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  1. Állami segítséggel történő startup finanszírozás nemzetközi tapasztalatai
    Autor*in: Karsai, Judit
    Erschienen: [2021]
    Verlag:  Közgazdaság-tudományi Intézet, Közgazdaság- és Regionális Tudományi Kutatóközpont, [Budapest]

    The government has an important role to play in financing each stage of development of startups. Most of the financing for startups is provided by non-reimbursable public grants and lending, the latter supported by government guarantees. The role of... mehr

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    The government has an important role to play in financing each stage of development of startups. Most of the financing for startups is provided by non-reimbursable public grants and lending, the latter supported by government guarantees. The role of venture capital is much smaller. However, the government can also help with this, notably by co-invest with private investors and leverage the capital of private venture capital funds. An important tool to promote the recapitalization of venture capital funds is the government guarantee available to private investors in the funds. The most effective way for the government to finance startups is not by providing funds directly to companies, but by acting as a catalyst for funding by encouraging private players in the market. The analysis below shows which of the internationally developed solutions for government support have spread and with what success.

     
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    Sprache: Ungarisch
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    Weitere Identifier:
    hdl: 10419/237567
    Schriftenreihe: KRTK-KTI műhelytanulmányok ; CERS-IE WP - 2021, 24 (2021 május)
    Schlagworte: Venture finance; Development finance; Entrepreneurship; Startup; Grant; Tax Credit; Loan; Loan Guarantee; Equity Finance; Mezzanine; Venture Capital; Business Angel
    Umfang: 1 Online-Ressource (circa 27 Seiten)
  2. A kockázati- és magántőke-ágazat szerepe a gazdaságban
    Autor*in: Karsai, Judit
    Erschienen: [2020]
    Verlag:  Közgazdaság-tudományi Intézet, Közgazdaság- és Regionális Tudományi Kutatóközpont, [Budapest]

    Venture capital and private equity financing has become an important mechanism for the development and radical transformation of companies worldwide in recent decades. Nevertheless, the venture capital and private equity sector covers only a... mehr

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    Venture capital and private equity financing has become an important mechanism for the development and radical transformation of companies worldwide in recent decades. Nevertheless, the venture capital and private equity sector covers only a relatively small proportion of economic activity related to corporate financing. The two basic areas of venture capital and private equity industry are venture capital and buyouts. They play a key role in financing firms in radically different situations. The importance of venture capital and private equity as a financing intermediary channel can be measured in several ways. Its significance can be compared to the total amount of corporate financing or to the total value of publicly listed companies; however, it can also be characterized by its magnitude in relation to the generated volume of GDP generated in the given country. The importance of venture capital and private equity financing is reflected in the volume of capital raised by venture capital and private equity funds from institutional investors for investments, the amount of capital managed by the existing funds, the value of capital actually invested in each year and the number of companies financed by them in a year. Finally, the importance of venture capital and private equity investments can also be seen in the role the financed companies play in the economy, and also in the magnitude of changes they trigger in these companies. The study examines these relationships and effects in details.

     
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    Sprache: Ungarisch
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    Weitere Identifier:
    hdl: 10419/237539
    Schriftenreihe: KRTK-KTI Műhelytanulmányok ; CERS-IE WP - 2020, 50 (2020 december)
    Schlagworte: venture capital; private equity; acquisition; entrepreneurship; innovation
    Umfang: 1 Online-Ressource (circa 18 Seiten)
  3. The development of the Central and Eastern European venture capital market in Europe
    Autor*in: Karsai, Judit
    Erschienen: [2023]
    Verlag:  Institute of Economics, Centre for Economic and Regional Studies, Budapest

    The working paper examines the role and development of the Central and Eastern European venture capital sector in the five years between 2016 and 2020. This period includes both the end of the recovery after the economic crisis in 2008 and the... mehr

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    The working paper examines the role and development of the Central and Eastern European venture capital sector in the five years between 2016 and 2020. This period includes both the end of the recovery after the economic crisis in 2008 and the downturn due to the coronavirus crisis in 2019. A statistical analysis of venture capital funds and investments in the CEE region confirms that, while the overall position of the region in Europe did not change over the period under review, the differences between countries in the region increased sharply. The northern part of the region rivals the most developed countries in Europe, the central part is driven by an abundance of public resources, while the venture capital sector in the south is only in its infancy. The size of the venture capital funds in the region is far below the European average, so the start-ups only have a chance to become successful if they are involved in the international flow of venture capital. The role of the government in the funds in the region is extremely high, but the selection between companies is therefore not based solely on market considerations. Rent-seeking behaviour goes against the essence of venture capital. As a result of the deterioration of the global political and economic situation, the entire Central and Eastern European region is losing its ability to attract capital.

