DEVELOPMENT OF IMPACT INVESTMENTS IN RUSSIA 

Denisov Sergey Alekseevich, Postgraduate student,Penza State University (40 Krasnaya street, Penza, Russia),
E-mail: sirgey254@mail.ru
Dzhazovskaya Irina Nikolaevna, Candidate of economic sciences, associate professor, sub-department of economics and finances, Penza State University (40 Krasnaya street, Penza, Russia), E-mail: jazzirina@mail.ru 

330.341.2 

10.21685/2309-2874-2017-2-6 

Background. The problem of finding tools to solve social problems has existed for more than a decade in the world. Every year new tools and concepts appear in the framework of social investment, and one of such concepts is "impact investment". However, it is complicated to realize its instruments in modern Russian conditions – it should be adapted.The goal of the study is to examine participants of the process of impact investments implementation.
Materials and methods. Aspects of social investment have been considered in works by a number of Russian authors: Belyaeva I.Yu., Sadkov V., Zaretsky A.D., etc. Foreign scholars have considered questions of impact investment and social bonds in particular: E.Bugg-Levin, Emerson, J. Rodin, J. Balking, Clark K., Bingham J.B. The practical aspects were analyzed by Chernyshev SB, Malgan D., Schiff H., Helbits A., Dear A. The research methodology included the method of system analysis ensuring the research’s structural integrity, as well as comparative analysis and the method of analogies.
Results. The work considers institutions participating in the process of impact investment, the roles and interests of the participants in social problem solving with the use of social bonds and main features of the concept of "impact investment".
Conclusions. The proposed scheme of interaction between participants a socially significant project using "social bonds" as a financial instrument will allow attracting more private investments to settle socially significant projects in Russia. 

impact investments, social investments, social bonds, social effect, social justice, financial intermediaries 

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