Importance The President and the Government of the Russian Federation have assigned a task to improve the relevance and effectiveness of project financing in order to address interrelated problems of modernization, promote the Russian economy development and to transfer the economy to the innovation growth model. The article deals with the problem of financing projects of innovation-oriented enterprises and the role of development finance institutions in solving these problems. Objectives The paper aims to identify and consider the main problems of project finance in modern Russia, and to describe our position on their possible solution on the basis of correct positioning of a development finance institution as one of the key players in financing projects, which are implemented based on innovation technologies, and which ensure innovation production output. Methods We substantiate the need for developing and solving a number of topical issues related to investment and credit policy of the Russian development finance institutions, their activities coordination in respect of innovation-oriented enterprises within the "innovation lift" infrastructure. Results We demonstrate that the projects, which are implemented on the basis of new technologies and ensure innovative product output, significantly differ from the standard ones in terms of project financing, and require some adaptation of accepted banking technologies. We propose methodological recommendations on developing and implementing an adequate approach to the formation of debt financing cost, the status of refunded value added tax, the account pattern of the recipient of financial resources for innovation-oriented enterprises. Conclusions and Relevance The undertaken study develops the theory and practice of project finance in Russia, taking into account international experience and innovation process specifics, as well as the nature of development finance institutions.
Keywords: development finance institution, investment, credit, policy, management, innovation
References:
Bayazitova A. V “Rosnano” prishli nalogoviki [Taxmen inspect Rosnano]. Izvestiya, September 03, 2014.
Belikov T. Minnye polya proektnogo finansirovaniya. Posobie po vyzhivaniyu dlya kreditnykh rabotnikov i investorov [Mine fields of project financing. A survival manual for credit officers and investors]. Moscow, Al'pina Pablisher Publ., 2009, 224 p.
Gileva O. Innovatsionnyi lift dlya Rossiiskoi ekonomiki [Innovation lift for the Russian economy]. Nezavisimaya gazeta, August 30, 2011.
Dadasheva O.Yu. Proektnoe finansirovanie i stimulirovanie ego razvitiya [Project financing and its development stimulation]. Bankovskie uslugi – Banking services, 2011, no. 7, pp. 6–9.
Nikonova I.A. Proektnyi analiz i proektnoe finansirovanie [Project analysis and project financing]. Moscow, Al'pina Pablisher Publ., 2010, 154 p.
Smirnov A.L., Putilin V.I. Osobennosti deyatel'nosti bankov razvitiya na kreditnom i finansovom rynkakh [The specifics of development banks’ activities in credit and financial markets]. Bankovskoe delo – Banking, 2011, no 4, pp. 29–32.
Smirnov A.L. Instituty razvitiya i kommercheskie banki: skhodstva i razlichiya [Development institutions and commercial banks: common features and differences]. Valyutnoe regulirovanie i valyutnyi control' – Currency exchange regulation and control, 2012, no. 1.
Gatti Stefano. Project Finance in Theory and Practice, Second Edition: Designing, Structuring and Financing Private and Public Projects. Academic Press, September 05, 2012.