+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

Assessing financial and economic performance of public investments in academic excellence programs of universities

Vol. 28, Iss. 10, OCTOBER 2022

Received: 4 July 2022

Received in revised form: 1 September 2022

Accepted: 15 September 2022

Available online: 27 October 2022

Subject Heading: INVESTING

JEL Classification: B41, H52, I22

Pages: 2201–2224


Tat'yana N. RODENKOVA Plekhanov Russian University of Economics, Moscow, Russian Federation


Ol'ga A. GRISHINA Research and Design Institute of Urban Transport of the City of Moscow, Moscow, Russian Federation


Elena V. ANOKHOVA Moscow Institute of Physics and Technology (MIPT), Moscow, Russian Federation


Subject. The article considers methodological tools to assess the financial and economic performance of public investments in the program of academic leadership Priority 2030.
Objectives. The aim is to assess the interdependence between the target indicators of effectiveness of development programs of universities participating in the Priority 2030 Project and the indicators of evaluating the financial and economic efficiency of their resource provision.
Methods. The study employs expert and analytical methods and methods of informal analysis, reflecting analytical procedures at the logical level, which enabled to develop a system of indicators of the effectiveness of State support to universities participating in the Priority 2030 Program, and their criteria values.
Results. Solving the task of increasing the international status of Russian universities, the State financial support for academic excellence programs should fit into regular mechanisms of per capita and program-targeted funding. The main result of this study is the integration of methodological techniques for evaluating the performance of university development programs with the system of indicators of effectiveness of State support to the Priority 2030 Project.
Conclusions. The offered tools for measuring the financial and economic effectiveness of State support to development programs of universities should be used not only for generating the general parameters of public investment in the development of the most competitive domestic universities, but also for adjusting the volume and sources of funding for organizations of higher education in Russia.

Keywords: public investment, target indicator, performance indicator, integrated assessment, State support


  1. Klyachko T.L., Novosel'tsev A.V., Odoevskaya E.V., Sinel'nikov-Murylev S.G. [Lessons learned from the coronavirus pandemic and possible changes to funding mechanisms in higher education]. Voprosy obrazovaniya, 2021, no. 1, pp. 8–30. URL: Link (In Russ.)
  2. Abankina I.V. [Financing of education: Trend on personalization]. Zhurnal Novoi Ekonomicheskoi Assotsiatsii = Journal of the New Economic Association, 2019, no. 1, pp. 216–225. URL: Link (In Russ.)
  3. Salmi Dzh. [Do academic excellence initiatives work to create world-class universities?]. Mezhdunarodnoe vysshee obrazovanie = Higher Education in Russia and Beyond, 2016, no. 87, pp. 23–25. URL: Link (In Russ.)
  4. Altbach Ph.G. The Costs and Benefits of World-Class Universities. International Higher Education, 2003, no. 33. URL: Link
  5. Zinchenko D.I., Egorov A.A. [Efficiency modeling of Russian universities]. Ekonomicheskii zhurnal Vysshei shkoly ekonomiki = HSE Economic Journal, 2019, vol. 23, no. 1, pp. 143–172. URL: Link (In Russ.)
  6. Egorov A.A. [University efficiency evaluation based on educational production functions]. Universitetskoe upravlenie: praktika i analiz = University Management: Practice and Analysis, 2020, vol. 24, no. 4, pp. 87–99. (In Russ.) URL: Link
  7. Korneichuk B.V. [Assessing the effectiveness of State programmes for education development]. Universitetskoe upravlenie: praktika i analiz = University Management: Practice and Analysis, 2018, vol. 22, no. 5, pp. 105–110. URL: Link (In Russ.)
  8. Balakhanova D.K., Okun'kova E.A. [Investments in education as a factor of human capital development]. Ekonomika i upravlenie: problemy i resheniya = Economic and Management: Problems and Solutions, 2019, vol. 3, no. 3, pp. 123–130. (In Russ.)
  9. Roi O.M. [Logical analysis of State programs as a tool for increasing their efficiency]. Diskurs-Pi = Discourse-P, 2021, vol. 18, no. 3, pp. 48–63. URL: Link (In Russ.)
  10. Smolin O.N. [Higher education and science: Some systemic problems]. Rektor vuza, 2020, no. 5, pp. 4–23. (In Russ.)
  11. Krokhmal' L.A., Fefelova A.A. [On the issue of legality in State support of high education services]. Vestnik Evraziiskoi nauki, 2019, vol. 11, no. 4, pp. 29. (In Russ.) URL: Link
  12. Postnikov V.M., Spiridonov S.B. [Multicriteria choice of solutions based on additive convolution of indicators being members of arithmetic progressions]. Nauka i obrazovanie: nauchnoe izdanie MGTU im. N.E. Baumana = Science and Education, 2015, no. 11, pp. 443–464. URL: Link (In Russ.)
  13. Kharitonenko L.B. [Approaches to the evaluation of efficiency of federal budget expenditures on higher education]. Innovatsionnaya ekonomika: perspektivy razvitiya i sovershenstvovaniya, 2019, no. 7, pp. 116–122. URL: Link (In Russ.)
  14. Navodnov V.G., Motova G.N., Ryzhakova O.E. [The method of league analysis and its application in comparing global university rankings and Russia's university performance monitoring]. Voprosy obrazovaniya, 2019, no. 3, pp. 130–151. URL: Link (In Russ.)
  15. Slepov V.A., Rodenkova T.N., Aliev D.K. [Funding mechanisms evaluation in science and technical projects with public-private partnership]. Finansovaya zhizn' = Financial Life, 2019, no. 4, pp. 62–66. (In Russ.)
  16. Shakhovskaya L.S., Popkova E.G., Morozova I.A., Pozdnyakova U.A. [Effectiveness evaluation of the institute and risk PPP projects implemented on the basis of the principles of PPP]. Sovremennye problemy nauki i obrazovaniya = Modern Problems of Science and Education, 2014, no. 6, pp. 447. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 29, Iss. 9
September 2023