STIMULATION OF INVESTMENT ACTIVITY OF RUSSIAN CORPORATIONS IN THE FIELD OF HIGH TECHNOLOGIES: OPPORTUNITIES AND PROSPECTS

Abstract

The study's relevance is determined by insufficient elaboration of the theoretical justification and methodological approaches to the use of models of state support for the venture industry. The goal of the study is to develop a theoretical basis and methodological approaches to solving the problem of increasing the investment activity of state corporations and companies with state participation in venture capital. The research subject is the mechanisms for stimulating an increase in the venture capital of state-owned companies. The work used theoretical and empirical research methods, including content analysis of scientific literature, expert assessments, case studies, analysis of expert opinions. The key sources of information are Russian and foreign scientific publications, data from public authorities, and in-depth interviews with heads of investment departments of state-owned companies. The study results include reviewing the key trends in the corporate venture industry development in foreign countries and in Russia. Recommendations have been developed to stimulate the investment into venture funds by state corporations and companies with state participation. The conducted research allows us to draw the following conclusions. The state's role in regulating and stimulating the venture capital market is becoming more and more noticeable, and state entities are increasingly becoming the main initiators of the launch of Industry 4.0 support programs. Starting in 2018, Russian state-owned companies have been actively introducing new investment and non-investment mechanisms for financing technological and innovative development; corporate accelerators have been set up in every other state-owned company. It is shown that the key condition for the technological progress of state corporations is the development of internal entrepreneurship with a planning horizon of 10 years. The following challenges are identified as the main barriers to the development of investments in the corporate venture sector on the part of state-owned companies: weak adaptation of Russian legislation to the organization of financing of high-risk projects using state budget funds; unclear legal implications for the management of state-owned companies when making decisions on venture investments due to insufficient coordination between the government institutions; the complexity of using investment partnerships, the only organizational form directly provided by law for venture investment; restrictions on cooperation with universities and research institutes. An analysis of the innovation management and venture capital investment model using the example of Rostec State Corporation has shown that innovative development programs yield positive financial and strategic results and can be successfully replicated in the Russian environment. The scientific novelty is due to a comprehensive analysis of the use of the mechanisms for increasing investment activity in state-owned companies and the identification of best practices for the establishment and operation of special units and venture funds. As a recommendation, a set of measures is proposed to stimulate large companies to innovate and promote technological development by increasing venture capital within the implementation framework of government programs

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