World practice investment activity shows that one of the most effective mechanisms financing, is the financing of investment and scientific and technical projects. This direction is especially relevant for countries and regions that need to expand, modernize and upgrade production, in particular, capital-intensive industries, as well as research-intensive industries.
If 10-15 years ago construction investment projects played a significant role in the global economy, then last decade projects of reconstruction, modernization and renewal of production prevail. This is a significant restructuring and updating of the model economic growth in many countries of the world. This requires investments to be oriented towards structural, organizational, sociotechnical and innovative transformations.
concept "innovative project" can be considered as:
o form of targeted management of innovation activities;
o the process of implementation of innovations;
o set of documents.
As a form of target management innovative activity, an innovative project is a complex system of interdependent and interconnected in terms of resources, timing and executors of activities aimed at achieving specific goals (tasks) in priority areas of science and technology development.
How the process of innovation an innovative project is a set of scientific, technological, industrial, organizational, financial and commercial activities carried out in a certain sequence, leading to innovations.
At the same time, an innovative project, as a rule, is presented as a set of technical, organizational, planning, and settlement and financial documentation that is necessary to achieve the goals of the project (in the West, the term "design" is used to refer to this aspect of the project).
Summarizing all these aspects, an innovative project can be defined as a system of interrelated goals and programs to achieve them, which is a complex of research, development, production, organizational, financial, commercial and other activities, in accordance with organized, formalized set project documentation and those that provide effective solution a specific scientific and technical task (problem), expressed in quantitative terms, and lead to the implementation of a specific innovation.
The main elements of an innovative project include:
o goals and objectives are unambiguously formulated, reflecting the main purpose of the project;
o a set of project activities to solve an innovative problem and achieve the goals set;
o the procedure for organizing the implementation of project activities, i.e. linking them with resources and performers to achieve the goals of the project in a limited period and within a given cost and quality;
o the main indicators of the project (from target - for the project as a whole, to partial - for individual tasks, topics, stages, measures, performers), including indicators that characterize the effectiveness of the project.
Innovative projects can be formed both as part of scientific and technical programs that implement the tasks of individual areas (tasks, sections) of the program, or independently, solving a specific problem in priority areas of science and technology development.
The formation of innovative projects to solve the most important scientific and technical problems (tasks) provides:
o a comprehensive, systematic approach to solving a specific problem (goals of scientific and technological development);
o quantitative specification of the goals of scientific and technological development and a strict reflection of the final goals and results of the project in innovation management;
o continuous end-to-end management of the processes of creation, development, production and consumption of innovations;
o a reasonable choice of ways to most effective implementation project goals;
o balance of resources required for the implementation of an innovative project;
o interagency coordination and effective management a complex set of projects.
The implementation of the idea of an innovative project is provided by the project participants. Depending on the type of project, from one to several tens (sometimes hundreds) organizations can take part in its implementation. Each of them has its own functions, the degree of participation in the project and the degree of responsibility for its fate. At the same time, all these organizations, depending on the functions they perform, are usually combined into specific groups (categories) of project participants:
Customer - the future owner and user of the results of the project. The customer can be either an individual or a legal entity.
Investor - individuals or legal entities investing in the project. An investor can also be a customer. If this is not the same person, then the investor concludes an agreement with the customer, controls the implementation of contracts and makes settlements with other project participants.
Investors in Ukraine can be:
o bodies authorized to manage state and municipal property;
o organizations and enterprises, business associations, public organizations and other legal entities of all forms of ownership;
o international organizations, foreign legal entities;
o individuals - citizens of Ukraine, foreign citizens.
Designer - specialized design organizations developing design and estimate documentation. Responsible for the implementation of the entire complex of these works is usually one organization, called the general designer. Abroad, it is most often represented by an architect or engineer. An architect is a person or an organization who has the right to professionally, on the basis of a properly issued license, to perform work on the formation of design and estimate documentation. An engineer is a person or organization licensed to practice engineering, i.e. a range of services related to the process of production and sale of project products.
Provider - organizations that provide material and technical support for the project (purchase and supply of raw materials and materials).
Executor (executing organization, contractor, subcontractor) - legal entities, responsible for the performance of work in accordance with the contract.
Scientific and technical advice (NTS) - leading specialists in the thematic areas of the project, responsible for the choice of scientific and technical solutions, the level of their implementation, the completeness and complexity of the activities necessary to achieve the project goals. The NTR organizes a competitive selection of performers and an examination of the results obtained.
Project Manager (in Western terminology - a project manager) - a legal entity to which the customer delegates the authority to manage the work on the project: planning, monitoring and coordinating the work of the project participants. The specific composition of the powers of the project manager is determined by the contract with the customer.
project team - a special organizational structure headed by the project manager and created for the duration of the project.
There are many types of project finance today. Sources of loans in project financing can be investment and innovation funds, specialized financial companies, international financial organizations, insurance and leasing companies etc. However, the main source of loans are commercial banks, in particular, specialized investment and innovation banks.
Project financing convincingly demonstrates three main fundamental provisions for the organization and financing of innovative activities.
First, the example of industrialized countries shows that the bulk of innovation processes can be implemented by private companies of various levels and scales. Of course, innovation processes here are not an end in itself, but as a means of achieving entrepreneurial success. Innovative business in various organizational frameworks becomes an intermediary between academic, pure, science and the interests of private capital, since the innovation process is seen as profitable.
Secondly, the state innovation policy can manifest itself not only in a direct impact on the innovation process, but also in the creation of a favorable economic climate for innovation along with possible financial, legislative, tax, social and other methods of indirect state support for innovation. The state in the current state of the Ukrainian economy cannot provide a full range of measures to support the development of innovative business.
