Der vorliegende Beitrag knüpft an die in Potsdam seit 2001 durchgeführte Langzeitstudie an und untersucht die aktuelle Situation auf dem formellen Beteiligungsmarkt in Deutschland nach dem Ausbruch der Finanzkrise. Neben den allgemeinen Gegebenheiten des Marktes werden vor allem die Finanzierungsbedingungen sowie das Investitionsverhalten einzelner Beteiligungsgesellschaften analysiert. In den Jahren 2008 - 2009 zeigt sich einerseits eine weitestgehend unveränderte Struktur der Refinanzierungsquellen. Privatpersonen und Banken sowie der öffentliche Sektor nehmen weiterhin einen hohen Stellenwert ein. Andererseits werden deutliche Veränderungen der strukturellen Merkmale, wie auch im Investitionsverhalten einzelner Beteiligungsgesellschaften deutlich. Besonders auffällig für die Branche sind das Rationalisierungsbestreben beim Einsatz von Investmentmanagern sowie die zunehmende Spätphasenspezialisierung. Aus dem festgestellten Konsolidierungs- und Reifeprozess erwächst die Herausforderung und offene Frage, wie der Markt eine solche strukturelle Angebotslücke im Frühphasensegment begegnen will. Auch das Einwerben neuer Finanzmittel sowie die aktuellen Exit-Bedingungen werden in der vorliegenden Studie kritisch beleuchtet. Als ein reizvolles Instrument zur Reduzierung der aufgezeigten Problemfelder wird dabei die aktuell unterentwickelte Syndizierung von Beteiligungsinvestitionen angesehen. Die effizientere Ausgestaltung derartiger Finanzierungsstrukturen sollte dazu beitragen, dass das private Beteiligungskapital künftig stärker bei der Transformation betrieblicher Forschung und Entwicklung zum Einsatz gelangt. / This paper presents another in a continuing research program initiated at the University of Potsdam in 2001. The current study surveys the current status of the German private equity market. The effects of the financial crisis generally, especially their consequences for the financial conditions and investment strategies of private equity firms are examined. On the one hand, the paper observes little change in the refinancing structure during 2008-2009. Private individuals, banks and the public sector still play an important role. On the other hand, changes in structural characteristics of the investment companies as well as in their investment behaviors are significant. Most noticeable are attempts to reduce human resource costs and a shift towards greater late-stage investment. Apparent consolidation and developing maturity portend a future challenge, to ameliorate an emerging structural supply gap in earlystage segment. In addition, the paper critically examines the current condition of fundraising activities and exit conditions. Syndication, though underdeveloped at present, might offer one way to address these troubling issues. More efficient financing structures should allow private equity to play an increasing role in the commercial transformation of corporate research and development.

