Journal of Siberian Federal University. Humanities & Social Sciences / Evaluation of the Dynamics of Venture Investments Optimal Share in Investor’s Portfolio in Comparison o the Stock Market in Russia

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Issue
Journal of Siberian Federal University. Humanities & Social Sciences. 2025 18 (12)
Authors
Maslov, Mikhail P.; Muzyko, Elena I.; Novikova, Tatyana S.
Contact information
Maslov, Mikhail P. : Novosibirsk State Technical University Novosibirsk, Russian Federation; ORCID: 0000-0001-5410-7549; Muzyko, Elena I. : Novosibirsk State Technical University Novosibirsk, Russian Federation; Institute of Economics and Industrial Engineering of SB RAS Novosibirsk, Russian Federation; Novosibirsk State University Novosibirsk, Russian Federation; ORCID: 0000-0003-2684-6162; Novikova, Tatyana S.: Novosibirsk State Technical University Novosibirsk, Russian Federation; Institute of Economics and Industrial Engineering of SB RAS Novosibirsk, Russian Federation; ORCID: 0000-0001-8636-5219
Keywords
stock market; venture capital; innovative projects; portfolio analysis
Abstract

It is known from global practice that venture capital is one of the most effective sources of financing for innovative projects. The problem of finding sources of financing for innovative business is very important for Russia in light of considering the necessity of early solution of the problem of import substitution and providing the technological sovereignty of our country. The paper presents the comparative attractiveness of the Russian stock market and venture capital using portfolio analysis tools. The authors calculated the optimal share of venture capital in an investor’s portfolio along with investments in the stock market. Based on the calculation results, a high correlation value between investments in the stock market and the actual volume of venture and private equity investment funds was found. This allows us to conclude that there is a probable connection between the parameters of profitability and risk of the stock market and the attractiveness of venture investments for risky investors, as well as with the presence of the effect of crowding out investments in venture capital from the stock market, which was in effect in the first half of the 2000s and ceased to be in effect in the remainder of the period under review. The research results can be used in formation of a concept for the development of venture financing of innovative projects in Russi

Pages
2438–2451
EDN
BUPAKP
Paper at repository of SibFU
https://elib.sfu-kras.ru/handle/2311/158002

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