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Private Equity vs. public markets in an international comparison
Záveský, Martin ; Dočkal, Dalibor (advisor) ; Vebrová, Ludmila (referee)
This bachelor thesis introduces a specific kind of investment asset named private equity, which is being compared with investments on public markets. In the first part the paper concentrates on theoretical terms and creates a ground for following analytical chapter. In this chapter it firstly analyzes private equity in general with a focus on the two most important geographical areas - Europe and the USA. Consequently in the second analytical part the thesis examines returns of buyout and venture funds and later on it compares performance of the industry with the public markets.
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Venture capital and its impact on internationalization of business activities
Tykvartová, Lenka ; Černohlávková, Eva (advisor) ; Pavlík, Zdeněk (referee)
This thesis deals with venture capital and its impact on business activities. Its goal is to prove that properly executed venture capital investment could be beneficial not only for the recipient but also for the investor. In the theoretical part, the thesis deals with analysis of venture capital, its support in the Czech Republic and its impact on internationalization of business activities. In the practical part, there is an example how venture capital could be a suitable support for company's development in foreign markets.
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Venture capital and Private Equity in Central and Eastern Europe
Novodvorský, Martin ; Bartošová, Jitka (advisor) ; Šejtka, Ondřej (referee)
This thesis deals with investments in venture capital and private equity in Central and Eastern Europe. The objective I have chosen is to map the evolution of this market and compare it with euro-wide trends using methods of descriptive statistics. As a basis I used statistics of European venture capital and private equity association. The teoretical part includes an introduction to the topic and definition of important concepts. The practical part deals with the development of this market in terms of fundraising, investment activity and exits. The region still lags behind the european numbers both in the amount of fundraising, investment activity and exits. However atractivity for investors is growing. The difference between countries in the region and the rest of Europe is gradually decreasing. The region follows the trends in European market with one year's delay. The are relatively strong fluctuations directed mainly by buyouts. There are very little investments in development of new, viable companies.
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Financing of cross-border activities of small and medium- sized enterprises
Hrušková, Lenka ; Taušer, Josef (advisor) ; Černá, Iveta (referee)
First chapter explains the concept of SME in terms of providing of the state support, and points out their contribution to economy and society. Second chapter provides a brief overview of the activities of EU towards SME sector and state support of cross-border activities of SME. Third chapter provides an overview of commercial and alternative forms of financing of SME's activities, such as activities of commercial banks towards SMEs, factoring, leasing and private equity). Fourth chapter is an analysis of impact of crisis on financing of SME, concentrated on governmental anticrisis measurements and their real impact on financing of export with state support.
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Private Equity and Venture Capital Investment
Cupák, Patrik ; Sato, Alexej (advisor) ; Černohlávková, Eva (referee) ; Baláž, Peter (referee) ; Kursová, Petra (referee)
This doctoral thesis is focused on the most progressive part of alternative financing for small business nowadays, on Private Equity and Venture Capital. Despite its undeniable importance, compared to the more traditional ways of collecting financial resources for further business development, only very little research has been done in this area from the point of view of economics sciences. The recent world financial crisis has only served to highlight the importance of Private Equity. However, the theory is still unable to provide answers to many questions raised by practice. In view of that, the main aim of the thesis is to provide detailed description of the field, examine the current trends in Private Equity investment and introduce Private Equity as one of the most perspective systems of business activity financing. The thesis is divided into three main parts. The definition of financial market, its functioning as well as the main agents are included in the first part of the dissertation. The second part deals with the comparison between the EU and its new member states represented by the region of Central and Eastern Europe, and also examines the factors that have been influencing Private Equity development in the last four years and their mutual interdependencies. In the third part, the original valuation model measuring total returns of Private Equity investments is developed. In his dissertation, the author tests the following hypotheses: 1. Private Equity can be considered as one of the most risky investments among all. Total return from PE is well above the average of any other forms of investment. 2. The total amount of Private Equity investments in CEE region is growing steadily. The largest part of this investment is constituted by Buy-outs. Both tested hypotheses are confirmed. This doctoral thesis of Patrik Cupak provides a detailed analysis of Private Equity investments development. The main contribution of the dissertation is the fact that it represents the first analysis comparing the actual situation in Private Equity investments in European and CEE region of this type. The thesis also has significant theoretical and practical contributions due to its wide content and original analysis in this field. Its findings can be thus used in both, practice as well as the academic field.
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Venture Capital and Private Equity Investment
Bártík, Jan ; Zadražilová, Dana (advisor) ; Kursová, Eva (referee)
The thesis deals with venture capital and private equity from investor's point of view first. There are presented different types of investors, management companies and funds and the relation among these subjects. Venture capital and private equity is an alternative to finance business activities from the entrepreneurial perspective and this paper provides profile of an appropriate company and explains the relation between the investment fund and the company. The analytical part focuses on investment activity in the Czech Republic and the findings about level and structure are analysed with regard to selected factors from business and investment environment.
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Risk capital in entrepreneurship
Ježková, Slávka ; Sato, Alexej (advisor) ; Beníček, Milan (referee)
The diploma thesis describes and defines in theoretical part the entire venture capital system, analyzes the individual elements and inner flows. The thesis contains chapters where the reader can meet the term of venture capital, its history and specifics, and various possible types of investment, subjects at venture capital maktet and the investment process. The second part of the thesis focuses on the issues of the venture capital market in Central and Eastern Europe and in detail in the Czech Republic with particular accent on the last period and the changes caused by the financial crisis and includes the limiting factors for the development of this market.
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Private equity - leveraged buyouts and KKR
Haško, Miroslav ; Brada, Jaroslav (advisor) ; Osička, Štěpán (referee)
The aim of this thesis is description and understanding of private equity industry as a part of alternative asset class. In the first part, we describe the basic concepts of private equity industry and characteristics of individual subjects present in this sector. Analysis of the industry and basic comparison of private equity in Europe and United States is the theme of the second part of this paper. The base of knowledge created in the previous parts supports the analysis of buyouts and their value creation strategies. On the example of Kohlberg Kravis Roberts, pre-eminent private equity firm, we show how private equity works in practice and what current trends in the industry are. In the end, we estimate the subjective value of one unit of ownership in KKR and list that risks could affect the company and the industry.
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Private Equity financing in the Czech Republic
Quittek, Radim ; Valach, Josef (advisor) ; Krabec, Tomáš (referee)
Diploma thesis aims to describe the current state of the Private Equity financing in the Czech Republic. This issue is viewed from two angles. The first part is devoted to macro-economic assessment of the current state of Private Equity in the Czech Republic. It aims to describe the current situation, compare it to economies with a developed private equity market and to draw recommendations that will lead to further development of private equity in our country. The focus of the second part is to characterize the Private Equity market from a microeconomic perspective. It aims to describe the functioning of the Private Equity market at the level of individual entities, the business model and analyze and compare the investment strategies of General Partners operating in the Czech Republic.
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Private equity investments in the Czech Republic
Procházka, Adam ; Marek, Petr (advisor) ; Podškubka, Tomáš (referee)
Private equity investments belong to alternative investments. They are based on investing into non-public firms. Private equity can be devided in two groups. In the first case starting and expanding companies are being sought(venture capital), the second choice consists of buying established companies(private equity in closer). In both cases the necessary assumption is a high potential of the particular company so the investor can re-sell the business in few years for profit. As will be shown on five different investment cases from Czech environment, high returns on capital are compensated by high risk -- particularly by low liquidity and by a threat of wrong market estimation.
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