Third, the flexibility, versatility and alternativeness of innovative activity is the best way to promote the emergence of various forms of cooperation between public and private entrepreneurship, private and foreign investors. A wider practice of project financing and the development of innovative activity can find a worthy place in the case when the state acts as a guarantor of political, macroeconomic and major environmental risks.
If venture capital can be used to organize the financing of scientific activities at any stage, then the organizer of project financing cannot take such a risk. Therefore, in the case of project financing, the only source of repayment of the loan will be the proceeds from the implementation of the project under market conditions.
The essential difference between innovative business venture and project financing is that project financing is applied to products for which there is already a commercial demand.
Therefore, in world practice, under project finance often understand this type of organization of financing, when the income received from the implementation of the project is the only source of repayment of debt obligations. However, the term "project finance" is interpreted differently in different countries.
In the United States, project financing is an organization of financing when a significant part of investment projects is provided with funds from the founders' own capital, and the only source of debt repayment is the income from the project.
In Europe, the term is applied to different options and ways to provide the necessary financial resources for the implementation of projects. AT recent times the term "project financing" is used in the system of financial and commercial transactions based on both bank loans and indirect budgetary support, support from various government organizations, investment funds, insurance companies and other interested investors.
The main requirements for the organization of project financing are:
o respectable composition of the founders and their partners;
o qualified analysis of the project;
o a competently prepared feasibility study;
o prior consent of the bank;
o sufficient capitalization of the project;
o technical and technological capabilities of the project;
o high performance.
A special role in the organization of project financing is played by obtaining guarantees from state bodies or international organizations. However, project finance is generally eligible for entities that can generate a stable cash flow and whose assets serve as a reliable secondary source of debt repayment.
An important principle of expanding project financing opportunities is the diversification of project risks, which allows structuring most projects in such a way that risks are distributed among the organizers, creditors and guarantors of the project.
A significant part of the costs of investment projects is financed by customers' own funds. This practice is consistent with the generally accepted approach to financing new projects in the world, when most of the costs and risks are borne by the project customers, since shareholders have the opportunity to subsequently receive large profits, while creditors can only rely on timely repayment of loans and interest.
There are several basic principles of project financing.
1. Financing based only on the attractiveness of the project, without taking into account the solvency of its participants, their guarantees and guarantees of third parties to repay the loan.
2. Financing, in which the cash flows generated in the process of project implementation become the source of debt repayment.
3. Funding secured by the economic and technical viability of the project participants themselves.
4. Financing secured by the economic and technical viability of the enterprise itself.
So, project financing is mainly characterized by a special way of providing, which is based on confirmation of the reality of receipt by the parties involved in its implementation (contractors, suppliers of raw materials, consumers of final products), planned flows of funds (income).
If a bank becomes the main investor of an innovative project, then three main forms of project financing can be used:
1. Without any recourse to the borrower. The creditor bank assumes all the risk associated with the implementation of the project and evaluates only the flows of funds generated by the project and used to repay loans.
2. Without recourse to the borrower in the period following the commissioning of the project. The contractors guarantee the disbursement of capital investments, the commissioning of the lending facility, compliance with the estimated cost and, under certain conditions, indemnify for losses associated with the delay in putting the facility into operation.
3. With full recourse to the borrower. In this case, the lender does not assume any risks associated with the project, limiting its participation to the provision of funds under the guarantees of the project organizers or third parties.
The most common form of project financing is financing with full recourse to the borrower, since it provides a quick receipt of the necessary funds for the investor, as well as a cheaper loan. In foreign practice, this form is used to provide funds for financing projects related to the state order, non-profit projects, when loans will be repaid from the borrower's other income, to provide an export loan for lending to small projects that are sensitive to even a small unexpected increase in estimated costs.
Project financing without recourse to the borrower is much less common in practice. With such an operation, the lender does not have any guarantees and assumes almost all the risks associated with the implementation of the project. Financing under such a scheme is very expensive for the borrower, because if the risk is high, the lender wants to receive more compensation. Only highly profitable projects are financed by this type, as a rule, they provide for the production of products that are competitive on the world market.
Project financing with limited recourse to the borrower is common. Here, all the risks associated with the implementation of the project are distributed between the parties so that everyone takes on the risks that depend on him. As a result of a reasonable distribution of risks, the price of financing decreases.
The portfolio approach is widely used to minimize project risks and optimize project success parameters.
Innovation Portfolio should contain various projects, large and small, close and distant in terms of time, different in purpose and principles of implementation. This is necessary for the optimal implementation of innovations with the simultaneous high performance of financial and economic indicators, as well as for the successful strategy of the company's competition. The composition of the portfolio should be reviewed and updated frequently. The ultimate success of any project depends not so much on its scope, but on the qualifications of the innovative and financial manager for planning and managing the project portfolio.
It should be noted that the analysis and selection of innovative projects is carried out on the basis of a set of methods and tools that allow you to predict costs for all stages. life cycle innovations, taking into account various technical solutions and financial and economic factors.
Financing of innovative projects
The provision of an innovative project with financial resources at all stages of the life cycle helps to reduce the risk of innovation being rejected by the market and increases its efficiency.
The development of innovative activity both at the level of an individual enterprise and at the level of integrated structures and the state as a whole presupposes the creation of a coherent and well-founded system of financing. Only in this case can the necessary conditions be created for the accumulation and maneuver of financial resources and the possibility of their concentration on key innovative projects. The principles of organizing financing should be oriented towards the plurality of sources of financing and imply rapid and effective implementation innovations with their commercialization, which ensures the growth of financial returns from innovation activities. In developed countries, innovation activities are financed from both public and private sources. Most Western European countries and the United States are characterized by an approximately equal distribution of financial resources for R&D between public and private capital.
