Government financing of innovations in Russia: dynamics and specificity

• Красова Елена Викторовна

  Krasova E.V. Vladivostok State University of Economics and Service. Vladivostok. Russia

The article is devoted to actual theme related to the financial support of innovation activities in Russia. The main scientific and practical problem of the article is the weakness of the innovation policy budget mechanism, which is expressed in the amount of expenditure on innova-

tion that is insufficient for sustainable economic growth, the non-optimal structure of funding sources, low current efficiency of indirect methods to stimulate innovation activity using by the government. The purpose of the research is to actualize the dynamics and characteristics of the government financing innovations processes in Russia. The subject of the research is the current trends in financing process and the innovation process features, formed as a result of these trends. The methodological basis of the article is the general theses of modern

macroeconomics, such as: the production theory, the efficiency theory, as well as the concept of innovative development. Based on the statistical data analysis and study of today model in financing and stimulating innovative development in Russia, the role, significance and scale of government financing in innovation sphere in world practice are considered, the dynamics of funding amount is studied, the state budget role in innovation financing sources structure is identified and justified, specifics of Russian innovation financing system is presented with di-

rections for its improvement. It is concluded that it is impossible to achieve the targets fixed for 2020 by the Strategy for Innovative Development of Russia, in the conditions of observed slowdown in the financing of innovations and only through direct budget financing. Further improvement of the financing innovations system in Russia is seen in the effective mechanism of mixed (direct and indirect in an organic combination) budget financing, which will make the best use of the scientific traditions and human resources available in the country. 

Keywords: innovations financing, government financing of innovations, Russian innovation policy, dynamics of innovations financing, sources of innovations financing, innovation process specificity..