Features of capital investment in innovation: The case of industrial SMEs in the GUAM countries

The article aimed to empirically substantiate the features of capital investment in innovation depending on financial stability for Industrial SMEs GUAM Organization Democracy and Economic Development, which consists four post-Soviet states: Georgia, Ukraine, Azerbaijan, Moldova. We differentiated levels industrial region: high, medium, low. have determined positive effect investments at all using regression modeling. Regardless strength intensity, investing provides higher performance indicators companies than renewal fixed assets without modernization. increase efficiency is more significant financially stable less capital-intensive with low high intensity. Identifying relationship between will allow development effective strategies economic collaboration within framework Organization.