Добавил:
ivanov666
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз:
Предмет:
Файл:Экономика инновационной деятельности предприятия = Economics of innovative activity of enterprise. Учебное пособие
.pdf
,QQRYDWLRQ LV DVVXPHG WR RFFXU ZKHQ LW LV GHPDQGHG E\ WKH PDUNHW RU
LQWURGXFHGLQWKHPDQXIDFWXULQJSURFHVV,QQRYDWLRQVDUHGLYHUVH
Innovative activity FRQVLVWV LQ SDUWLFLSDWLRQ RI HQWHUSULVH LQ FUHDWLRQ RI
LQQRYDWLRQVGXULQJFHUWDLQSHULRGRIWLPH
7KHUHLV D JUDGDWLRQRIHQWHUSULVHV DFFRUGLQJ WRWKHLUOHYHORI WHFKQRORJLFDO
GHYHORSPHQW 7KHFULWHULD IRU LQFOXVLRQ RI HQWHUSULVH WR high-tech industryLV WKH
KLJKOHYHO RILWVWHFKQRORJLFDO GHYHORSPHQWVXSSRUWHG E\ WKHKLJK 5 ' WRWKH
JURVVRXWSXWYDOXHUDWLR,WLVEHOLHYHGWKDWLQKLJKWHFKLQGXVWULHVWKLVILJXUHVKRXOG
EH WLPHV PRUH WKDQ WKH DYHUDJH UDWLR IRU WKH PDQXIDFWXULQJ LQGXVWU\ LQ
DYHUDJH7KHFULWHULRQ IRU LQFOXVLRQ RI HQWHUSULVHLQWRWKHKLJKWHFKLQGXVWU\LVWKH
UDWLR RI SHRSOH ZLWK D KLJK OHYHO RI SURIHVVLRQDO HGXFDWLRQ DPRQJ WKH
PDQXIDFWXULQJLQGXVWU\ZRUNHUV
,Q WKH ZRUOG SUDFWLFH WKHUH DUH VHYHUDO GLVWLQFW FODVVLILFDWLRQV RIKLJKWHFK
NQRZOHGJHEDVHG LQGXVWULHV ,Q V H[SHUWV LQ VRPH FRXQWULHV KLJKOLJKWHG VR
FDOOHGOHDGLQJHGJHWHFKQRORJLHVDQG³KLJKOHYHO´WHFKQRORJLHV$FFRUGLQJWRWKH
6WDQGDUG ,QWHUQDWLRQDO 7UDGH &ODVVLILFDWLRQ 6,7& ³OHDGLQJ HGJH WHFKQRORJ\´
JURXS FRQVLVWV RI VFLHQFH LQWHQVH W\SHV RI SURGXFWV VXFK DV UDGLRDFWLYH
PDWHULDOV SKDUPDFHXWLFDO SURGXFWV HTXLSPHQW IRU DXWRPDWHG GDWD SURFHVVLQJ
VHPLFRQGXFWRU GHYLFHV HWF 7KH JURXS RI ³KLJK OHYHO´ WHFKQRORJ\ LQFOXGHV
SURGXFWVWKDWDUHGHVLJQHGSULPDULO\WRPDUNHWFRQGLWLRQVDQGWKHPDVVFRQVXPHU
,QPDQXIDFWXULQJLQGXVWULHVWKHKLJKWHFKPHGLXPWHFKKLJKHQGPHGLXP
WHFK ORZ HQG DQG ORZWHFK LQGXVWULHV DUH GLVWLQJXLVKHG DFFRUGLQJ WR WKH
WHFKQLFDOLW\FULWHULRQ
,Q5XVVLDWKHhigh-techLQGXVWU\DFFRUGLQJWR5'VDOHVUDWLRLQFOXGHV
WKH SURGXFWLRQ RI SKDUPDFHXWLFDO SURGXFWV RIILFH PDFKLQHU\ DQG FRPSXWHUV
