voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2006-5-115-121voprecotest-1739Research ArticleВЕНЧУРНОЕ ПРЕДПРИНИМАТЕЛЬСТВОVENTURE ENTREPRENEURSHIPВенчурные инвестиции и инновационная активностьVenture Investments and InnovationsСергиенкоЯ.SergienkoYa.

доктор экономических наук, ведущий научный сотрудник

 

ФренкельА.FrenkelA.

доктор экономических наук, зав. сектором

 

Институт экономики РАНРоссияInstitute of Economics, Russian Academy of SciencesRussian Federation20062005200605115121Copyright © Voprosy Ekonomiki, NP, 20062006Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/1739

В статье с позиций агентских отношений рассматриваются основные принципы организации венчурного финансирования в рыночной экономике. Показана позитивная роль венчурного капитала в повышении качества и ускорении темпов инноваций, появлении новых цепочек создания добавленной стоимости и распределения технологической информации. Cделан вывод об ограниченной зависимости динамики венчурных инвестиций от национальной модели развития финансовой системы. Показана ключевая роль государства в формировании венчурного механизма финансирования инноваций.

Using the agent relations framework the authors discuss main principles of venture investments in a market economy. The positive impact of venture capital on innovations’ quality improvement and their acceleration as well as its role in the process of new technological and informational chains’ creation are demonstrated. Limited dependence of venture investments on the dominating national financial system’s model is stated. The pivotal role of the state policy in the venture market’s formation is shown.

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The authors declare that there are no conflicts of interest present.