Bakgrund och problem: Det långsiktiga värdeskapandet av Private Equity (PE)- och Venture Capital (VC)-bolag är ett fenomen som forskats kring sedan dess uppenbarelse i mitten av 80-talet. Tidigare forskning har främst fokuserat på portföljbolagens prestation under ägande, medan forskningen är gles gällande de långsiktiga konsekvenserna av PE- och VC-ägande. Trots tidigare forskning inom området, som sträcker sig över tre decennier, finns det ingen etablerad konsensus om de långsiktiga effekterna av PE- och VC-finansiering. Med tanke på den tvetydiga forskningen och det faktum att det inte råder någon konsensus inom området syftar denna studie att undersöka fenomenet på den svenska marknaden. Syfte: Denna studie syftar till att analysera huruvida det råder en operationell prestationsskillnad mellan tidigare PE- och VC-ägda portföljbolag gentemot dess branschkonkurrenter efter avyttring genom börsnotering. Vidare ämnar studien  analysera de bakomliggande faktorerna till den tänkbara prestationsskillnaden samt utreda om dessa varierar beroende på vilken aktör som tidigare stått för ägandet. Metod: Undersökningen genomfördes på den svenska marknaden mellan 2000 och 2017 med EBITDA-marginalen, omsättning per anställd, avkastning på sysselsatt kapital, operativa kassaflöden/totala tillgångar och rörelsekapital/omsättning som indikator på operationell prestation. I linje med tidigare forskning tillämpar följande studie en kvantitativ forskningsmetod, en deduktiv design och använder både ett parametrisk och icke parametrisk test i syfte att avgöra den statistiska säkerheten i resultaten. Slutsats: Studien konstaterar att den långsiktiga operationella prestationen för tidigare PE-ägda portföljbolag är sämre än den för branschkonkurrenter. Resultaten fastställer dock en kortsiktig överprestation som grundar sig i varaktiga effekter av effektiviseringsåtgärder från ägandeperioden. I motsats till detta, indikerar VC-ägda portföljbolag på en operativ underprestation, relativt branschkonkurrenter, på kort- och lång sikt men på grund av ett begränsat urval av portföljbolag kan detta inte statistiskt säkerställas. / Background and problem: The long term value creation of Private Equity (PE) and Venture (VC) Capital firms is a phenomena that has been debated and researched since its revelation in the mid 80’s. Previous research has primarily focused on the performance of portfolio companies during ownership, while the offer is relatively sparse investigating the long term consequences of PE and VC ownership after divestment. Despite previous research within the field, extending over three decades, there is no established consensus of the long term results of PE and VC financing. Given the contradiction of previous research the study aims to investigate the phenomena in detail on the Swedish market. Purpose: The study aims is to investigate how formerly Private Equity (PE) and Venture Capital (VC) backed portfolio companies preform, relative industry peers, after divestment through IPO. The study is based upon five key operational metrics and further strives to analyse and determine the explanatory variables to the presumed performance deviations and if these vary depending on which actor who previously was responsible for the ownership. Methodology: The study was conducted on the Swedish market between 2000 and 2017 using the EBITDA-margin, RPE, ROCE, operational cash flows to total assets and net working capital to sales as operational determinants for long- and short term performance. In line with previous research the following event study applies a quantitative research method, a deductive design and uses both a parametric and a non-parametric test to determine the statistical significance of the results. Conclusion: The study concludes that the long term operational performance of previously PE- owned portfolio companies is inferior to that of industry peers. However, the results conclude that the portfolio companies over perform industry peers in the short term due to lasting effects of efficiency processes from the ownership period. In contrary to previous results VC-owned portfolio companies indicate an operational under performance in the short and long term but due to a limited selection of portfolio companies this cannot be statistically proven.

SMEs are considered as the best possible vehicle to reduce the unemployment rate and increase economic participation in the country, specifically for historically disadvantaged people. Due to, among other things, the lack of small business management skills, the potential of SMEs cannot be fully realised. From the study it was found that one of the major reasons why SMEs fail to secure loans is a lack of management accounting skills. This lack of management accounting skills is due to a lack of mentors, training and business education. The study has identified a number of management accounting skills which most of the venture capital providers consider when they evaluate applications for loans. From empirical survey it was considered that budgeting, cash flow management and product costing were considered as imperative by most venture capital providers. / Management Accounting / (M. Com.)

Made available in DSpace on 2016-12-23T13:42:10Z (GMT). No. of bitstreams: 1 Andre Abreu de Almeida.pdf: 396896 bytes, checksum: 704d9dbf4cef2a6c34705a4089d16012 (MD5) Previous issue date: 2013-03-22 / Esta pesquisa teve como objetivo investigar a influência do PE/VC sobre a informatividade dos lucros contábeis das empresas listadas na BM&FBovespa. Considerou-se informatividade a intensidade da relação entre o lucro contábil e o retorno das ações, apurada pelo coeficiente angular da reta estimada entre as variáveis PEVC e Lucro Líquido Ajustado (LLA). Adicionalmente, a pesquisa abordou a Influência do efeito conjunto PE/VC e governança sobre a informatividade dos lucros contábeis. Espera-se com esta pesquisa contribuir com a ampliação do conhecimento sobre o papel da contabilidade no mercado de capitais. A amostra foi composta por 1.177 observações de empresas não-financeiras listadas na BM&FBovespa no período de 2004 a 2011. O resultado apurado confirma hipótese de que a informatividade dos lucros contábeis é positivamente relacionada com a existência de PE/VC / This research aimed at investigating the influence of PE / VC on the informativeness earnings of companies listed on the BM&FBovespa. It was considered informativity as the intensity of the relationship between accounting profit and stock returns, calculated by the slope estimated between the variables PEVC and Adjusted Net Income (LLA). Additionally, the study investigated the influence of the combined effect of PE / VC and governance on the informativeness earnings. It is expected that this research contribute for the expansion knowledge improvement on the role of accounting in capital markets. The sample consisted of 1177 observations of nonfinancial companies listed on the BM & FBovespa in the period from 2004 to 2011. The result of this research confirm the hypothesis that the informativeness of earnings is positively related to the existence of PE / VC

