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Contradictions in innovation financing in the reproduction of Russia

Vol. 25, Iss. 8, AUGUST 2019

Received: 23 April 2019

Received in revised form: 15 July 2019

Accepted: 29 July 2019

Available online: 30 August 2019

Subject Heading: THEORY OF FINANCE

JEL Classification: G00, G23, G29

Pages: 1771–1792

https://doi.org/10.24891/fc.25.8.1771

Bozieva I.A. North Caucasian Institute, Branch of Russian Presidential Academy of National Economy and Public Administration, Pyatigorsk, Russian Federation
tatuev08@mail.ru

ORCID id: not available

Subject The article studies the financing of innovation, which should become a key link in the reproduction process in conditions for implementing the strategic objective of breakthrough technological development. It analyzes reasons for the persistence of long-term low level of innovation activity in the Russian economy.
Objectives The aim is to reveal the contradictions in the existing Russian system of reproductive innovation financing and determine priorities for new digital tools development that enable to combine all types of reproduction process financing.
Methods The study employs the systems approach, general scientific methods, statistical and comparative analysis, methods of comparison, logical and structural-functional analysis, expert assessments, and generalization.
Results The paper determines the system causes of limited funding of innovation, and shows the impossibility of innovation-driven growth. It reveals the main contradiction in innovation financing, negative trends in financial market functioning, incentives and interrelations. It shows that the existing financial system, on account of objective market parameters, generates the preconditions for curbing the processes of innovative reproduction.
Conclusions The findings may be useful for creating new digital tools for effective financing of the national innovative reproduction. The formation of national innovation ecosystem that integrates all stakeholders (consumers at all levels, producers of various forms of ownership and economic activities) may become a focus area for using the findings through a digital platform for innovation projects’ financing.

Keywords: finance, innovation, innovative reproduction, financial instrument, digital technology

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