Trends and Problems of Investment in Intellectual Capital in Russian Economy

In this article, we reveal trends reflecting the direction of investment in Russian economy after crisis in 2008. The aim of the article is to identify investment features that are associated with investment in intellectual capital, technology and innovations. Design/methodology/approach: Theoretical basis of the article is the concept of intellectual capital as well as the global tendency to increase investment in intellectual capital which was confirmed by previous researches. Hypothesis of the study is that in Russian economy this tendency has very particular features, namely: investments in intellectual capital grow at a smaller pace than investments in fixed assets. To prove this hypothesis, we have analysed a large amount of statistical data on the structure and dynamics of investments in 2008–2014 on different levels: Russian economy, regions, industries and companies. We have used comparative, structural and dynamic analysis methods. Findings: We have found the contradiction between investments growth rate in fixed assets and in intellectual capital in Russian economy. We have also shown that this imbalance continues to grow. In our opinion, the reason of such macroeconomic disproportion is the realization of the corresponding investment policy at company level. A number of institutional features of the Russian economy lead to this situation.Research/practical implications: Identifying the features of investments in intellectual capital and explanation of their reasons allow to suggest the practical solutions of this problem of Russian economy development. Our research also allows formulating a number of questions that needs further investigation. Originality/value: In this article, we have discovered one of the main features of Russian companies’ investment policy: investments in intellectual capital grow at a smaller pace than investments in fixed assets. This explains the cause of many economy development problems in Russia, first of all, the low production efficiency and the weak integration of innovations.