Enterprises, financial and industrial groups, small innovative businesses, investment and innovation funds, local governments, individuals, etc. can become investors for a company implementing an innovative project. All of them participate in the economic process and in one way or another contribute to the development of innovative activity.
Sources of financing of innovative projects at the company level are divided into:
Own funds of the enterprise (reinvested part of the profit, depreciation deductions, sums insured for damages, funds from the sale intangible assets);
· Raised funds (issue of shares and other securities, contributions, donations, funds provided on a non-refundable basis);
Borrowed funds (budgetary, commercial, bank loans).
There are the following forms of financing innovation activities:
· Public funding.
· Equity financing.
· Bank loans.
· Venture financing.
Leasing.
· Business angels
· Mixed financing.
Crowdfunding
Let's take a quick look at each form of funding:
Government funding
From state budget funds various levels and specialized state funds are financed by areas of innovation that are of priority importance. The provision of budgetary funds is carried out in the following forms:
a) financing of federal targeted innovation programs;
b) financial support promising innovative projects on a competitive basis.
Equity financing
This form is available for enterprises organized in the form of a closed or open joint-stock company; allows you to accumulate large financial resources by placing shares among an unlimited number of investors (borrowing money from buyers of shares for an indefinite period) for the implementation of promising innovative projects. Through the issuance of securities, an investment loan is replaced by market debt obligations, which helps to optimize the structure of financial resources invested in an innovative project.
Bank loans
Commercial banks finance innovative projects that have real payback periods (the payback period is less than the project implementation period), have sources of return on the provided financial resources, and ensure a significant increase in invested capital.
A bank loan is provided for a certain period at interest, the amount of which depends on the term of the loan, the amount of risk in the project, the characteristics of the borrower, etc.
The interest rate can be determined on the basis of the base rate that investment banks are guided by.
Venture funding
Venture financing is carried out by risk capital funds by providing financial resources on an interest-free basis without guarantees of their return.
The activity of venture funds in financing innovative projects has a number of characteristic features, which distinguishes them from traditional investment funds:
· risk-investors are ready for the loss of their capital (they do not require collateral guarantees for the return of funds provided);
"risk capital" is provided on long term(5--7 years) without the right to withdraw it;
· "risk capital" is placed only in the form of share capital.
The risk of venture investors is great, but in case of success, it is compensated by excess profits. Statistics show that in 15% of cases, venture capital is completely lost, in 25% - risk firms suffer losses for a longer period than planned, in 30% - receive moderate profits and in 30% - excess profits (exceeding the "risk" -capital" by 30-200 times). Risk reduction in the implementation of venture financing can be achieved with a careful selection of projects, as well as by simultaneously investing in several innovative projects that are at different stages of implementation.
financial leasing
Financial leasing is a procedure for raising borrowed funds in the form of a long-term loan provided in kind and repaid in installments.
When implementing financial leasing, the lessor undertakes to purchase the property specified by the lessee from a certain seller and transfer it to the lessee for a certain period of time for temporary possession and use. The term of the financial lease agreement is greater than or equal to the full depreciation period of the leased asset. After the expiration of the term of the agreement, the subject of leasing can be transferred into the ownership of the lessee, subject to the full payment of the amounts under the leasing agreement.
This procedure allows, on the one hand, to implement expensive equipment more users, on the other hand, to reduce the one-time costs of lessees associated with the acquisition of capital-intensive products.
Business angels
Many of today's largest corporations owe their existence to the financial support of private investors, who are now called business angels.
In order to understand why they are called that way, it is enough to draw an analogy with its traditional understanding. Just as people professing a religion who find themselves in difficult life circumstances ask for help from angels, so a start-up in the nascent stage can usually receive financial support only from independent investors who help “out of the kindness of their hearts”.
What are the "angels" in the business world? According to statistics, these are people aged 45 to 65, successful entrepreneurs. Many of them have enough net worth to invest in high-risk businesses. They are constantly on the lookout for new opportunities for interesting and potentially high-yield investments of their own funds. Most often, the attention of business angels is attracted by startups that are at the first stage of their development.
Private investors are quite rightly called the most informed sector of the investment market. Most of them are independent people, less often - groups. Speaking about the industries that business angels are usually interested in, it is worth noting that their range is quite wide. At the same time, in the course of all his "angelic" activities, the investor invests in one or at most several related industries that are understandable and interesting to him. The situation in which one business angel invests in startups specializing in completely different areas is rather an exception.
The main difference between angel investments and funding from other sources, such as venture capital funds and banks, is that private businessmen provide personal funds, while the above structures usually manage other people's capital.
And this means that independent investors have much more freedom in making decisions.
Based on this, the following features of angel financing can be identified:
· More flexible investment decision making. Business angels have wider horizons in this regard and their own, different from venture capitalists, financial criteria.
· Raising funds from independent investors is cheaper than from other financial institutions.
· "Angels" are not afraid to finance technology companies, which are inherently high risk.
But material support is far from the only contribution that private investors can make to the development of a startup. Among the intangible assets that business angels usually have in stock are solid business management experience, good connections in business circles, and the ability to provide credit guarantees.