PDQXIDFWXULQJ RI UDGLR GHYLFHV WHOHYLVLRQ DQG FRPPXQLFDWLRQ GHYLFHV
$YDLODEOHIURPKWWSHSSHXURVWDWHFHXURSDHXFDFKH,7<B6''6HQKWHFBHVPVKWP
ϳϳ
$YDLODEOH IURPKWWSZZZRHFGLOLEUDU\RUJVFLHQFHDQGWHFKQRORJ\RHFGVFLHQFHWHFKQRORJ\
DQGLQGXVWU\RXWORRNBVWLBRXWORRNHQ
ϳϴ
Russian Innovation IndexRSFLW3>5XVVLDQ@
101
PDQXIDFWXUH RI PHGLFDO HTXLSPHQW PHDVXULQJ LQVWUXPHQWV RSWLFDO LQVWUXPHQWV
ZDWFKHVDQGPDQXIDFWXUHRIDLUFUDIWVDQGVSDFHFUDIWV
7KHPHGLXPWHFKKLJKHQG
WHFKQRORJ\ LQGXVWULHV LQFOXGH FKHPLFDO LQGXVWU\ SURGXFWLRQ RI PDFKLQHU\ DQG
HTXLSPHQW PDQXIDFWXUH RI HOHFWULFDO PDFKLQHU\ DQG DSSDUDWXV PDQXIDFWXUH RI
PRWRU YHKLFOHV WUDLOHUV DQG VHPLWUDLOHUV PDQXIDFWXUH RI RWKHU WUDQVSRUW
HTXLSPHQW
Medium-techORZ HQG EUDQFKHVLQ 5XVVLD LQFOXGHWKH SURGXFWLRQ RIFRNH
DQGSHWUROHXPSURGXFWV PDQXIDFWXUH RIUXEEHU DQGSODVWLFSURGXFWVPDQXIDFWXUH
RI RWKHU QRQPHWDOOLF PLQHUDO SURGXFWV PHWDOOXUJ\ DQG SURGXFWLRQ RI PHWDO
SURGXFWVFRQVWUXFWLRQDQGUHSDLURIVKLSV
Low-tech LQGXVWULHV DUH WKRVH SURGXFLQJ
IRRGEHYHUDJHV WREDFFR WH[WLOHV
FORWKLQJIXUVOHDWKHUJRRGVIRRWZHDUSXOSSDSHUERRNVIXUQLWXUHHWF
7KLVWHUPLQRORJ\LVTXLWHGHFHSWLYHDFRPSDQ\RIORZWHFKLQGXVWULHVVXFK
DVWH[WLOHV IRUH[DPSOHFDQEHHTXLSSHGZLWKWKHQHZHVWWHFKQRORJ\DQGSURGXFH
LQQRYDWLYH IDEULFV EXW IRUPDOO\ LW UHIHUV WR ORZWHFK LQGXVWULHV VLQFH FRPSDQ\
H[SHQVHVRQ 5 'DUH VPDOODQGVRSKLVWLFDWHG HTXLSPHQW XVHGLQSURGXFWLRQ LV
TXDOLILHGDV³ERUURZHGWHFKQRORJ\´
7HFKQRORJLFDOLQQRYDWLRQDFWLYLW\LVRQHRIWKHNH\LQGLFDWRUVFKDUDFWHUL]LQJ
WKH SRWHQWLDO IRU WHFKQRORJLFDO PRGHUQL]DWLRQDQG LQQRYDWLYH GHYHORSPHQWRI WKH
HFRQRP\ ,W ZRXOG EH D PLVWDNH WR XQGHUHVWLPDWH WKH LQQRYDWLYH SRWHQWLDO RI
HQWHUSULVHVWKDW UHIHU WRWKHPHGLXP DQG ORZWHFKLQGXVWULHV(PSOR\HUV LQ WKHVH
VHFWRUV PD\ QRW FRQGXFW WKHLU RZQ 5' EXW WKH\ FDQ ERUURZ WHFKQRORJLHV
GHYHORSHGE\RWKHURUJDQL]DWLRQVLQFOXGLQJWHFKQRORJLHVHPERGLHGLQWKHPRGHUQ
HTXLSPHQWWRSURGXFHLQQRYDWLYHSURGXFWV
