ecpolicyЭкономическая политикаEconomic Policy1994-51242411-2658Economic Policy10.18288/1994-5124-2025-4-52-81ecpolicy-418Research ArticleУСТОЙЧИВОЕ РАЗВИТИЕSUSTAINABLE DEVELOPMENTИнтересны ли венчурным инвесторам технологии устойчивого развития? Анализ российского рынкаIs Venture Capital Interested in Sustainable Development Technologies? An Analysis of the Russian Markethttps://orcid.org/0000-0002-1161-7159РоговаЕ. М.RogovaE. M.

Елена Моисеевна Рогова – доктор экономических наук, профессор кафедры финансов и учета, Институт «Высшая школа менеджмента»

199034, Санкт-Петербург, Университетская наб., 7/9

Elena М. Rogova – Dr Sci. (Econ.), Professor, Department of Finance and Accounting, Graduate School of Management

7/9, Universitetskaya nab., Saint Petersburg, 199034

e.rogova@gsom.spbu.ruhttps://orcid.org/0009-0004-1676-6577ФефеловД. Л.FefelovD. L.

Дмитрий Леонидович Фефелов – аспирант кафедры стратегического и международного менеджмента, Институт «Высшая школа менеджмента»

199034, Санкт-Петербург, Университетская наб., 7/9

Dmitrii L. Fefelov – Graduate Student, Department of Strategic and International Management, Graduate School of Managemen

7/9, Universitetskaya nab., Saint Petersburg, 199034

d.fefelov@gsom.spbu.ruhttps://orcid.org/0000-0001-5958-9532КочетковаД. B.KochetkovaD. V.

Дарья Вадимовна Кочеткова – аспирант кафедры экономики и управления предприятиями и производственными комплексами, Санкт-Петербургский    государственный экономический университет; менеджер, Институт «Высшая школа менеджмента», Санкт-Петербургский государственный университет

191023, Санкт-Петербург, Садовая ул., 21; 199034, Санкт-Петербург, Университетская наб., 7/9

Daria V. Kochetkova – Graduate Student, Department of Enterprise and Production Complexes Economics and Management, Saint Petersburg State University of Economics; Manager, Saint Petersburg State University

21, Sadovaya ul., Saint Petersburg, 191023; 7/9, Universitetskaya nab., Saint Petersburg, 199034

d.kochetkova@gsom.spbu.ruСанкт-Петербургский государственный университетРоссияSaint Petersburg State UniversityRussian FederationСанкт-Петербургский государственный экономический университет; Санкт-Петербургский государственный университетРоссияSaint Petersburg State University of Economics; Saint Petersburg State UniversityRussian Federation2025030920252045281Copyright © Рогова Е.М., Фефелов Д.Л., Кочеткова Д.B., 20252025Рогова Е.М., Фефелов Д.Л., Кочеткова Д.B.Rogova E.M., Fefelov D.L., Kochetkova D.V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.ecpolicy.ru/jour/article/view/418

Статья посвящена изучению взаимосвязи между ориентированностью российских стартапов на инвестиции в технологии устойчивого развития и их привлекательностью для венчурных инвесторов. Венчурный капитал играет существенную роль в финансировании быстро растущих компаний, развивающих новые технологии, и тем самым — в поддержке отраслей, обеспечивающих экономический рост. Однако в последние несколько лет активность венчурного капитала демонстрирует негативную динамику как в мире, так и в России. Технологии устойчивого развития обеспечивают снижение экологических и социальных рисков в экономике и обществе, начиная с середины 2000-х годов они привлекают растущее внимание инвесторов. Статья отвечает на вопрос, является ли фокус российских компаний на технологии устойчивого развития фактором, привлекающим внимание венчурных инвесторов в условиях, не способствующих росту инвестиционной активности. С помощью регрессионного анализа панельных данных на выборке из 850 сделок венчурных инвесторов в период с 2018 по 2024 год была выявлена значимая взаимосвязь между фокусом компаний на устойчивые технологии и объемом привлекаемого венчурного капитала, а также положительная взаимосвязь между фокусом на устойчивые технологии и вероятностью наступления следующего раунда финансирования. Установлено, что значимость обеих взаимосвязей растет при модерации возрастом портфельной компании, что говорит о наличии у более зрелых компаний ресурсов для интеграции устойчивых технологий и их более высокой инвестиционной привлекательности. Также была выявлена положительная роль синдицированного участия инвесторов в сделке и инновационности развиваемой предприятием технологии в привлечении венчурного капитала. Настоящая статья представляет собой одно из первых количественных исследований взаимосвязи между инвестициями компаний в технологии устойчивого развития и вниманием к ним со стороны венчурных инвесторов. Результаты могут использоваться при разработке мер поддержки российского венчурного рынка.

The paper explores how the focus of Russian startups on investment in sustainable development technologies affects their attractiveness to venture capital investors. Venture capital plays a significant role in financing rapidly growing companies as they develop new technologies and thereby supports industries that drive economic growth. However, venture capital activity in recent years has been flagging both globally and in Russia. Sustainable development technologies mitigate environmental and social risks in the economy and in society and have been increasingly attractive to investors since the mid-2000s. The article analyzes to what extent sustainable development technologies may appeal to venture capital investors in the Russian market despite the current turbulent environment. The study used panel regression analysis of 850 venture capital deals concluded between 2018 and 2024 and found a significant relationship between a company’s focus on sustainable technologies and the amount of venture capital it raised. There was also a positive correlation with the probability of securing subsequent rounds of funding, which was also influenced by the age of the portfolio company. These findings show that mature companies can better integrate ESG principles and therefore become more attractive investments for venture capital. The study also indicated that syndicated investor participation in deals and the degree of innovation in the technology developed by a company had a positive impact on attractiveness to venture capital. The article is one of the first quantitative studies to explore the relationship between a company’s concentration on sustainable development technologies and the attention it receives from venture capital investors. As such, its findings may be of interest to researchers studying both sustainable development and venture capital, and they can also be utilized to enhance Russia’s venture capital market.

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The authors declare that there are no conflicts of interest present.