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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">finance</journal-id><journal-title-group><journal-title xml:lang="ru">Финансы: теория и практика/Finance: Theory and Practice</journal-title><trans-title-group xml:lang="en"><trans-title>Finance: Theory and Practice</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2587-5671</issn><issn pub-type="epub">2587-7089</issn><publisher><publisher-name>Financial University under The Government of Russian Federation</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26794/2587-5671-2023-27-3-17-32</article-id><article-id custom-type="elpub" pub-id-type="custom">finance-2185</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ИНВЕСТИЦИИ В ИННОВАЦИИ</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>INNOVATION  INVESTMENT</subject></subj-group></article-categories><title-group><article-title>Инновационная экосистема как новая форма организационной целостности и механизм финансирования и воспроизводства инноваций</article-title><trans-title-group xml:lang="en"><trans-title>Innovation ecosystem as a new form of organizational integrity and a mechanism for financing and reproducing innovations</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-9441-4401</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Езангина</surname><given-names>И. А.</given-names></name><name name-style="western" xml:lang="en"><surname>Ezangina</surname><given-names>I. A.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Ирина Александровна Езангина — кандидат экономических наук, доцент кафедры менеджмента и финансов производственных систем</p><p>Волгоград</p></bio><bio xml:lang="en"><p>Irina A. Еzangina — Cand. Sci. (Econ.), Assoc. Prof., Department of management and fi nance of production systems</p><p>Volgograd</p></bio><email xlink:type="simple">ezangirina@rambler.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-2040-0584</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Маловичко</surname><given-names>А. Е.</given-names></name><name name-style="western" xml:lang="en"><surname>Malovichko</surname><given-names>A. E.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Алина Евгеньевна Маловичко — магистрант кафедры менеджмента и финансов производственных систем</p><p>Волгоград</p></bio><bio xml:lang="en"><p>Alina E. Malovichko — Master’s student, Department of management and fi nance of production systems</p><p>Volgograd</p></bio><email xlink:type="simple">malovi4ko.a@gmail.com</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-0380-6582</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Хрысева</surname><given-names>А. А.</given-names></name><name name-style="western" xml:lang="en"><surname>Khryseva</surname><given-names>A. A.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Анна Александровна Хрысева — кандидат экономических наук, доцент кафедры экономики и предпринимательства</p><p>Волгоград</p></bio><bio xml:lang="en"><p>Anna A. Khryseva — PhD in Economics, Assoc. Prof., Department of Economics and Entrepreneurship</p><p>Volgograd</p></bio><email xlink:type="simple">Cer-vstu@mail.ru</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Волгоградский государственный технический университет</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Volgograd State Technical University</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2023</year></pub-date><pub-date pub-type="epub"><day>12</day><month>07</month><year>2023</year></pub-date><volume>27</volume><issue>3</issue><fpage>17</fpage><lpage>32</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Езангина И.А., Маловичко А.Е., Хрысева А.А., 2023</copyright-statement><copyright-year>2023</copyright-year><copyright-holder xml:lang="ru">Езангина И.А., Маловичко А.Е., Хрысева А.А.</copyright-holder><copyright-holder xml:lang="en">Ezangina I.A., Malovichko A.E., Khryseva A.A.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://financetp.fa.ru/jour/article/view/2185">https://financetp.fa.ru/jour/article/view/2185</self-uri><abstract><p>Предмет исследования — факторы, модели и процессы возникновения и развития современных инновационных экосистем (ИЭС), обеспечивающих поток активов, преобразование их в инновации, распространение по территориям экономического роста. Цель работы — выявить факторы и тенденции развития ИЭС, опираясь на практики отдельных государств и движущие мировые силы. Использованы методы выборки, группировки, сравнения, аналогии, анализа, обобщения, системно-структурный подход к оценке развития предмета исследования. Результатом исследования стало определение ИЭС как открытого институционального механизма воспроизводства инноваций, трансформирующего конкурентную рыночную среду в направлении доминирования устойчивых межотраслевых сетевых структур. Установлена решающая роль ИЭС в цепочке «национальная инновационная стратегия → (стартапы + компании + институты государства) → ИЭС → [новые стартапы + deeptech компании единороги (гектокорны) + новый уровень качества конкурентной среды] → глобальное конкурентное преимущество государства». На примере Китая доказана перспективность формирования модели национальной ИЭС, ориентированной на долгосрочное развитие, технологическую самодостаточность государства и, вместе с тем, обеспечивающей возможность экспансии на новые рынки. Перспективы дальнейшего исследования ИЭС в России авторы видят в смещении акцентов с «банковской» природы ИЭС в сторону формирования крупных территориальных центров локации ИЭС при сохранении сильной институциональной поддержки государства.</p></abstract><trans-abstract xml:lang="en"><p>The subject of the study is the factors, models and processes of the emergence and development of modern innovation ecosystems (IES) that ensure the flow of assets, their transformation into innovations, and distribution across the territories of economic growth. The purpose of the paper is to identify the factors and trends in the development of the IES, based on the practices of individual States and driving forces of the world. The methods of sampling, grouping, comparison, analogy, analysis, generalization, system-structural approach to assessing the development of the subject of research are used. The result of the study was the definition of IES as an open institutional mechanism for the reproduction of innovations, transforming the competitive market environment in the direction of the dominance of stable intersectoral network structures. The decisive role of IES in the chain “national innovation strategy → (start-ups + companies + state institutions) → IES → [new start-ups + deep-tech companies unicorns (hectocorns) + new level of quality of the competitive environment] → global competitive advantage of the State” is established. On the example of China, the prospects of formation a model of the national IES, focused on long-term development, technological selfsufficiency of the State and, at the same time, providing the possibility of expansion to new markets, are proved. The authors see the prospects for further research of the IES in Russia in a shift of emphasis from the “banking” nature of the IES towards the formation of large territorial centers of the location of the IES while maintaining strong institutional support of the State.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>экосистема</kwd><kwd>инновация</kwd><kwd>инновационная экосистема</kwd><kwd>институт</kwd><kwd>конкурентные преимущества</kwd><kwd>межфирменный стратегический альянс</kwd><kwd>кластер</kwd><kwd>комплементарный актив</kwd><kwd>стартап</kwd><kwd>компания-единорог</kwd></kwd-group><kwd-group xml:lang="en"><kwd>ecosystem</kwd><kwd>innovation</kwd><kwd>innovation ecosystem</kwd><kwd>institute</kwd><kwd>competitive advantages</kwd><kwd>inter-firm strategic alliance</kwd><kwd>cluster</kwd><kwd>complementary asset</kwd><kwd>start-up</kwd><kwd>unicorn company</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Friedman T. 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