Financial Model of Industrial Cluster: Features of Value Chain Creation and Development

This paper shows the evolution of approaches to the study, formation and development of clusters. The structural question became how the cluster caused the transition from post-war recovery to economic growth and accelerated development. One of the central issues was the consideration of financial aspects of cluster organization and operation. This issue is studied from two different points of view: firstly, on the basis of consideration of territorial cluster and, secondly, industrial cluster. The paper formulates the definition of the concept of cluster finance, classifies the financial relations of the cluster and investigates the possibilities of financial support for the formation and development of the cluster. Financial models of territorial and industrial clusters are analyzed. Understanding of the financial model of cluster functioning and its peculiarities allows to optimize the development of both the cluster itself and the accompanying infrastructure.