© Irina A. Spasskaja

© Oleg O. Feygin

Contact to authors: tor@3s.kharkov.ua

International research programs take an essential place in modern system of global economic cooperation’s. For realization of such programs, there was a whole group of transnational scientific corporation’s /TSC/ including various organizational-structural parts. A material basis of TSC consolidation is optimization of the counter information-financial streams, convergences of the national intellectual property representing the external party. Conceptual basis of TSC makes globalization of corporate scientific researches. Simultaneously there is a change of investment titles of intellectual products proprietors, reducing of joint-stock risks to standard forms of bonded issue. Analytical researches of international communications financial mechanisms show actualization of processes scientific management in the field of knowledge transport. Thus, a cardinal image the nomenclature of scientific products with replacement of technological objects of know-how on fundamental projects varies [1, 2].

The present publication continues critical researches of the external and internal financial and economic relations developing in modern TSC. In the previous works [3, 4] some perspective financial circuits of TSC functioning including national research organizations /NRO/ from countries of former Soviet Union were considered. It was shown, as organizational-legal re-structuring of TSC bases may result in occurrence of new object of national information space-communication provider the scientific and technical information and research projects. Activity of similar structures may be based on line certification of intellectual property of NRO with the further operations on it guarantee and to deposition. The given function chart was advanced for concrete kind of TSC: “investment-industrial group /IIG/: financial organizations and bank structures /FOBS/: insurance and law firms /ILF/: NRO- communication provider”.

Concrete functional forms of trans-communication financial mechanisms of TSC are defined by a level of solved problems, scientific specificity, and resource volume of planned researches. The prospect of structurization financial inters-communication mechanisms of TSC may include some the basic stages. The initial stage of financial streams initialization will contain procedures of scientific researches directions preliminary marketing, definition of financing priorities, and an estimation of perils insured. At this stage alongside with currency means, organizational-production potentialities of IIG may be widely involved. Thus, all spent transaction should be directed on maintenance of the most effective forms of bail bonds submission. It may be acknowledgement of their real cost, transfer in assets and attractive representation the valuable papers issued on their basis. Such initialization does not transform NRO in simple “credit guarantor”. On the contrary, in the world share market it provides insurance protection against risky exchange gamble, guaranteeing thus complete volume of investment with the exclusive rights of the order received by means. The following stage includes consecutive return of investments and them reinvestment. It begins with the repayment of valuable papers foreign participants of TSC and their transfer to NRO for the subsequent cancellation with settlement of initial financial obligations by return to creditors of invested means complete volume. Here settlement of bills is made by foreign participants by accommodation of shares on again created intellectual property.

External capitalization of investment financial obligations among participants of TSC under patented innovational technologies, including an authorized bank of the correspondent from FOBS group is probable. It is possible to illustrate discussed functional forms of financial mechanisms the following block diagrams of valuable papers /VP/ movement and counter financial streams:

1. IFMT (NRO) => IFMT (TSC) => IFMT (ILF) => SBB (IIG) => SBB (ILF) => VP (FOBS);

2. IFA (FOBS) => IFA (IIG-ILF) => IFA (NRO);

3. IFMT (NRO) => IFMT (ILF) => SBB (FOBS);

4. IFA (FOBS) => IFA (ILF) => IFA (IIG) => IFA (NRO);

5. IFMT (NRO) => IFMT (FOBS-ILF) => SBB (TSC) => VP (FOBS);

6. IFA (IIG) => IFA (FOBS-ILF) => IFA (NRO). (1)

Here the following designations are used: IFMT - initial financial mortgage tools; SBB - secondary bail bonds; IFA - investment financial assets.

Model of a turnover of the valuable papers provided with the intellectual property of research establishments, it is possible to present as

{P(q), V(s), C(p)} = F{C(s), P(to), V(n), Q(vp), I(f)}, (2)

where P(q) - a period of the investment quotation; V(s) - sale value; C(p) - purchase cost; C(s) - the starting capital by the way nominal volume of the investment; P(to) - a period of a turn-over; V(n) - a nominal value; Q(vp) - quantitative volume of issue SBB; I(f) - an inflationary index. The analysis of functional dependence (1) shows, that the considered model carries attributes of recursiveness and is defined, except for a parameter of inflation, variables.

Optimum development of various recurrent models TSC is determined by a common parameter of their multicyclic economic reliability under the law of the big numbers in which basis theorem of connection between probability and frequency of casual event lies. For TSC model it means, that at big enough number of periods of a turnover with the probability close to unit, frequency of approach of the optimum investment quotation will differ a little from its probability:

lim P[ P(q), P(to) ] => k, (1 > k > 0), | f(n) - P* | < k, (3)

where f(n) - frequency of optimum quoting, as the relation of its approach to total of exchange sessions; P - probability of approach favorable conjuncture the exchange market; n - total of quotations. Exchange process of quotation SBB, it is possible to present by the way set of some sequences - streams of quotations. The stationary stream of quotations is characteristic for circuits 1) and 2) from block - system (1). Here the probability of hit of the certain quantity of quotations on an interval of time of the allocated exchange session depends on its relative duration and does not depend on the moment of quoting. The ordinary stream is present at circuits 3) and 4) from (1). Thus, the probability of hit on an elementary interval of time of two and more quotations is small in comparison with probability of hit of one quotation. The stream not determined by connectivity is included into circuits 5) and 6) from (1). In them for any not crossed intervals of time number of quotations getting on them no interchangeable.

As practice of the share markets shows, the set forth above models of streams of quotations are quite acceptable at normal - stable rates of inflation or a deflation. At construction of mathematical models of economic reliability of such complex systems as TSC as the basic probable characteristics of optimum performance it is possible to try to consider probability of profitable activity of separate elements TSC. The given probability is defined based on equality:

P(T) = 1 - P(t), (T > t), (4)

Where P(T) - probability of profitable activity; T - a period of the investment; t - a period of the quotation. The basic numerical characteristics of size P(T) are population mean M and root-mean-square deviation Q:

M = ò t dP(t), Q = Ö (M* - M²), M* = ò t² dP(t). (5)

For a period of stable activity, TSC the probability of functional realization of the program of investment may be expressed ýêñïîíåíöèàëüíûì by the law by the way

P(T) = exp (-it), M = Q = 1/i, (6)

Where i - intensity generation economically unprofitable variants.

Conducted research shows, that a prevailing kind mathematical probability models of TSC are cyclic - recursive circuits. The law of distribution probability of functional realization defines their economic efficiency for each set of significances variables. In the issue, assets IIG of secondary bail bonds interpret it for activity TSC as connection of dividends of the emitter with dividend cover. In the international share markets minimization financial to risk of investment circuit TSC at circulation SBB is possible at operations of a percentage swap of beneficiary.

REFERENCES

1. Henry Ergas. Technology and Global Industry. - N.Y.: NAP, 1987.

2. Eric von Hippel. The Sources of Innovation. - L.: Oxford University Press, 1988.

3. Spasskaja I.A., Feygin O.O. Innovational financial mechanisms of transnational corporations. // SciTecLibrary.com.2003. – http://www.sciteclibrary.ru/eng/catalog/pages/5453.html

4. Spasskaja I.A., Feygin O.O. Investment innovation in financial mechanisms of transnational scientific consortia. // Ibid. - http://www.sciteclibrary.ru/eng/catalog/pages/5554.html

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