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/282244
    Schriftenreihe: KRTK KTI working papers ; KRTK KTI WP - 2023, 23 (August 2023)
    Schlagworte: venture capital; private equity; acquisition; entrepreneurship; startup; innovation
    Umfang: 1 Online-Ressource (circa 26 Seiten)
  4. Helyettesítheti-e az állam a magántőke-befektetőket?: Az államszerepe a kockázatitőke-piacon
    Autor*in: Karsai, Judit
    Erschienen: 2004
    Verlag:  Inst. of Economics, Hungarian Acad. of Sciences, Budapest

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    Quelle: Verbundkataloge
    Sprache: Ungarisch
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    Schriftenreihe: Műhelytanulmányok / Magyar Tudományos Akadémia, Közgazdaśágtudományi Kutatóközpont ; 2004,8
    Schlagworte: Risikokapital; Öffentliche Finanzen; Ungarn
    Umfang: 21 S
  5. Can the state replace private capital investors?
    Public financing of venture capital in Hungary
    Autor*in: Karsai, Judit
    Erschienen: 2004
    Verlag:  Inst. of Economics, Hungarian Acad. of Sciences, Budapest

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    Sprache: Englisch
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    ISBN: 9639588091
    Schriftenreihe: Műhelytanulmányok / Magyar Tudományos Akadémia, Közgazdaśágtudományi Kutatóközpont ; 2004,9
    Schlagworte: Risikokapital; Staatliche Einflussnahme; Ungarn
    Umfang: 19 S
  6. Áldás vagy átok?
    a magántőke-befektetések hatása a gazdaságra
    Autor*in: Karsai, Judit
    Erschienen: 2009

    The actors of economy and politics all over the world have long debated about the effect private equity investments make on economy. The debate focuses on the effect of a narrow group of private equity investments, namely, Leveraged Buyouts (LBO),... mehr

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    The actors of economy and politics all over the world have long debated about the effect private equity investments make on economy. The debate focuses on the effect of a narrow group of private equity investments, namely, Leveraged Buyouts (LBO), while nobody questions the positive impact of venture capital investments in the early phase of the development of companies. Amidst the crisis, the question raised has a particular edge to it: is private equity indeed such an ownership model that is able to induce the permanent improvement of the companies purchased, or is it only simple financial engineering, which takes advantage of the tax allowances and merely rearranges incomes. All in all, research did not confirm that private equity investors cash in on huge yields through ripping off the portfolio companies. Nor do they prove that the buyouts have a negative effect on the growth or competitiveness of the sectors concerned, or that they would make the financial and economic systems unstable. -- Venture Capital, Private Equity, Merger & Acquisition, Corporate Restructuring, Corporate Governance

     
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    Quelle: Verbundkataloge
    Sprache: Ungarisch
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    ISBN: 9789639796782
    Weitere Identifier:
    hdl: 10419/108160
    Schriftenreihe: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2009/20
    Schlagworte: Private Equity; Risikokapital; Wirkungsanalyse
    Umfang: Online-Ressource (28 S.)
  7. A kockázati- és magántőke forrásai. Az intézményi befektetők szerepe a kockázati- és magántőke-ágazat forrásellátásában
    Autor*in: Karsai, Judit
    Erschienen: 2010
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    Due to the 2008 global financial crisis the position of the private equity sector has weakened. The number and the value of new transactions have dropped together with the volume of the raised funds. Credit shares have also decreased in the financing... mehr

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    Due to the 2008 global financial crisis the position of the private equity sector has weakened. The number and the value of new transactions have dropped together with the volume of the raised funds. Credit shares have also decreased in the financing of the transactions. Exiting from the portfolio companies became more difficult, which slowed down the capital reimbursement to the private equity investors. However in spite of the crisis, the attractiveness of the private equity investments remain positive among investors, since they produced better returns than public markets. While Hungary became less attractive from the standpoint of the regional private equity funds specialized in high-value buyouts, the country remained the leader in setting up Jeremie funds, and in the liberal regulation of the private pension funds until the autumn of 2010, which can boost the private equity investments. This could support the development of small- and medium-cap enterprises, suffering from shrinking resources due to the crisis. The prospected "nationalization" of private pension funds may put this process on hold. -- venture capital ; private equity ; institutional investors ;pension funds

