The paper analyzes the effectiveness of budget fnancing of innovative activities in Russia. The structure of sources of fnancing of internal expenditures on research and development, branch orientation of the state support of innovative activity is considered. The estimation of the cost-effectiveness of technological innovation is given. The analysis is based mainly on the materials of Rosstat for 2013–2016. In addition, the authors cited international comparisons of innovative activity for 2012–2014. To assess the effectiveness of government measures to support innovation activity proposed “Golden rule of the economy.” It consists in determining the ratio of the main components of innovation activity (innovative goods and technologies) and the resources used, including budget fnancing. An important conclusion is made about the ineffcient mechanism of state support of innovative activity in Russia. Proposals for its improvement are formulated, including: bringing the content and structure of state programs in line with the objectives of the formation of conditions for accelerated technological modernization of the industry; introduction of the Institute of state programs of the mechanism of project fnancing and methods of the digital economy; reducing the number of targets of state programs; stimulating by an order of magnitude more technological costs carried out by industrial companies using the mechanism of public-private partnership; preferential state stimulation of process and organizational and managerial innovations in the creation of value chains; encouragement of own and commissioned research and development carried out by domestic companies; promotion of innovative activity in large industrial enterprises, etc.

The subjects of the research are subjects for investments and instruments of investing in green projects. The importance of the research is determined by absence of effective financial economic mechanisms to attract investments into nature conservation projects in Russia to guarantee sustainable economic development. The purpose of the work is determining the major directions of financing nature conservation projects in Russia basing on the world trends in the sphere.The basic green investment directions in compliance with the UN goals of sustainable development, as well as with the perspective scenarios of world economy transition to eco (green) business are considered. The authors study the main instruments and levers to support private investors to finance green projects that can be government regulations, financing, crediting and risk mitigation. It is concluded that for Russia, the most energy  consuming and natural resources intense productions (electric power and heat supply, natural resources extraction, transportation, IT and telecommunications, industrial infrastructure) are sectoral directions for green investments, while concessional lending and credit guarantees (for projects in processing and waste recycling, creating and introduction of energy efficient and eco technologies, in particular), issuing green bonds (here you need regulatory framework, government support mechanisms), creating green banks (with state participation and development institution involvement) can become the most important measures for private green projects investment stimulation.

The subject of the research is the reproduction of added value in industry.The relevance of the problem under study is caused, on the one hand, by the low efficiency of the existing value-added reproduction chains characterized by a significant level of cooperation and globalization and, on the other hand, by the influence on their formation of information and communication technologies as a driver of the transition to a new technological paradigm.The purposes of the research were to identify the reserves for the value-added growth and determine ways to improve the organizational and functional structure of the value-added reproduction chain. The business process audit is proposed as a tool to reveal value-added growth reserves. The analysis of the existing value-added reproduction chains in the Russian industry indicates their localization in integrated structures (corporations).It is concluded that the state should establish an institutional basis for the formation of the most effective value-added reproduction chains in the industry, in particular, shape government policies encouraging the creation of integrated structures of the full technological cycle in priority sectors of the national economy and their development programs; formulate an inter-sectoral modernization policy as the basis of neo-industrialization; establish a single database of all business processes and corporations at the national level; conduct audits of competences of the parties to the chain and their certification with the government participation; develop an array of scientific and technological innovations at the national level, etc.

Аннотация. Рассмотрены и систематизированы различные подходы к оценке инвестиционной привлекательности компаний, в том числе высокотехнологичных, по критериям количества используемых показателей и подходу к оценке. Предложена и апробирована авторская методология оценки инвестиционной привлекательности высокотехнологичных компаний, включающая оценку текущего положения и потенциал развития компании, интегральный показатель инвестиционной привлекательности и его рекомендуемое значение. Сформированы портфели из акций высокотехнологичных компаний, торгующихся на Московской бирже, с использованием моделей Марковица и Фишера для выявления взаимосвязи между уровнем инвестиционной привлекательности компании и типом портфеля акций. Выявлено наличие корреляции между уровнем инвестиционной привлекательности и долей в портфеле, а также типом портфеля (минимального риска, максимальной доходности, оптимального).