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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">ecna</journal-id><journal-title-group><journal-title xml:lang="ru">Экономика науки</journal-title><trans-title-group xml:lang="en"><trans-title>Economics of Science</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2410-132X</issn><issn pub-type="epub">2949-4680</issn><publisher><publisher-name>Delo Publishing house</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.22394/2410-132X-2020-7-2-88-110</article-id><article-id custom-type="elpub" pub-id-type="custom">ecna-309</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>Экономика научных исследований</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>Economics of the scientific Research</subject></subj-group></article-categories><title-group><article-title>Инвестиционные стратегии и инструменты зарубежных и российских университетов</article-title><trans-title-group xml:lang="en"><trans-title>Investment Strategies and Tools of Foreign and Russian Universities</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0001-5964-9080</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Ерёмченко</surname><given-names>О. А.</given-names></name><name name-style="western" xml:lang="en"><surname>Eremchenko</surname><given-names>О. А.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Ерёмченко Ольга Андреевна – старший научный сотрудник Центра научно-технической экспертизы</p><p>Scopus Author ID: 55811482100</p><p>119571, г. Москва, пр. Вернадского, д. 82 </p></bio><bio xml:lang="en"><p>Eremchenko Olga Andreevna – Senior Researcher of the Center for Scientific and Technical Expertise</p><p>Scopus Author ID: 55811482100</p><p>119571, Moscow, Vernadsky Pr., 82 </p></bio><email xlink:type="simple">tatrics@mail.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Кураков</surname><given-names>Ф. А.</given-names></name><name name-style="western" xml:lang="en"><surname>Kurakov</surname><given-names>F. A.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Кураков Федор Александрович – старший научный сотрудник Центра научно-технической экспертизы</p><p>119571, г. Москва, пр. Вернадского, д. 82 </p></bio><bio xml:lang="en"><p>Kurakov Fedor Aleksandrovich – Senior Researcher of the Center for Scientific and Technical Expertise</p><p>119571, Moscow, Vernadsky Pr., 82 </p></bio><email xlink:type="simple">kurakov-fa@ranepa.ru</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Российская академия народного хозяйства и государственной службы при Президенте РФ</institution></aff><aff xml:lang="en"><institution>Russian Presidential Academy of National Economy and Public Administration</institution></aff></aff-alternatives><pub-date pub-type="collection"><year>2021</year></pub-date><pub-date pub-type="epub"><day>26</day><month>07</month><year>2021</year></pub-date><volume>7</volume><issue>2</issue><fpage>88</fpage><lpage>110</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Ерёмченко О.А., Кураков Ф.А., 2021</copyright-statement><copyright-year>2021</copyright-year><copyright-holder xml:lang="ru">Ерёмченко О.А., Кураков Ф.А.</copyright-holder><copyright-holder xml:lang="en">Eremchenko О.А., Kurakov F.A.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://ecna.elpub.ru/jour/article/view/309">https://ecna.elpub.ru/jour/article/view/309</self-uri><abstract><p>В условиях повышения конкурентности научно-образовательной среды, появления параллельных образовательных систем и нестабильности бюджетных расходов на образование и науку, перед администраторами университетов стоит задача поиска баланса между коммерческими и академическими потребностями вузов. Для отечественных университетов особую актуальность приобретают вопросы диверсификации финансирования и повышения инвестиционной активности. Особенную значимость данная проблематика имеет для предпринимательских вузов, перед которыми остро стоит проблема ресурсного обеспечения научных и инженерных задач. Это побуждает университеты, сфокусированные на прикладных проблемно ориентированных исследованиях и коммерциализации результатов, расширять и диверсифицировать источники своего финансирования, в том числе путем реализации новых инвестиционных стратегий.Целью настоящего исследования являлся анализ объемов и моделей инвестиционной деятельности зарубежных университетов и оценка перспектив воспроизведения подобных инвестиционных практик в российских вузах.Показано, что ведущие зарубежные университеты успешно сочетают научно-образовательную и инновационную деятельность с инвестиционной, используя при этом широкий набор инструментов и профессиональные управляющие компании. В последнее десятилетие (2011–2020 гг.) вузы замечены в качестве участников сделок слияния-поглощения, объектами которых чаще всего являются университетские стартапы. В результате у университетов появляются высокие доходы, новые стратегические партнеры, расширяется география инвесторов.Отмечено, что большинство отечественных вузовских эндаумент-фондов располагают недостаточными для инвестиционной деятельности объемами средств, что обуславливает целесообразность создания Фонда университетских фондов как нового финансового инструмента для развития академического предпринимательства в регионах страны.</p></abstract><trans-abstract xml:lang="en"><p>In the context of the increasing competitiveness of the scientific and educational environment, the emergence of parallel educational systems, and the instability of budgetary spending on education and science, university administrators are faced with the task of finding a balance between the commercial and academic needs of universities. For Russian universities, the issues of diversifying financing and increasing investment activity are of particular relevance. This issue is crucial for entrepreneurial universities, which face the acute problem of resource provision for scientific and engineering problems. This encourages universities focused on applied problem-oriented research and commercialization of results to expand and diversify their funding sources, including through the implementation of new investment strategies.This study aimed to analyze the volumes and models of foreign universities’ investment activities and assess the prospects for reproducing such investment practices in Russian universities.It is shown that leading foreign universities successfully combines scientific, educational, and innovative activities with investment while using a wide range of tools and professional management companies. In the last decade (2011–2020), they have been seen as participants in mergers and acquisitions, the objects of which are most often university startups. As a result, universities have high incomes, new strategic partners, and the geography of investors is expanding. It is noted that most domestic university endowment funds have insufficient funds for investment activities, which makes it expedient to create a University Fund Fund as a new financial instrument for the development of academic entrepreneurship in the country’s regions.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>зарубежные университеты</kwd><kwd>инвестиционные стратегии</kwd><kwd>эндаумент-фонды</kwd><kwd>сделки слиянияпоглощения</kwd><kwd>академическое предпринимательство</kwd><kwd>регионы Российской Федерации</kwd></kwd-group><kwd-group xml:lang="en"><kwd>foreign universities</kwd><kwd>investment strategies</kwd><kwd>endowment funds</kwd><kwd>mergers-gains</kwd><kwd>academic entrepreneurship</kwd><kwd>regions of the Russian Federation</kwd></kwd-group><funding-group><funding-statement xml:lang="ru">Исследование выполнено в рамках государственного задания РАНХиГС при Президенте РФ.</funding-statement><funding-statement xml:lang="en">The study was carried out within the framework of the state assignment of the RANEPA.</funding-statement></funding-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Moscardini A.O., Strachan R., Vlasova T. 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