     
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    Sprache: Ungarisch
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    ISBN: 9786155024252
    Weitere Identifier:
    hdl: 10419/108201
    Schriftenreihe: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2010/29
    Schlagworte: Risikokapital; Private Equity; Institutioneller Investor; Pensionskasse; Ungarn
    Umfang: Online-Ressource (PDF-Datei: 37 S., 313,68 KB), graph. Darst.
    Bemerkung(en):

    Zsfassung in engl. Sprache
  8. Kettős állami szerep a kockázatitőke-ágazatban
    Autor*in: Karsai, Judit
    Erschienen: 2013
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    A double nature characterizes the behavior of the government in the venture capital market: a fear of systemic risk and the desire to stimulate companies with growth potential. It seems that the fear might be a bit excessive, disproportionately... mehr

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    A double nature characterizes the behavior of the government in the venture capital market: a fear of systemic risk and the desire to stimulate companies with growth potential. It seems that the fear might be a bit excessive, disproportionately restricting the effects of venture capital in the long-term development of enterprises. On the other hand, the government has considerably modernized its involvement as an investor in the venture capital market, better adapting its tools to the very nature of venture capital. Notwithstanding, the balance of these two effects can be drawn just over a long time. The article first overviews the effects of the crisis on the venture capital market, especially on the investable sources. This is followed by the description of the changing regulatory role of the government after the crisis, focusing on new regulations regarding the venture capital market: restrictions on the investment activity of institutional investors as well as new requirements for the operation of venture capital fund managers. The article ends with the description of the new trends of government as an investor in the venture capital market, including the varying successes of its domestic practice in Hungary compared with international experience. -- venture capital ; private equity ; public venture capital ; fund management ; institutional investors ; investment regulation

     
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    ISBN: 9786155243608
    Weitere Identifier:
    hdl: 10419/108302
    Schriftenreihe: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2013/8
    Schlagworte: Risikokapital; Private Equity; Institutioneller Investor; Gemischtwirtschaftliches Unternehmen; Ungarn
    Umfang: Online-Ressource (22 S.)
    Bemerkung(en):

    Zsfassung in ungar. Sprache
  9. A kockázati tőkeipar két évtizedes fejlődése Magyarországon
    Autor*in: Karsai, Judit
    Erschienen: 2011
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    -- Venture Capital ; Private Equity ; Buyout, Merger & Acquisition ; Corporate Restructuring mehr

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    -- Venture Capital ; Private Equity ; Buyout, Merger & Acquisition ; Corporate Restructuring

     
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    Sprache: Ungarisch
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    ISBN: 9786155024757
    Weitere Identifier:
    hdl: 10419/108236
    Schriftenreihe: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2011/36
    Schlagworte: Risikokapital; Private Equity; Übernahme; Organisatorischer Wandel; Ungarn
    Umfang: Online-Ressource (PDF-Datei: 43 S., 427,86 KB), graph. Darst.
    Bemerkung(en):

    Zsfassung in ungar. und engl. Sprache
  10. Állami kockázatitőke-programok nemzetközi tapasztalatai
    Autor*in: Karsai, Judit
    Erschienen: 2014
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    Governments play several roles in the venture capital market. Based on empirical examples, the current paper focuses on the role of the government as a venture capital investor. Compared to the direct involvement of governments in investments... mehr

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    Governments play several roles in the venture capital market. Based on empirical examples, the current paper focuses on the role of the government as a venture capital investor. Compared to the direct involvement of governments in investments entailing risks of market distortion, the paper demonstrates that governments increasingly contribute to the funds of the venture capital market in an indirect way: by encouraging private investors to participate. The involvement of private investors in government schemes could serve as a guarantee to select commercially viable projects without any political pressure, to schedule the financing of programs independently from election cycles, and to encourage experienced fund managers to participate in government programs. The main conclusion of the paper is that only those governmentfunded venture capital funds could ensure the proper utilization of public resources that are managed by the private sphere and are funded mostly by private investors. This would also contribute to economic policy objectives, such as improving the supply of capital for promising young companies.