But there are also situations in which attracting such investments may not be appropriate. For example, in the event that the founder of a startup does not want to share the management of his business. The fact is that business angels are usually actively involved in the activities of the company in which they have invested. It is also unreasonable for a startup to seek financial support from private investors if very large investments are needed to implement the idea on which it is based. Typically, business angels prefer to invest small amounts in several different projects, thus reducing the risk of incurring serious losses in the event of a “failure” of the enterprise. Although private investors finance startups with a long-term perspective, they are usually not attracted to ideas that will take more than 5-7 years to be implemented. Therefore, developers similar projects it also does not make sense to seek help from business angels.
What does a company get with the support of business angels? Firstly, financial support, and secondly, the experience and knowledge of investors, which are often even more valuable than the finances they provided. Also, cooperation with a private investor involves a less bureaucratic and formal approach to the investment process.
In the vast majority of cases, a business angel becomes the owner of a blocking stake in the company taken under its "wing".
Mixed finance
It is carried out by attracting financial resources necessary for the implementation of innovative projects from various sources. Innovation management., - Vasilevskaya I.V. RIOR, 2009. 128 p.
Crowdfunding
Crowdfunding is considered as a special case of crowdsourcing. It consists in attracting financial resources from a large number people (from the English Crowd - crowd and Funding - financing) in order to sell a product or service, help those in need, hold events, support both individuals and legal entities, etc. Crowdsourcing technologies, socio-economic foundations and types, - Marchenko O. S., Sovremenny
Scientific Bulletin No. 25 (164) 2013
Depending on the project and the stage of its implementation, companies may involve different kinds investment.
Stages of development of an innovative project (from an investment point of view).
Seed stage ("sowing") - the company is in the formation stage, there is only a project or business idea, the process of creating a management team is underway, R&D and marketing research are being carried out. At this stage, the company can count on investments from family and friends, subsidies and grants from government agencies, and investments from business angels.
Start-up stage ("start-up") - the company has recently been formed, has prototypes, is trying to organize the production and entry of products to the market. The main investors at this stage are venture funds. The transition from the "start-up" stage to "early growth" is the peak of the "valley of death" (the most risky period, when it is most difficult to attract resources for financing). This is due to the beginning of sustainable production and the growing need not only for investment, but also for working capital.
Early growth stage ("early growth") - the company produces and commercializes finished products, although it does not yet have a stable profit. At this stage, there is a "break-even point". The early growth stage can be considered as borderline, since a company of this level is potentially interesting for private equity funds, but remains attractive for venture funds as well. In addition, at this stage, it becomes possible to apply for bank loans.
Expansion stage ("expansion") - the company occupies certain positions in the market, becomes profitable, it needs to expand production and sales, conduct additional marketing research, increase fixed assets and capital. The main sources of financing at this stage are private equity funds, banks, share issues and access to the stock market.
Exit ("exit") - the stage of development of the company, which is the sale of the investor's share to another strategic investor, initial public offering (IPO) or management buyout (MBO). The sale takes place at prices far exceeding the investment, which allows investors to record significant profits.
Sometimes, before the “exit”, an intermediate “mezzanine” (mezzanine) stage is distinguished, at which additional investments are attracted to improve the short-term performance of the company, which leads to an overall increase in its capitalization. At this stage, investors are investing in the company, expecting a quick return on investment.
Also, sometimes there is a stage of business restructuring following the expansion, if it takes place. Economic evaluation investment. Tutorial, Melnikov R.M. "Prospect", 2014: 264
Figure 2 Financing of an innovative project (startup) at different stages of its development
The above development scheme is classic version. Naturally, there may be other "scenarios" due to the huge number of various nuances. This also applies to the issue of attracting investments. For example, if a project at the initial stage of development belongs to a company that already has other successful businesses, then its financing can be carried out not only by "relatives" and business angels. In this case, venture funds, and in some cases legal entities, can also become investors.
The effectiveness of innovation management always necessitates: 1) calculation of the needs for those funds that are needed to carry out this activity (how much money is needed?); 2) deep analysis possible sources of its financing (where to get these funds?). Having determined the general need for the necessary Money Ah, the company's management is analyzing possible forms and sources of financing for the proposed project. Their classification is given in table 1.2.1.
The traditional, main sources of financing for any project are its debt and own financing. As the market economy develops, new forms and sources of
project financing. Their structure may change depending on changes in market conditions, the financial and economic situation in the country and the world, the financial stability of organizations, etc. Sources of equity formation (except for profits) include depreciation deductions directed to the development of fixed assets and reimbursement of intangible assets. Thanks to these deductions, the enterprise can (along with other conditions) carry out expanded reproduction and implement the principle of self-financing. Own financing of enterprises is provided by both internal and external sources of financing.
Table 1.2.1
Financing of innovative projects_
|
Sources of financing |
|
|
1. Own financing of innovations (at the expense of own internal and external financial resources) |
Authorized capital (initial - at the expense of the contributions of the founders-owners and subsequently attracted - at the expense of additional contributions from the founders or attraction of new investors by selling them a part of additional issues of new shares) Depreciation charges Intangible assets Funds paid by insurance companies in the form of compensation for losses from natural disasters, accidents, etc. |
|
2. Debt financing (at the expense of borrowed financial resources) |
Government and corporate bonds Due to various credit institutions (including banks) - loans |
|
3. Budget financing |
Federal budget of the Russian Federation Republican budgets (budgets of subjects of the Federation) Local budgets Extra-budgetary funds |
|
4. Mixed financing |
Funds of the budget investment fund established in 2005 Cash from private companies and individual investors Funds of closed-end mutual funds Investment resources of insurance companies and non-state pension funds Funds of foreign investors and |
Ways to raise equity capital can be private and public placement of shares among investors. Private involves the placement of shares by closed subscription to one investor or a narrow circle of individual investors (insurance companies, banks, investment companies, individuals). The latter can sell the acquired shares only to the original owners.
