Trendy vo financovaní inovácií v Európskej únii
Trends in Financing Innovation in the European Union

Summary/Abstract: here are several distinctive types of national financial systems. The Anglo-Saxon one is based on direct access by enterprises to the capital markets, e.g. via bond and share issues. The role of the commercial banks, on the other hand, is of minor importance. The commercial and investment banking were separated since the Glass-Steagal Act entered into the force. In Germany, universal banks provide enterprises with most of the capital, while the capital markets are less important. In Japan, the so called keiretsu system is based on the cross-ownership relations between the main bank and affiliated enterprises. The main bank also provides most of the operative and development capital.n developed market economies, each form of the enterprise and innovation financing can be found. In general, the 1, 2 and 3a types are more common in the Anglo-Saxon economies, while the 3b type in the continental Europe and Japan. The globalisation period, however, provided for an enormous growth in the enterprise bond issues (the 3a type). Globalisation period brought several major trends on the world and national financial markets, as for example securitisation, internationalisation, round-the-globe trading on capital markets, cross-border issues, electronic trading and settlement, and, finally, integration of the national financial markets and introduction of the global financial standards. These processes promoted global capital flows, as fund raising, allocation and redistribution. Another distinctive trends were disappearing borders between the particular types of the financial institutions (banks, securities companies and insurances). Multifinancial companies became major players on international capital markets and also major providers of capital for innovation financing. Globalisation and integration of the national financial markets, however, provided for convergence in international profit rates. Major institutional investors started to look for alternative sources of the above-average profits. Innovation finance seems to be one of the most promising sources. While there was a convergence in national and international profit rates (e. g. interest rates from sovereign bonds), national financial systems preserved many particular features. National financial systems are closely related to systems of corporate governance and ownership patterns in financial institutions. These structures are relatively rigid and account for slow changes only. If there was any convergence in national financial systems, it was expressed more in convergence in financial indicators than in structural patterns. The second part of the paper deals with analysis of potential convergence in national financial systems and national patterns of financing innovation.

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