Home  Journals  Financial Analytics: Science and Experience  31(217) - 2014 August

Financial support of scientific and technological development

Available online: 16 August 2014

Subject Heading: INNOVATION AND INVESTMENT

JEL Classification: 

Pages: 26-36

The article deals with the impact of funding mechanisms of the research and development under the Russian and foreign conditions. The subject of the study features peculiarities and forms of the relationship of indicators, which reflect the contribution of the different sectors in scientific and technological development, as well as the degree of mutual influence of the performance of public and private institutions. The aim of the study is to determine the place and role of financial and credit institutions, as well as the state sector in the system of financial support for scientific and technological development. The study describes the application of the various methods: analysis and decomposition of the primary information, analytical methods of data systematization, economic-mathematical modeling and forecasting. The authors set forth the features of the structure of the sources of funding for research and development in Russia and identify the factors that create barriers to lending of technology-intensive projects by banks. The paper compares the Russian and international experience in the commercialization of research and development through the use of venture financing mechanism and define its development prospects in the Russian Federation. The paper simulates the factors of financing of scientific, technological and innovation development in macroeconomic terms. The undertaken study has shown that the market of project finance in Russia does not provide sufficient additional sources of financing for research and development of the organizations, at the same time, the development of the Russian venture industry has made some progress. In the course of the study, the particular attention was given to the modeling of the factors of financing research and development. Using cluster analysis instruments, the authors identified a country group, which is similar in terms of scientific and technological development with Russia. A major outcome was preceded by a correlative-regression model of codependence of the major characteristics of scientific and technological development and the key performance indicators of various sectors. The authors emphasize that the individual development in the field of overcoming of the obstacles on the way of the participation of the private business in the scientific research and development, as well as an increase of the interest of credit institutions and other institutions in the financing of high-tech projects can be of particular interest.

Keywords: investment, project financing, venture capital financing, public funding, cluster analysis, R&D

References:

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2. Vedev A. V itoge poluchitsya razbazarivanie nakoplennykh rezervov [In the long run, there will be waste of accumulated reserves]. Available at: Link rezervov.html. (In Russ.)
3. Dvoretskaya A.E. Dolgosrochnoe bankovskoe kreditovanie kak faktor effektivnogo finansirovaniya ekonomicheskogo rosta [Long-term bank lending as a factor of effective financing of economic growth]. Den'gi i kredit – Money and credit, 2007, no. 11, pp. 23–30.
4. Solov'ev Yu. Bankam nevygodno kreditovat' investproekty po stavke inflyatsii plyus 1 p.p. [Lending to investment projects at the rate of inflation plus 1 percentage point is unprofitable for the banks]. Available at: Link. (In Russ.)

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