Экономические науки/1. Банки и банковская система

Master of 1 course of the Institute of World Economy and Finance

Bokova Natalia

Volgograd State University, Russia

SOURCES OF FINANCING INNOVATION IN RUSSIA

Terms of innovative development of the Russian economy have their own characteristics which are significantly different from those of foreign countries. The transition to an innovative path of development compared to the US, Western European and Asian countries carries a delay of decades, when the latter has occupied the leading position in the high-tech industries in the global market.

The Russian state has no such financial resources for the development of innovative high-tech and medium-tech industries, as it was in the United States, where public investment was financed by the establishment of branches of the fifth technological order and provided a guaranteed market. This allowed the US to become a leader in the field of electronics and telecommunications.

European countries, unlike the United States lags behind the development of high-tech industries, and only 1985-1990g.g. they have completed the transition to intensive type of economic development. They were not the first in the production of high-tech goods (electronics and telecommunications), but have an important competitive advantage - rather capacious market. Financing innovative development and production of high-tech products was carried out at the expense of investments of multinational companies, government programs and joint production.

In Japan, the development of high-tech industries began in 60-70 years of the twentieth century. The main factors of the Japanese "economic miracle" are: the use of foreign scientific and technical achievements, the US economic aid, as well as good governance economic development of the country. Funding for high-tech production is carried out by external sources (primarily American) and export-oriented, thereby ensuring global competitiveness.

As for Asian countries (Singapore, South Korea, Taiwan, Hong Kong), you have the formation and development of high-tech industries are also financed from the outside - through investments of American and European multinational companies as well as investment by Japanese TNCs, which attracted cheap labor and tax benefits provided to Asian countries. At the same time the purpose of investment are not only making a profit through the use of cheap resources, but also the export orientation of the newly created subsidiaries of TNCs.

Terms of organizing and financing the production of high-tech products in China were formed government economic policy, according to which the availability of cheap labor and capacious commodity market were complemented by tax breaks and other government preferences for joint ventures and other forms of attracting foreign investment in the Chinese economy. At the same time the state is actively carried out, and carried out scientific and technical policy. All this has enabled China to create their own competitive advantages in the global market of high-technology products.

In Russia, the state assumes the main burden of maintaining the system of education and science, creating innovative infrastructure, legal and economic conditions that encourage innovative activity, that the formal features consistent with international practice. Financing of innovation development of economy at the expense of budget funds is carried out in accordance with the state innovation policy priorities and is directed to the formation of the government innovation funds (the Russian Foundation for Basic Research, the Foundation for Assistance to Small Innovative Enterprises in Science and Technology, the Federal Fund for industrial innovation), the financing of federal target innovative programs and highly innovative projects. However, in Russia practically does not operate market mechanisms to inject liquidity in the development of high-tech industries housekeeper. Enough expensive credit resources market. Very weak corporate bond market is small in comparison with the volumes of capital-mortgage market. When you exit to the external market, Russian companies expect political and economic resistance. The government though has a liberal economic policy, but it almost did not attend the tools to stimulate the development of high-tech industries.

Despite this, in Russia in the years of market economy grew hundreds, if not thousands of medium-sized companies (revenues of hundreds of millions to tens of billions of rubles), is a technology leader and to maintain a high growth rate. These companies tend to be formed at the beginning of the nineties came from the Soviet scientific and technical environment. Their features are: the rate on its own innovative products, financing at the expense of net profit, confidence and financial independence from the state. They believe the successful growth of the company's result, primarily, of their own efforts to introduce new production capacity, enter the market with new products, receiving orders from large customers, the timely delivery of innovative (new) products.

The main obstacle for the growth of these companies (in the opinion of the majority of the leaders) is the inability to attract external sources of funds on acceptable terms. In this case, their own funds remain for many companies the main and sometimes the only source of financial resources. The majority of companies in need of updating production park, and 22% of Russian companies in general is facing a shortage of production capacity.

Often the company to respond quickly to market changes, feeling the lack of financial resources, form conglomerates actually separate legal entities engaged in related industries. This provides flexibility and responsiveness to changing market conditions, however, does not allow to generate additional financial resources, and therefore to solve global problems in the promotion of technological innovation.

Today in the face of declining effective demand in the domestic market and the lowering of the ruble, Russian companies have the potential to gain a competitive edge on prices of their products and to expand its presence in the global market. This would contribute to the implementation of plans in the direction of innovative development and increase their own financial resources.

One solution to the problem of financing of innovation can be the use of foreign experience, when the government through banks provide preferential loans to several dozen high growth companies (in terms of economic growth, the share of R & D costs to enter the market with new types of products). Similar programs have been implemented in Finland, Denmark, Norway, the Netherlands. In the UK, the government in 2013. launched Future Fifty program (Future 50), on which 2.5 billion pounds sterling allocated, and which aims to finance through banks rapidly growing national companies. And it is natural for the steadily growing companies that are not able to grow on non-reimbursable financing of the budget, but at the expense of cheap credit and the security of property, and a real project.

The Russian banking sector is limited in its ability to generate "cheap long money" in the economy. If the implementation of existing production projects of the company can still expect to get credit money, to develop new products and technologies the banks do not give loans, and if granted, is to reduce their risks - only expensive loans . In this case, an important role could play at the R & D grants. Receiving grants from the state, even in the conditions of co-financing on the part of companies can promote innovation and output of domestic companies to foreign markets.

Another tool of external funding for developing companies can become part of these companies in the state programs and public procurement.

The government guarantees provided justification competitiveness of introduced technologies and goods, corporate priority markets should be used more widely as a tool of state stimulation of innovative processes in corporate structures.

Data on financing sources of technological innovation in companies mining and manufacturing industries, energy and gas production and distribution (ie companies operating on the international market), presented in the statistical handbook "Indicators of innovation: 2015" shows that for the period of 2000 -2013g.g. the main source of financing are own funds (from 82.3% in 2000. and 63.4% in 2013). The share of foreign investment ranged from 5.3% in 2000. to 0.5% in 2013., in 2000 budget. They accounted for 4.1% in 2013. -5.5% .The biggest change during this period occurred in other sources, their share rose from 5.3% to 29.5% (it can be assumed that this means the financial market). In this case, the sum of costs (in current prices) on technological innovation, according to the same source, in the analyzed period increased in 15,1raz, the company associated with the use of computers and information technology in general the share of own funds in excess of 80%. This suggests that the State during the analyzed period did not have an effective impact on the innovation activities of Russian companies. Confirmation of this thesis is contained in the same statistical handbook rating factors impeding innovations, among which the most important are: lack of own funds, the high cost of innovation, lack of financial support from the state.

State strategy of innovative development of the economy, in our view, should include the following areas:

-Create financial incentives modernization and adaptation of already developed and mastered both the foreign companies and Russian companies innovative industries;

- Tax relief, state guarantees and other state preferences when creating a joint high-tech industries;

- Tax breaks and other government preferences to create import-substituting industries and the development of the domestic market.

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