Made available in DSpace on 2016-04-25T18:39:37Z (GMT). No. of bitstreams: 1 Paulo Luiz Ferreira.pdf: 1145381 bytes, checksum: e4bcdc31ce0956ead41597f18bc0016c (MD5) Previous issue date: 2010-10-21 / Due to deep transformation in the society, economy and politics provided from new technology and globalization, the knowledge has been the most important resource in building value. Since then, the organizations started to have as a dominant factor in building economic result, the intellectual capital. Therefore, the managers need new methodology which can measure and manage intangible resources. The object of this research is the private equity and venture capital industry (PE/VC) in Brazil, that has invested in innovative companies based in the intensive use of the knowledge, thus, it should be relevant to have mechanism to measure and manage the intellectual capital. The main purpose of the research is to verify the practice and the adopted initiative to measure, manage and exposure the intellectual capital in PE/VC industry, under the institutional investor and fund managers‟ view and to compare with the theoretical reference. The research is of an exploratory kind and the data collection was done through a questionnaire which was answered by twenty PE/VC fund manager and seven institutional investors. Through the research, the importance of the intellectual capital measurement has been proved, as well as, its exposure. Nevertheless, although the importance of measurement has been recognized, very few people have practiced it. They claim that the investors market and regulators do not really require it added to a lack of a standard method usually accepted. It is the accountancy duty to develop or refine a suitable method that can be used by all companies. Regarding the exposure of the intellectual capital, the main reasons shown to not to expose is the lack of information to be exposed and the understanding that the secret is important for this sort of information / Em razão das profundas transformações na sociedade, na economia e na política, provenientes de novas tecnologias e da globalização, o conhecimento foi elevado a recurso principal na criação de valor. A partir de então, as organizações passaram a ter como fator preponderante na geração de resultado econômico o capital intelectual. Com isso, os gestores precisam de novos métodos que possam mensurar e gerenciar os recursos intangíveis. Assim sendo, neste trabalho, objetiva-se a discutir acerca da indústria de Private Equity e Venture Capital (PE/VC) no Brasil, que tem investido em empresas inovadoras baseadas no uso intensivo de conhecimento e, portanto, seria relevante ter mecanismos para a mensuração e gerenciamento do capital intelectual. O principal objetivo da pesquisa é verificar a prática e as iniciativas adotadas para a mensuração, gestão e divulgação do Capital Intelectual na indústria de PE/VC, sob a ótica de investidores institucionais e gestores de fundos e compará-las com o referencial teórico. A pesquisa é do tipo exploratória e a coleta de dados foi realizada através de questionário respondido por 20 gestores de fundos e 7 investidores institucionais de PE/VC. Por meio da pesquisa, foi confirmada a importância da mensuração do capital intelectual por meio de métodos específicos e da sua divulgação. No entanto, embora reconheçam a importância da mensuração, poucos têm exercido a prática, alegando como principais motivos a não exigência por parte dos Investidores, Mercado e Reguladoras, e a falta de um método padrão geralmente aceito. Cabe à contabilidade desenvolver ou aprimorar algum método adequado, que possa ser utilizado por todas as empresas. Quanto aos indicadores de Capital Intelectual, os respondentes têm utilizado cobrindo os principais componentes apresentados pelo referencial teórico. No tocante à divulgação de informações sobre o capital intelectual, os principais motivos apontados para a não divulgação foram a falta de informações a serem divulgadas e o entendimento de que o sigilo é importante para esse tipo de informação

This thesis will discuss the role of government in venture capital market and illustrate the national difference of that through a comparative study of government expenditure supporting policies of venture capital investment in the USA, Canada and China. Firstly, the prototype programs designed by Small Business Administration (SBA) of the United States and Canadian policies by the Business Development Bank of Canada (BDC) will be discussed. Secondly, the current Chinese government expenditure supporting policies will then be studied in the context of the Chinese venture capital market’s unique political, economical and legislative background. Ultimately, potential improvements in the future expenditure incentive programs in China will be explored.

This thesis will discuss the role of government in venture capital market and illustrate the national difference of that through a comparative study of government expenditure supporting policies of venture capital investment in the USA, Canada and China. Firstly, the prototype programs designed by Small Business Administration (SBA) of the United States and Canadian policies by the Business Development Bank of Canada (BDC) will be discussed. Secondly, the current Chinese government expenditure supporting policies will then be studied in the context of the Chinese venture capital market’s unique political, economical and legislative background. Ultimately, potential improvements in the future expenditure incentive programs in China will be explored.