This paper examines if Swedish government funded venture capital has managed to achieve the general goals set out by the government. The basis of the paper is a report published by The Swedish National Audit Office in 2014 and the paper is analysing the picture given in the report. This has been done through four different studies to see in what phases that capital is given, if they act in a complementary way through time, in what region the capital is given and by studying if there is a financial difference in different portfolio companies. This has been done by comparing private and governmental venture capital firms. The result indicates that the government funded venture capital invest less in early stages compared to the private firms. There is no statistical difference when talking about the financial development of the portfolio companies. The government funded venture capital seems to be acting in more region compared to the private and has less investments in the big city areas. The government funded venture capital might act in a complementary way or they might be crowding out the private venture capital-firms. / Uppsatsen undersöker om statligt finansierat venture capital har uppfyllt de generella riktlinjer som satts upp av regeringen. Grunden till uppsatsen ligger i Riksrevisionens rapport från 2014 och analyserar den bild som läggs fram och försöker genom undersökningar och teori diskutera om kritiken är relevant. Detta har gjorts genom fyra olika undersökningar i syfte att se till vilka faser kapitalet skjuts till, om de agerar marknadskompletterande över tiden, vilka regioner kapitalet går till samt hur portföljbolagen presterar rent ekonomiskt över tiden. Detta görs genom en jämförelse mellan de privata och statliga venture capital-aktörerna. Det som resultatet indikerar är att de statliga aktörerna inte investerar i tidigare faser än de privata. Det går inte att statistiskt se en skillnad mellan de privata och statliga aktörerna gällande utvecklingen på de portföljbolag som de äger eller har ägt. De statliga aktörerna verkar gå in i färre storstadsregioner än de privata samt att de väljer att investera i fler regioner generellt. De statliga aktörerna verkar agerar marknadskompletterande över tid, det skulle dock kunna vara så att de tränger ut de privata aktörerna.

Background: There has been a great effort in the venture capital research community in trying to identify what criteria are used by venture capital firms (VCFs) when evaluating new ventures as an investment opportunity. Efforts have also been put on trying to rank these criteria’s importance in relation to each other, with the main literature arguing that the new venture team (NVT) has the greatest influence over the VCF’s investment decision. Although there is scientific consensus regarding the superior importance of the NVT relative to other criteria, the practical methods used by VCFs to evaluate the NVT is highly underexplored. Purpose: The purpose of this study is to explore the decision process and evaluation of NVTs by VCFs in the Nordic venture capital industry. Method: A qualitative method with an inductive approach conducted through semi-structured interviews with seven relevant industry professionals within the Nordic venture capital space. Conclusion: The findings suggest that the evaluation of NVTs follows a linear process of five sequential phases. Ten practical evaluation methods are identified as being used in the five phases of the process. The evaluation of specific NVT sub-criteria is found to be influenced by the availability of methods of evaluation in a respective phase of the process. Furthermore, it is found that the first phase of the process can only evaluate hard NVT sub-criteria, and that to evaluate soft sub-criteria, methods underlined by personal interaction between the two involved parties are necessary. The findings are synchronized into a framework depicting the dynamics of the NVT evaluation process and temporality of the NVT sub-criteria.

