AN ASSESSMENT OF THE INVESTMENT CLIMATE FOR VENTURE CAPITAL IN RUSSIA
https://doi.org/10.26794/2587-5671-2016-20-3-62-71
Abstract
The article attempts to assess the investment climate for venture capital in Russia using a set of criteria described in the methodology developed by the European Venture Capital Association. The results for Russia obtained by the authors are compared with the average values for the European Union. Based on the evaluation results, the authors suggest recommendations for improving Russia’s investment climate for venture capital. They include the elimination of double taxation of funds with foreign participants, abolition of the ban on the participation of pension funds and other institutional investors in venture funds, tax incentives for individual investors who invest in venture capital funds and fiscal stimulus for companies involved in investment and research activities. In addition, the paper proposes a number of refinements of the methodology which, in the authors’ opinion, will help increase the accuracy of the results, for example, updating the point rating system which is obviously insufficient. Moreover, given the fact that most of the parameters of the method are quantitative (level of taxation, number of procedures, etc.), the evaluation of these parameters could also be quantitative. Also, it is possible to use for estimation purposes a non-linear function, for example, quadratic one.
About the Authors
M. P. Maslov
Novosibirsk State Technical University
Russian Federation
Russian Federation
E. I. Muzyko
Novosibirsk State Technical University
Russian Federation
Russian Federation
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Review
For citations:
Maslov M.P., Muzyko E.I. AN ASSESSMENT OF THE INVESTMENT CLIMATE FOR VENTURE CAPITAL IN RUSSIA. Finance: Theory and Practice. 2016;20(3):62-71. (In Russ.) https://doi.org/10.26794/2587-5671-2016-20-3-62-71
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