     
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    Sprache: Ungarisch
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    ISBN: 9786155447419
    Weitere Identifier:
    hdl: 10419/108359
    Schriftenreihe: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2014/23
    Umfang: Online-Ressource (35 S.)
    Bemerkung(en):

    Zsfassung in ungar. Sprache
  11. A kapitalizmus új királyai
    kockázati tőke Magyarországon és a közép-kelet-európai régióban
    Autor*in: Karsai, Judit
    Erschienen: 2012
    Verlag:  Közgazdasági Szemle Alapítvány [u.a.], Budapest

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    Quelle: Verbundkataloge
    Sprache: Ungarisch
    Medientyp: Buch (Monographie)
    Format: Druck
    ISBN: 9789630831765
    Schlagworte: Investments; Venture capital; Investments; Investments; Investments; Venture capital; Venture capital; Venture capital
    Umfang: 249 S., graph. Darst., 25 cm
  12. Development of the Hungarian venture capital and private equity industry over the past two decades
    Autor*in: Karsai, Judit
    Erschienen: 2012
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    In Hungary, the previously non-existing venture capital and private equity industry has strengthened over the past two decades, and it has become one of the leaders of the CEE region. Approximately 90% of the capital allocated to investments overall... mehr

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    In Hungary, the previously non-existing venture capital and private equity industry has strengthened over the past two decades, and it has become one of the leaders of the CEE region. Approximately 90% of the capital allocated to investments overall were raised from private sector investors. The volume of VC & PE fluctuated cyclically following international capital market cycles and the changes of domestic economic policy. The Hungarian market became a preferred area for foreign capital investors in the last third of the 1990s. Later on its position became even more favourable due to Hungary's accession to the EU. Between 2007 and 2008 the Hungarian market, similarly to the whole region, earned also profit from a transitory situation at the beginning of the crisis when the investment problems in Western Europe did not extend to the CEE region for some time. From 2009 on, however, the crisis in CEE also resulted in a very serious drop in investments, in spite of the significant amount of uninvested capital accumulated in recent years. In addition, the crisis affected the already weakened Hungarian economy more seriously than the other parts of the region, which was reflected by the drop in investments in 2010. -- Hungary ; Central and Eastern Europe ; Economics in transition ; Emerging markets ; Venture Capital ; Private Equity

     
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    Sprache: Englisch
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    ISBN: 9786155024924
    Weitere Identifier:
    hdl: 10419/108249
    Schriftenreihe: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2012/1
    Schlagworte: Risikokapital; Private Equity; Systemtransformation; Ungarn
    Umfang: Online-Ressource (PDF-Datei: 37 S., 706,33 KB), graph. Darst.
    Bemerkung(en):

    Zsfassung in ungar. Sprache
  13. Hol tart a közép-kelet-európai kockázati- és magántőke-piac öt évvel a válság után?
    Autor*in: Karsai, Judit
    Erschienen: 2014
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    While in Western Europe the venture capital and private equity industry have mostly got over the shock of the crisis, the Central and East-European region in 2013 still showed a tendency of deterioration. Signs of recovery could not be perceived... mehr

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    While in Western Europe the venture capital and private equity industry have mostly got over the shock of the crisis, the Central and East-European region in 2013 still showed a tendency of deterioration. Signs of recovery could not be perceived neither in fundraising, investment or divestment activities. Similarly to Europe in general, institutional investors wishing to invest in the CEE region are concerned by the increasing north-south divergence. In Hungary substantial government venture capital resources are available for early-stage venture capital investments. However, in addition to the general problems affecting the CEE region, the freezing of buy-outs can be attributed to special difficulties arising from special economic policy risks in Hungary.