AT last years In order to attract more investors and, accordingly, increase the equity capital of the company (especially at the final stage of the implementation of an innovative project), a public offering of shares among external investors has become widespread. It is understood as the placement of securities by open subscription, including the placement of securities at the auctions of stock exchanges or other organizers of trade on the securities market. The organization of the IPO process is preceded by a decision to transform an innovative company into an open public corporation (goingpublic), which involves the sale of part of the company's shares to external investors (depositors) and subsequently entering open markets. This process is possible only at the final stage of the innovation project implementation. The maximum share of the company's shares circulating abroad is 25% of total number issued shares.
The transformation of a firm into an open (public) corporation with access to open markets has its advantages and disadvantages. The advantages of such a transformation: 1) the ability to diversify investments in various financial instruments; 2) the ease and cheapness of attracting external financing in the future, since the company, as a result of the placement of shares on open markets and the publication of information, will be known to potential investors, the degree of their confidence in the company will increase; 3) the likely liquidity of securities in a public corporation, which is problematic in a closed joint-stock company: it is difficult to sell to external investors, and other co-founders and owners of the company may simply not be willing to buy shares in their company due to possible financial risk; 4) a significant expansion of product sales markets, which is difficult to implement in a closed company, etc.
Disadvantages of transforming a firm into a public corporation (subjective deterrents): 1) fear of the firm's management to lose real control over it as an owner; 2) the danger of a takeover of the company in the future by new investors in the foreign market through the acquisition of a controlling stake;
high costs (especially for small innovative firms) for compiling quarterly and annual reports, publishing reports and disclosing confidential information; 4) the inevitable and rather high initial costs of organizing an IPO (advertising, promotion of the company's brand, payment for financial and other services); 5) high payment for the services of underwriters during the issue and placement of shares - almost all issues of securities are carried out on the terms
guaranteed subscription. Accordingly, the risks of underwriting banks are quite high and, as a result, the payment for risks, the risk premium are also high. It is no coincidence that investment banks - underwriters often create syndicates in order to minimize the risk, distributing it among the participants in the syndicate.
Financing projects through IPO allows us to hope for an increase in the company's capitalization in the future, since it is quite likely that its capitalization may increase. credit rating, increase recognition in the business world, increase the demand for its financial assets from potential strategic investors, and ultimately increase the amount of equity capital. Its formation can also be carried out at the expense of such a source of financing as the state distribution of budgetary funds on a gratuitous basis. If profit and depreciation allow an enterprise to one degree or another ensure its financial stability and carry out expanded military production, then budgetary sources of financing for innovative projects are of a global purposeful nature and make it possible to achieve a greater convergence of interests of specific organizations and the state, enterprises and regions. .
At the final stage of the implementation of an innovative project, as innovative firms develop and transform into open joint-stock companies, it becomes possible to use such external sources of financing innovations in the Russian Federation to increase equity capital, such as the placement of ordinary shares abroad in the form of depositary receipts
(idepositary receipts, DR). These are certificates confirming the rights of their holders to a certain number of depositary shares. These include securities denominated in foreign currency, confirming the ownership rights of their owners to a certain number of shares of a foreign company,
issued by a special bank - the depository of the country in which the placement is carried out. American depository receipts (ADRs), first put into circulation back in 1927, are widely known in the world. They are denominated in dollars and can be issued both in the USA and abroad.
Currently, global depository
Receipts (GDRs) and European Depository Receipts (EDRs; only for euro area countries). In order to obtain permission to sell its shares in the form of depositary receipts, an innovative company (being a public
society) must fulfill certain conditions: 1)
register all share issues with the FFMS of Russia; 2) include these shares in the form of depositary receipts in the quotation lists of the domestic stock exchange (RTS or MICEX). US stocks are currently listed on the New York Stock Exchange.
depository receipts of Russian companies (MTS, VimpelCom, Mechel, etc.). The ADRs of Lukoil, Sibneft, Surgutneftegaz, Rostelecom and others are listed on the London Stock Exchange. b) the high cost of issuing and selling depositary receipts; c) the need to comply with strict requirements and rules in the host country, etc.
Unlike simple investment projects, innovative projects can be financed using these sources of capital raising, mainly at the final stage of the project, when the result of its implementation will be a large amount of revenue. Decision-making on state financing of individual innovative projects depends on: 1) the level of the expected effectiveness of this project; 2) its social significance; 3) its payback period. Currently, budget financing of projects (by the state) is carried out in two directions - within the framework of the program for the competitive distribution of investment and innovation resources and within the framework of federal and republican national projects (when it comes to any projects that have special meaning for the socio-economic development of the country, - defense, communications, Scientific research etc.). This practice is also widespread at the regional level, where the economic and social (including environmental) consequences of the implementation of innovative solutions for the inhabitants of a particular region as a subject of the Federation are taken into account.
Leasing financing and mortgage lending can also be attributed to borrowed sources of financing. However, given their certain differences from other sources of debt financing, these methods of raising debt capital can be considered in the system of specific (non-standard) sources of innovation financing.
One of the main risks faced by an enterprise in the course of innovative activities is the risk of insufficient financial support for the project being implemented. It can be associated both with the failure to find sources of financing for the project, or with the failure of the chosen method of financing.
In addition to financing innovation activities at the expense of own funds, there are currently many various methods external financing of innovative projects - issuance of shares and bonds, bank lending, venture financing, leasing, factoring, etc. in addition, if the project meets certain criteria, the enterprise can count on receiving funding from the state budget, as well as from budgetary and non-budgetary funds.
