N. N. Semenova, V. I. Chugunov, R. A. Kolomasova. Improvement of the Mechanism for Funding Innovation Activities in a Region in the Context of Sustainable Development

UDК 332.122

DOI: 10.15507/2413-1407.113.028.202004.666-694

Introduction. In order to ensure sustainable development of modern society, a transition to an innovative model of economic development is necessary. This requires an annual increase in investment in the sphere of innovation, as well as significant expenditures on fundamental and applied research and development of new technologies. This necessitates the creation of an effective mechanism of financial support for innovative activities based on public and private funding. The aim of this study is to analyze the existing mechanism for funding innovation activities in the Republic of Mordovia and to put forward suggestions on how to improve it.

Materials and Methods. The authors analyzed statistical data from the Ministry of Industry, Science and New Technologies of the Republic of Mordovia and from the territorial office of the Federal State Statistics Service in the Republic of Mordovia that characterize the dynamics and intensity of innovation processes in the region and the system of funding them. The correlation and regression analysis, as well as the trend method were used to construct an econometric model making it possible to determine the impact of the level of innovation costs on the dynamics of change in the gross regional product.

Results. The current state of the innovation infrastructure as well as that of the innovation activities in the Republic of Mordovia has been assessed. The sources of financial support for the innovation process in a region have been identified. In order to find new sources of funding innovations, it has been proposed to use an innovation voucher that would stimulate commercialization of intellectual activities in small and medium-sized enterprises. A mechanism has been developed for regional authorities to subsidize promising projects through public-private partnerships, with a view to minimizing nonsystematic risks.

Discussion and Conclusion. The recommendations on the search for new instruments to attract financial resources for innovation and to stimulate demand for innovation have been developed and will help Mordovia to increase its innovation activity. The results of this research may be used by regional authorities to develop regional programs for scientific and innovative development.

Keywords: financial support of innovations, innovative development, region, sustainable development, economic growth, innovation voucher

The authors declare that there is no conflict of interest.

For citation: Semenova N.N., Chugunov V.I., Kolomasova R.A. Improvement of the Mechanism for Funding Innovation Activities in a Region in the Context of Sustainable Development. Regionology = Russian Journal of Regional Studies. 2020; 28(4):666-694. DOI: https://doi.org/10.15507/2413-1407.113.028.202004.666-694

REFERENCES

1. Ursul A.D., Romanovich A.L. [Towards a Sustainable Future]. Ustojchivoe razvitie. Nauka i praktika = Sustainable Development: Science and Practice. 2002; (1):123-130. Available at: http://viperson.ru/articles/ursul-a-d-romanovich-a-l-na-puti-k-ustoychivomu-buduschemu (accessed 18.08.2020). (In Russ., abstract in Eng.)

2. Kapto A.S., Ponedelkov A.V. International Context of the Concept of Sustainable Development. Nauka i obrazovanie: khozyajystvo i ehkonomika; predprinimatelstvo; pravo i upravlenie = Science and Education: Economy and Economics; Entrepreneurship; Law and Governance. 2018; (6):137-141. Available at: https://www.elibrary.ru/item.asp?id=35076922 (accessed 25.09.2020). (In Russ., abstract in Eng.)

3. Pashkevich M.S., Shapoval V.M. Formation Prerequisites, Essence and Evolution of the Concept of the Sustainable Development. Nauka i mir = Science and World. 2015; (4):40-45. Available at: http://scienceph.ru/f/science-and-world--4-%288%29-april-vol.-ii.pdf (accessed 24.09.2020). (In Russ., abstract in Eng.)

4. Porfiriev B.N. Economic Dimensions of the Climate Change Challenge for Sustainable Development in Russia. Vestnik Rossiyskoj Akademii nauk = Bulletin of the Russian Academy of Sciences. 2019; 89(4):400-407. (In Russ., abstract in Eng.) DOI: https://doi.org/10.31857/S0869-5873894400-407

5. Semenova N.N., Ermoshina T.V., Yulenkova I.B. Enhancement of Investment Efficiency Financing Based on the Mechanism of Public-Private Partnership in Russia. Journal of Applied Economic Sciences. 2017; (4):1015-1024. Available at: https://www.researchgate.net/publication/320109898_Enhancement_of_investment_efficiency_financing_based_on_the_mechanism_of_public-private_partnership_in_Russia (accessed 25.09.2020). (In Eng.)

6. Gokhberg L.M., Kuznetsova T.E. Strategy 2020: New Outlines of Russian Innovation Policy. Forsajt = Foresight-Russia. 2011; 5(4):8-30. (In Russ., abstract in Eng.) DOI: https://doi.org/10.17323/1995-459X.2011.4.8.30

7. Dobrzanski P. Innovation Expenditures Efficiency in Central and Eastern European Countries. Zbornik Radova Ekonomskog Fakultet au Rijeci = Proceedings of the Faculty of Economics in Rijeka. 2018; 36(2):827-859. (In Eng.) DOI: https://doi.org/10.18045/zbefri.2018.2.827

8. Anadon L.D., Chan G., Harley A.G., et al. Making Technological Innovation Work for Sustainable Development. PNAS. 2016; 113(35):9682-9690. (In Eng.) DOI: https://doi.org/10.1073/pnas.1525004113

9. Dudareva O.V., Puzakov A.G. Issues of Financing the Innovative Activities in Russia. Ehkonominfo = Econominfo. 2017; (3):55-58. Available at: https://cchgeu.ru/upload/mag/magazine_econominfo/Экономинфо 2017 №3.pdf (accessed 15.07.2020). (In Russ., abstract in Eng.)