     
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    ISBN: 9786155447303
    Weitere Identifier:
    hdl: 10419/108342
    Schriftenreihe: Discussion papers / Institute of Economics Hungarian Academy of Sciences ; 2014/15
    Umfang: Online-Ressource (28 S.)
    Bemerkung(en):

    Zsfassung in ungar. Sprache
  14. A kockázati tőke megjelenése a hazai piacon, részvétele az innovációs folyamatokban
    Autor*in: Karsai, Judit
    Erschienen: 1997

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    Medientyp: Buch (Monographie)
    Format: Druck
    ISBN: 9639112011
    Schriftenreihe: MVA kutatási füzetek ; 9
    Schlagworte: Risikokapital; Forschungsfinanzierung; Auslandsinvestition; Ungarn
    Umfang: 27 S
  15. Can the state replace private capital investors?
    public financing of venture capital in Hungary
    Autor*in: Karsai, Judit
    Erschienen: June 2004
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    It is generally accepted that venture capital exerts a positive influence on economic development, and Hungarian economic policy, too, regards it as a means to accelerate economic growth, enhance the export capacity of companies, improve employment,... mehr

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    It is generally accepted that venture capital exerts a positive influence on economic development, and Hungarian economic policy, too, regards it as a means to accelerate economic growth, enhance the export capacity of companies, improve employment, increase tax revenues, investments and research and development expenditures, that is, to boost the overall competitiveness of the country. Although Hungary boasts an advanced venture capital industry in regional comparison, the capital supply of small/startup companies especially is still unresolved. The successive Hungarian governments having come to power since the change of the economic and political regime declared almost without exception the importance of venture capital, and made efforts to contribute to raising its supply. These efforts, however, have been rather ineffective due to their almost exclusive reliance on direct state intervention and disregard for the much more successful western solutions stimulating private sector venture capital investors. The present paper first describes the reasons, areas, direct and indirect forms of state intervention in the venture capital industry. Subsequently, it surveys its specific reasons and practice so far on the Hungarian venture capital market. It highlights the essential difference in approach reflected by the Hungarian and the western experiences, respectively, and makes a proposal as to how the state could promote the development of the venture capital market more effectively and in a more market-oriented way, with special regard to Hungary s prospective accession to the European Union in 2004. Accordingly, the state should avoid direct capital investment in companies, bypassing the private sector; it should supplement the funds of private investors as co-financier, and control co-operation with them by reducing the risks and increasing the profits associated with investments enjoying state preference for private investors. This would allow the state to realise its economy and venture capital industry development objectives simultaneously.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/108059
    Schriftenreihe: Discussion papers / Institute of Economics, Hungarian Academy of Sciences ; MT-DP. 2004, 9
    Schlagworte: Risikokapital; Staatliche Einflussnahme; Ungarn
    Umfang: 1 Online-Ressource (circa 25 Seiten)
  16. Milyen kockázati tőkés a közép-kelet-európai állam?
    Autor*in: Karsai, Judit
    Erschienen: 2015
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    The entire venture capital sector of Central and Eastern Europe is characterised by the increased weight of state resources. The strengthening of public activities is mainly due to the new type of equity schemes introduced in the European Union's... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 151 (2015,38)
    Fernleihe:
    keine Fernleihe

     

    The entire venture capital sector of Central and Eastern Europe is characterised by the increased weight of state resources. The strengthening of public activities is mainly due to the new type of equity schemes introduced in the European Union's 2007 to 2013 programming period, which allowed the countries in the region to use part of the Structural Funds to develop their venture capital sector. More than 60 venture capital funds undertook to invest more than EUR one billion by the end of 2015, by raising one third of the funds from private investors. The paper examines how successful the CEE EU Member States, with a relatively less developed venture capital industry, were in using government equity schemes based on market cooperation between the state and market actors. Since, due to the shortness of the time elapsed since launching these schemes, the success of the companies financed by such hybrid venture capital funds cannot be assessed, this paper primarily aims to analyse whether the region was able to utilise the past lessons from government equity schemes in countries with a more developed venture capital industry. Similarly to the equity programs applied in the West, the government venture capital programs in the region are also characterised by the short time frame, the mass of administrative requirements tying the hands of investors, the small fund size, which prevents efficient operation, and the limited participation of institutional investors amongst private investors. Compared to developed countries, the unjustified level of benefits to and non-transparent selection of private fund managers and the immaturity of the investment proposals constitute disadvantages in the region. However, the greatest risk of public equity schemes, i.e. the crowding out effect on private investors, is missing in the CEE region due to the lack of market investors.

