A quantitative analysis of the system of financing higher education in Ukraine, including the current system of distribution of budget funds between institutions of higher education. The necessity of adaptation of the formula of distribution of means between HEI of Ukraine to a real economic situation is proved.

An analysis of the possibility of raising funds from external stakeholders to finance educational and research work at universities.

The shortcomings of the current system of university financing and ways to eliminate them are substantiated.

The current state of social development shows that the main source of competitiveness, longterm economic growth and scientific and technological progress of the country is education and investment in human resources. According to experts, in countries with the most developed economy on average 60 % growth of national income is determined by the growth of knowledge and education of society [34].

The development of the country, its position in the world rankings directly depend on the level of education and higher education, in particular, because «human resources and intellectual assets have a positive impact on national competitiveness» [35].

Financing of higher education is the main tool for influencing the processes of transformation in HEI and the main method of achieving positive results in education, one of the key issues of educational policy [36]. Therefore, finance in higher education is a key resultant of capacity, as they [37]:

• increase the initial capacity for innovative changes that lead to increased productivity, better targeting the needs of target groups of beneficiaries;
• motivate universities to compete for students, faculty, new markets and business contracts;
• expand the access of the population and business to knowledge, skills, best practices, new technologies, innovative practices and products.

«The relative level of higher education institutions funding for 2014–2017 has decreased threefold. That has led to the fact that the state budget provides money for salary, payroll, stipends, and partly utilities.