Classification of Venture Funds

Introduction. Venture funds play a special role in venture investment as, unlike other investors in the market of venture investments, are created especially for implementation of venture investments. The aspiration of division of joint risks with the initiator of the project, the long period of investment, and also definition of the purposes and target reference points of the project at the initial stage is the cornerstone of their activity. 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 classification of such financial instrument of venture invest- ment as venture fund is investigated. The purpose is the analysis classification of venture funds for various criteria. Theoretical analysis. For achievement of a goal the following problems are solved: carrying out classification of venture funds; the tipologization of organizational forms of implementation of venture investment in Russia is carried out; features of functioning of venture funds come to light. Classification of venture funds leans on a number of methods, among which: investment and financial analysis, strategic planning and forecasting. Results. Justification of classification and a tipologization of venture funds and allocation of features of their functioning in modern economy of Russia is result of the approach offered by authors.

Comparison of Accuracy between Different Methods of Forecasting the Term Structure of Interest Rates

Introduction. Forecasting the term structure of interest rates is considered to be the complex problem. The experience shows that just a few models from the proposed in science literature provide us with much better accuracy in forecasting than random walk. This paper is devoted to the comparison of forecasting results’ accuracy for the different specifications of econometric models using Russian data for 2004–2014 years. Models. We use the next econometric models for the forecasting: random walk, autoregressive model, factor model, Diebold-Li model. Results. Comparison on the Russian government bond market data for 2004–2014 years shows us that autoregressive models are better for the short-term rates’ forecasting, but the dynamic Diebold-Li model gives better accuracy for the mid-term and long-term rates’ forecasting.

The Inequality of Income Taxation for Nonresident Taxpayers

Introduction. The paper provides analyses the difference between income taxation system for resident and nonresident taxpayer, in particular the inequality deduction and exemption. Empirical analysis. The paper emphasizes the different qualification principles for nonresi- dent alien-taxpayer, the treaty benefits for different countries, and the standard deduction. It is a comparative investigation of tax regulations for nonresident aliens in EU countries, Canada, developing countries, and the United States, the experiences of differential income taxation of nonresident aliens in different countries. The objectives are the analyses of inequality of income tax system for resident and nonresident taxpayer, and different exemption, standard deduction. Results. The paper shows the positive and negative externalities of tax regula- tions for nonresident aliens and concludes that responses to tax rate, politic of government revenue, and treaty for different countries changes are far from fully understood and that there is much to be gained from continued research on this topic.

Universities Impact on Innovative Development of Regions: an Empirical Analysis

Introduction. In recent decades, questions the impact of universities on regional economic development and the search for the most effective mechanisms and instruments of cooperation of universities and regions attracts more and more attention from researchers and practitioners. Methodology of the study. In this article it was set the goal – to study the influence of Russian universities in the innovative development of the regions. To assess the impact of universities on the performance of innovative development of regions were used statistical data of Federal service of state statistics for 2010–2013. The factors characterizing the influence of the university, was chosen set of statistically observable on the financial performance of national research universities. To assess the level of innovation development of the region was used the method of integral rating analysis of innovative activity and knowledge production function model. Results. Analysis of the correlation of the analyzed regions of the Russian Federation shows significant differentiation parameters and dynamics influence the activities of national research universities in the innovative development of the region. By increasing the amount of funds they have received R & D contracts with businesses in relation to their total revenues to 1 million rubles, the level of innovation development of the region will increase by 4.8499 units, which indicates good prospects for the development of regions with the active collaboration of universities and business.

On Models the Relationships Authorities and Business Structures

1. Yarovoi A. Vozmozhnosti vlasti v razvitii sotsial’noi otvetstvennosti rossiiskogo biznesa [Features authorities in the development of social responsibility of Russian business]. Vlast’ [Power], 2009, no. 10, pp. 15–19.
2. Zotov A. P. Vzaimodeistvie gosudarstva i biznes- soobshchestva v estestvenno-monopol’nykh otrasliakh
[Interaction of the state and the business community in the natural monopoly industries]. Vestnik Tambovskogo universiteta [Vestnik Tambov University. Ser. Humanita- rian science], 2007, no. 2 (46), pp. 229–233.
3. Pshizova S. N. Biznes kak sub”ekt gosudarstvennoi politiki [Business as a subject of public policy]. Uprav- lencheskoe konsul’tirovanie [Management Consulting], 2009, no. 4, pp. 145–164.
4. Kisel K. Yu. Sovremennye modeli vzaimodeistviia biznes- struktur i organov gosudarstvennoi vlasti [Current mod- els of the interaction of businesses and public authorities. Cand. polit. sci. diss]. Moscow, 2013. 177 p.
5. Kurbatova M. V., Levin S. N. Deformatsiia pravil v sovremennoi rossiiskoi ekonomike (na primere vzaimo- deistviia vlasti i biznesa [Deformation of the rules in the current environment (for example, the interaction between business and government]. Terra Economicus, 2010, Vol. 8. no. 1, pp. 27–50.
6. Rudomanov D. V. Konfliktnye aspekty formirovaniia rossiiskogo biznesa v sovremennykh usloviiakh [Con- flicting aspects of the formation of Russian business in modern conditions]. Molodoi uchenyi [Young scientists], 2014, no. 8, pp. 737–740.

Factors Convergence Russian Regions and Their Characteristics in the Reproductive Cycle of the Human Potential

Introduction. Search the development of the Russian economy is characterized by increasingly complex social and economic phenomena, differentiation and specialization of regions of Russia, accompanied by a steady increase in the number of factors that significantly determine the scope, pace and quality of economic growth. According to the concept of long-term socio-economic development of the Russian Federation for the period up to 2020. One of these factors is the human potential. Empirical results. The article simulated beta convergence in terms of «actual final consumption of households per capita» for the 2002–2012 biennium. Identified key factors for the reproduction of human potential in the Russian regions on the basis of the principal components method. Held clustering that refines the types of regions, which compares the level and dynamics parameters of reproduction of human potential, as well as regional variations, indicating the convergence process.

Optimization and Improving Efficiency of Public Sector Expenditures in the Context of the Economic Area De-globalization

Introduction. There is an exacerbation of the struggle between the countries for the implementation of their economic interests in the global market in the context of a multipolar world formation. The de-globalization trends increase and emerging local and global economic crises form the series of new requirements to ensure the efficiency of the public sector housekeeper. The article analyzes the measures to optimize the public sector costs during the crisis. Theoretical analysis. State in the modern economy is intended to create optimal conditions for the optimization of transaction costs. In economic theory calls for limiting the activity of the state in the economic system replaced the ideas of greater state intervention and increased costs of the public sector with a parallel increase their effectiveness. State failures occur in the event that the public sector does not function efficiently. In today’s economy there is a system of mutual neutralization of failures, when the state and the market, in some cases neutralize each other’s failures. Results. A set of recommendations aimed at optimizing and reducing inef- ficient spending of the public sector of the economy. The author comes to the conclusion that the formation of public and institutional mechanisms allowing to monitor the cost effectiveness of the public sector of the economy.

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.