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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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Regulation of Hedge Funds and Private Equity in the Light of the Global Financial Crisis
Šinka, Michal ; Teplý, Petr (advisor) ; Buzková, Petra (referee)
The aim of the thesis is to analyse the non-bank regulatory framework with particular attention devoted to hedge funds and private equity funds. The thesis describes functioning of the funds, discusses their performance during the global financial crisis of 2007-present and, predominantly, describes and analyses the EU and U.S. regulatory reforms with respect to these institutions which have arisen as a response to the crisis. Based on the analysis of the measures incorporated in these reforms, the thesis outlines its own proposal of an alternative investment fund regulatory framework which, if applied, would lead to a more efficient functioning of the alternative investment industry than what is likely to be the outcome of the already adopted reforms. The nature of the thesis is institutional; its methodology is characterized by a broad literature survey. Hedge funds and private equity funds are considered both in pre-crisis context as well as in circumstances that have been brought about by the crisis. Several hypotheses concerning systemic risk and the approach of the regulatory reforms to it are assessed. Mostly qualitative analysis is employed to evaluate the hypotheses.
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Performance of Private Equity Backed IPOs: Evidence from European Market
Říha, Jakub ; Fencl, Tomáš (advisor) ; Pečená, Magda (referee)
This thesis investigates the performance of private equity backed IPOs. We have examined the European market in the period between 2000 and 2017 when the IPO activity experienced enormous growth. The main task was to assess whether the PE-backed IPOs evince superior performance when compared to their non-sponsored peers and the market. Further, we have examined the effect of the so-called valuation drivers on the IPOs' performance. To assess the IPOs' performance, we used the buy-and-hold abnormal returns with bootstrapped skewness adjusted t-statistics. In case of the valuation drivers' effect, OLS regression was applied. The main findings were that the PE-backed IPOs in Europe overperforme the market, mainly due to IPOs in the UK and Western Europe. The PE-sponsored IPOs also overperforme their non-sponsored peers, mainly due to IPOs in the UK, Western and Northern Europe. In case of the valuation drivers, we observed several significant correlations, however, their explanation power was negligible.
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Fundraising and Investment in Private Equity in Europe
Hoang, Ha Phuong ; Mejstřík, Michal (advisor) ; Haas, Emma (referee)
The attractiveness of private equity has been steadily increasing over the past years. This thesis aims to investigate the determinants of commitments to new funds raised and subsequent investment into companies on a data set covering 20 European countries spanning over the period 2007-2018. Using Ex- treme Bounds Analysis, the number of explanatory variables of diverse nature - macroeconomic, labour, financial, political, legal and social - is reduced as a large number of regressions are run to determine the robustness of each vari- able. Furthermore, a panel data analysis is conducted with fixed effects and random effects models. Three models are built for each fundraising activity and investment split according to stage focus. The analysis identifies differences in the determinants of fundraised and invested capital, tertiary education attain- ment and domestic credit to private companies as major drivers of fundraising, whereas market capitalisation and unemployment rate are confirmed as the key stimuli for investments in private equity. JEL Classification C33, C51, E22, F21, G24, G30 Keywords fundraising, investment, private equity, venture capital, buyout, Europe Title Fundraising and Investment in Private Equity in Europe
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