,QQRYDWLYH FRPSDQLHV DUH DOVR WKRVH ILUPV WKDWGHVLJQ DQG LPSOHPHQW QHZ
PDUNHWLQJ RUJDQL]DWLRQDO DQG HQYLURQPHQWDO LGHDV 7KHLU FRQWULEXWLRQ WR WKH
LQQRYDWLYHGHYHORSPHQWRIWKHQDWLRQDOHFRQRP\LVYHU\VLJQLILFDQW
7KH QHHG IRU LQQRYDWLRQ LV FDXVHG E\ WKH QHHG RI FRPSDQLHV WR VXUYLYH
'XULQJ WKH HFRQRPLF FULVLV PDQ\ FRPSDQLHV DFWLYDWH WKHLU VHDUFKIRUZD\VWR
102
FUHDWH FRPSHWLWLYH DGYDQWDJHV E\ XSJUDGLQJ WHFKQRORJLHV DQG SURGXFWV WKDW ZLOO
VHFXUHWKHLUSRVLWLRQVLQWKHPDUNHW DQGDWWUDFWQHZFXVWRPHUV)DLOXUHWRLQQRYDWH
OHDGVWRWKHUHGXFWLRQRIFRPSDQLHV¶FXVWRPHUEDVH
7KH LQQRYDWLRQ SURFHVV LQ FRPSDQLHV PXVW FRPSO\ ZLWK F\FOHV ZKLFK
GHWHUPLQH WKH VWDWH RI WKH HFRQRP\ LQGXVWU\ DQG FRPSDQ\ LWVHOI ,QYHVWPHQW LQ
LQQRYDWLRQLV QHHGHGZKHQ WKH PDUNHW LV UHDG\WR DFFHSWRIIHUHG SURGXFWV /DUJH
VXFFHVVIXO FRPSDQLHV DSSO\ WKH WDFWLFV RI RSHQ LQQRYDWLRQEDVHG RQWKH XVHRI D
ZLGH UDQJH RI H[WHUQDO VRXUFHV RI LQQRYDWLRQ ZKLOH H[SORULQJ DW PD[LPXP WKH
LQQRYDWRUVSRWHQWLDOZLWKLQWKHFRPSDQ\
,QQRYDWLYH DFWLYLWLHV DUH FDUULHG RXW LQ DOO EUDQFKHV RI WKH HFRQRP\
LQFOXGLQJWKH ORZWHFKDQGZHFDQVD\WKDWLQQRYDWLRQVDUHFUHDWHGE\ HQWHUSULVHV
RIDOOWHFKQRORJLFDOOHYHOV
5HFRJQL]LQJWKLVIDFWKRZHYHUH[SHUWVVWDUWVWXG\LQJLQQRYDWLYHEHKDYLRURI
HQWHUSULVHVSULPDULO\ZLWKWHFKQRORJLFDOLQQRYDWLRQZKLFKDV DUXOHDUHEDVHGRQ
WKHUHVXOWVRIWKHFRQGXFWHG5'
$VWXG\RILQQRYDWLRQ DFWLYLWLHV RIHQWHUSULVHV FRQGXFWHGLQ 2(&'FRXQWULHV
LQ
UHYHDOHG D QXPEHU RI WUHQGV FKDUDFWHULVWLF IRU WKH GHYHORSPHQW RI
LQQRYDWLYHILUPVLQGHYHORSHGHFRQRPLHVDWWKHPRPHQW
5'RISULYDWHLQQRYDWLYHILUPV
,Q2(&'FRXQWULHVWKHSULYDWHVHFWRUKDVEHHQFDUU\LQJRXWWKHPDMRUSDUWRI
5 ' GXULQJWKH ODVW \HDUV DQGLW DOVR EHDUV PRUH WKDQ RI WKHLU FRVWV
1HYHUWKHOHVVWKHVWDWHUHPDLQVWKHPDLQHQWLW\ZKLFKILQDQFHV5'LQWKHKLJKHU
HGXFDWLRQVHFWRUDQGWRDODUJHH[WHQWLQWKHSULYDWHVHFWRUVHH)LJ
7KH GDWD LQGLFDWHV D KLJK FRQFHQWUDWLRQ RI 5 ' LQ D OLPLWHG QXPEHU RI
PDLQO\ODUJHFRPSDQLHV%XWWKHRYHUDOOSLFWXUHLVTXLWHGLYHUVH
,QVRPHFRXQWULHV
