The purpose of the paper is to develop a perspective mechanism of the investment and innovative activities of university in the conditions of industry 4.0, which allows supporting its high investment attractiveness and high effectiveness of usage of venture investments in digital education.,The research is performed by the example of modern Russia with application of the methods of trend analysis and regression analysis in two consecutive stages. The authors determine regression dependence of the efficiency of digital modernization of universities (on the basis of the indicator of fixed assets implementation) on the volume of investments into fixed assets. Dependence of the indicator of digital competitiveness of education (“training and education”), calculated within the part “knowledge” of the IMD rating “world digital competitiveness ranking,” on commissioning of fixed assets by universities is determined. For the purpose of representativeness of the selection of statistical data, which initial period is 2012, not only factual data for 2012-2018 are used but also forecast data for 2019-2024 (as the national program “digital economy of the Russian Federation” is due until 2024).,Low effectiveness of usage of venture investments in digital education in Russia is substantiated. As investments are provided in the form of target state financing, universities cannot independently determine the directions of their usage and have to use them for purchasing digital equipment and technologies. Other necessary measures for digital modernization of education, namely, training of digital personnel for university, access to digital infrastructure, development of new educational programs, conduct of research and development and marketing, are not implemented.,It is determined that attraction of private venture investments faces the problem of their large volume and high risk. Both problems could be solved by the developed mechanism of investment and innovative activities of a university in the conditions of industry 4.0. It shifts the initiative from university to digital business, which independently initiates the process of venture investing.

中文翻译：

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工业4.0条件下对数字教育的风险投资：吸引力和使用方向问题

本文的目的是建立工业4.0条件下大学的投资和创新活动的视角机制，从而支持大学的高投资吸引力和在数字教育中利用风险投资的高效性。以现代俄罗斯为例，在两个连续的阶段应用趋势分析和回归分析方法。作者确定了大学数字现代化效率（基于固定资产实施指标）对固定资产投资量的回归依赖性。在IMD评级“世界数字竞争力排名”的“知识”部分中计算得出的教育数字竞争力指标（“培训和教育”）的依赖性，确定由大学委托固定资产。为了使统计数据的选择具有代表性，该统计数据的初始期为2012年，不仅使用了2012-2018年的事实数据，还使用了2019-2024年的预测数据（因为国家计划“俄罗斯联邦数字经济”有效期至2024年。），这证明了在俄罗斯数字教育中使用风险投资的有效性低。由于投资是以目标国家融资的形式提供的，因此大学无法独立确定其使用方向，而不得不将其用于购买数字设备和技术。实现数字化教育现代化的其他必要措施，包括大学数字化人员培训，数字化基础设施的使用，新的教育计划的开发，研究和开发以及市场营销活动尚未实施。确定私人投资的吸引力面临着其规模大，风险高的问题。在工业4.0条件下，发达的投资机制和大学的创新活动可以解决这两个问题。它将计划从大学转移到数字业务，从而独立启动风险投资流程。