IMPROVING INSTITUTIONAL RELATIONS IN THE PROCESS OF INTELLECTUAL CAPITAL FORMATION

The article proves that among the basic institutions that determine the formation and development of intellectual capital, one should single out the institution of property, which ensures protection of the rights of creators of an intellectual product and also regulates liability for copyright infringement. It is determined that improvement of the intellectual property institute is especially necessary in the context of information technology development, since the use of the Internet complicates the identification of intellectual property rights, and, in particular, bringing unscrupulous agents to justice. In this regard, the use of modern digital technologies, such as blockchain, will increase the efficiency of the property institution. The development of education and R&D institutions raises certain concerns due to the loss of the state's leading positions in education and science. The ongoing reform of the higher education system has led to the loss of highly qualified personnel, which indicates a decline in the quality of intellectual capital. Despite the declared measures to support science and education, they are mainly of a targeted nature, with funding provided through grants, without ensuring equal opportunities for all educational institutions. The structure of R&D expenditures seems to be extremely unbalanced, with the main share of expenditures from the state budget, while in developed market economies, R&D investments are made by private companies. The article shows that the implementation of the strategy of increasing intellectual production should be ensured through the active spread of development institutions, whose main task is to finance innovation and investment projects in various forms, ranging from participation in the authorized capital of an enterprise to gratuitous tranches; stimulation of innovation and investment activities that ensure the expansion of intellectual capital should be carried out at all stages of the life cycle of development and production of intellectual products. To this end, not only the results of applied but also fundamental science should be used, which forms the key imperative of the country's socio-economic development.