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NATURAL CAPITAL FROM THE "GREEN" ECONOMY OF SUSTAINABLE INNOVATION DEVELOPMENT PERSPECTIVE MANAGING IDENTIFICATION: AN INSTRUMENTAL VIEW
Abstract
The relevance of this study is determined by the exponential increase of the qualitative natural resources value in the current processes of reproduction of socio-economic systems at various levels of the hierarchy. Effective strategic management of natural capital is identified today as a necessary condition for increasing the sustainability of innovative development of the economy and society. The purpose of the study is to substantiate the new directions of the specification of natural capital in the system of strategic management of the processes of sustainable innovation development of the economy. It was necessary to solve such problematic tasks as structural representation of natural capital, substantiation of indicator and tool base for specification of separate structural elements of natural capital, proof of applicability of empirical specification results in practice - in the sphere of strategic management decisions to achieve the research goal. The innovativeness of the author's approach consists in the methodological justification of the need to integrate a multicomponent model of natural capital as a natural resource component of innovative development of the economy into the system of strategic management of economic trends. The proposed model characterizes, above all, the quality of the natural potential, including the quality of the ecological environment. Peculiarities and assumptions of cost-path models (transportation costs) and hedonistic estimation as methods of indirect / identified preferences in the assessment of environmental objects have been revealed. Empirically regression models for estimating the value of the «Salty» Lake (Rostov Region) have been constructed and verified by the method of transport and travel costs and hedonistic estimation of residential real estate in the city of Rostov-on-Don. The results of verification demonstrate the statistical significance of the estimates obtained, which can form the basis for the adoption of environmental and economic decisions. Author's developments in the field of specification of natural capital strengthen the scientific base of strategic management of sustainable innovation economic dynamics under conditions of constant fluctuations and uncertainty.
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