Factors limiting investment activity of small and medium businesses in Russia

The relevance of the article is due to the fact that the availability and level of investment in small and medium-sized businesses remains insufficient. The purpose of the work is to study the factors limiting the investment activity of small and medium-sized businesses in Russia and their possible overcoming. The novelty of the study lies in the conceptual elaboration of directions for overcoming the limitations of investment activity of small and medium-sized businesses in Russia, which consists of differentiated leveling of factors influencing investment decisions by groups of macroeconomic and internal (economic, financial, production and commercial) factors. The main macroeconomic factors that determine the propensity of subjects to invest are the state of the regulatory framework governing investment processes and the volatility of the general economic situation. Financial factors are characterized by limited own long-term investment sources, the high cost of commercial lending, and the complexity of the mechanism for obtaining investment loans. We associate economic factors with a high level of internal investment risks, as well as low capital return. Production and commercial factors include the unsatisfactory state of the material and technical base, low consumer demand for products. According to Rosstat, since 2000, there has been a dynamic increase in the importance of all restrictions, which have been at a stable level since 2019. To overcome them, government support for the investment activity of economic entities (especially small and medium-sized businesses) is required, bringing support to the level of economically developed countries. It is necessary to stimulate investment in high-tech facilities and startups based on innovative digital technologies of artificial intelligence, robotization, etc. 

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