However, the lack of funding, as well as the difficulty of obtaining it, is one of the main constraints on the development of innovation in the Russian Federation. The most difficult to attract external funding is the research and development phase of the project, especially if they are carried out by small young companies that have not yet established themselves in the market and cannot use their own funds to invest in the project. At this stage, the preferred sources of funding may be the company's founders' own funds, venture funds, as well as funding from the state budget, budgetary and non-budgetary funds. As the project is implemented, new sources of financing become available to the enterprise - which require a lot of time and resources to attract, but also have significant advantages - such as equity and bond financing, bank lending. That is why it is advisable for an enterprise carrying out innovative activities to review and improve the project financing scheme at each stage of its life cycle. In addition, when developing a project financing scheme, it must be taken into account that the use of any of the financing methods is associated with a number of requirements and restrictions.
In the process of choosing a method of financing an innovative project, an enterprise needs to decide whether it will be financed from a single source of funds or from a combination of them. If a decision is made to finance an innovative project from a single source, an enterprise may face the problem of failure of this source. For example, if self-financing is considered as the only source, if the enterprise’s income plan is not met, the project will be without sufficient funding; if the only source is a bank loan, then in the event of a deterioration in the firm's solvency, the credit line may be closed or frozen. When combining different methods of financing a project, a lack of funds at certain stages may arise due to the complexity of combining sources.
Therefore, it is especially important to carefully develop a reasonable project financing scheme, taking into account the possibility of attracting alternative sources for various stages project. Thus, it seems expedient to develop a stage-by-stage financing scheme for an innovative project with a periodic review of financing methods, taking into account the stage of the project life cycle, the quantitative and qualitative characteristics of both the project and the enterprise as a whole, as well as the risk factors associated with the use of certain forms of financing at various project stages. Based on the foregoing, the algorithm for choosing a financing method can be represented as follows:
Rice. Algorithm for choosing a financing method for the i-th stage of an innovation project
A phased review of project financing methods will allow the enterprise to attract additional funds, as well as reduce the time to raise funds and avoid the risk of a shortage of funds. Each of the financing methods is not always applicable separately, the possibility of using one or another method appears for the enterprise only in the course of the development of its activities, therefore, in the process of project implementation, it is possible to impose one method of financing on another. For example, issuing bonds, despite all its advantages, is a complex and time-consuming process available to enterprises that have already established themselves in the market. However, an enterprise can obtain a bank loan and finance the initial stages of the project with its help, while simultaneously preparing for the issue of bonds. Further, the funds received from the placement of a bonded loan can be used both for the further development of the project and for partial repayment of the loan.
THEM. Samara, Siberian University of Consumer Cooperation
Innovation is a result realized on the market, obtained from capital investment in a new product or operation (technology, process). Therefore, with all the variety of market innovations important condition for their practical implementation in any business is to attract investments in sufficient volume.
The innovative activity of the enterprise is aimed primarily at increasing the competitiveness of products (services).
Innovation activity is an activity that
associated with the change and transformation of accumulated knowledge into a new improved product, technological process used in the activities of the organization, as well as in a new approach to the services provided, introduced in the market for goods or services.
Maintaining long-term sustainability of high economic growth rates is impossible without a direct increase in the share of competitive products and services in the market. World experience shows that the process of accelerating innovative development cannot be achieved only through single funding.
The system of financing innovation activity (SFID) should be understood as a set of entities and institutions interconnected through financial relations and mechanisms involved in the financing of innovation activity.
Innovation Financing Mechanism - System financial methods and tools aimed at financial support of innovative projects and firms through the transformation and redistribution of financial resources necessary for the creation and implementation of innovations.
Financing innovation involves finding sources of funding and their further use
There are the following forms of financing innovation activities:
1. Own funds of the enterprise
2. Government funding.
3. Equity financing.
4. Bank loans.
5. Venture financing.
6. Leasing.
7. Forfaiting.
8. Franchising
9. Mixed financing.
Own funds of enterprises go to finance their own R&D, purchase of technologies, organization of production; A high share of own funds in financing innovation indicates, firstly, that most innovations are not basic, but mainly modify existing technologies or improve goods and services already on the market; secondly, that there is a significant potential for innovative development in the country through the expansion of funding sources. The development of the latest innovative technologies that radically change the production process is not possible without access to financial support from various investors.
An important characteristic of financing the innovation sphere is the indicator of expenditures on research and development carried out in the business sector of science at the expense of enterprises' own funds. Its value is quite modest in our country (20.1% of all expenditures on research and development), especially when compared with the same indicator in the developed countries of the world. For example, in the US, the share of industry in research and development funding is 66%, in Germany - 64.1%, Canada - 49.4%, France - 48.5%, Great Britain - 47.3%.
State financing. From the state budgets of various levels and specialized state funds, areas of innovation activity that are of priority importance are financed. The provision of budgetary funds is carried out in the following forms:
a) financing of federal targeted innovation programs;
b) financial support for promising innovative projects on a competitive basis.
The priorities of the state innovation policy of the Russian Federation include federal targeted programs: "National technological base", "Development of electronic technology in the Russian Federation", "Development of civil aviation technology", "Informatization of the Russian Federation", "Dual-use technologies", "Development of industrial biotechnology", "Restructuring and conversion of the defense industry", etc.
