Article
Венчурное финансирование инновационных проектов
Promotion of innovative entrepreneurship is one of the key topics frequently discussed on the national level. This notwithstanding, publications describing the Russian experience In implementation of venture projects are extremely hard to come by. This article is expected to make up for such shortcoming to certain extent. The author describes a project for the creation of a cable TV network, wherein he acted as an "active" venture investor. The article describes the entire life cycle of venture project: from the emergence of an idea to the sale of company to a strategic investor.
The article reviews interrelation between the state and venture capital as the specific form to support the innovative development path. In the light of upcoming crisis for the state it is reasonable not to pull back but accelerate strategic trends related to innovations, since the feedstock loses its force for economic growth. One of the major components of this strategy is the increase of state participation in venture business. It shows the necessity to arrange this support not in the framework of old dotation schemes but engaging new institutional forms successfully used lately in the market cyclically changing economy.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.
We address the external effects on public sector efficiency measures acquired using Data Envelopment Analysis. We use the health care system in Russian regions in 2011 to evaluate modern approaches to accounting for external effects. We propose a promising method of correcting DEA efficiency measures. Despite the multiple advantages DEA offers, the usage of this approach carries with it a number of methodological difficulties. Accounting for multiple factors of efficiency calls for more complex methods, among which the most promising are DMU clustering and calculating local production possibility frontiers. Using regression models for estimate correction requires further study due to possible systematic errors during estimation. A mixture of data correction and DMU clustering together with multi-stage DEA seems most promising at the moment. Analyzing several stages of transforming society’s resources into social welfare will allow for picking out the weak points in a state agency’s work.