| Abstrakt: |
The cluster approach as an instrument of consolidation of the existing advantages of economic entities is designed to solve several existing problems of the Russian economy. These are equalization of the existing imbalance of regional economic development, giving additional impetus to the development of the innovation sector, etc. The decision of the working group on the development of public-private partnership in the field of innovation at the Government Commission on high technologies and innovations of 22.02.2012 was the starting point for Russia in the development of such a popular in many countries of the world economic instrument as clusters. 25 pilot innovative territorial clusters, selected in the same year, had time to demonstrate the first results of their work. However, we should not forget about the negative aspects of the clusters. The widespread use of management tools borrowed from foreign practice in the national economy of Russia is often carried out without a critical analysis of such tools, without taking into account their possible negative aspects. As a result of the study of the implementation of cluster initiatives, the authors identified and described a set of problems and pitfalls that can significantly worsen the expected positive results of clustering. Among the identified "threats" of the cluster, risk implications are of particular importance, in the opinion of the authors. The team of authors hypothesized that the cluster is a special case of a portfolio of assets as a set of real and (or) financial investments. The synergetic effect of the cluster acts as a particular case of diversification of asset risks in the portfolio. It seems fair to say that a cluster is a special case of a portfolio with a number of assumptions and limitations. Particular attention needs to be paid to the limitations and assumptions of portfolio theory and how they are combined with the concept of cluster. The paper presents the application of the classical limitations of the theory of portfolio investment to the organization of the cluster. Clusters and portfolios are certainly not identical concepts. However, their significant similarity allows us to use the mathematical apparatus of portfolio theory in the organization and evaluation of the functioning of clusters. The traditional approach to investing, which prevailed before the advent of modern portfolio theory, had two significant drawbacks. First, it focused on the analysis of the behaviour of individual assets. Secondly, the main characteristic of the assets in it was exclusively profitability, while the other factor --risk --did not receive a clear assessment. Obviously, the same methodological shortcomings exist now in the cluster theory and practice. The risk aspect is almost not considered in the works devoted to the organization and assessment of activity of clusters in Russia. As the result of the analysis of pilot innovative territorial clusters the conclusion about the need to improve the mechanism of cluster organization is made. Based on portfolio theory approaches, the authors introduce the concepts of cluster profitability and cluster risk, and accept that these categories can be numerically measured. The main result of the study is the proposed algorithm for including participants in the currently forming nuclear industry cluster in the Nizhny Novgorod region. The developed algorithm represents a set of iterations, during each of which the profitability and risk of the cluster are estimated and the resulting indicator - the amount of synergy is determined. [ABSTRACT FROM AUTHOR] |