The following requirements are imposed on innovative programs, the implementation of which is expected to receive state financial support:
Innovative projects aimed at the development of promising (developing) sectors of the economy have the right to participate in the competitive selection, provided that they are partially financed (at least 20% of the amount necessary for the project implementation) from the company's own funds;
The payback period should not exceed the established standards (usually 2 years);
State financing of innovative programs that have passed a competitive selection can be carried out at the expense of federal budget funds allocated on a repayable basis, or on the terms of providing part of the shares of an economic entity to state ownership;
Innovative programs submitted for the competition must have positive conclusions from the state environmental review, state departmental or independent review.
In the Russian Federation for different sources the share of the state in the structure of external financing of innovations is 70-80%. However, Western experts believe that too intense and prolonged state support (in the form of free cash) does not benefit business, making it "unhealthy". Practice shows that enterprises with constant state funding often get stuck in the design and development phase (R&D) and this, as a rule, leads to disastrous consequences - to "irresistible laziness".
The inefficiency of state financing of innovation activities in Russia is associated with such reasons as the opacity of innovation financing schemes, an unfair system for distributing grants, the difficulty of obtaining investments at the initial stage of innovation development restrictions on the use (purpose) the danger of unconstructive political or administrative interference; lack of incentives to achieve high results; limited opportunities to attract and use the services of highly qualified investment project managers, including foreign ones, etc. As a result, funding is mainly for experiments that give formal results and reports, but are generally meaningless.
Equity financing. This form is available for enterprises organized in the form of a closed or open joint stock company; allows you to accumulate large financial resources by placing shares among an unlimited number of investors (borrowing money from buyers of shares for an indefinite period) for the implementation of promising innovative projects. Through the issuance of securities, an investment loan is replaced by market debt obligations, which helps to optimize the structure of financial resources invested in an innovative project.
The following indicators are used to determine the nominal amount of the issue of securities:
· the amount of financial resources required for the implementation of the innovation project;
· expected capital gains and dividends on shares;
· the amount of cash receipts that the issuer expects to receive when placing shares.
Bank loans are one of the most important sources of financing for the company's innovative activities at all stages of development. Banks have a significant potential for lending both to potential investors in the process of refinancing and to the subjects of innovation activity themselves. They are the main investors in Western venture funds, as they are able not only to provide financial resources for the needs of participants in innovative activities, but also to integrate the interests of a whole group of participants in the innovation and investment market. However, in the Russian Federation, the banking sector plays a barely noticeable role in financing innovation. The main reasons for the underdevelopment of bank financing of innovations are a short investment horizon and high risks of investing in innovative projects. An investor needs long-term bank loans, since he receives income from an innovative project only during the period when the innovation enters the market, and at the very beginning, before the innovation is introduced, he needs financial resources to replenish working capital and form non-current assets. Lending to innovative activities is usually carried out at the moment when the business is just starting and the borrower does not have sufficient cash flows to repay the loan. That is why the share of long-term loans provided by commercial banks is so small. In 2013, in the Russian economy, the share of long-term loans with a maturity of over 3 years provided to legal entities was about 45%, which is much less than the needs of enterprises in long-term liquidity. No more than 3-4% of innovative projects are financed by bank loans. Moreover, when providing high-risk long-term loans, banks require certain conditions. For example, in Western countries, a scheme is used to pledge controlling stakes in borrowing enterprises against bank loans, while banks have the right to participate in the management of the company by appointing their representatives to the board of directors, who monitor the company's activities.
Since innovation activity includes a number of stages and various enterprises and organizations are engaged in it, it is important to ensure consistent financing of all its stages (R & D, development of a prototype, creation of a prototype, mass production of a new type of product) and all participants. The solution of this problem is facilitated by the development of a system and proper financing of innovative programs, project financing, the creation of special institutions that finance innovative activities: innovation funds, innovation banks, venture funds. Features of the system of financing innovation activity.
Foreign practice shows that the most effective forms of organization of venture financing of innovation activities are:
· direct investments, which increase both risk and profit in case of a successful outcome;
· joint investments of large innovative projects that minimize the risk of participants, but also reduce the personal profit of each investor;
· the establishment of a venture fund that distributes the risk among a large number of investors, increasing the reliability of funds by reducing the size of the share of a particular investor and managing innovative projects by venture capital investment specialists.
Funds for venture funds come not only from large organizations, but also from pension insurance funds, insurance companies, public and private funds for the support and development of small businesses, etc.
Venture capital is the most important source of building innovative potential, increasing entrepreneurial activity and making a profit. The development of small business in the field of innovation is associated with a high risk of financing research and development and investment in the creation of new enterprises. The economic importance of private venture capital investors, in other words "business angels", is manifested in the support of venture capital companies in the early stages of their development, in the dynamics of financing directed to the investment of equity capital, credit resources, or a combination of both.
Analyzing the state of venture financing in the Russian economy, it can be argued that, despite the increase in venture investments in recent years, significant scientific and technical potential in the field of technology and intellectual potential, there are factors that limit the development of venture entrepreneurship in Russia. These include:
· the legal and economic environment does not stimulate the establishment of venture funds in the Russian Federation, there are practically no regulatory legal acts that ensure the functioning of venture financing for small innovative businesses;
· there is no priority for the development of small and medium-sized businesses;
· lack of domestic investment resources (Russian banks, pension funds, insurance organizations do not participate in the work of venture companies) and, as a result, poor formation of the Russian investment portfolio;
· the use of predominantly foreign venture capital with minimal participation of Russian, which sharply reduces the attractiveness of this area for foreign investors;
· inefficient use of venture capital funds;
· underdevelopment of the infrastructure capable of ensuring effective cooperation between the subjects of the venture industry and small innovative firms, the emergence of new and the development of existing small and medium-sized innovative enterprises;
· lack of economic incentives to attract direct investment in high-tech enterprises that provide acceptable risk for venture investors, lack of a flexible system of taxation of venture business;
· Lack of qualified management, insufficient number of qualified venture fund managers;
· low transparency of the Russian intellectual capital market and domestic enterprises for venture investors, which leads to significant difficulties in finding recipient enterprises and innovative projects for venture investments.
