voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2026-7-49-69voprecotest-6237Research ArticleЭКОНОМИКА ИННОВАЦИЙ И ТЕХНИЧЕСКОГО ПРОГРЕССАECONOMICS OF INNOVATION AND TECHNOLOGICAL CHANGEФинансирование инновационного ИТ‑бизнеса в России: долг платежом красенFinancing Russia’s innovative IT business: Every debt comes duehttps://orcid.org/0000-0003-3589-8386ПодшиваловаМ. В.PodshivalovaM. V.

Подшивалова Мария Владимировна, д. э. н., проф. кафедры «Экономика и финансы»

Челябинск 

Maria V. Podshivalova 

Chelyabinsk 

podshivalovamv@susu.ruhttps://orcid.org/0009-0004-6158-9338КорюковЕ. В.KoryukovE. V.

Корюков Егор Валерьевич, независимый бизнес-аналитик

Челябинск 

Egor V. Koryukov 

Chelyabinsk 

MoR2Z@yandex.ruhttps://orcid.org/0009-0000-4844-2930ДемьяникР. О.DemyanikR. O.

Демьяник Роман Олегович, экономист

Челябинск 

Roman O. Demyanik 

Chelyabinsk 

grafderoman@mail.ruЮжно-Уральский государственный университет (национальный исследовательский университет)РоссияSouth Ural State UniversityRussian FederationНезависимый бизнес-аналитикРоссияIndependent business analystRussian FederationАО «Конар»РоссияJSC KONARRussian Federation202608072026074969Copyright © Voprosy Ekonomiki, NP, 20262026Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/6237

В процессе цифровой трансформации возрастает значимость инновационного ИТ‑бизнеса, жизнеспособность которого определяется доступностью финансирования. Дефицит эмпирических исследований данной отрасли в России ограничивает возможности и эффективность государственных инициатив. Представлены результаты эмпирического анализа особенностей финансирования инновационных ИТ‑компаний России в 2021—2024 гг. Информационную базу исследования составили данные СПАРК-Интерфакс по 1055 действующим компаниям — разработчикам программного обеспечения с ненулевой выручкой и устойчиво значимыми нематериальными активами (НМА). Исследована связь между долей НМА в активах, финансовым рычагом, стоимостью долга и рентабельностью. Значительные вложения в НМА не ограничивали доступ к заемному финансированию для ИТ‑компаний. Выявлены устойчивая прямая зависимость между долей НМА и финансовым рычагом, неоднородность финансовых стратегий для ИТ‑компаний моложе 15 лет, финансирование высокорентабельного ИТ‑бизнеса за счет внутренних источников. В 2021—2024 гг. макроэкономический контекст имел решающее значение для исследуемых взаимосвязей, некоторое позитивное влияние на отрасль оказали меры государственной поддержки. С учетом необходимости развития технологического суверенитета в ней нуждаются прежде всего низкорентабельные инновационные ИТ‑компании моложе 15 лет.

The emerging global race for leadership in digital transformation escalates the critical importance of innovative IT businesses. Their viability, in turn, hinges on the availability of financing. Currently, Russia faces an acute scarcity of empirical research within this sector, thereby constraining the effectiveness of pertinent government initiatives. This paper presents the results of an empirical analysis of the financing characteristics of innovative IT companies in Russia during 2021—2024. We compiled the study’s informational base from SPARK- Interfax data, covering 1055 active software development companies that reported non-zero revenue and possessed consistently significant intangible assets. We investigated the interrelationship among the share of intangible assets in total assets, financial leverage, cost of debt, and profitability. Contrary to prevailing theoretical assumptions, substantial investments in intangible assets did not restrict access to debt financing for IT companies. We identified a consistently stable direct correlation between the share of intangible assets and financial leverage over time. We also observed heterogeneity in the financial strategies of IT companies younger than 15 years, whereas mature, highly profitable IT businesses prefer internal financing. During 2021—2024, the macroeconomic context held crucial significance for the investigated interrelationships, while state support measures exerted a certain positive influence on the industry. We conclude that, in the context of developing technological sovereignty, low-profit innovative IT companies younger than 15 years primarily require such support.

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