Abstract. The paper provides results of a comparative analysis of the level of innovation activity in European countries based on official statistics. A cluster analysis of R&D expenditure share in GDP allowed the authors to identify five groups of countries with very high (Denmark, Finland, Germany), high (Belgium, France, Slovenia), middle (the United Kingdom, Ireland, Estonia), low (Portugal, Spain, Bulgaria) and very low (Malta, Serbia, Ukraine) level of innovation activity. The paper grounds cluster borders, discusses common features of the countries within each cluster and their changes for past decade and proves the need for borrowing the best practices of the EU member countries to increase efficiency of innovation management for countries with low and very low level of innovation activity. The authors have made the proposals related to the ways of enhancing innovation management. The paper grounds the proposed approaches to the identification and accurate assessment of companies' expenses and intangible assets arising from commercialization of innovative implementations. The paper discloses the authors' position upon recognition of cost and expenses in financial accounting and management system, grounds benefits and suggests justified solutions for different cases depending on the nature of innovation process and requirements of the standards of accounting and financial statements.

Promotion of innovations on the market is hampered in Ukraine by the lack of methodological approaches for analyzing the efficiency of innovative projects. The lack of appropriate methodology leads companies to refuse to innovate because of the uncertainty of final economic outcomes. The introduction of project based methods for innovation activity management allows, on the one hand, to reconcile strategic and operational objectives within the innovation process, innovation activity and general financial and economic activity of the enterprise, and on the other hand, to implement cognitive approaches to organization of company’s innovation management.The research argues the possibilities of applying the canonical correlation method for structuring the causal links between the determined components of a company innovative capability, such as innovation potential, innovative business opportunities and system margin. As these components may be further assessed by quantitative indices, the method of regression analysis is also used to develop analytical tools for innovation management, which allow to reveal the interrelated impact of expenses on the results of innovation activity. The paper analyzes changes in a company innovative capability that can be provoked by increased material, depreciation, labor and information costs and discusses directions of interrelated changes. Practical testing of submitted proposals is realized based on the Ukrainian companies’ statements for 2012–2017.

The main aim of the research was to develop cognitive instruments that allow justification of decisions in national innovation policy. In the theoretical part of research fundamentals of national innovation policies of EU-members and Ukraine were compared to reveal factors that can accelerate innovation development. In the empirical part of research the analysis of innovation capability of Ukrainian enterprises was conducted based on financial, statistic and management reports and it confirmed that companies systematically conducted innovation activities, reached higher levels of innovation potential, innovative business opportunities and margin of economic security and, consequently, have more innovative capacities for innovation of all types. The formation of cognitive analytical base allowed the application of scenario modelling at the level of public management of innovation activity. Cognitive modelling approach was justified firstly by increased volatility in economic conditions of modern realities of crisis in the national economy, and secondly high-cost and risky innovations, fast diffusion of information resources during the introduction of innovation processes, and thirdly, the presence of the mutual influence of objects of national innovation system.

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