Fiscal and monetary incentives for the development of companies in the technology sector of the economy

Purpose: to justify the need to coordinate fiscal and monetary policies in order to create a favourable environment for the development of companies in the technology sector.

Methods: the methodological basis of the study is a comprehensive interdisciplinary approach incorporating tools from behavioural economics, economic analysis, and event modeling. The computational part of the work is based on an analysis of technology companies' reactions to the Bank of Russia's key rate decisions using an abnormal return model. The empirical analysis utilized the returns of the Moscow Exchange MOEXIT index. The research objects include the shares of Ozon, YDEX (Yandex), HEAD (Headhunter), VKCO (VKontakte), POSI (the Positive Group), CNRU (Zian), ASTR (Astra Group), SOFL (Softline), DATA (the Arenadata Group).

Results: the results of the analysis show that despite increased budget support for the technology sector, budgetary funds are being utilized insignificantly, while private investor funds are declining. Furthermore, investor reactions to key rate changes are weak and statistically insignificant. This means that when fiscal and monetary impacts are multidirectional – when fiscal measures stimulate development and high interest rates simultaneously restrain it – an environment is formed in which the technology sector does not receive sufficient impulse for accelerated development.

Conclusions and Relevance: this paper substantiates the need to align fiscal and monetary policies as a key condition for effectively reorienting investment flows toward strategically important sectors that contribute to achieving technological leadership. The findings highlight the need to rethink the role of the stock market as a channel for transmitting macroeconomic incentives in the face of sanctions pressure, limited access to external financing, and the growing importance of private capital's behavioural sensitivity to state economic policy instruments.

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