The Investment Aspect of National Intellectual Capital Stimulating the Effective Use of a Nation’s Intellectual Capital Stimulation: Foreign and Russian Experience

This article analyzes the foreign experience of foreign investment in the creation and use of intellectual capital of the country. Particular attention is paid to the experience of venture investment as a form of private investment in intellectual capital. In the article the macroeconomic concept of intellectual capital and its components is presented; analysis of the impact of efficiency of intellectual capital use to national competitiveness increase with the use of tools of regression analysis is conducted to determine the nature of the relationship between the index of competitiveness of the country and indicators of the use of national intellectual capital as well as to identify the countries whose experience is appropriate to consider for the development of proposals to improve effective use of national intellectual capital. The paper presents calculations, confirming the existence of a direct relationship between the level of development of intellectual capital and the growth of macroeconomic indicators, as well as calculations leading to a conclusion lead to the conclusion that, for the purpose of the development of measures to improve the efficiency of intellectual capital, it is appropriate to consider not only the experience of high income countries which belong to the group of high income level, but also rapidly developing countries such as China. The article also conducted provides a comprehensive analysis of the socio-economic, scientific, technological, legal and administrative, socio-cultural, infrastructural and external factors that affect the process of the use of national intellectual capital in order to identify areas in which it is possible to improve the government measures aimed at the increase of the effective use of intellectual capital. Financial support for the use of intellectual capital is defined as one of the key factors influencing the efficiency of intellectual capital use on a national scale. The development of the venture capital market, as a form of private investment in high-risk field of creation and use of intellectual capital is regarded as one of the perspective areas on condition of limited public funding of this sector.