,FHODQG1HZ=HDODQGPRUHWKDQRI5'DFFRXQWVIRUVPDOODQGPHGLXP
VL]HGHQWHUSULVHV60(VZKLOHLQWKH8QLWHG6WDWHVDQG*HUPDQ\OHVVWKDQ
ϳϵ
2(&' 6FLHQFH 7HFKQRORJ\ DQG ,QGXVWU\ 6FRUHERDUG ,QQRYDWLRQ IRU *URZWK DQG
6RFLHW\$YDLODEOHIURPZZZRHFGRUJ
103
DQG LQ -DSDQ OHVV WKDQ ,Q VRPH FRXQWULHV (VWRQLD 6ORYDNLD .RUHD DQG
)LQODQG60(VUHFHLYHDVLJQLILFDQWSURSRUWLRQRIIXQGLQJIURPWKHJRYHUQPHQWIRU
5'
,Q WKH 8. DQG 86$ 60(V UHFHLYH OHVV VWDWH ILQDQFLQJ IRU 5 ' WKDQ WKH
PRQH\FRPSDQLHVVSHQGRQWKLV5'7KHUHLVDWHQGHQF\RIFRQFHQWUDWLRQRI5
'RI SULYDWHVHFWRULQD OLPLWHGQXPEHU RILQGXVWULHV7KHVH DUH DERYHDOOWKH
FKHPLFDOLQGXVWU\ LQFOXGLQJ SKDUPDFHXWLFDOV IXHO FKHPLFDOVDQGPLQHUDOV,&7
DQGWUDQVSRUWHTXLSPHQW
)LJXUH([SHQGLWXUHRQ5'ILQDQFLQJRIHQWHUSULVHVJRYHUQPHQW
XQLYHUVLWLHVSULYDWHQRQSURILWRUJDQL]DWLRQVLQRIWRWDO5'
H[SHQGLWXUHV
Source: 2(&'Main Science and Technology Indicators Database
$YDLODEOHIURPZZZRHFGRUJVWLPVWLKWP-XQHɪ
2. Major R & D actors
7ZRWKRXVDQGFRPSDQLHVLQWKHZRUOGFDUU\RXWPRUHWKDQRIDOO5'
DQGRZQRIDOOSDWHQWVLVVXHGE\ILYHODUJHVWLQWHOOHFWXDOSURSHUW\RIILFHVLQ
WKHZRUOG7KHVHFRPSDQLHVDUHJOREDOSOD\HUVLQWKHILHOGRIWHFKQRORJ\
3. Information and communication technologies (ICT) and innovation
104
,&7 LQGXVWU\ RFFXSLHV D VSHFLDO SODFH LQ WKH LQQRYDWLRQ VHFWRU,&7
H[SHQGLWXUHRQ5'DPRXQWVXSWRRIDOOSULYDWHVHFWRUVSHQGLQJIRU5'
RI*'3DQG LQ)LQODQG,VUDHO .RUHD DQGWKH 86 ±XSWR
RI*'3,I5'VSHQGLQJLVDQLQYHVWPHQWWKHUHVXOWLVWKHSDWHQWV
REWDLQHG'XULQJWKHSHULRGWKHQXPEHURISDWHQWVREWDLQHGE\WKH,&7
VHFWRUILUPVLQFUHDVHGE\
,QQRYDWLYH ILUPV LPSURYH WKHLU FRPSHWLWLYHQHVV WKURXJK WKH SURGXFWLRQ RI
QHZ DQG LPSURYHG SURGXFWV DQG VHUYLFHV DV ZHOO DV PRUH HIIHFWLYH ZD\V RI
PDUNHWLQJ DQG VDOHV ,Q WKH ,&7 VHFWRU WKH VKDUH RI LQQRYDWLYH FRPSDQLHV LV
VXEVWDQWLDOO\KLJKHUWKDQLQRWKHUPDQXIDFWXULQJLQGXVWULHVFRPSDUHGWR
DFFRUGLQJWR WKH &RPPXQLW\,QQRYDWLRQ 6XUYH\$QG LQ WKH VHUYLFH VHFWRU
WKH VKDUH RI LQQRYDWLYH ,&7 ILUPV LVKLJKHU WKDQ WKH VKDUH RI ILUPVWKDW SURYLGH
