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

The role of financial and credit institutions in enhancing the innovation activity

An important role in the economic transformation assigned to banks that

adjusted cash flow of the country, accumulating financial resources and redistribute them. At the same time banks own levers of influence on financial, investment, production, and other sectors of the economy, as well as on the development of economic and social relations.

Formation of competitiveness of the national economy based on innovation sphere development, the definition of innovation as a key factor in economic development. In this context, an analysis of national competitiveness (according to the World Economic Forum) objectively demonstrates the weakness of the development of three factors: the institutional framework, the level of technology and the financial market. In the first and second objective factors observed positive changes: formed and implemented a program of modernization of the national industry; innovation sector institutions have been developing state (RVC concentration within JSC "Rosnano", "Russian Technologies", etc.). The weakness and the lack of visible development prospects was found in the development of financial market institutions.

Indeed, in the structure of investment flows in the formation of new innovative solutions to the banking sector generates only 5%. In comparison with developed countries, this value is 32%, which indicates that the financial market effective development (this is evident if we look at the same information). And it is an objective economic problem, whose solution is important in the framework of the declared transition to an innovative path of development. It needs to develop mechanisms to ensure the formation of mutually beneficial financial flows to the sustainable development of global innovation and investment cycles.

Building an effective innovation infrastructure is impossible without the development of the financial subsystem, as the financial resources - a key factor in determining the construction of the other subsystems of the innovation infrastructure.

The rationale for this inclusion is based on the allocation of investment in innovation-cycle phases and stages, objectively responsible lending practices of banking organizations. Formally, it can be defined as loans under liquid collateral with low risk.

Note that the low level of risks - it is not even the position of the bank owners and regulatory, legal requirement (N1-9 regulations), under the control of the Central Bank. Accordingly, the presence of banks in the innovation and investment cycle can be achieved by the above conditions, especially the presence of the recipient liquid assets.

Under the financial infrastructure to understand the totality of financial institutions and sources of financial inflows, actually or potentially involved in the innovation processes in the economy.

Financial innovation subsystem includes:

- The sources of financial resources for the implementation of innovation;

- The mechanism of accumulation of funds received;

- The principles and procedures of investing to raise capital;

- The mechanism of control over investment;

- Return mechanism advances into innovative processes means.

When describing the elements of the financial infrastructure, most authors distinguish between the concept of "financial infrastructure entities" and "sources of financing of innovative activity".

The subjects in the traditional sense, the financial subsystem are: innovation funds; innovative banks; venture capital funds; budgetary funds; Insurance companies; pension funds (non-state).

All of these organizations include the financial infrastructure in the case in the founding documents stating that they can contribute to the development of innovation. If a particular organization can not be clearly attributed to the financial infrastructure, the presence of her innovation funding programs, it can be considered as a potential target for financial innovation infrastructure.

Sources of financing of innovative activity can be classified as follows: bank loans; financial resources of the budget system (including means of budgetary and extra-budgetary funds); issue of securities; leasing; grants; venture financing; business angels; own sources of enterprises participating in innovative activities.

In industrialized countries, the main source of funding for innovation is private investment. For example, in the US private capital accounts for 67.4% of all research and development costs, and the share of public funds - 26.1%. Roughly the same proportion of funding ratio in most EU countries. In Russia, a sufficiently "unique" structure of sources of financing of this sector: the main type of financing is the state budget funds in Russia: the financing of more than 65% of all domestic spending on research and development from the state budget.

The economy of Russia differs from Western countries and the direction of public funds. Abroad government spending on science is mainly directed to those areas where the business is reluctant to, or in the sphere of strategic interests of the state, mainly in the higher education system. In Russia, nearly 60% of government spending directed to the business sector, 37% in the public sector, the higher education system is only 6% of the budget. Thus, in Russia the government is trying to compensate for the lack of investment activity of the private sector.

As adopted by countries of the European Union of the Lisbon Strategy, which sets out the task of creating an economy based on knowledge, the goal was set to achieve the level of funding for innovation in the amount of not less than 3% of GDP, including at least 2% of GDP at the expense of the business sector [ 3]. Russia to reach this level and approach the level of innovation development of economically developed countries, it is necessary to increase the amount of funding allocated to the sphere of innovations. Therefore, the acute question of the sources of resources for investment innovation. Such a source in many countries are the savings of the population. In Russia, however, this source is not given enough attention. Volume and structure of household savings is not enough taken into account in the development of state development programs, research and practical work. For example, in the concept of long-term socio-economic development of Russia until 2020, in which a priority task of the transition to the innovative type of development, said the importance of the development of financial institutions on improving companies' access to long-term financial resources, the development of financial markets, but no mention of the savings of the population, as an important source of financial resources, develop forms and instruments of their involvement in innovation.

