THE IMPACT OF INVESTMENTS IN FIXED CAPITAL ON INNOVATIVE DEVELOPMENT OF THE REGIONAL SOCIOECONOMIC COMPLEX (USING THE EXAMPLE OF THE SOUTHERN MACROREGION)
I.V. Mitrofanova1,2, O.A. Chernova3, M.V. Pleshakova4
1Federal State Budget Institution of Science "Federal Research Center The Southern Scientific Centre of the Russian Academy of Sciences", Rostov-on-Don, Russia
2Volgograd State University, Volgograd, Russia
3Southern Federal University, Rostov-on-Don, Russia
4Moscow City University, Institute of Economics, Management and Law, Moscow, Russia
Keywords: investment activity, innovation, regional development, technological renewal, investments in fixed assets, investment policy, South of Russia
Abstract
To date, the question of whether investments are a driver of innovative development, what factors and conditions ensure the achievement of the expected innovative effects remains debatable. The purpose of this study is to investigate the relationship between investment in fixed assets and indicators of innovation development in the region. The object of the study is the regions of the South of Russia. The source of information was panel data from the Federal State Statistics Service for the regions of the Southern Federal District for the period from 2005 to 2022. The research employs comparative and correlation analysis. The authors put forward the following hypotheses: 1) investment and innovation activities in times of crisis are activated in those regions that have high indicators of socio-economic development; 2) there is a positive relationship between investments and innovations at the regional level, while for entities with higher indicators of socio-economic development, this relationship is expressed more strongly. The results of the study generally confirmed the hypothesis that the relationship between investments in fixed assets and innovation is manifested more strongly in regions with a high level of socio-economic development. With regard to the second hypothesis, the results of the analysis are ambiguous, which does not allow us to fully confirm or refute the assumption that there is a positive relationship between investments in fixed assets and indicators of innovative development of regions. The difference in strength and orientation between the indicators of investment and innovation activity is explained by the sectoral specifics of the socio-economic complexes of the regions, as well as the specifics of regional factors and conditions. It is concluded that in order to stimulate innovative processes in the regions, state support for the technological renewal of production through investments in new highly effective technologies is necessary.
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