The Influence of the Corporate Venture Capital on the Innovative Development of the Russian Economy
https://doi.org/10.26794/2587-5671-2021-25-3-53-65
Abstract
The author examines the place and role of corporate venture funds, the state of the venture capital market
in Russia, and the impact of venture financing on the innovative activity of corporations, in particular, on the
innovative development of the economy as a whole.
The purpose of the study is to provide an economic assessment of the importance of using corporate venture capital for the innovative economy of the Russian Federation. The author applies methods of statistical, financial, and logical analysis. The study covers the period 2013–2020 and is based on the analysis of data from international organizations, analytical centers, mass media, official data sources of the Government of Russia, and the Central Bank of the Russian Federation. The author reviewed the literature and analyzed the practice of corporate venture capital funds to understand investment in innovation in Russia and around the world. The article analyses the history of the emergence and development of corporate venture funds in Russia and other countries and provides an assessment of the innovation activity of corporations and the Russian state. The theoretical aspects of corporate venture funds, the dynamics of the development of the innovative activity, and the venture market in Russia are considered.
The author makes a conclusion about the need for state regulation of the processes of financing scientific and technological development and the effective use of market instruments, such as corporate venture funds.
Keywords
corporate venture fund,
venture market,
investment,
innovation,
financing innovation,
Russian economy
JEL: G24, G32
About the Author
L. G. Pashtova
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Prof., Department of Corporate Finance and Corporate Governance
Moscow
References
1. Pashtova L.G., Shokhin E.I., eds. Corporate finance and business management. Moscow: KnoRus; 2021. 392 p. (In Russ.).
2. Teece D.J., Pisano G., Shuen A. Dynamic capabilities and strategic management. Strategic Management Journal. 1997;18(7):509–533. DOI: 10.1002/(SICI)1097–0266(199708)18:7<509:: AID-SMJ882>3.0.CO;2-Z
3. Van de Vrande V., Vanhaverbeke W. How prior corporate venture capital investments shape technological alliances: A real options approach. Entrepreneurship Theory and Practice. 2013;37(5):1019–1043. DOI: 10.1111/j.1540–6520.2012.00526.x
4. Dushnitsky G., Lenox M.J. When do incumbents learn from entrepreneurial ventures?: Corporate venture capital and investing firm innovation rates. Research Policy. 2005;34(5):615–639. DOI: 10.1016/j.respol.2005.01.017
5. Dushnitsky G., Lenox M.J. When does corporate venture capital investment create firm value? Journal of Business Venturing. 2006;21(6):753–772. DOI: 10.1016/j.jbusvent.2005.04.012
6. Gompers P.A., Gornall W., Kaplan S.N., Strebulaev I.A. How do venture capitalists make decisions. Journal of Financial Economics. 2020;135(1):169–190. DOI: 10.1016/j.jfineco.2019.06.011
7. Chesbrough H.W. Making sense of corporate venture capital. Harvard Business Review. 2002;80(3):90–99. URL: https://openinnovationresults.com/wp-content/uploads/2019/10/Making-Sense-of-CVC.pdf (accessed on 21.11.2020).
8. Rogova E.M., Galaktionov S.S. The impact of corporate venture funds at the results of parent companies’ innovation activities. Innovatsii = Innovations. 2017;(2):22–28. URL: https://publications.hse.ru/mirror/pubs/share/folder/et3fu4sj6t/direct/205855192 (accessed on 21.11.2020). (In Russ.).
9. Kosteev V., Sidorovich V. Innovation management in Russian companies 2016. Moscow: iR&Dclub; Russian Venture Co.; 2016. 37 p. URL: http://irdclub.ru/wp-content/uploads/2018/10/IM-best-practices-2016.pdf (accessed on 21.12.2020). (In Russ.).
10. Gornall W., Strebulaev I.A. Squaring venture capital valuations with reality. Journal of Financial Economics. 2020;135(1):120–143. DOI: 10.1016/j.jfineco.2018.04.015
11. Vančura C. Financial metrics in corporate venture capital: Enhancing strategic value by focusing on financial goals. Kauffman Fellows. June 05, 2014. URL: https://www.kauffmanfellows.org/journal_posts/financial-metricsin-corporate-venture-capital (accessed on 27.12.2020).
12. Mingaliev K.N., ed. Theory and practice of managing the financial stability of Russian companies. Moscow: RuScience; 2016. 272 p. (In Russ.).
13. Lee S.U., Park G., Kang J. The double-edged effects of the corporate venture capital unit’s structural autonomy on corporate investors’ explorative and exploitative innovation. Journal of Business Research. 2018;88:141–149. DOI: 10.1016/j.jbusres.2018.01.049
14. Strategic investment for innovation support. In: Webb T., Guo C., Lewis J.L., Egel D. Venture capital and strategic investment for developing government mission capabilities. Santa-Monica, CA: RAND Corporation; 2014:3–14.
15. Belderbos R., Jacob J., Lokshin B. Corporate venture capital (CVC) investments and technological performance: Geographic diversity and the interplay with technology alliances. Journal of Business Venturing. 2018;33(1):20–34. DOI: 10.1016/j.jbusvent.2017.10.003
16. Van de Vrande V., Vanhaverbeke W., Duysters G. Additivity and complementarity in external technology sourcing: The added value of corporate venture capital investments. Munich Personal RePEc Archive. MPRA Paper. 2009;(26419). URL: https://mpra.ub.uni-muenchen.de/26419/1/MPRA_paper_26419.pdf (accessed on 29.11.2020).
17. Pashtova L.G. Financial role of the state and business in enhansing the innovation activity of companies. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience. 2015;(1):2–10. (In Russ.).
18. Ratai T., Martynova S. Sources of research and development funding: 2018. Institute for Statistical Research and Economics of Knowledge, NRU HSE. Nov. 28, 2019. URL: https://issek.hse.ru/news/320419226.html (accessed on 28.09.2020). (In Russ.).
19. Lukinova E.I., Ditkovskii K.A. Financing innovative activities. Institute for Statistical Research and Economics of Knowledge, NRU HSE. Feb. 13, 2019. URL: https://issek.hse.ru/data/2019/02/13/1206653030/NTI_N_119_13022019. pdf (accessed on 28.01.2020). (In Russ.).
20. Ermoshina T.V. The cost of technological innovation as a priority factor in the development of the national innovation system. Vestnik Evraziiskoi nauki = The Eurasian Scientific Journal. 2019;11(3):13–21. (In Russ.).
21. Pashtova L.G. Actual problems of financing innovative industries. In: Problems and prospects for the development of Russian industry. Proc. Int. sci.-pract. conf. (Moscow, Mar. 30, 2017). Moscow: Plekhanov Russian University of Economics; 2017:51–58. (In Russ.).
Review
For citations:
Pashtova L.G. The Influence of the Corporate Venture Capital on the Innovative Development of the Russian Economy. Finance: Theory and Practice. 2021;25(3):53-65. https://doi.org/10.26794/2587-5671-2021-25-3-53-65
Views:
662
Email this article 