The scientific and practical work on the investment climate assessment, scientific research institute of the Central Bank experts level of savings of the population in terms of influence on the formation of a favorable investment climate takes a fortieth place out of 43. Equally important factor not taken into account when developing the investment rating of the region experts "Expert RA" rating agency which includes a plurality of criteria, including the average income of the region.

At the same time the savings of the Russian population are significant in terms of volume. This is also the official statistical data and calculated on the basis of their performance. The share of deposits in the population relative to the total assets of credit organizations in Russia is now about one-third, and tends to increase.

Currently, the main sources of long-term resources in Russia are: bank loans, securities, including mutual funds, foreign investment, public programs.

The source of long-term resources may also be a domestic bond issues, for example, the National Welfare Fund (Fund for future generations), nominated in the national currency, which satisfy the following requirements: medium-term maturities of, placement yield - at the level of key money market rates.

Due to the fact that the main subject is the state of the domestic economy in order to create long-term resources believe it is possible in exceptional cases, provide an attachment of the gold reserves in the domestic economy at the legislative level, it is appropriate to impose on the Bank of Russia.

Comparison of the data on the volume of funds of individuals and organizations involved in deposits by credit institutions, also substantiates the role of household savings as a resource for innovation. Over the past few years, the volume of attracted funds of the population takes a large share in comparison with the volume of attracted funds of enterprises. In addition, the growth rate of household deposits is much higher than the growth rate of deposits of organizations.

Among the deposits of the population is not large proportion of long-term deposits (for a term of 3 years), it is 7-8%. A significant portion of deposits accounted for demand deposits. This deposit structure is not optimal, because it is long-term deposits are a source of investment in innovation.

To date, the most popular way to store funds in the population - is bank deposits, despite the fact that the yield on bank deposits does not cover inflation. These popular in developed countries, instruments such as stocks, bonds, mutual funds and others use 3% of the population. In developed countries, it is the stock market is the main source of funding for innovation. For example, in the United States about 55% of households own shares. The share of the US personal savings is more than 30% of the market value of the shares of US companies.

The main source of financing of innovative activity of the Russian enterprises are their own funds. In the structure of sources of financing innovation own funds hold 70-80%. The share of borrowed funds, which include, in particular, financial institutions accumulated savings of the population is about 20%.

This structure of investment sources, according to some authors, is ineffective. His position they justify the fact that for companies profit as investment in innovation activities, there are some limitations. Such restrictions, first of all, include double taxation. It is also very important that in a crisis the bulk of the profit goes to the purchase of current assets, the payment of wages, other current production requirements, thus investment opportunity is limited.

We believe that the current structure imposes on investment opportunities constraint to innovation as its own funds the majority of Russian companies is insufficient. The low proportion of borrowed funds in the structure of financing is explained by the high cost of borrowings and short-term.

Thus, financial analysis subsystem development of innovative activity in Russia revealed the features of modern Russian practice of financing of innovative activity:

- Bank loans remain expensive and short-term for the development of innovation;

- Underdevelopment of the stock market;

- Low (and decreasing) the amount of financing of research and development from the state budget;

- Lack of own funds of the enterprises-participants of the innovation process.

The underdeveloped financial subsystem innovative infrastructure financing innovation requires government approach. The main focus of innovation policy of the state should be to develop measures aimed at the accumulation of financial resources and their transformation into investments in innovation.

A significant source of investment in innovation can and should become the population's savings. Thus, now it delineated the need to develop a mechanism to attract potential savings of the population in the development of innovative economy

Bibliography

1.             1. Gorshkova N.V., Lebedeva N.N. /Interaction of the state and society in the system of tax relations in the Russian Federation//. Gorshkova N.V., Lebedeva N.N. Bulletin of Volgograd State University. Series 3. Economics. Ecology, 2014, № 2 (21), s.245-251

2. Voronov A. S., Kruglov V. N. Prospects of cluster development of innovative economy of the regions. /A. S. Voronov, V. N. Kruglov// Regional economy: theory and practice. – 2014. – No. 25. – S. 26-32.

3. Kruglov V. N., Leontiev L. S. the problem of enhancing the innovation capacity of the regional level. /L. S. Leontiev, V. N. Kruglov// Audit and financial analysis. – 2014. – No. 5. pp. 310-315.

4. Kruglov V. N., Mayorov, M. A. Organizational and managerial innovations in the use of land in agriculture. /V. N. Kruglov, M. A. Mayorova// Economics and entrepreneurship. – 2014. – № 12 (4) – S. 231 -237.

5. Kruglov V. N., Nuts S. A. Peculiarities of regional innovation policy in the model building for sustainable development of territories. /V. N. Kruglov, S. A. Nuts// Economics, statistics and Informatics. Vestnik UMO. – 2014. – № 6(2) – p. 304-308.

6. Kruglov V. N., Nuts S. A. Innovative aspects of economic growth (practice area). /V. N. Kruglov, S. A. Nuts// Economics, statistics and Informatics. Vestnik UMO. – 2014. – № 6(2) – p. 330-335.