     
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    Quelle: Verbundkataloge
    Sprache: Ungarisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9786155594014
    Weitere Identifier:
    hdl: 10419/129860
    Schriftenreihe: Discussion papers / Inst. of Economics Hungarian Academy of Sciences ; 2015/38
    Umfang: Online-Ressource (46 S.)
    Bemerkung(en):

    Zsfassung in engl. Sprache
  17. Are CEE states successful as venture capitalists?
    Autor*in: Karsai, Judit
    Erschienen: 2015
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    The entire venture capital sector of Central and Eastern Europe is characterised by the increased weight of state resources. The strengthening of public activities is mainly due to the new type of equity schemes introduced in the European Union's... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 151 (2015,39)
    Fernleihe:
    keine Fernleihe

     

    The entire venture capital sector of Central and Eastern Europe is characterised by the increased weight of state resources. The strengthening of public activities is mainly due to the new type of equity schemes introduced in the European Union's 2007 to 2013 programming period, which allowed the countries in the region to use part of the Structural Funds to develop their venture capital sector. More than 60 venture capital funds undertook to invest more than EUR one billion by the end of 2015, by raising one third of the funds from private investors. The paper examines how successful the CEE EU Member States, with a relatively less developed venture capital industry, were in using government equity schemes based on market cooperation between the state and market actors. Since, due to the shortness of the time elapsed since launching these schemes, the success of the companies financed by such hybrid venture capital funds cannot be assessed, this paper primarily aims to analyse whether the region was able to utilise the past lessons from government equity schemes in countries with a more developed venture capital industry. Similarly to the equity programs applied in the West, the government venture capital programs in the region are also characterised by the short time frame, the mass of administrative requirements tying the hands of investors, the small fund size, which prevents efficient operation, and the limited participation of institutional investors amongst private investors. Compared to developed countries, the unjustified level of benefits to and non-transparent selection of private fund managers and the immaturity of the investment proposals constitute disadvantages in the region. However, the greatest risk of public equity schemes, i.e. the crowding out effect on private investors, is missing in the CEE region due to the lack of market investors.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9786155594021
    Weitere Identifier:
    hdl: 10419/129873
    Schriftenreihe: Discussion papers / Inst. of Economics Hungarian Academy of Sciences ; 2015/39
    Umfang: Online-Ressource (32 S.)
    Bemerkung(en):

    Zsfassung in ungar. Sprache
  18. Milyen kockázati tőkés a közép-kelet-európai állam?
    Autor*in: Karsai, Judit
    Erschienen: 2015
    Verlag:  Institute of Economics, Hungarian Academy of Sciences, Budapest

    The entire venture capital sector of Central and Eastern Europe is characterised by the increased weight of state resources. The strengthening of public activities is mainly due to the new type of equity schemes introduced in the European Union's... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 151 (2015,38)
    Fernleihe:
    keine Fernleihe

     

    The entire venture capital sector of Central and Eastern Europe is characterised by the increased weight of state resources. The strengthening of public activities is mainly due to the new type of equity schemes introduced in the European Union's 2007 to 2013 programming period, which allowed the countries in the region to use part of the Structural Funds to develop their venture capital sector. More than 60 venture capital funds undertook to invest more than EUR one billion by the end of 2015, by raising one third of the funds from private investors. The paper examines how successful the CEE EU Member States, with a relatively less developed venture capital industry, were in using government equity schemes based on market cooperation between the state and market actors. Since, due to the shortness of the time elapsed since launching these schemes, the success of the companies financed by such hybrid venture capital funds cannot be assessed, this paper primarily aims to analyse whether the region was able to utilise the past lessons from government equity schemes in countries with a more developed venture capital industry. Similarly to the equity programs applied in the West, the government venture capital programs in the region are also characterised by the short time frame, the mass of administrative requirements tying the hands of investors, the small fund size, which prevents efficient operation, and the limited participation of institutional investors amongst private investors. Compared to developed countries, the unjustified level of benefits to and non-transparent selection of private fund managers and the immaturity of the investment proposals constitute disadvantages in the region. However, the greatest risk of public equity schemes, i.e. the crowding out effect on private investors, is missing in the CEE region due to the lack of market investors.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Ungarisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9786155594014
    Weitere Identifier:
    hdl: 10419/129860
    Schriftenreihe: Discussion papers / Inst. of Economics Hungarian Academy of Sciences ; 2015/38
    Umfang: Online-Ressource (46 S.)
    Bemerkung(en):

    Zsfassung in engl. Sprache