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2. Deteriorating quality of corporate governance which was manifested in the reorientation of top managers for getting personal rewards disproportionate to the achieved results [5]. In this regard, it is necessary to change the paradigm of corporate governance, focusing managers on improving the efficiency of business processes in the longer term, liability for damages to the company and inaccurate risk assessment. It is necessary to limit the size of fixed reward and share of profits from managed assets paid to the managers.
3. Many of Russia's large semi stat-owned companies using the scheme of “privatization of profits and nationalization of losses” resort to loan schemes and increase external corporate borrowing. In a crisis, the government has to redeem debts of these companies in order not to allow foreign holders of collateral to gain control over a significant share of Russian assets [3].
Thus, a number of microeconomic factors and crisis situations at the corporate level accumulate and multiply creating systemic macroeconomic crises. And in order to solve the problem of crisis “on the top floor” of macroeconomics, it is necessary to eliminate the factors of crisis “on the ground floor” of microeconomics.
Macroeconomic policies must create favorable environment for addressing all identified problems by ensuring profitability of all highly productive activities, good investment and innovation climate. The combination of macroeconomic, institutional, scientific, technological and other components of public policy in the economic sphere is necessary in order to overcome crisis.
At microeconomic level it is necessary to restore the link between creative and socially useful activity, business profits, motivating entrepreneurial activity to enhance production efficiency and introduction of progressive innovations. The development strategy includes identification of priorities of long-term socio-economic and technological development, preservation and development of scientific and industrial potential of the country, forming innovation basis and other components of economic policy, all which is possible on the basis of national economic forecasting and macroeconomic planning.
According to experts, the reason of the global scope of the crisis is the weakness of financial models and globalization. In particular, weak financial sector regulation, transformation of credit into one of the elements of speculative economy, loss of contact between the financial sector and
the real economy, investing in American securities by countries accumulating foreign exchange reserves and oil funds, special position of dollar in the world currency and financial system.
The modern global crisis is a crisis of all modern institutions, management systems, including state. State must become the center for national economic strategy, regulator of national markets and architect of regulatory systems of international markets.
Countries are looking for new resources that will ensure their safe position or leadership in the world. Many researchers have attributed the economic success of the future to the transition to the so-called sixth technological structure. The basic technologies of a new technological structure will be biotechnology, nanotechnology, materials technology and information technology The boundaries between these technologies over time become blurred due to the interpenetration of different fields of knowledge. Recently, a very large role has been played by nanotechnology, which can take computer science, molecular biology, genetic engineering, and medicine on a fundamentally new level of quality
In our opinion, the main factor of the global economic crisis is people. The current economic crisis is unnatural as it is caused by people. Irrational economic policy, material and economic activity in all its forms leads to various kinds of shocks in economy. The modern global crisis will help understand the priority of production areas, take a fresh look at the prestige of labor in material production sectors, and revise approaches to the quality of service and their price.
1. Аттали Ж. Мировой экономический кризис... А что дальше? СПб., 2009.
2. Барашов Н.Г. Циклическая динамика экономики в условиях глобализации // Вестник Поволжской академии государственной службы. 2010. № 2 (23).
3. Институт современного развития. Экономический кризис в России - экспертный взгляд // Вопросы экономики. 2009. №4.
4. Мау В. Драма 2008 года: от экономического чуда к экономическому кризису // Вопросы экономики. 2009. № 2.
5. Фетисов Г. О мерах по преодолению мирового кризиса и формированию устойчивой финансово-экономической системы (предложения для «Группы двадцатки» по финансовым рынкам и мировой экономике // Вопросы экономики. 2009. № 4.
УДК 330.342 A.G. Poteyenko
INTERACTION OF INSTITUTIONS OF INVESTMENT AND INNOVATIVE ECONOMIC SYSTEMS DEVELOPMENT
The paper deals with the essential characteristics of interactions between institutions of investment and innovation development. The author provides an overview of institutional-evolutionary trends and gives a classification of types of investment and innovation institutions.
