Olga N. Korableva

В статье проанализирован процесс применения цифровых платформ в качестве значимого фактора трансформации Российского сектора малого и среднего бизнеса. Методологическую базу исследования составил анализ научной литературы, а также эмпирический анализ статистических данных Росстата. В работе раскрыты закономерности развития информационных систем, обоснован переход бизнеса к новому, наиболее перспективному этапу – к платформенной интеграции субъектов малого и среднего бизнеса с экосистемами крупнейших технологических корпораций (Бигтех). Описан механизм платформенной трансформации, представляющий собой сочетание современных технологических решений и бизнес-моделей. Практическая часть посвящена эмпирической проверке гипотезы о последовательном характере цифровой трансформации бизнеса, оказывающем влияние на платформизацию процессов. Результаты подтверждают, что внедрение внутренних (финансовых) цифровых платформ выступает обязательным условием для внешнего масштабирования. Рассчитанный минимальный порог инфраструктурной готовности доказывает, что эффективный выход на транзакционные платформы (маркетплейсы) невозможен без предварительного формирования фундамента автоматизации базовых управленческих и финансовых задач

Aim. The work aimed to identify the role of modern financial instruments in supporting innovation, as well as the financial market role in achieving technological leadership in Russia. Objectives. The work seeks to study the Russian financial market restrictions associated with external pressure in the form of sanctions against participants, as well as its infrastructure, and to identify traditional and new instruments of the Russian financial market that are used to develop innovation support mechanisms. Methods. Based on the authors’ research methods and empirical data collected through an online survey among financial sector specialists and real businesses, the banking and investment sectors of the financial market are demonstrated to be expanding their capabilities to support innovation through the use of new financial technologies by financial intermediaries. Results. The study systematizes the ways and instruments of financial intermediaries’ participation in supporting innovation. The authors identified the Moscow Exchange capabilities in attracting debt and equity financing by issuers at various stages of a company’s existence, from private equity capital to the circulation of shares on the organized market. The work demonstrates new opportunities for collective investors and platforms to attract capital effectively for the innovative development of companies. An empirical study on the development of digital technologies in the financial market was conducted to reveal the role of the technology factor in investment support for innovation. The use of financial technologies is proven to contribute to the expansion of the investment base of Russian investors for investment support for innovation. Conclusions. The goal set at the state level of expanding financing of innovation through private investment for Russia to achieve the technological leadership can be accomplished using traditional and new financial instruments with the participation of the Moscow Exchange, taking into account the innovative infrastructure of the financial market, as well as scaling up the efforts of financial intermediaries to provide convenient services to clients.

Different financial resources are used to finance the operational and innovative activities of enterprises, forming the structure of their capital. Many studies have been conducted on the topic of businesses’ access to external financial resources, such as loans. However, the topic of the relationship of financing patterns with the results of innovation activity and the innovative potential of enterprises is still insufficiently studied. The aim of this article is to identify patterns of financing Russian enterprises, as well as the specifics of financing innovative enterprises. As the main research method, we used cluster analysis, which was conducted for two groups of Russian enterprises — large and small and mediumsized (SMEs) businesses. The study is based on data from a survey of Russian companies conducted by the World Bank. The results show that large enterprises use five financial patterns: equity, trading, loans, mixed financing, and government subsidies. SMEs, on the contrary, are limited to the first four patterns. Special attention was paid to innovative companies, among which most large enterprises rely on their own funds as the main source of financing. At the same time, small and medium-sized innovative enterprises demonstrate a more flexible financial strategy, using a wider range of sources to ensure their innovation activities. The data obtained is of great importance for the development of effective tools to support innovation. Taking into account the identified features of the financial structure of companies, it is necessary to develop measures aimed at stimulating innovation, taking into account the specifics of various types of enterprises. This will not only increase the innovative potential of Russian companies, but also strengthen their positions in the domestic and global markets.

