FINANCING OF INNOVATION ACTIVITIES IN RUSSIA: CURRENT STATUS AND PROSPECTS

Abstract

In the context of scientific and technological progress, the efficiency of the country's economy functioning is largely determined by the effectiveness of innovation activity. The implementation of innovations is a capital-intensive process that requires significant financial resources. The finances can be obtained from various sources. The change in the structure of innovation activity sources of funding in the Russian Federation reflects the processes that take place in the national economy and affect its efficiency. The purpose of the study is to develop a forecast of the innovation activities financing volume in Russia based on the use of mathematical model approach, taking the latest changes in the country's economy account. To achieve this goal, the dynamics of science funding both from the federal budget as a percentage of total budget expenditures and as a percentage of gross domestic product (GDP) in 1992-2020 was analyzed, as well as the structure and dynamics of research and development costs by sources of funding in 2000-2020, the factors that define the dynamics of the involved indicators were determined, the possibilities and conditions for usage of the obtained linear regression models for predicting the volume of innovative activities financing were specified. Three periods in the development of Russia's innovation activity process were identified: in 1992-2001, spending on innovation as a percentage of GDP is reduced due to a decrease in budget expenditures and an increase in the share of extra-budgetary sources; in 2001-2014, spending on innovation increases as a result of the budget funding restoration; stagnation is observed in 2015-2020, the amount of spending on innovation changes from year to year in the absence of any clearly defined trends. The statistical data base of the study is the publications of the Federal State Statistics Service in the course of different years, objectively reflecting the dynamics of changes in the innovation activities financing volume in the country.

Keywords: innovation, innovation activity, research and development, scientific research, innovation activity development, financing of innovation

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About the Author

Alexey Y. Smirnov – Dr. Sci. (Economics), Docent; Professor, Saint Petersburg State Marine Technical University, Saint Petersburg, Russia. E-mail: Al-sm@rambler.ru. SPIN РИНЦ 7112-7061. ORCID 0000-0001-9353-7728

For citation: Smirnov A.Y. Financing of Innovation Activities in Russia: Current Status and Prospects // BENEFICIUM. 2022. Vol. 3(44). Pp. 27-32. (In Russ.). DOI: 10.34680/BENEFICIUM.2022.3(44).27-32