RWKHULQQRYDWLYHVHUYLFHVFRPSDUHGWR
'LIIHUHQWW\SHVRILQQRYDWLRQ
&RPSDQ\ GDWD VKRZV WKDW ILUPV VLPXOWDQHRXVO\FDUU\ RXW YDULRXV W\SHV RI
LQQRYDWLRQWKH PRVWLQQRYDWLYHRIWKHPERWKODUJHDQGVPDOOLPSOHPHQWSURGXFW
DQG SURFHVV LQQRYDWLRQV DV ZHOO DV QHZ PDUNHWLQJ DQG RUJDQL]DWLRQDO PHWKRGV
)LJXUH
7KH GDWD VKRZV WKDW WKH VKDUH RI ODUJH FRPSDQLHV HQJDJHG LQ
LQQRYDWLRQLVKLJKHUWKDQWKHVKDUHRILQQRYDWLYH60(VLQDOO60(V7KHEHKDYLRU
RIODUJHILUPVLQGLIIHUHQWFRXQWULHVLVVLPLODUEXWWKHUHDUHGLIIHUHQFHVLQEHKDYLRU
DPRQJ60(V
7KHPRVW DFWLYHLQQRYDWLYH 60(VDUH LQ*HUPDQ\ /X[HPERXUJ$XVWUDOLD
DQG6ZLW]HUODQG,QJHQHUDOWKHUHLVDVLJQLILFDQWJDSLQWKHLQWHQVLW\RILQQRYDWLRQ
DFWLYLWLHVRIODUJHDQGVPDOOPHGLXPILUPV 7KH ODUJHVW JDSLV REVHUYHG LQ 3RODQG
DQG6SDLQ7KHLQWHQVLW\RIWHFKQRORJLFDOLQQRYDWLRQRIFRPSDQLHVIURPWKHVHUYLFH
VHFWRULVVOLJKWO\ORZHUWKDQWKDWRIILUPVIURPWKHPDQXIDFWXULQJVHFWRU)LJ
105
)LJ7\SHVRILQQRYDWLRQLQERWKODUJHDQGVPDOOPHGLXPVL]HGFRPSDQLHVDV
RIODUJHFRPSDQLHVDQG60(VLQWKHVXUYH\
Source: 2(&'Main Science and Technology Indicators Database
$YDLODEOHIURPwww.oecd.org/sti/msti.htm-XQH3
106
,QQRYDWLRQQHZWRWKHPDUNHW
&RQGXFWLQJ RI 5 ' E\ ILUPV LQFUHDVHV WKH OLNHOLKRRG EXW GRHVQRW
JXDUDQWHHWKHFUHDWLRQRILQQRYDWLYHSURGXFWV$WWKHVDPHWLPHQRWDOOLQQRYDWLYH
FRPSDQLHV FRQGXFW 5 ' 'DWD IRU 2(&' FRXQWULHV VKRZV WKDW IRU H[DPSOH
RI ILUPV LQ*HUPDQ\ DQG RIILUPV LQ$XVWUDOLDGR QRWFRQGXFW5 '
EXW QHYHUWKHOHVV WKH\ SURGXFH WHFKQRORJLFDO LQQRYDWLRQ LQ FDVH RI KLJK
WHFKQRORJ\ ILUPV ZKLFK FRQGXFW WKHLU RZQ 5 ' WKLV ILJXUH DPRXQWV WR
)LJ
$WWKHVDPHWLPHWKHPDMRULW\RIILUPVLQWKHHFRQRP\GRQRWFRQGXFWWKHLU
RZQ5' EXWWKH\VHWWKHDYHUDJHOHYHORILQQRYDWLRQLQWKHHFRQRP\7KHOHYHO
RI QRYHOW\ RI LQQRYDWLYH SURGXFWV RIIHUHG E\ FRPSDQLHV LV GLIIHUHQW 7KH GDWD
UHSRUWHG E\ FRPSDQLHV UHJDUGLQJ WKHLU LQQRYDWLYH SURGXFWV WKDW DUH QHZ WR WKH
PDUNHW VKRZV WKH IROORZLQJ FRPSDQLHV IURP WKH PDQXIDFWXULQJ LQGXVWULHV
