Investment and legal aspects of increasing effectiveness of intellectual capital use in Russia

The article is devoted to the investment and legal aspects of the proposed measures aimed at improving the efficiency of the national intellectual capital use and, hence, achieving the long-term objectives of social and economic development of Russia. Such measures include the development of private investment, including venture capital, reduction of interest rates on production loans for high-tech companies using and creating national intellectual capital and legislation improvement in the sphere of creation and use of intellectual property. The article presents the forecast of economic effect from realization of measures in the sphere of private investment development, the forecast of economic effect from the reduction of interest rates on loans for high-tech companies using the example of а hypothetical company, the assessment of the impact of proposals on legislation improvement and providing the technology transfer. It concludes that the proposed measures have the significant influence in terms of stimulating the development of private investment in the sphere of intellectual capital use. The article presents the model of estimation of economic effect from reduction of interest rates on the loan for high-tech enterprises, which confirms the positive impact of this measure at microeconomic level, which, in turn, allows to make a conclusion about its positive impact on the economy as a whole. Within the legal aspect study the specific measures to encourage the creation and use of intellectual capital and improving technology transfer as an element of intellectual capital policy are proposed. It is concluded that the proposed legislative and institutional changes will contribute to improving the efficiency of national intellectual capital use in the long term.