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A comparative analysis of trends in investments of Russian companies in intellectual and fixed capital

Prosvirina I.I. South Ural State University (National Research University), Chelyabinsk, Russian Federation ( iprosvirina@mail.ru )

Ivanov A.E. South Ural State University (National Research University), Chelyabinsk, Russian Federation ( ivanov.chel@list.ru )

Ostapenko G.F. Perm National Research Polytechnic University, Perm, Russian Federation ( waygs@mail.ru )

Shirshikova L.A. South Ural State University (National Research University), Chelyabinsk, Russian Federation ( shirshikova@gmail.com )

Journal: Economic Analysis: Theory and Practice, #1, 2018

Subject The article considers trends in domestic investments of Russian companies in intellectual and fixed capital during the inter-crisis period (2010–2014).
Objectives The purpose of the study is to identify trends in internal investment and determine the most profitable investment project for company development based on economic and mathematical modeling.
Methods This paper combines general scientific methods of research, such as analysis, synthesis, deduction, induction, as well as econometric modeling, using Gretl. The theoretical background was shaped from the articles and monographs by Russian and foreign scientists devoted to intellectual capital research. The informational base is the data of macroeconomic and regional statistics, and financial statements of Russian companies.
Results The analysis confirmed the hypothesis of the study: Russian companies' investment in intellectual capital is reducing against the backdrop of increased investment in fixed assets. The comparable data on the average level of investment in intellectual capital of the Czech Republic, a representative of Europe, provide an opposite picture. At the same time, the developed economic-mathematical model defines intellectual capital as a much more profitable object of internal investment than fixed capital.
Conclusions The revealed structural imbalance in the areas of domestic investments of Russian companies may serve as an explanation of low efficiency of domestic economy. To eliminate this distortion, it is necessary to improve the methodology for assessing the performance of investment in intellectual capital.


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