UHSRUWDERXW QHZ SURGXFWVFUHDWHG IRU WKHPDUNHW PRUHRIWHQWKDQ LQ WKHVHUYLFHV
VHFWRULQ*HUPDQ\WZLFHDVOLNHO\ODUJHILUPVSURGXFHVLJQLILFDQWO\PRUHQHZ
SURGXFWVIRUWKHPDUNHWWKDQ60(V
'HPDQGRQLQQRYDWLRQDQGLQQRYDWLRQVXSSRUW
,QQRYDWLRQVSURGXFHGE\ SULYDWH ILUPVGHSHQG RQWKHGHPDQGRQ LQQRYDWLRQV
DQGWKHLURIIHUV6WDWLVWLFDOVXUYH\VVWXG\PDUNHWVZKHUHWKHILUPVRSHUDWH,QVPDOO
HFRQRPLHV VXFK DV 6ORYHQLD /DWYLD %HOJLXP LQQRYDWLYH ILUPV ZRUNIRUWKH
LQWHUQDWLRQDOPDUNHW5HFHQWO\DWWHQWLRQKDVEHHQSDLGWRWKHIDFWWKDWSULYDWHILUPV
DUHZRUNLQJRQJRYHUQPHQWFRQWUDFWV,QWKH2(&'FRXQWULHV$XVWULD)LQODQGDQG
)UDQFH VKRZ WKH KLJKHVWUDWHV RI SULYDWH ILUPV ZRUNLQJRQ VWDWH FRQWUDFWV /DUJH
LQQRYDWLYHILUPVGHPRQVWUDWHKLJKHUUDWHVRIZRUNLQJIRULQWHUQDWLRQDOPDUNHWVDQG
RQ JRYHUQPHQW FRQWUDFWV 1RQLQQRYDWLYH ILUPV DQG 60(V DUH PXFKOHVV
UHSUHVHQWHGLQWKHVHPDUNHWV
*RYHUQPHQW DLG WR SULYDWH ILUPV LQ WKH FUHDWLRQ RI LQQRYDWLRQV LQFOXGHV
SURYLGLQJWKHPZLWKJRYHUQPHQWFRQWUDFWV IRU SURGXFWLRQ RILQQRYDWLYHJRRGV DV
ZHOO DV UHGXFHG FRVWV DQG ULVNV WKURXJK WD[ FUHGLWV GHGXFWLRQV JUDQWV
107
FRQFHVVLRQDOORDQVDQG ORDQ JXDUDQWHHVIRULQQRYDWLYHSURGXFWLRQ6WDWLVWLFV VKRZ
WKDWODUJHLQQRYDWLYHILUPVDUHPRUHOLNHO\WRJHWWKHVWDWHVXSSRUWWKDQ60(V
)LJ3URGXFWLQQRYDWLRQLQILUPVFRQGXFWLQJDQGQRWFRQGXFWLQJ5'
DVRIILUPVZLWKSURGXFWLQQRYDWLRQVFRQGXFWLQJDQGQRWFRQGXFWLQJ5
'LQWKHWRWDOQXPEHURIILUPVLQWKHVXUYH\
Source: 2(&'Main Science and Technology Indicators Database
$YDLODEOHIURPwww.oecd.org/sti/msti.htm-XQH3
108
)LJXUH(QWHUSULVHVRSHUDWLQJLQWKHLQWHUQDWLRQDODQGVWDWHPDUNHWV
DVRIDOOILUPVLQWKHVXUYH\
Source: 2(&'Main Science and Technology Indicators Database
$YDLODEOHIURPwww.oecd.org/sti/msti.htm-XQH3
109
%XVLQHVVFOLPDWHIRULQQRYDWLRQ
7KHSROLWLFDOFOLPDWHSOD\VDQLPSRUWDQWUROHLQWKHFUHDWLRQRIQHZILUPVDQG
SURPRWLQJ KHDOWK\ FRPSHWLWLRQ LQ WKH HFRQRP\ 5HGXFHG EDQV DQG EDUULHUV
FRQWULEXWHWRWKHFUHDWLRQRIQHZEXVLQHVVHVDQGWKRXJKWIXOFLUFXPVSHFWPHWKRGV
