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Zavedení státní podpory venture capital pro malé a střední podniky
Vítková, Lucie
The Bachelor thesis deals with the development of the venture capital market in the period 2007 to 2014 in selected countries (such as Czech Republic, Hungary and Slovakia), with the state support of this alternative form of enterprises´ financing and with the implementation of JEREMIE in these countries. The state of venture capital market in selected countries is evaluated on the basis of quantitative characteristics in this thesis, moreover it shows which one of the selected countries has the best results on the venture capital market. The following part of the thesis includes results of the state support implementation through the JEREMIE initiative and how these results affected the venture capital market in selected countries.
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Venture Capital Financing
Zapletal, Václav ; ACCA, Petr Vykydal, (referee) ; Režňáková, Mária (advisor)
Tato diplomová práce je zaměřena na financování podnikových činností pomocí rizikového kapitálu v České republice. Práce identifikuje způsoby a prostředky, díky kterým prospívají společnosti, do nichž byl rizikový kapitál investován. Způsoby zvyšování hodnoty podniku, prospěch rizikového kapitálu a další determinanty spolupráce managementu podniku s rizikovými kapitalisty jsou analyzovány pomocí čtyř případových studií z České republiky a Velké Británie. Diplomová práce se také zaměřuje na možnosti zlepšení daňového a právního prostředí České republiky z pohledu institucionálních investorů, jakožto významného zdroje rizikového kapitálu. Výstupem této práce je doporučení na zavedení speciální daňové sazby pro malé a střední společnosti, umožnění penzijním fondům a pojišťovnám investování do fondů rizikového kapitálu a dále zvýšení možnosti daňového odečtu nákladů na výzkum a vývoj. Co se týče výkonnosti managementu po investici rizikového kapitálu, zdůrazněna je důležitost funkce dozorčí rady, neustálé přehodnocování motivačního balíčku pro management a další možnosti, které umožní dosáhnutí zvýšené výkonnosti managementu podniku.
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Private Equity funds and their performance in the post-crisis period
Koníř, Štěpán ; Krištoufek, Ladislav (advisor) ; Kučera, Adam (referee)
The work covers the topic of private equity funds performance and attempt to identify the impact of macroeconomic conditions on the entire industry. The recent central banks' actions put a question about the impact of changes in interest rates on the private equity funds performance. With the sample of 100 observations provided by Cambridge Associates, we identified the significant negative effect of prevailing low interest rates on the growth of private equity funds performance. We further attempt to answer the question, whether private equity funds operating in post-crisis years has on average higher growth rate, however, we could not provide the answer as we failed to reject the null, neutral effect hypothesis. Additionally, with a sample of 3092 observations provided by Bloomberg, we found that the effect of cheap debt has increased on average in the postcrisis period, predicting that the private equity performance can suffer once the interest rates rises enough.
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Strategy of newly formed IT company
Rejman, Jiří ; Klčová, Hana (referee) ; Sodomka, Petr (advisor)
The dissertation aims on strategic tools of new inovative IT company for creating strategic plan. In theoretical part the thesis research strategic tools, developing a product and financing of innovative IT companies and tries to identificate proper right tools for creating strategy. Tools examined in theoretical part are used in practical part to create concrete strategic plan of new company.
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Zhodnocení způsobů financování založení Stříbrnictví
Novotná, Věra
In my thesis I deal with main difficulties of funding sources in Czech market. It contains overview of funding sources and refer to advantages and disadvan-tages. Main attention was paid to external funding. So many forms of financing are available. A proposal for beginning entrepreneurs is considerably limited. No entrepreneur's history is the greatest obstacle. Single sources of funding are analysed in view of beginning entrepreneur. The proposals of companies provi-ding capital are compared in practical part. Sources of funding which are suita-ble for beginning companies are compared by virtue of realized facts.
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Financing innovative companies in USA through venture capital
Stropkaiová, Aneta ; Bič, Josef (advisor) ; Hnát, Pavel (referee)
Silicon Valley and companies grouped around MIT are known as world centres for investor activity for venture capital. These areas with many start-ups and companies participating on R&D are today ranked as regions with highest concentration of innovations in the world and companies such as Apple, Facebook, Microsoft or Google who are based in Silicon Valley, belong among the most innovative and most important companies of our generation. From Windows to FedEx, technologies created within the companies financed by venture capital, changed our world. The purpose of my diploma thesis is identify relationship between venture capital, innovations and economic productivity on example of USA. In first chapter I define the term venture capital, explain how the process of investing venture capital is happening, and which subjects are involved in the process. In second chapter I evaluate the role of venture capital in American economy. I´m also researching in what way venture capital is contributing with creation and development of innovatory companies. In third chapter I apply conclusions of my findings on an example of specific American company, which fulfills two conditions; it is financed by venture capital and has high innovation potential. On practical example I verify the relationship between venture capital, innovations and economic productivity of country.
