Финансирование малых и средних технологических компаний в России: гранты и собственный капиталGrant and equity financing of high-tech small and medium enterprises in Russia

This dissertation investigates the relationship between equity and grant financing financing and performance of high-tech SMEs in Russia. The specificity and opacity of SMEs in high-tech industries complicate the capital raising, especially in the emerging markets where asymmetric information leads to credit rationing. We showed that the effect of equity financing of Russian SMEs depends on the source. The equity financing from government-related organizations was found to negatively influence performance of companies in the sample of Skolkovo participants from space and nuclear clusters. The effect of private equity financing on high-tech SMEs performance in Russia is mostly insignificant; however, the impact of private venture capital on firm performance is industry-specific. Our study confirms the importance of government grant financing for companies’ survival and access to external funding in Russia based on the sample of companies that participated in programs organized by FASIE. However, we found no evidence of grant contribution to financial and operational performance for more experienced high-tech SMEs.