THE ROLE OF DIGITAL FINANCIAL ASSETS IN RAISING CAPITAL TO FINANCE INNOVATIVE PROJECTS

Abstract

Digital financial assets (CFAs) are becoming an important tool for attracting capital to innovative projects. This study is aimed at a comprehensive analysis of the CFA's role in financing innovation, taking into account technological, institutional and behavioral factors. The methodology combines an econometric analysis of panel data on a sample of 250 companies and a series of semi-structured interviews with startup founders and investors (n=40). The results indicate a significant positive impact of using CFA on the volume of attracted investments, the speed of their receipt and the diversification of the investor pool. The effect is most pronounced for early-stage technology startups and high-risk innovation projects. The specific risks and limitations of the CFA associated with high volatility, regulatory uncertainty and lack of competence of participants have been identified. Practical recommendations for optimizing CFA application strategies are formulated, taking into account the innovation profile, business model and industry specifics of companies. Promising areas of further research have been identified, including cross-country comparisons, analysis of the CFA's impact on innovative ecosystems and network effects.