THE IMPACT OF PUBLIC VS. PRIVATE FINANCING MECHANISMS ON INNOVATION EFFICIENCY: STRUCTURAL EQUATION MODELING APPROACH

This article analyzes the theoretical and empirical impacts of public and private financing mechanisms on corporate innovation efficiency within industrial sectors. The strategic importance of state-backed subsidies, fiscal incentives, and private venture capital in maximizing R&D productivity is comprehensively examined. By utilizing the Structural Equation Modeling (SEM) approach, the research maps latent variables driving technological growth. The results highlight future prospects of optimizing national financial allocation to accelerate industrial modernization, mitigate investment risks, and systematically transform institutional business models through rigorous mathematical evaluation of capital sources