Peculiarities of Financial Management of University Centers of Creative Entrepreneurship of Europe and China

Abstract

Abstract. University centers of creative entrepreneurship are becoming the drivers of the modern economy of the world’s leading countries and form a global academic entrepreneurial movement nowadays. Each of the leading countries or groups of countries has certain peculiarities and its own experience of financial management of such centers. Therefore, there is an actual task of comparative analysis of the peculiarities of these centers of those countries that are most successful in implementing innovations, identifying common features, patterns and differences. Such an analysis is especially important for Ukraine, where the movement of academic creative entrepreneurship is at an early stage of development. The systematic analysis found out that the EU countries are characterized by a predominantly distributed or so-called network structure of financial management of university centers of creative entrepreneurship, and China is characterized by a predominantly hierarchical structure. A characteristic difference between the academic business movement of the EU and China lies also in the fact that the basis of management of these centers in the EU, including financial management, is self-government, which is a consequence of the tradition of self-government of European universities. For China, this factor is inferior to the tradition of centralized administration. The main function of financial management of creative entrepreneurship centers is established. This includes facilitating access to credit for researchers, research and project teams of universities, forming an ecosystem to support innovation, providing intermediary services for financial support of innovation, creating an environment for cooperation, reducing the financial risks of investors and increasing the effectiveness of innovation. The tools of financial management of creative academic entrepreneurship are systematized. The comparative analysis identified and detailed the peculiarities of financial management of university centers of creative entrepreneurship for the European Union and the People’s Republic of China, in particular, the peculiarities of the management structure and the tools characteristic of the EU or PRC for funding research and development of the mentioned centers. The results of the study can be useful in creating a national system of financial management of university centers of creative entrepreneurship.
 Keywords: system analysis, university centers, creative entrepreneurship, innovation, financial management.
 JEL Classification O3, Q43, P5
 Formulas: 2; fig.: 2; tabl.: 0; bibl.: 21.