Key words: investment and innovation institutions, institutional and evolutionary direction macro innovation cycle, meso innovation cycle, micro innovation cycle, NIS (National Innovation System).
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А.Г. Потеенко
ОБ ИНТЕРАШИИ ИНСТИТУТОВ ИНВЕСТИЦИОННО-ИННОВАЦИОННОГО РАЗВИТИЯ ЭКОНОМИЧЕСКИХ СИСТЕМ
Предметом рассмотрения данной статьи является содержательная характеристика интеракции институтов инвестиционно-инновационного развития. Приводятся общая характеристика институционально-эволюционного направления, классификация видов инвестиционно-инновационных институтов.
Ключевые слова: инвестиционно-инновационный институт, институционально-эволюционное направление, макроинновационный цикл, мезоинновационный цикл, микроинновационный цикл, НИС (национальная инновационная система).
World experience shows that sustained economic development can be achieved through consistent growth in investment and innovation ensuring expanded reproduction of capital and social product. The quality of investments is secured primarily by an increase of innovation in their structure and is a key element in economic growth.
Lack of innovation or insufficient investment in their structure leads to the degradation and decline in production of the economy. This thesis has been confirmed by the results of ten-year market reforms in Russia when overall decline in investments by more than 5 times was accompanied by a double recession decrease in the estimated GDP In fact, the more investments are mobilized and the higher their efficiency is through innovation, the more elements of national wealth are involved in social production. The dynamics of economic processes and the quality of the investment structure determine innovative structure of the economy and stability of the reproduction and accumulation of elements of national wealth. Therefore, the study of interaction of institutions and phenomena of investment and innovation development is relevant.
First, it should be noted that relationship between investment and innovation in market conditions of reproduction of fixed capital was part of the research of many economic schools such as Keynesian, Schumpeterian, Kondratieff and neoclassical. These theories though explaining macroeconomic interactions do not offer solutions how to boost demand for investment and innovation and do not suggest any institutional forms for providing incentives for risky venture innovators, as well as owners of venture capital in order to make investment continuous and multiplier effect of investment and innovation on economic growth - maximal.
According to V. I. Mayevsky, “... macroeconomic level can be divided into a set (range) of non-identical, but related macroeconomic subsystems <...> the understanding of the evolutionary aspect of macro-level is only possible if the macro level can be structured as a set of macrogenerations having a common genotype and participating in the process of economic natural selection“ [l; p. 17 - 18]. Institutional and evolutionary school argues that there are “eternal macro sectors” forming an important characteristic of macrogenerations that organically fit into the evolutionary image of the macro level. In our opinion, macrogenerations give an impetus to the formation and development of macro innovation cycles, which are the basis for the development of innovative economy.
Macro innovation cycle implicitly includes such stages as knowledge generation; their application for socio-economic development; application of knowledge for implementing applied innovations (micro innovation cycles); ac-
cumulation of knowledge and experience with the organization of their wide dissemination in the education system in order to increase intellectual capital of people who are able to generate new knowledge in a new cycle. Since according to VI. Mayevsky, there are “eternal macro sectors” that develop in a particular area then macro innovation cycle will be reflected in their structure, that is sectoral and regional, in the form of meso innovation cycles. Macro innovation cycle is realized at enterprises and translates into micro innovation cycles. These cycles can be characterized by diversification of knowledge, implementation of applied research, implementation of design solutions, testing and prototyping technology, programming and investment in application of innovative technologies in production, mass production of innovative products that have competitive advantages over their traditional rivals.
Thus, innovation activity should be interpreted as economically organized micro innovation cycles, which are comprehensively realized in regional and sectoral subsystems (institutions). These institutions carry out continuous research and development, experimental and design work etc.
According to researchers, the integration of micro-, meso-and macro innovation cycles is only possible through sectoral and regional innovation and investment institutions.
