Journal of Siberian Federal University. Humanities & Social Sciences / The Impact of Stock Market Profitability on the Dynamics of Venture Investments in Russia

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Issue
Journal of Siberian Federal University. Humanities & Social Sciences. 2024 17 (3)
Authors
Baranov, Aleksandr O.; Maslov, Mikhail P.; Muzyko, Elena I.
Contact information
Baranov, Aleksandr O.: Institute of Economics and Industrial Engineering of SB RAS; Novosibirsk State University Novosibirsk, Russian Federation; ORCID: 0000-0001-8597-9788; Maslov, Mikhail P. : Novosibirsk State Technical University, Novosibirsk Russian Federation; ORCID: 0000-0001-5410-7549; Muzyko, Elena I. : nstitute of Economics and Industrial Engineering of SB RAS; Novosibirsk State Technical University Novosibirsk, Russian Federation; ; ORCID: 0000-0003-2684-6162
Keywords
venture capital; investment climate; innovative project; stock market
Abstract

Venture capital is one of the widely used sources of financing innovative projects. In Russia, the issue of the development of innovative and high- tech companies is very relevant. In this regard, it is of high importance to increase the attractiveness of the Russian economy from the point of view of venture investors. The paper considers some issues related to the level of favorability of the venture investment climate – for the period from 2001 to 2019, a correlation analysis of the dynamics of the profitability of the Russian stock market for different investment periods with the dynamics of the volume of capital invested in Russian venture and private equity funds for the same period was carried out. For the longest periods of investment in the stock market (512 and 1024 days), a strong negative relationship with investments in Russian venture and direct investment funds was revealed. This allows us to conclude that there is a significant displacement effect, in which a high long-term return on the stock market leads to a significant influx of investments into it to the detriment of investments in venture and private equity funds. The results obtained can be used in the development of venture investment development programs in Russia

Pages
566–579
EDN
KTBODQ
Paper at repository of SibFU
https://elib.sfu-kras.ru/handle/2311/152711

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