RI ILUPV SUHYHQWLRQ RI ILQDQFLDO LQVROYHQF\ UHGXFH WKH ULVN RI EDQNUXSWF\ RI
FRPSDQLHVDQG LQGLYLGXDO HQWUHSUHQHXUV WKDWKHOSWKHPWRWDNHULVNVDQGLQQRYDWH
<RXQJ LQQRYDWLYH ILUPV DUH FULWLFDOO\ LPSRUWDQW IRU HFRQRPLF JURZWK DQG
HPSOR\PHQW GHYHORSPHQW HVSHFLDOO\ DIWHU WKH FULVLV UHFRYHU\ +RZHYHU WKHVH
ILUPVKDYHJUHDWGLIILFXOW\LQILQGLQJIXQGLQJEHFDXVHWKH\XVXDOO\FDQQRWSURYLGH
QHLWKHUFROODWHUDOQRUJRRGFUHGLWKLVWRU\,WLVGLIILFXOWIRUIRUPVWRJHWIXQGLQJIRU
DVHHGDQGHDUO\VWDJHVRIGHYHORSPHQWDVIDUDVWKHSURVSHFWVIRU\RXQJLQQRYDWLYH
ILUPVGHYHORSPHQWDQGWKHSUREDELOLW\RIEHLQJSURILWDEOHLVXQFHUWDLQ
7KHHFRQRPLF FULVLVKDV QHJDWLYHO\ DIIHFWHG WKH LQGXVWU\RI YHQWXUHFDSLWDO
ILQDQFLQJ 7KXV WKH ILQDQFLQJ RI VHHG DQG HDUO\ VWDJHV UHPDLQV EHWWHU WKDQ WKH
ILQDQFLQJ RI WKH ODWHU VWDJHV Venture capital LV D SULYDWH HTXLW\ SURYLGHG E\
VSHFLDOL]HG FRPSDQLHV WKDW DFW DV LQWHUPHGLDULHV EHWZHHQ WKH SULPDU\ VRXUFHV RI
ILQDQFHLQVXUDQFHIXQGVSHQVLRQIXQGVEDQNVHWFDQGSULYDWHVWDUWXSV DQGIDVW
JURZLQJFRPSDQLHVZKRVHVKDUHVDUHQRWWUDGHGLQWKHVWRFNPDUNHW
&XUUHQWO\SUHVHHGDQGVHHGYHQWXUHILQDQFLQJPDNHVXSDVLJQLILFDQWSDUWRI
WKHYHQWXUHFDSLWDOLQ'HQPDUN,VUDHO-DSDQ3RUWXJDODQG6ORYHQLD
(IIHFWLYH UHJXODWLRQ RI PDUNHWV IDFLOLWDWHV DFFHVV WR WKH PDUNHW DQG WKH
EXVLQHVVHV FUHDWLRQ 2YHU WKH SDVW \HDUV WKH EDUULHUV
IRU HQWUHSUHQHXUV KDYH
EHHQUHGXFHGLQQHDUO\DOO2(&'FRXQWULHV
7D[HV DQG WD[ SROLF\ LQ SDUWLFXODU WKH YDOXH RI PDMRU WD[HV SHUVRQDO
LQFRPH WD[ FRUSRUDWH WD[ FDSLWDO JDLQV WD[ DQG VRFLDO VHFXULW\ FRQWULEXWLRQV DV
,QGLFDWRU³%DUULHUVWR(QWUHSUHQHXUVKLS´PHDVXUHVWKHVWDQGDUGVWKDWDIIHFWWKHEXVLQHVVRQD
VFDOHIURP WR 7KHLQGH[ LQFOXGHV WKHDGPLQLVWUDWLYH EXUGHQIRUWKH FUHDWLRQ RI QHZILUPV
WKHLU OHJDO DQG UHJXODWRU\ SURWHFWLRQ OHJDO EDUULHUV DQWLWUXVW H[HPSWLRQ EDUULHUV LQ QHWZRUN
VHFWRUVDVZHOODVWKHFRPSOH[LW\RIWKHUHJXODWRU\SURFHGXUHVOLFHQVHVSHUPLWVVLPSOLILFDWLRQ
RISURFHGXUHV
110
Соседние файлы в предмете [НЕСОРТИРОВАННОЕ]