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Venture kapitálové investice a jejich podpora v České republice a Evropské unii
Macová, Dominika
Diploma thesis is focused on an analysis of venture capital financing support in the Czech Republic and European Union. The first part of the thesis is dedicated to defining terms related to venture capital financing,an impact analysis of venture capital on the state economy and an analysis of current situation in the venture capital market of European Union. Afterwards typology of the states of European Union according the activity on venture capital markets and comparison of the Czech Republic with selected countries are accomplished. Based on analysis results conclusions and recommendations are proposed in order to improve the situation in the Czech Republic and European Union.
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Decision Making of Business Angels on Exits in Context of the Czech Venture Capital Market
Vejmělková, Lada ; Doskočil, Radek (referee) ; Horvátová, Eva (referee) ; Łapińska, Justyna (referee) ; Zinecker, Marek (advisor)
This dissertation presents research results on the identification of internal and external factors affecting angel investors’ decision to exit the venture capital market in the Czech Republic. The research is based on semi-structured interviews and questionnaire surveys with 25 angel investors. Content analysis of qualitative and quantitative data serves as the main tool of data processing. The data contained in the resulting data matrix is subjected to statistical analysis using the IBM SPSS Statistics software. The results indicate that the main form of exit of angel investors includes business sales, which, given the evolution of internal and external factors, is timed to maximize the return on investment. Moreover, exit is usually the result of an opportunistic approach to exit planning. The research results further suggest that the most important internal factors affecting angel investors’ exit include confidence, qualitative criteria for the evaluation of the investment by the angel investor, level of technological innovation, and contractual arrangements for the exit. In the case of external factors, the most important for an angel investor are the change and level of future demand for the the target company, geopolitical developments, or the tax system. The research results are used to formulate a multi-criteria decision model that serves as a decision support tool for angel investors exit decision.
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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 as a Form of Investment
Bolf, David ; Luňáček, Jiří (referee) ; Zinecker, Marek (advisor)
The diploma thesis deals with the different ways of investment in Private Equity. The work is focused on investment decision making, investment process and due diligence. In the analytical part, the author evaluates the results of the questionnaire, which focuses on the factors of investment decision. Factors that investment decisions are divided into three categories examined by the author.
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Venture Capital in Supporting Innovative Start-Ups in the Czech Republic
Koppitz, David ; Dvořák,, Ivan (referee) ; Zinecker, Marek (advisor)
Innovation entrepreneurship is built not only on a quality idea, but also on the availability of start-up capital and management skills of the idea owner. The insufficient finance often limits the success and growth potential of start-ups. When seeking support to individual business plans, allowing for entry of a business angel could be an option. Business angels are private, mostly experienced investors who invest in SMEs with high growth potential not only financial capital, but also business know-how, contacts and management experience. Thesis evaluates possibilities to use venture capital offered by business angels to support innovative start-ups and on several case studies assesses readiness of innovation and business environment from the investors’ point of view.
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Drivers of Private Equity Activity across Europe: An East-West Comparison
Kočenda, Evžen ; Shivendra, R.
We investigate the key macroeconomic and institutional determinants of fundraising and investment activities and compare them across Europe, covering 13 Central and Eastern European (CEE) and 16 Western European (WE) countries. Five macroeconomic variables and nineteen institutional variables are selected. These variables are studied using panel data analysis with fixed effects and random effects models over an eleven-year observation period (2010–2020). Bayesian Model Averaging (BMA) is applied to select the key variables. Our results suggest that macroeconomic variables have no significant impact on fundraising and investment activity in either region. Investment activity is a significant driver of fundraising across Europe. Similarly, fundraising and divestment activity are significant drivers of investments across Europe. Institutional variables, however, affect fundraising and investment activity differently. While investment freedom has a significant effect on funds raised in the WE and CEE countries, government integrity and trade freedom are both significant determinants of investments in both European regions. In addition, the results demonstrate that, in contrast to the WE region, fundraising in the CEE region is not country specific.
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Venture kapitál v kontextu výkonnosti malých a středních podniků v oblasti informačních technologií
Dohnalová, Radka
This thesis deals with venture capital as an alternative source of financing in the Czech Republic. The aim of the thesis is to identify and comprehensively evaluate the impact of venture capital investment on the economic performance of the selected small and medium enterprises, based on the analysis of the venture capital market. The literature research represents an input of the issue of venture capital. Custom work brings closer an existing development venture capital in the Czech Republic. After that it deals with the influence of venture capital on the performance of selected businesses from the sector information and communication technologies, through selected absolute and relative indicators of financial analysis, bankruptcy models and indicators of value creation for shareholders. The results are compared with studies in discussion and then they are subsequently formulated into proposals and recommendations.
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