Finance and Credit

Control over funding for innovation territorial clusters in Russia

Vol. 24, Iss. 8, AUGUST 2018

Received: 29 May 2018

Received in revised form: 12 June 2018

Accepted: 26 June 2018

Available online: 29 August 2018

Subject Heading: Financial control

JEL Classification: G38

Pages: 1938–1952

Trachenko M.B. State University of Management, Moscow, Russian Federation

Gaisha O.D. State University of Management, Moscow, Russian Federation

Importance The article addresses the mechanisms of control over funding for innovation territorial clusters.
Objectives The aim is to underpin mechanisms of preventive, routine and follow-up control over innovation territorial cluster financing, design a three-level system of indicators to assess the efficiency of innovation territorial cluster funding and define its future development.
Methods The study employs methods of bibliographic analysis, logical analysis, synthesis and the systems approach.
Results We provide a rationale for mechanisms of preventive, routine and follow-up controls over innovation territorial cluster financing. Preventive control includes co-financing of clusters by the subject of the Russian Federation and the municipality, public-private partnership, introduction of project-oriented budgeting in cluster entities, replication of best practices. Routine and follow-up control implies identifying inefficient clusters, ranking clusters by efficiency of financing. For these purposes, we developed a three-level system of indicators. The paper substantiates prospects for further development of control over financing for innovation territorial clusters in Russia.
Conclusions The offered three-level system of indicators enables decisions on budget allocation. To improve clustering performance, it is important to refine the methodological framework for control.

Keywords: innovation territorial cluster, financing, control over funding, funding efficiency, assessment


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