Economic

Essence of Venture Investments

Introduction. One of financial instruments of innovative activity is venture investment. So far the main tools and elements of infrastructure, investment of innovative activity, i.e. venture investment are formed, remains insufficiently developed in theoretical and practical aspect. In article genesis of the concept «venture investments» and its property is investigated. The purpose is the analysis of economic essence of venture investments. Theoretical analysis. For achievement of a goal the following problems are solved: different views on the term «venture investments» are considered; their merits and demerits come to light, own definition of venture investments is given, properties of venture investments locate. Despite the fact that venture capital investments have been around for a long time, however, well-established scientific definition while in the economic literature. The article analyzes the scientific papers that allows you to organize the various approaches to the definition of venture capital investments. Results. Justification of economic essence of venture investments, author’s approach to definition of venture investments, properties of venture investments is result of the approach offered by authors.

Dynamics of Labour Productivity: Calculation and Specialities in the Regions

Introduction.Improvement of competitive positions of Russian economy is impossible without an increase in labour productivity. A productivity development at the level of country, region, cluster, enterprise, manufacture or section is meant to be an increase in efficiency of production factors utilisation, or resources being used. Theoretical analysis. The article is devoted to analysis of public labour efficiency specifics in Russia. The essence and forming factors of labour efficiency were demonstrated at macrolevel. Research approach. In the research, economics and statistics approaches, in particular methods of time-series data research, factor, correlation and regression analysis, were utilised. Empirical results. Labour productivity dynamics in regions of Privolzhsky Federal District between 2005 and 2012 was studied. As exemplified in Privolzhsky Federal District, particular factors impact on formation and dynamics of labour efficiency was found. Conclusions. The calculations showed that the increase in average labour efficiency between 2005 and 2012 was caused by improvement of labour efficiency in each particular region. The essential regional differentiation in terms of labour productivity between 2005 and 2012 was shown. An attenuation of correlation between labour efficiency in regions of Privolzhsky Federal District and public salary was found. Necessity of correlation enhancement between these factors as a matter of changing over to an innovative way of regional and country development was proved.

The Us Experience of Technology Transfer from Science in Industrial

Introduction. The effective development of economics of any country is impossible without existence of the effective system of technology’s transfer and commercialization, that are the main factor, promoting innovative development and supply of countries’ wealth in the modern world. Theoretical analysis. Three main models of technologies’ delivery in the universities of the USA are viewed, the analysis of the considered models is carried out in the article. Results. The tendencies of transition from the model of
«licensing» to the model of «change’s model» are educed, the positive and negative features of the viewed models are demonstrated. The positive experience of using «change’s models» in the American universities and carried out analysis of positive and negative sides of viewed models give an opportunity to use this successful experience in Russian universities.

International Science and Technology Cooperation of the Republic of Korea

Introduction. Further successful development of the Russian regions should be based on the strategy of modernization. Identification of the main problems of economic development of regions, especially investment, should be an important stage in the construction of this strategy. The methodology and results of the study is analysis of the extent and dynamics of indicators of investment activity in the regions, as well as the assessment of the level and quality of the use of the most important elements of their reproductive capacity required in determining the degree of implementation of the strategy of modernization. Theoretical analysis. The process for determining the effectiveness of investment activity at the regional level offered, and the rating of regions of the Russian Federation on key indicators of return on investment is made. Discussion of the results. The study found that some regions, occupying relatively high positions in the main macroeconomic indicators of gross product, have a number of problems in its investment development. Obstacle to the modernization of the economy of the Russian regions is their under- investment. As a guide the long-term development must be put as a goal to achieve and exceed the national average values. Also some measures the effective implementation of the reproductive potential of the regions offered.

Quality of Investment as a Factor of Reproductive Potential and Competitiveness of the Region

Introduction. Further successful development of the Russian regions should be based on the strategy of modernization. Identification of the main problems of economic development of regions, especially investment, should be an important stage in the construction of this strategy. The methodology and results of the study is analysis of the extent and dynamics of indicators of investment activity in the regions, as well as the assessment of the level and quality of the use of the most important elements of their reproductive capacity required in determining the degree of implementation of the strategy of modernization. Theoretical analysis. The process for determining the effectiveness of investment activity at the regional level offered, and the rating of regions of the Russian Federation on key indicators of return on investment is made. Discussion of the results. The study found that some regions, occupying relatively high positions in the main macroeconomic indicators of gross product, have a number of problems in its investment development. Obstacle to the modernization of the economy of the Russian regions is their under- investment. As a guide the long-term development must be put as a goal to achieve and exceed the national average values. Also some measures the effective implementation of the reproductive potential of the regions offered.

Modern Methods of Venture Investment High-end Technology Innovative Companies: Foreign Experience

Introduction. Analysis of foreign experience in the implementation and application of methods, models, tools and venture-capital schemes sophisticated hi-tech innovative enterprises are better implemented at the example of Western Europe and the United States. Venture capital industry in these countries are used to analyze because it is currently the most advanced in relation to the venture capital investment in other countries. Theoretical analysis. As a subject of study chosen model of venture investment knowledge-intensive high-tech enterprises. Generalizing, evaluate and analyze the experience of high-end technology venture investment companies in the United States and Great Britain we formed more than ten relevant methods of investing. Results. In the field of high-end technology venture investment enterprises are a large number of different methods, models and forms of organization of the process of venture investment. Each model of venture investment enterprises high-end technology has its own characteristics and traits that explain the possibilities and limitations of their use in the financing of projects to create a knowledge-based vysokotehnological hi-tech products. The European system of high-tech venture capital investment in high-tech enterprises differs greatly from the construction of the American type. This is due to differences in legislation and legal acts, the difference of the general scheme of movement of investment and financial flows. However, despite the distinctive features and characteristics presented methods and models of high-end technology venture investment enterprises, they may be included in the general scheme of the process of organizing the venture capital industry, which aims to fund innovative industries of high technology products that are heavily dependent on the avail- ability of venture capital and its sources.

