Economics / 4. Investment activity and stock markets

Ph.D., associate professor O.N. Chuvilova

Graduate student Y.S. Agibaylova

FGBOU VPO the Stavropol State University

INNOVATION ECONOMY AS A BASIS FOR RUSSIAN GEO-ECONOMIC STABILITY

In Russia nowadays in the result of transferring of the economy to the "rails" of innovation the differentiation of the development branch increases and the processes of divergence amplify. It is essential for Russia to find the sources of economic growth, to identify the absolute and relative benefits based on the assessment of geo-economic potential and the use of external development opportunities for effective implementation. The main content of the process of radical economic reforms is the development of innovative business, in particular venture business.

Mechanisms of venture business in Russia are still relatively poorly developed, especially regarding the complex incentive programs that promote venture businesses at different stages of development and the reduce of investment risks. It can be explained by the "youth" of venture business in Russia. In July 2011 the venture capital industry in Russia celebrated 18 years since the moment when the decision on the organization of 11 regional venture capital funds of the European Bank for Reconstruction and Development (EBRD) was accepted at the meeting of the "Big Seven" in Tokyo in July 1993

Two main types of transactors: small high-tech firms and venture companies that they represent and venture centers of major corporations, various intermediate and new forms represent the sphere of venture business. [1. 216].

12.3 billion rubles were invested from the state budget funds into the Russian venture capital funds during the crisis 2007-2009 years, and the same amount of private funds were invested. 27 regional and 7 general federal public-private venture funds were formed that have begun to invest in technology projects in the early stages of their development [2]. This was due to the fact that not a good trend appeared as a result of the crisis phenomena . The investment funds that specialized in Russian started to go to Central and Eastern Europe. Thus, the Foundation First Russian Frontiers Trust even changed its name to The Eastern European Trust. The same thing happened to the Fund Morgan Stanley Russia and New Europe Fund.

In 2008, the Institute of qualified investors was first introduced in the Russian corporate legislation, allowing, in particular, pension funds and insurance companies invest in the formation of SARS FTRA in the venture business. Also the possibility of a gradual filling of the venture fund of funds (an analog of a foreign concept «commitment») were introduced. The structure and composition of the assets of venture capital funds become more flexible and expanded the list of financial instruments used by the fund.

Nowadays, according to the conception of the development of venture industry in Russia, the government took the main part of efforts to create infrastructure that is important for a successful development of venture business, creation of favorable economic sphere for attracting venture investment into the innovative sector of the economy, providing liquidity of risk investment, improvement the prestige of business in the sphere of small and medium business [1. 225].

To our mind that the government should stimulate the demand for domestic innovative products, both foreign and domestic markets.

Thus, according to E.G. Kochetov, "the way to the leading positions is always and whenever obliged to innovations ... In the era of globalization the resources are internationalized and have a broad plan (intellectual resources, financial, labor, production, raw materials and energy, organizational, management, etc.). Geo-economic model is built on the consolidated access to these resources for the national development "[3].

It may be assumed with certainty that Russia will be able to turn from the country with the "raw material" economy into the country with an innovative economy in the future. The abrupt increase of government funding of innovations and more investment into innovation indicates of it .

According to the information of the Ministry of Finance of the Russian Federation, an extensive an extensive innovative infrastructure is created by the Federal budget during the past 10 years, - technical-economical, incubators, technology parks, Skolkovo. The money is enough - 742 billion rubles laid in the federal budget in 2011 for all projects., 419 billion rubles has been allocated in 2010 [4]. Thus, the dimension of investment in innovative development is increased by 1.8 times in 2011.

Experts estimate that only 30 of 83 regions show innovative activity, participate in federal programs. Maybe that's good - it should be not in every region. In the U.S., for example, points of the development of innovations are the Silicon Valley and Boston. But in Russia the ratio of the proposals of innovation and demand for it is 3 to 1. The main problem is that there is no demand of the side of the private sector to the innovation economy, that is required for the development of the country.

Now, the main financial flows in the venture business in Russia are the follows:

• Nanotechnology - 12.0%.

• Mobile technology - 7.8%.

• New materials - 7.0%.

• Equipment - 7.7%.

• Energy - 8.6%.

• Machinery - 9.3%.

• Chemicals - 4.0%.

• Information systems - 36.9%.

• Other - 6.7%.

At a meeting with the young Russian scientists in Skolkovo October 29, 2011, the Russian President D. Medvedev said that in 2012 about trilliard rubles will be allocated for the development of innovative sector. In the result of it Russia will be released on the 8th place on public financing of innovation.

We believe that efforts to stimulate innovation activity should be focused on the liquidation the main reasons of a lack of interest of government and business in the long-term innovation projects. One of the most important object for the insuring further science- technical development of economics of the country is the creation favorable conditions for increasing investment activity of venture capital in the sphere of financing innovation of small and medium-sized businesses, that dynamically actualize different kinds of innovations. We concluded that the following is necessary for the formation of innovative model of the Russian economy:

1. The development of venture infrastructure.

2. Removing barriers in the system for public procurement for innovative products and using stimulate politics for venture business.

3.The creation of specialised in standard acts concerning the legal regulation of venture activity.

4. Elaboration the question of discounts of venture activities.

5. Removal of restrictions on the transfer of Russian technologies and developments, to attract foreign venture financing.

6. Decision the questions of thee standardization and quality control of product.

7. The development of international scientific cooperation.

Stable functioning innovation - oriented economy will contribute to the geo-economic security of Russia, to increase its geo-economic and geo-financial potential.

References:

1. Medyn VG Innovative Entrepreneurship: A Tutorial / VG Medyn, LG Sharschukova - M.: INFRA-M, 2007. - 216.

2. Efficiency of investments in venture capital sector in Russia in 112 times lower than in the U.S. / / Finance [electronic resource] - www.financ.ru

3. Ernest Kochetov. Geo-economic approach to foreign economic strategy of Russia-Coy at present / / Abstracts of presentations at the Russian State Humanitarian University (RGGU), Conference «X Chayanovskie read" - Russia after the crisis: new trajectories of socio-economic development - Moscow, 2010.

4. Website of the Ministry of Finance - www.minfin.ru