Small and medium-sized enterprises (SMEs) contribute to China's economic growth and help maintain social stability. However, SME business leaders have cited access to finance as an obstacle of SMEs' survival and success. The purpose of this multiple case study was to identify main strategies SME entrepreneurs and business leaders used to attract venture capital (VC) investments to achieve financial sustainability and business expansion. Data were collected from a purposive sample of 23 entrepreneurs and leaders from 4 SMEs in China and an analysis of organizational artifacts. The resource-based view theory served as the primary conceptual framework. The data analysis process entailed using coding techniques to identify keywords, narrative segments, and concepts. Member checking ensured the credibility and trustworthiness of the data interpretation and analysis. The process led to 4 themes including developing a unique and pioneering business model, assembling a management team with industry experience, indicating use of raised capital in investing in technology, and engaging with superior principal endorsements during the fund-raising efforts. The implication for positive social change included the potential to enhance the capability of SME entrepreneurs and business leaders to obtain VC funding to support their businesses, which can increase economic development and improve the social stability of local communities in China. The findings from the study may contribute to the development of the SME sector in China and benefit their owners, business leaders, employees, future entrepreneurs, the local community, as well as economy of China.

Business angels are an important source of funding for new companies in need of external capital, since they usually are the first to invest in new companies. Therefore, it is valuable to study how business angels manage their investment process, both before and after the investment has been completed. As more investments are made, experience is gained and applied to the next investment process. Previous research has studied how other experience, such as education and entrepreneurial experience, affects parts of the investment process. The purpose of this study is to describe the investment process of business angels in Sweden and analyse how it differs depending on how many investments they have previously made, that is what investment experience they have. Finally, the purpose of the study is to develope a model to describe how the investment experience affects the investment process.  The study is based om an abducitve research approach and a qualitative research method. Empirical data has been collected with eleven interviews and two email conversations, and the respondents consist of business angels in Sweden who have made between one and 20 investments in new companies. The interviews conducted were semi-structured and of a narrative nature. The analytical method used to analyse the empirical data is the Gioia-method.  The conclusions of the study are that the investment process consists of five stages; deal flow, screening & investment criteria, negotiation, active ownership and exit. Further in the conclusion, the similarities and differences that exist in the investment process of business angels with more and less investment experience are presented. As experience is gained, business angels get a bigger and better deal flow based on informal contacts instead of formal networks. For business angels with more experience, the process is slower and they make a more accurate assessment of the company and, above all, the entrepreneur. Business angels with more experience find negotiations easier and they are more involved than those with less experience. Experience has an impact on active ownership, where more experienced business angels value taking an altruistic role in the company and the less experienced business angels consider themselves above all to take a value-creating role and contribute resources to the company. Business angels with more experience have a more dynamic view of exit, and business angels with less experience have a more static view of exit. It can be stated that investment experience has an impact on all stages of the investment process.

This paper analyzes the determinants of venture capital (VC) investments after the 2008 Global Financial Crisis. We conduct a quantitative study using panel data methods with a data set of 17 OECD countries over the years 2007-2017. We use the reduced form models to analyze three main groups of factors affecting the demand for and supply of VC. The three groups include macroeconomic conditions, entrepreneurial environment, and technological opportunities. The results reveal that the short-term interest rate, market capitalization and the population percentage with tertiary education have a positive impact on venture capital investments, meanwhile, the unemployment rate, corporate profit tax and the growth of market capitalization are negatively correlated to VC investments. Moreover, we also perform regression analysis using the Financial Crisis period data and try to capture the effects of the crisis on the driving forces of VC investments. According to the comparison of regression results using data of different periods, we find that the Financial Crisis generates huge economic fluctuations, which makes the effects of determinants difficult to capture. / 本论文分析了2008全球金融危机之后风险投资的决定因素。我们采集了17个OECD国家2007到2017年的面板数据，进行了一项量化研究。我们使用了简化模型对三类影响风险投资需求和供给的因素进行了分析。这三类包括了宏观经济条件、企业生存环境和科技机会。分析结果显示短期利率、市值和国民高等教育比例与风险投资量显著正相关，与此同时，失业率、企业利润税率以及市值增长率与风险投资量显著负相关。我们也使用了金融危机时的数据进行了回归分析，试图捕捉金融危机对风险投资决定因素的影响力改变。比较了不同时期数据的回归结果，我们发现金融危机会带来巨大的经济波动，使得风险投资的决定因素失灵或者很难捕捉。 关键词: 风险投资 风险投资决定因素 金融危机 面板数据