10. Imanova M.G., Kuznetsova I.V. Financial Aspects of Innovative Development of Regional Economy in Russia. Teoriya i praktika obshchestvennogo razvitiya = Theory and Practice of Social Development. 2016; (4):62-65. Available at: http://teoria-practica.ru/rus/files/arhiv_zhurnala/2016/4/economics/imanova-kuznetsova.pdf (accessed 25.08.2020). (In Russ., abstract in Eng.)

11. Delmon J. Private Sector Investment in Infrastructure: Project Finance, Projects and Risk. World Bank Publications. 2009. Available at: https://www.amazon.com/Private-Sector-Investment-Infrastructure-Projects/dp/0821377868 (accessed 25.08.2020). (In Eng.)

12. Shinkle G.A., Suchard J.-A. Innovation in Newly Public Firms: The Influence of Government Grants, Venture Capital, and Private Equity. Australian Journal of Management. 2019; 44(2):248-281. (In Eng.) DOI: https://journals.sagepub.com/doi/10.1177/0312896218802611

13. Idrisov G.I., Knyaginin V.N., Kudrin A.L., Rozhkova E.S. New Technological Revolution: Challenges and Opportunities for Russia. Voprosy ehkonomiki = Economic Issues. 2018; (4):5-25. (In Russ., abstract in Eng.) DOI:

https://doi.org/10.32609/0042-8736-2018-4-5-25

14. Kacprzyk A., Swieczewska I. Is R&D Always Growth-Enhancing? Empirical Evidence from the EU Countries. Applied Economics Letters. 2019; 26(2):163-167. (In Eng.) DOI: https://doi.org/10.1080/13504851.2018.1444257

15. Pradhan R.P., Arvin M.B., Nair M., et al. The Information Revolution, Innovation Diffusion and Economic Growth: An Examination of Causal Links in European Countries. Quality and Quantity. 2019; 53:1529-1563. (Eng.) DOI: https://doi.org/10.1007/s11135-018-0826-2

16. Rodriguez V., Soeparwata A. The Governance of Science, Technology and Innovation in ASEAN and Its Member States. Journal of the Knowledge Economy. 2015; 6(2):228-249. (In Eng.) DOI: https://doi.org/10.1007/s13132-012-0111-x

17. Terzić L. The Role of Innovation in Fostering Competitiveness and Economic Growth: Evidence from Developing Economies. Comparative Economic Research. 2017; 20(4):65-81. (In Eng.) DOI: https://doi.org/10.1515/cer-2017-0028

18. Ivanova M.A. Problems Issues of the Economy Innovative Development. Biznes. Obrazovanie. Pravo = Business. Education. Law. Bulletin of Volgograd Business Institute. 2015; (3):62-65. Available at: http://vestnik.volbi.ru/webarchive/332/yekonomicheskie-nauki/problemnye-voprosy-innovacionnogo-razvit.html (accessed: 03.09.2020). (In Russ., abstract in Eng.)

19. Chugunov V.I., Kolomasova R.A. Development of the Mechanism of Project Financing in the Context of Increasing the Investment Activity of the National Economy. Finansovaya zhizn = Financial Life. 2019; (2):88-92. Available at: https://www.elibrary.ru/download/elibrary_38190060_47832467.pdf (accessed: 16.09.2020). (In Russ., abstract in Eng.)

20. Semenova N.N. Impact Evaluation of Innovations and Level of their Financing on Economic Development Growth Rate: Regional Aspect. Ehkonomika. Nalogi. Pravo = Economics. Taxes & Law. 2019; (6):98-107. (In Russ., abstract in Eng.) DOI: https://doi.org/10.26794/1999-849X-2019-12-6-98-106

21. Timchuk O.G., Nikityuk L.G., Gorbachevskaya Е.Yu. Public-Private Partnership as an Effective Mechanism of Innovative Activity Financing in the Russian Federation. Vestnik NGUEU = NSUEM Bulletin. 2019; (3):43-55. (In Russ., abstract in Eng.) DOI: https://doi.org/10.34020/2073-6495-2019-3-043-055

Submitted 16.06.2020; accepted for publication 24.09.2020; published online 30.12.2020.

About the authors:

Nadezhda N. Semenova, Head of the Department of Finance and Credit, National Research Mordovia State University (68/1 Bolshevistskaya St., Saransk 430005, Russian Federation), Dr. Sci. (Economics), Associate Professor, ORCID: https://orcid.org/0000-0002-2270-256X, Scopus ID: 55916311400, Researcher ID: A-7885-2019, nnsemenova@mail.ru

Victor I. Chugunov, Associate Professor, Department of Finance and Credit, National Research Mordovia State University (68/1 Bolshevistskaya St., Saransk 430005, Russian Federation), Ph. D. (Economics), Associate Professor, ORCID: https://orcid.org/0000-0001-8126-0645, chugunov65@rambler.ru

Regina A. Kolomasova, Student Pursuing a Masterʼs Degree in Economics, National Research Mordovia State University (68/1 Bolshevistskaya St., Saransk 430005, Russian Federation), ORCID: https://orcid.org/0000-0003-4828-1262, reg.kol@yandex.ru

Contribution of the authors:

Nadezhda N. Semenova – statement of the research problem; construction of the scientific hypothesis of the study; academic supervision; choice of research methodology, interpretation of the results.

Victor I. Chugunov – critical analysis of the results, drawing conclusions, production of practical recommendations.

Regina A. Kolomasova – collection and systematization of analytical information, preparation of graphical materials, building a regression model.

The authors have read and approved the final version of the manuscript.

To download article