Венчурный капитал в условиях ESG-трансформации

Abstract

The relevance of the article is defined by transformation of social reproduction that has begun in accordance with principles of environmental friendliness (E), social responsibility (S) and quality management (G) signifying transition to the VI technological order. This process is actively advancing in financial sphere and has affected sphere of venture capital circulation. The aim of the article is to study signs of a new format of social reproduction in conditions of ESF transformation and systematize ideas about features of ESG principles implementation in sphere of venture capital circulation. The analysis of foreign and domestic studies allowed concluding that ESG transformation is a sign of a new format of social reproduction, main features of which, along with Industry 4.0, digitalization, decarbonization, protectionism, sanctions, etc. are the following: the completion of evolutionary stage of capitalist socio-economic formation; the increasing influence of economic and labor migration on regime of natural reproduction and architecture of political relations; the expansion of network organization of intra-production processes which entails displacement of market mechanisms and fragments the spatial placement of technologically complex goods through formation of global value chains; the creation of supranational regulatory bodies and the “glocalization” of reproduction. The article analyzes state of global ESG borrowing market and evolution of investors’ approaches to choosing an investment object, which allowed us to conclude that investment policy of states and regions, as well as the sphere of investment and venture capital has shifted to ESG principles, to identify the reasons for the surge of venture investments in India and increased attention investors to ESG in Anglo-Saxon countries. The main ESG risks and their causes in venture business, which can be destructive for economy and society, are identified; problems and tasks that stand in the way of incorporation of ESG principles in field of venture investment are described; the experience of implementing ESG in activities of a venture fund is summarized. As a result, it is concluded that it is necessary to form a formalized structure and methodology for measuring effectiveness of ESG.