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National Research University Higher School of EconomicsStudent ThesesFormation of Corporate Venture Capital Companies in the Russian Companies

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Sergej Konstantinov
Formation of Corporate Venture Capital Companies in the Russian Companies
Faculty of Economics
Master’s programme
2014
Keywords: venture investment, corporate venture funds, evaluation of innovative projects.Nowadays economy of the advanced countries based on innovations. The most important component of innovation systems is the venture investments. In Russia venture investment is not sufficiently developed, but currently venture investment is rapidly developing, because there are a lot of innovate ideas, which need funding. Corporate venture funds is important segment in the venture business, they let corporations have competitive advantage through the implementation of market innovations that have no analogues. Because in Russian economy there are a lot of large corporations, development of corporate venture companies in Russia is very important. Venture investment is associated with high risk, because innovate projects are related with a high uncertainty, therefore evaluation methods that predict the return on investment, corresponding to high risks, are required.Basic method of evaluation of investment projects is the method of discounted cash flows (DCF). And a key indicator, which is used to decision making about investment, is net present value (NPV). But this indicator does not take into account such risks as profits decrease, rising price of raw materials and other factors affecting the results of the project. Therefore, in this paper NPV is calculated in different scenarios, it allows make more accurate evaluation of projects.The purpose of the master’s dissertation is research of corporate venture funds, methods of evaluation innovate projects, selection of innovate projects for further investment and formation of portfolio of corporate venture fund.To achieve this purpose it is necessary to solve the following problems:1) Study venture investment features and differences from other methods of financing.2) Identify differences of independent venture capital funds and corporate venture funds.3) Analyze stages of development of an innovative projects and evaluation methods of the innovative projects as an investment project.4) Evaluate innovate projects as investment projects.5) Make a corporate venture fund portfolio.The result of the paper is evaluated investment projects with method of discounted cash flows. NPV of innovate projects is calculated in different scenarios: successful, profits decrease and complete loss of investments. Most successful projects was selected and included to a corporate venture fund portfolio, according to corporate venture fund selection policy.

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