Economic Analysis: Theory and Practice
 

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Financial mechanism of the venture investment and its role in the innovative development of the Russian economy

Vol. 14, Iss. 11, MARCH 2015

PDF  Article PDF Version

Available online: 15 March 2015

Subject Heading: INVESTMENT ANALYSIS

JEL Classification: 

Pages: 2-12

Igonina L.L. Financial University under Government of Russian Federation, Krasnodar Branch, Krasnodar, Russian Federation
LLIgonina@fa.ru

Makarenko Yu.G. Department of Economic Development, Investment and Foreign Affairs of Municipal Administration of Krasnodar, Krasnodar, Russian Federation
umakarenko@krd.ru

Importance Solving modern tasks of the national innovation system's development in Russia is linked to the formation of an effective financial mechanism of venture investment. Identification of the relationship between the realization of financial mechanism of venture investment and innovative development of the economy is one of the most important directions of research in this subject area.
     Objectives The study aims to clarify the categorical certainties of the financial mechanism of the venture investment and its role in the innovative development of the Russian economy on the basis of the analysis of the correlation between parameters of venture financing and production of innovative products.
     Methods Using the resource capabilities of the system, reproduction, institutional and subject-object approaches, the authors have clarified the definition of the financial mechanism of the venture investment. Using econometric methods, the authors have analyzed the influence of the venture and direct investments on the volume of innovation product.
     Results The authors submit the reasonable qualitative and quantitative characteristics of the financial mechanism of venture investment; analyze the influence of venture funding on innovation. The econometric estimates data for 1995-2012 show that the impact of the venture funding to improve innovation performance in the economy of the country, is much lower than from direct investment in innovation.
     Conclusions and Relevance The results of the research can be used as a theoretical and methodological framework to develop programs regulating the venture capital activities and stimulating the development of innovative potential of the Russian economy. The paper concludes that the impact of private equity funds on the production of innovative goods and services in Russia is more meaningful than venture capital investments. To improve the effectiveness of the financial mechanism of venture investment in achieving the tasks of building an innovation-oriented Russian economy, there is a need for the integrated improvement of its structure, functional properties and organizational forms.

Keywords: financial mechanism, venture capital investment, innovation, development, venture capital funds, econometric estimates

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