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Analysis of support and financing of start-up projects in Israel in the period of years 2003 - 2015
Zedková, Daniela ; Ševčíková, Michaela (advisor) ; Munzi, Tomáš (referee)
This thesis analyzes the support and financing of start-up projects in Israel, especially in the period of years 2003 - 2015. Main goalof the thesis is to analyze the developmnet of of the Israeli startup environment, facts and the institutions that influence it. The thesis furthermore compares the development of the startup ecosystem in Israel and the USA during the period mentioned above. To achieve these goals the method of analysis has been chosen, especially causal, cestoral and system analysis. The thesis shows that the mains causes of the dynamic development of the startup ecosystem in Israel is in particular the government initiative together with the creation of the Office of the Chief Scientist, constantly rising spending on R&D and the associated support for venture capital funds. In comparison with the US, in Israel, the government sector plays a significant role in all types of support, whether financial or institutional, thus motivating foreign investors to enter the Israeli financial market. The success of the Israeli state lies also in its historical events, cultural habits and the features of the population. The main benefit of the thesis, except the analysis of the Israeli startup environment and its comparison with the US is a comprehensive analysis of the insignificant facts that influenced its current development.
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The effect of introduction of Cloud Computing: The case of Venture Capital
Šomvársky, Jan ; Mejstřík, Michal (advisor) ; Čech, František (referee)
The thesis aims to examine the impact of introduction of Cloud Computing on Venture Capital (VC) financing in the United States. In the first part we review features of Cloud Computing and their impact on startup costs in context of VC. In this thesis we consider Amazon Web Services (AWS), introduced in 2006, a pioneer of widely accessible Cloud Computing. In the second part we quantify the cost reduction associated with utilization of AWS against owning IT infrastructure. Results show 529 fold decrease in startup costs in 3- month time frame. In the third part we analyze the impact of introduction of AWS on seed and later-stage investments in context of selected macroeconomic and technological factors. We perform analysis on a comprehensive dataset from National Venture Capital Association using Autoregressive Distributed Lag (ARDL) model to account for a change in lagged values of dependent and independent variables. Main finding of our analysis suggests that seed investments are significantly influenced by the introduction of AWS and subsequent drop in startup costs. Specifically, the decline in cost of startup induced 29.67% increase in seed investments. Further findings indicate insignificant relationship between seed investments and macroeconomic factors. Moreover, according to our results,...
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Risk Capital for Riders of Life Insurance
Kudler, Ondřej ; Klečková, Nina (advisor) ; Branda, Martin (referee)
The risk capital has to be kept by insurance company to cover unexpected looses. In our thesis we focus on different approaches to calculation of risk capital. One part is concentrated on derivation of Solvency I regime, both for life and nonlife insurance. In addition, we characterize riders of life insurance that are avaliable on the Czech market. In next part of our thesis we set up our own model of risk capital calculation. We consider these risks: mortality, expense, lapse and interest rate risk. For numerical calculations we chose accidental death rider, so we included its risk also into our model.
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Výpočet rizikového kapitálu pro investiční životní pojištění
Coufal, Tomáš ; Lukášek, Josef (advisor) ; Mazurová, Lucie (referee)
Title: Risk capital calculation in invesment life insurance Author: Bc. Tomáš Coufal Department/Institute: Department of Probability and Mathematical Statis- tics Supervisor of the master thesis: Mgr. Josef Lukášek Supervisor's e-mail address: Josef.Lukasek@allianz.cz Abstract: Unit linked insurance is a modern and flexible life insurance product. The last decade was marked by the raising popularity of unit linked insurance. The discussions conserning the impact of the new directive Sol- vency II on the life insurance business focus mainly on the traditional life insurance. This paper examines the issue of the calculation of the risk capital for unit linked insurance. Analysis of the impact of different death guaran- tees, forms of premium payment, time to maturity and dynamic policyholder bahaviour on the risk capital is presented. Keywords: Unit linked insurance, Solvency II, Risk capital, Solvency capital requirement
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