Under de senaste decennierna har riskkapitalmarknaden utvecklats och har idag lagt grunden till bolag som Spotifys framgångssaga. Samtidigt som riskkapitalmarknaden har utvecklats den digitala utvecklingen i banksektorn riskerar att göra det svårare för nystartade bolag att finansiera sig via lån. Två aktörer på riskkapitalmarknaden som på senare tid har börjat likna varandra i sitt sätt att arbeta är affärsänglar och Venture Capital bolag. Tidigare har aktörerna inte samarbetat med varandra utan gått in i investeringar i olika skeden. Detta har föranlett en viss konkurrens mellan aktörerna, samtidigt som det finns ett beroendeskap mellan partnerna. Affärsänglar är beroende av VC-bolag för att göra exits, medan VC-bolag är beroende av affärsänglar för att ha ett bra deal flow. Samtidigt som affärsängel-investeringar förväntas dominera marknaden i framtiden. Detta leder oss till syftet av denna studie som är att analysera hur ett Venture Capital bolag kan inkludera ett affärsängelnätverk i sin affärsmodell. Studien har genomförts i samarbete med Sörmlandsfonden och utgått från tidigare forskning för att analysera ett nytt perspektiv på hur riskkapitalmarknadens aktörer kan arbeta. Genom kvalitativa semi-strukturerade intervjuer möjliggjordes en djupgående analys över affärsmodellen från investerarnas perspektiv. Respondenterna var Sörmlandsfondens vd och affärsänglar som medverkar i Sörmlandsfondens tillhörande affärsängelnätverk. Affärsänglarna hade olika erfarenheter av investeringar inom konstellationen. För att affärsänglar och Venture Capital ska vara villiga att investera tillsammans identifieras flera faktorer där kapital, anpassning och relationer står i centrum. Anpassning konstateras utifrån respondenternas svar vara den främst avgörande faktorn för att aktörerna ska vilja investera tillsammans. Om inte affärsänglarna anpassar sig efter Sörmlandsfondens krav och vice versa hade båda aktörerna troligtvis vänt sig till någon annan, och de hade inte varit möjligt att investera tillsammans. Samtidigt som förtroende till varandras kompetens och kunskap har framkommit vara en av de främsta anledningarna till att de fortfarande medverkar i konstellationen. / During the recent decades, the venture capital market has developed and have been essential for companies such as Spotify’s success. At the same time as the venture capital market has developed, restrictions have been added from the banking sector where the digitalization make it difficult to finance start-up companies through loan. Two parties in the venture capital market, business angels and venture capital firms, have begun to resemble each other in their way of working. The parties have not previously collaborated because they have invested in different stages. This has given rise to some competition between the parties, at the same time as there is a dependency between them. Business angels depend on Venture capital to make an exit, while Venture capital depend on Business angels to have a good deal flow. Also, there is an expectation that business angel will dominate the future venture capital market. This leads to the purpose of this study, which is to analyze how venture capital can include a Business Angel Network (BAN) in their business model. The study was carried out in collaboration with Sörmlandsfonden and was based on previous research to analyze a new alternative on how the venture capital markets parties can operate. Through qualitative semi-structured interviews an in-depth analysis of the business model from the investor’s perspective was possible. The respondents where Sörmlandsfonden’s CEO and business angels from Sörmlandsfonden’s BAN with different experience in operating within this constellation. For Business angels and Venture capital to be willing to invest together, several factors were identified, which can be explained within three areas: capital, adaption, and relationships. Adaption is stated, based on the respondents’ answers, to be the mainconclusive factor for the willingness to invest together. If the Business angels did not adapt to Sörmlandsfonden’s requirements and vice versa they would not be able to invest together, since both parties would probably turn to another organization structure. At the same time, trust in each other’s competence and knowledge has emerged as one of the main reasons to why they still participate in the constellation.