State support for venture capital in Russia should be carried out in the following areas:
· regulatory and legal regulation of scientific, technical, innovation and venture activities;
Solving legal problems intellectual property, system of benefits and labor motivation;
creation and support of economic conditions and incentives for the development of venture entrepreneurship through the development of the state order system, improvement of planning for scientific and technological development, effective financial and credit levers, etc.
· formation of organizational and managerial conditions for the venture industry by improving the management of state property.
One of the most complex and topical problems in the field of venture business development can be called the lack of a developed and systematized regulatory and legal management of this type of activity. At the moment, even the very concept of “venture investment” is not established in the legislation. For this reason, in the Russian Federation, the period of using venture financing is more than two years, of which more than a year takes registration with the Central Bank, the Federal Securities Commission, as well as various approvals with a number of other state authorities. The end result of this activity is that investors refuse investments, not having time to complete the entire registration process.
In addition, Russian legislation does not contain regulations that can regulate the activities of venture funds. This does not contribute to the structures that are the main financial investors in the venture business ( pension funds, insurance companies, industrial corporations) to invest in venture funds. Ultimately, key expectations in the Russian venture business are placed on foreign capital, and Russian capital flows to foreign venture companies, which eventually becomes one of the most acute problems of the country's economic development. While the passivity of Russian investors is alarming. It turns out a vicious circle.
Forfaiting is an operation to transform a commercial loan into a bank loan. The essence of the operation is as follows.
The buyer, who does not have the required amount of financial resources at the time of the transaction, issues to the seller a set of promissory notes for an amount equal to the value of the object of the transaction and interest for deferred payment, i.e. for providing a commercial loan.
The seller takes into account the received bills in the bank with the wording "without the right to turn on himself", which relieves him of property liability in the event of the drawer's insolvency. According to the recorded payments, the seller receives money in the bank. As a result, a commercial loan is provided not by the seller, but by the bank, which agreed to discount the bills and assumed the credit risk, i.e., the commercial loan is transformed into a bank loan. The amount of credit risk, which depends on the reliability of the drawer, affects the discount rate at which bills are discounted by the bank.
Lending under the forfaiting scheme is medium-term (from 1 to 7 years).
Franchising is a form of indirect financing of innovative processes. Franchising is the provision by a company to an individual or legal entity licenses (franchises) for the production or sale of goods or services under the trademark or service mark of this company or according to its technology. Franchising allows you to reduce the cost of developing production technologies, conquering the market, organizing staff training, advertising, and also provides other types of financial, technological and commercial assistance. This reduces the risk of loss associated with an attempt self-creation new enterprise. The contract specifies the period for which the license is issued, the territory where goods or services will be produced or sold, and the form of payment.
Due to the decrease in the amount of funding from the budget, innovation activity makes it necessary to look for extrabudgetary sources of funding, which leads to the commercial nature of research results. Necessary condition financing of innovation activity is the search for both internal and external sources of financing. At the moment, we expect that the ratio of domestic and foreign investments in regional funds will be 1:2, but the need to attract extrabudgetary funding is a very difficult issue.
Mixed financing is carried out by attracting financial resources necessary for the implementation of innovative projects from various sources.
In developed countries, innovation activities are financed from both public and private sources. Most Western European countries and the United States are characterized by an approximately equal distribution of financial resources for R&D between public and private capital.
The principles of organizing financing should be focused on the plurality of sources of financing and assume the rapid and efficient implementation of innovations with their commercialization, which ensures the growth of financial returns from innovation.
Unfortunately, the current state of innovation activity and the investment climate in Russia is far from ideal. To date, reduced public funding, the lack of own funds of enterprises and the lack of strategic thinking of their leaders are not compensated by the influx of private capital.
Adopted in November 2008, the Concept of the Long-Term Socio-Economic Development of the Russian Federation for the period up to 2020 defined as the main task for the coming period the transition from an export-raw material to an innovative model of economic growth capable of ensuring the growth of the competitiveness of Russian products and services in the domestic and world markets. markets. Improving national competitiveness is a complex task, the success of which is determined by the development of human capital, economic institutions, implementation and strengthening of existing competitive advantage Russia in the energy and raw materials industries and transport infrastructure, as well as the creation of new competitive advantages associated with the diversification of the economy and the strengthening of the scientific and technological complex.
The transition of the country's economy to an innovative development path is impossible without the formation of a globally competitive national innovation system. To create it, it is necessary to increase the demand for innovations from most sectors of the economy, increase the efficiency of the knowledge generation sector (fundamental and applied science), and overcome the fragmentation of the created innovation infrastructure.
The existing system of financing innovation activities should be aimed not only at achieving the required level of financial support and internal costs, but also contribute to the development of an innovative company from the seed stage to the expansion stage. Therefore, the financing mechanisms operating within the framework of the innovation financing system must comply with certain principles.
Thus, the consequence of many problems, including those related to the financing of activities in the field of innovation, is a decrease economic security countries. One of the most compelling reasons for the increase in external threats is the excessive use of foreign investment, which leads to increased technological, raw material and financial dependence on foreign partners, while domestic investment is used to finance foreign innovation.
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