article examines the following possible models for financing innovation: linear, cluster and venture. The author demonstrates the most prominent options for utilizing each model for financing innovation, their strengths and weaknesses. The author analyzes the chief factors that impede the abovementioned models of financing for innovation in the Republic of Belarus. The goal of this study is to find out the models that are the most suitable and adequate for the current economic realities of financing innovation in Belarus. Attention is drawn to the mechanism of government regulation and stimulation for innovation in the Republic of Belarus. The author compares the financing models, basing on the existing practice of their implementation in Belarus. Thus, of the three models being examined - the linear, the cluster and the venture - the cluster model turned out to be the most acceptable one. Innovation as a process of realization of the fruits of scientific research demands tight cooperation of scientific organizations, manufacturing organizations and financial institutions. On one hand, this ensures comprehensive examination of ways to stimulate innovation industry, and on the other hand, allows to consider the specifics of each field of work in innovation.