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Perm University Herald. Juridical Sciences. 2019. Issue 4 (46) |
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| Title: | DEVELOPMENT OF THE INSTRUMENTS FOR DIRECT FINANCING OF SMALL AND MEDIUM-SIZED BUSINESS: THE LEGAL ASPECT |
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| Authors: |
A. V. Zakharkina, Perm State University |
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This email address is being protected from spambots. You need JavaScript enabled to view it. | |||||||
| ORCID: | 0000-0002-7262-4467 |
ResearcherID: | H-5062-2016 |
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| Articles of «Scopus» & «Web of Science»: | DOI: 10.5901/mjss.2015.v6n3s6p107 DOI: 10.5829/idosi.wasj.2014.30.10.14149 DOI: 10.17072/1995-4190-2017-37-323-333 |
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O. A. Kuznetsova, Perm State University |
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This email address is being protected from spambots. You need JavaScript enabled to view it.
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| ORCID: | 0000-0001-6880-5604 |
ResearcherID: | D-1066-2016 |
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| Articles of «Scopus» & «Web of Science»: | DOI: 10.5829/idosi.mejsr.2013.15.9.11540 DOI: 10.5829/idosi.wasj.2013.24.01.13177 DOI: 10.17072/1995-4190-2015-2-61-70 DOI: 10.17323/2072-8166.2017.1.42.58 |
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| Requisites: | Zakharkina A. V., Kuznetsova O. A. Razvitie instrumentov pryamogo finansirovaniya sub"ektov malogo i srednego predprinimatel'stva: pravovoy aspekt [Development of the Instruments for Direct Financing of Small and Medium-Sized Business: the Legal Aspect]. Vestnik Permskogo universiteta. Juridicheskie nauki – Perm University Herald. Juridical Sciences. 2019. Issue 46. Pp. 651–671. (In Russ.). DOI: 10.17072/1995-4190-2019-46-651-671 |
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| DOI: | 10.17072/1995-4190-2019-46-651-671 |
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| Annotation: |
Introduction: the experience of the European countries proves that venture capital investment into knowledge-intensive industries is the most important instrument of a country’s economic development. One of the barriers standing on the way of venture capital financing in Russia is the absence of legal regulation in this sphere that would comply with the modern economic relations. The purpose of the article is to solve the problem meaningful for the Russian civil law – to develop legal mechanisms that would ensure development of the instruments for direct financing of small and medium-sized business, including the following: organizational-legal forms for venture funds from the perspective of economic entities, simple partnership, trust management of property, economic partnership and the investment partnership agreement; organizational-legal forms for the investment recipient from the perspective of economic partnerships and economic entities; contractual constructions which would allow business angels and other private investors to make investment deals on fair terms. Methods: general scientific (dialectical) method of cognizing scientific concepts of civil and corporate law; specific scientific methods of cognition: formal juridical, historical legal, the method of comparative legal study. Results: the strategy of the small and medium-sized business development in the Russian Federation for the period until 2030 uses such instruments of direct financing as venture capital financing, angel investment, hybrid (mezzanine) financing. At the same time, so far there is no legal ‘infrastructure’ which would make it possible to apply the above instruments. Specifically, Russian civil law does not provide for an optimal organizational-legal form which could as much as possible take into account specific features of the venture fund: creation of a corporation is not feasible in terms of taxation; contractual forms of the simple partnership and trust property management do not allow for a managerial impact; the investment partnership has not become widespread practice. For lack of a special organizational-legal form for the investment recipient and owing to inapplicability of the economic partnership form to the above relations, the only available way is to use economic entities with the help of instruments that secure additional rights of investors – corporate agreement in limited liability companies and preferred stock in joint stock companies. The authors also discuss the uniqueness of such a direct financing instrument as attracting temporarily free funds of business angels, being extremely unpopular in Russia, and come to a conclusion that in the country there is no national ecosystem of angel investing and the respective culture. Conclusions: for solving the above problems, the authors propose developing a complex regulation of venture financing at the level of the special federal law ‘On Venture Investment Activity in the Russian Federation’ and creating the respective ecosystem in the regions. |
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| Keywords: | venture capital financing; venture fund; angel investment; convertible debt; small and medium-sized business; digital economy | |||||||||
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| Received: | 01.09.2019 | |||||||||
| Financing: | The research was conducted with the financial support of the Russian Foundation for Basic Research and Perm Krai as part of scientific project No. 19-411-590001 r_a 'Digitization of the Regional Regulatory Platform of the Instruments for the Small and Medium-Sized Business Development in Perm Krai for the Purpose of Gaining the Status of Economically Attractive Region') | |||||||||
The Perm State University
614068, Perm, street Bukireva, 15 (Faculty of Law), +7 (342) 2 396 275
vesturn@yandex.ru
ISSN 1995-4190 ISSN (eng.) 2618-8104
ISSN (online) 2658-7106
DOI 10.17072/1995-4190
614068, Perm, street Bukireva, 15 (Faculty of Law), +7 (342) 2 396 275
vesturn@yandex.ru
ISSN 1995-4190 ISSN (eng.) 2618-8104
ISSN (online) 2658-7106
DOI 10.17072/1995-4190
(с) Editorial board, 2010
The magazine is registered in Federal Agency of supervision in sphere of communication and mass communications.
The certificate on registration of mass media ПИ № ФС77-33087 from September, 5th, 2008
The certificate on reregistration of mass media ПИ № ФС77-53189 from Marth, 14th, 2013
The magazine is included in List ВАК and in the Russian index of scientific citing
The founder & Publisher: the State educational institution of the higher training
“The Perm State University”.
Publishing 4 times a year
The certificate on registration of mass media ПИ № ФС77-33087 from September, 5th, 2008
The certificate on reregistration of mass media ПИ № ФС77-53189 from Marth, 14th, 2013
The magazine is included in List ВАК and in the Russian index of scientific citing
The founder & Publisher: the State educational institution of the higher training
“The Perm State University”.
Publishing 4 times a year