Innovative projects and programs in sectoral innovation and investment institutions (multisectoral or intersectoral) are designed to implement micro and meso innovation cycles in order to create technologies for the reproduction of means of labor and mass production of competitive products (mostly for export). Such institutions are supported by scientific, industrial, investment and financial infrastructures.
National, regional programs and projects in regional innovation and investment institutions are designed to implement meso innovation as well as complementary micro innovation cycles. These institutions are supported by scientific, industrial, social, investment and financial infrastructures. They provide comprehensive solutions for socially-oriented tasks and manufacturing competitive products for industrial and social purposes.
Developing macro innovation cycles that include generation of meso innovation and micro innovation cycles in institutions require ensuring their systemic continuity through the establishment and functioning of a modern integrated innovation and investment, scientific-educational and socio-economic infrastructures, which are developed in an integrated form in the framework of special science, innovation and investment systems. In developed countries they are known as NIS (National Innovation System). National innovation system for development of macro in-
novation cycle through creation of innovation and investment institutions is graphically represented in the table.
Complex basis of the infrastructure includes the following set of subsystems:
- project design (strategic planning, design and programming of research and development, creation of experimental models of new equipment and technological systems);
- investment and finance (various types of investment funds: budget, venture capital, innovation, financial institutions);
- production technology (technology parks, innovation and technology centers, business incubators, transfer technology);
- information (database, knowledge, analytical and statistical centers, etc.);
- education (institutions of fundamental and applied science, universities and colleges, institutions for training and retraining of engineering and technical personnel);
- expert and consulting (organizations that provide services related to intellectual property, standardization, certification, etc.).
It is necessary in the framework of NIS to promote macro innovation cycles for development and creation of mac-
ro- technologies, and the demand for those macro technologies is formed in several sectors of economy or in social sectors. Their implementation programs are carried out by corporations or TNCs, as well as government investment agencies.
Development of micro innovation cycles should be carried out at the micro level as here they are in demand from sectoral, regional companies. Micro level innovative projects should be carried out by small venture-innovative enterprises, or their cross-sectoral, regional associations or corporate associations with the support of venture investment or venture capital funds. Thus, the main objective of small venture-innovative enterprises is to implement micro innovation cycles and to sell in the market semiproducts, which in some cases with state or corporate support can be transferred to macro innovation programs.
Cross-border macroeconomic federal innovation programs implementing macro innovation cycles attract vast resources and are long-term. In addition, they initiate the development of scientific innovation complexes, industrial parks, technopolises, science cities, industrial and technological zones. Implementing programs such as scientific, technical as well as social is related, first of all, to the organization of scientific, industrial, financial associations through the creation of various scientific and industrial centers. The development of international scientific, technical, trade relations is initiated in order to generate global macro innovation cycles through creating a variety of corporate alliances and joint ventures.
Academic papers note the fact that large and small organizations have different innovation activity consistent with their goals and objectives which are formed at meso and micro levels. Thus, corporations are sufficiently interested in creating a network of venture innovation organizations and small venture innovation enterprises including the establishment of special “incubator associations,” where innovators should be able to receive basic venture education, that is, “grow” and improve their qualification [2, p. 18.]. Due to risky nature innovation projects lead to creation of respective organizational investor associations in the form of venture capital funds. Distribution of new, complex industrial products and technologies sometimes is carried out by small venture-innovative enterprises through franchising or leasing [3].
In conclusion, meso innovation cycles are funded by financial resources of corporate and state investment and financial institutions. Micro innovation cycles are funded mainly by venture capital funds with state support for risky innovations integrated into the national innovation system, which generates macro innovation cycles in the whole country.
MARKET OF INNOVATIONS, INVESTMENTS, TECHNOLOGIES
Market infrastructure (financial investment companies, banks, funds, insurance companies, social sphere of communal services etc.)
The structure of NIS for the development of macro innovation cycle with support from innovation and investment institutions
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3. СпивакВ.И. Организационные формы продвижения инноваций // URL: http:// www.informika.ru/ 1600.html.