The Question of How Endogenous Growth Conditions and Criteria Modernization

Introduction. Food security in Russia, increasing the competitiveness of the Russian economy on the world market is now becoming a driver of economic growth. Theoretical analysis. The article analyzes the theories of economic growth. Formulated conditions, factors and assumptions of technological modernization of the economy. The principles of the impact on ekonomiku- 5I. Discussion of results. In the framework of the theory of endogenous growth models and existing approaches are organized into groups. It is proved that the optimal point for Russian economic growth is the high-tech sector, who is at the stage of innovation development. Along with the existing traditional factors endogenous growth presents modern factors such as level of education, capital productivity, efficiency innovation, social development, inter- national trade, innovative management approaches. Based on the statistics of the World Bank formulated trends of the United States, Japan, Germany, Britain, France, and Russia, Brazil, Nigeria. Proved the impact of investment in science in developed countries and in countries with an average level of intellectual capital on economic growth.

The Role of Public Authorities in the Organization of Innovative Activity in the Saratov Region

Introduction. The tactical objective of the authorities in the field of innovation is the formation of a favorable environment, as «umbrella» over innovation. Theoretical analysis. The article analyzes the activities of executive authorities in the Saratov region, responsible for taking initiatives in innovation, and algorithmic activities of the government of the Saratov region on the creation of favourable innovation climate and innovation infrastructure. Empirical analysis. The mechanisms of influence of the Ministry of industry and energy of the Saratov region, the Ministry of economic development and investment policy, regional Venture Fund and Business incubator for innovative activity in the region analyzed. Discussion of the results. There is support of key state agencies aimed at stimulating innovation activity, commercialization of new inventions, their introduction into production in the Saratov region. Powerful university complex with regional bodies has a direct impact on the development of innovative activities in the region. However, weak industry, the lack of competitive enterprises in a modern technological basis, the bankruptcy of many industrial enterprises, the burden of excessive taxes, high tariffs, lack of investment programs reinforce is negative trends. It requires the review of all innovation, investment and industrial policy in the Saratov region, its adjustment towards the creation of favorable conditions for development of innovative activity.

Globalization as Factor of Development of the National and State Economic’s Interest of Russia

Introduction. Consideration of a problem of globalization in Russia began with collapse of the USSR when at first national economy began to join in world economic economy. From this point all advantages and shortcomings of globalization are reflected, positively or negatively, on economic development of Russia. Theoretical analysis. In a broad sense, globalization is a process of association of the countries and the people in political, economic, cultural and other spheres in the uniform world community. In this broad sense process of globalization corresponds to process of the internationalization meaning development and deepening of economic communications between the countries. Results. To estimate scales and level of globalization it is possible by means of separate indicators: to the loudspeaker of direct foreign in- vestments; growth rates of investment streams in comparison with growth rates of GDP; transfer of technological innovations. Based on three specified globalization indicators Russia shows rather good dynamics according to world level. The major factors of globalization as source of development of the national and state economic interests of Russia: increase in volumes of international trade; liberalization of the markets of the capital; growth of volumes of the direct foreign investments exceeding growth of volumes of foreign trade; distribution of technological innovations. Conclusion. The above-mentioned factors accelerating globalization such as changes and development of high technologies, the amplifying internationalization, liberalization of international trade, and the growing volume of the international investments, have direct impact on development of national state interests of the country.

Factors Influencing the Innovation Activity of Organizations

Introduction. The interest in measuring of regional innovation capacity and impact of innovation can be attributed to external factors and as a result of active inclusion of the Russian Federation in the global economic system. When the Russian Federation integrates into the world economic system, there is the task is not only to compare the subjects of the Russian Federation on the level innovative activity among themselves but also to determine the best experience on regional level in Russia. The intention of this paper is to expand knowledge of the attributes of the regional system in Russia and improve approaches for improvement of innovation activity. Empirical analysis. This paper proposes and tests a model of institutional differences to explain the influence of risks factors and economic factors on innovation output at the regional level in Russia. This research identifies the factors that determine of Russian innovative activities on regional level. In this paper were used data of innovative activity of organizations in 83 Russian regions from 2008 to 2012. The article analyzes the following factors that affect the innovation activity at the regional level: regional foreign investment, the availability of special economic zones, the population density in the region, domestic regional product (economic activity of the region), and the level of economic, criminal, and financial risks in the region, investment in fixed assets. The methodology of the study. In this study were used a time series model. The main objective of the analysis is to study the impact of regional foreign investment, the availability of special economic zones, the population density in the region, domestic regional product (economic activity of the region), and the level of economic, criminal, and financial risks in the region, invest- ment in fixed assets on the regional patent activity. Results of research. This paper suggests that foreign investment, population density, economic risks and capital investments have a significant positive impact on innovation activity on regional level in Russia. Conclusions. Implications for research and managerial practice are discussed and the model’s relevance for innovation activities in Russia and other major emerging economies is highlighted.

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