The availability of financial resources is of crucial importance for an enterprise. The enterprise can utilize these resources to introduce innovations that enhance its growth and competitiveness. The paper is dedicated to studying the relationship between the innovation activities of the enterprises and their demand for external financial resources. The considered innovation activities include introducing product innovation or process innovation and conducting research and development (R&D) activities. The analysis bases on data from the World Bank enterprise survey conducted for Russian enterprises. The authors define the enterprises that have a demand for external financial resources and utilize a quasi-binomial model to study the relationship. The results demonstrate that the relationship between the necessity for external funding and innovation outputs depends on the type of innovation output. This relationship differs by the enterprise size and industry type, as well. Nevertheless, enterprises that seek external funding tend to conduct fewer R&D activities. The importance of the current research stems from the fact that mainstream literature has concentrated on studying the relationship between innovation activities and financial constraints. In contrast, the relationship between these activities and the demand of the enterprise for additional financial resources is still unclear.

Support for technology startups is a strategically important issue of economic development. One of the most relevant areas is a fintech startup. In this regard, it is interesting to consider the possibilities of new digital tools in the context of startup financing processes. The paper considers the problem of low efficiency of investing in startups, and makes an assumption about the possibilities of reducing the existing inefficiency of venture investments associated with information asymmetry through the usage of digital currency and digital platform.

   Aim. The presented study develops an ontological model of innovation from the industrial perspective (through the example of the construction industry) reflecting the relationship between innovation and the goals of their implementation and management objects, which would ensure the optimization of the innovation management system in the long term and facilitate the introduction of a quality assessment and selection system for more efficient operation of organizations.   Tasks. The authors analyze the existing terminology and types of innovations at construction enterprises; classify the objects of innovation management; develop an ontological model of innovation at construction enterprises in the form of a directed graph.   Methods. This study is based on the theory of innovation management, elements of system analysis, practical foundations of the organizational life cycle, and graph theory.   Results. The obtained results can be used both in building an innovation management model at construction enterprises and in applying the methodology for assessing the quality of innovation. The relationship between management goals, implemented innovations, and management objects is determined and presented in the form of an ontological model.   Conclusions. Development of an ontological model makes it possible not only to determine the relationship between various elements of economic, scientific, technical, and innovation activities of a construction company, but also to develop approaches to assessing their quality and building an innovation management system. Further research should focus on the aspects of innovation implementation at construction enterprises, its technological features, and processes that can be transformed for the successful implementation of these innovations.

Digital regulation implies the quantified measuring and the network infrastructure allowing managers to control the processes of value creation. Digital regulation needs to take into account tacit elements of the value creation process, including unconscious competency, creativity, and intuitive anticipation, to assure the resulting network’s innovation growth. Digital society in developing countries is built on the ground of fact change of the economy and social relations, of transition towards an emerging market within the global offline network of interactions and online activities through Internet; the innovative growth imposes the evolution of managerial behavior and attitudes. The main objective of the paper is to obtain indications on the perception of intellectual capital by corporate managers. The exploratory study was carried out in Russian companies operating in different sectors, with the use of the open-ended approach, including focused interviews and group discussion among experts, middle and senior managers from marketing or corporate governance background. The data were complemented by documentary analysis of descriptions of internal processes of the implementation of digital tools of accounting, which includes the human resources control applied for the remote work during the pandemic. Networking helps to coordinate functions between team members at remote work and between teams and administrators. The interviews demonstrated the administrative tendency to under-estimate the non-formalized factors of innovation activity, such as awareness of corporate strategy, creativity, motivation, and affective and behavioral components of communication of the persons involved in the enrichment of intellectual capital. The results show fuzzy boundaries between the intellectual capital components that are difficult to control. This difficulty provokes the preference for the use of “traditional” quantitative indicators that had been implemented at the stage of the financial digitalization, instead of developing new parameters or measuring approaches. The networking emerges synergetic effect if the administrators refuse their monopoly on the uncertainty zones and are oriented to construct the trustful atmosphere of personal responsibility within the network.