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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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Private equity and leveraged buyout
Růžička, Jakub ; Pláničková, Markéta (advisor) ; Plánička, Pavel (referee)
The goal of the Thesis was to perform a research about the Private Equity industry and Leveraged Buyout type of deal. Within practical part of the Thesis, was goal to create financial model and use it to analyse real case LBO transaction. Due to lack of Czech literature about the topic and secrecy of the industry, foreign studies and literature were primary source of information but also an interviews with Czech investment professionals and advisors. In practical part of the Thesis was created general LBO model with Microsoft Excel, with functions able to perform different LBO transactions. This financial model, was later used to perform LBO acquisition analysis of company Severomoraské vodovody a kanalizace Ostrava a.s.
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Real estate project valuation
Dokulilová, Vlasta ; Špička, Jindřich (advisor) ; Vandas, Martin (referee)
The master's thesis deals with the evaluation of a specific investment opportunity on the private equity real estate market in the Czech republic. The analysed investment project offers rare opportunity to create additional cash flow to the project under the management of the new owner. The theoretical part will define the core problematic of investment decision making process and the evaluation of investments. Practical part is focused on building a projection of cash flow and analysis of various return scenarios by using the internal rate of return as a key financial criteria to evaluate the investment opportunity.
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Private Equity in Central and Eastern Europe
Jurek, Martin ; Sato, Alexej (advisor) ; Černohlávková, Eva (referee) ; Čižinská, Romana (referee)
Venture capital and private equity (VC/PE) funds in a global perspective belong to the largest nonbank medium, as well as long-term sources of capital. The main aim of this dissertation is to identify private equity specifics from a European perspective and assess its historic and current development within the context of the Central and Eastern European (CEE) region. In connection with that main aim, three hypotheses are defined: Hypothesis 1: The impact of the VC/PE investor on the functions of the financed company during the holding period has a positive effect on the performance of that company. Hypothesis 2: The impact of the VC/PE investor on the functions of the financed company during the holding period has a positive effect on internationalizing that company. Hypothesis 3: The increased international growth of the financed company during the holding period has a positive effect on company performance. Although private equity is not an unknown term in the CEE region, its fundamental terminology and use is not comprehensive. As a result, the first chapter defines and explains basic terms. For a better understanding of the private equity industry, its historical development, systemized division and classical models of private equity funds are further displayed. The second chapter introduces the theoretical background for the particular components applied in the empirical research. It describes fields of investor activity in financed companies and its corresponding effect on their performance and internationalization. Private equity is an integral part of financial markets and is thus influenced by related government programs and legislative changes. In this respect, the third chapter sets forth Czech state support, as well as taxation and legislative adjustments regarding private equity. An analysis is laid out in the final two chapters, the fourth analysing private equity in the CEE region (with specifics from a historical and a current perspective) and thoroughly examining fundraising, investment and divestment according to a scale of determinants. The fifth and last chapter concludes the dissertation by factor analysis confirmation and statistical testing of the above mentioned hypothesis. This dissertation's main contribution is in the results derived from a model describing the role of the VC/PE investor with regard to the performance and internationalization of financed companies, including the statistical testing of defined relationships. Further, it analyses outcome specifics in the VC/PE within the CEE region.
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Venture capital investments
Šinkovic, Michal ; Brada, Jaroslav (advisor) ; Kiska, Andrej (referee)
Diploma thesis analyses venture capital, which is part of alternative asset class investment. At the outset, paper very briefly discusses the private equity industry and differences between venture and buyout capital. Followed by a chapter that discusses entrepreneurship, entrepreneurial finance, financing alternatives for new ventures and the importance of venture capital and its impact on new businesses. Next chapter describes problems and risks that venture capital fund and entrepreneurs face after the contract is being signed. The paper also highlights some instruments that can be used against these risks and problems. The biggest part of thesis describes whole venture capital investment cycle from getting money, screening opportunities to valuation and exit of portfolio companies. Lastly the paper analyses venture capital in Central and Eastern Europe region (CEE) and briefly describes venture capital company based in Prague - Credo Ventures and its portfolio companies.
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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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Risk capital in international business
Kučerová, Petra ; Sato, Alexej (advisor) ; Jurek, Martin (referee)
This thesis deals with risk (venture) capital as an alternative source of funding mainly for small and medium-sized innovation-oriented enterprises. The aim of the first part is to provide an overview of the venture capital investment system. In addition to the theoretical introduction, the emphasis is on the analysis of the Czech venture capital market. Due to the membership of the Czech Republic in the EU, the Czech market is put in broader context of pan-European venture capital market and its regulation. In the final section, obstacles are identified that hinder the development of this market in the Czech Republic. Subsequently, the measures are introduced that could remedy the current situation.
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Performance of Private Equity in Post-Crisis Europe
Hollý, Michal ; Schönfeld, Jaroslav (advisor) ; Smrčka, Luboš (referee)
In todays world with constantly growing dynamics of changes we are faced with ups and downs of not only private subjects, but also of whole markets. Volatility of external impacts in more globalized environment could completely destroy an unique idea, project, or long time existing firm with big potencial to the future. Private Equity firms are trying to combine interests of those, who have an idea with those, who have resources. This synergy could increase prosperity of markets as a whole. The aim of this thesis is to focuse on performance of Private Equity not just like industry, or an alternative way of investment, but focuse on its business model and performance on the European continent, with a focus on Post-Crisis time period.
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