The major difference between venture capital-firms and other financiers is that their business idea is not only providing capital but also knowledge in business development. The ownership structure of an venture capital-firm can be private as well as public. The Swedish government is today one of the major actors in the Swedish venture capital-industry. The purpose of this study is to shed light on how venture capital-firms involve itself in its portfolio firm and if this contributes to an increased value of the portfolio firm. We also try to shed light on differences in how a public and a private venture capital-firm gets involved in its portfolio firm and if there is any difference in how they can contribute to added value. We have chosen to interview two public and two private venture capital-firms and one of their portfolio firms. To answer the essay’s purpose we used qualitative case studies with semi-structured interviews. The theoretical framework consists of principal-agent theory, knowledge-based view of the firm and social capital and previous studies of venture capital-firms involvement and value-added in their portfolio firms. This essay is limited only to venture capital-firms and portfolio firms located in Stockholm. It is the perceptions of the Venture capital-firm and the portfolio firm we are interested in, regarding the venture capital-firms involvement and value-added. Our study shows that venture capital-firm’s level of involvement in their portfolio firms varies depending on the development stage in the portfolio firm. The portfolio firm’s network increases with the venture capital firm’s entry and it also provides knowledge in business development. The study did not find any difference in the way which the public or private venture capital-firm involve itself in its portfolio firm. Nor is there any difference in how they contribute to value-added in their portfolio firm. / Skillnaden mellan venture capital-företagen och andra finansiärer är att de har som affärsidé att förutom tillförandet av kapital även tillföra kunskaper i affärsutveckling till de företag de investerar i. Venture capital-företag investerar i onoterade företag som befinner sig i ett tidigt utvecklingsskede med tillväxtpotential. Venture capital-företagens ägarstruktur kan vara såväl privat som statlig. I dagsläget är den svenska staten en stor aktör på den svenska venture capital-marknaden. Syftet med uppsatsen är att belysa hur venture capital-företag involverar sig samt hur det kan bidra till ett ökat värde i sitt portföljföretag. Vi försöker även belysa om det finns skillnad i hur ett statligt och ett privat venture capital-företag involverar sig i sitt portföljföretag samt om det finns en skillnad i hur de kan bidra till ett ökat värde i sitt portföljföretag. Undersökningsobjekten för vår studie är två privata och två statliga VC-företag och ett av deras respektive portföljföretag. Vi har använt oss av kvalitativa fallstudier med semistrukturerade intervjuer för att kunna besvara våra frågeställningar. Den teoretiska referensramen består av principal-agent teorin, ”knowledge-based view of the firm” och socialt kapital, samt tidigare studier om venture capital-företagens involvering och värdetillförsel. Vi har avgränsat oss till venture capital-företag och dess respektive portföljföretag belägna i Stockholm. Uppsatsen har sin utgångpunkt i venture capital-företagets och portföljföretagets uppfattningar avseende involvering och värdetillförsel. Vår studie visar att venture capital-företagens involveringsgrad i sina portföljföretag varierar beroende av portföljföretagets utvecklingsfas. Portföljföretagets nätverk ökar i samband med venture capital-företagets inträde och de tillför även deras kunskap i affärsutveckling. Studien visar också att det inte finns en skillnad i hur det statliga och det privata venture capital-företaget involverar sig i sitt portföljföretag. Det finns inte heller någon skillnad i hur de bidrar till ett ökat värde i sitt portföljföretag.

Der Erfolg von Innovationen ist unsicher. Wer Kapital in Innovationen investiert, möchte etwas über die Risiken wissen. Mit diesem Wissen können Fondsmanager von Venture-Capital-Gesellschaften ihre Investitionsentscheidung begründen und die Höhe ihrer Renditeforderung ermitteln. In der vorliegenden Arbeit wird untersucht, wie Patente über Investitionsrisiken von Venture-Capital-Beteiligungen informieren. Fondsmanager können die Patente der eigenen Portfoliounternehmen und die Patente der Wettbewerber nutzen, um systematisch Risiken in der Entwicklung ihrer Portfoliounternehmen zu erkennen und zu bewerten. Der Autor definiert und klassifiziert zunächst sowohl Patentdaten als auch Risiken. Er erklärt, wie die relevanten Informationen durch die Verknüpfung von Patentdaten, Risiken und Portfoliounternehmen entstehen und welche Rolle Indikatoren spielen. In der Hauptuntersuchung prüft er, durch welche Patentinformationen sich konkrete Gefahren erkennen lassen und welche Indikatoren sich zu diesem Zweck eignen. Für die Prüfung nutzt er in explorativer Weise die theoriebildende und empirische Literatur bisheriger Patentindikatorenforschung. Im Ergebnis zeigt sich, dass eine Reihe rechtlicher Risiken gut durch Patentinformationen erkennbar ist. Teilweise ist für ihre Bewertung jedoch nach wie vor qualitatives Fachwissen spezialisierter Patentanwälte unumgänglich. Risiken des technologischen Wandels lassen sich nach Meinung des Autors kaum durch Patentinformationen im Voraus erkennen. An einem Beispiel werden die theoretischen und methodischen Schwächen in der Literatur vorherrschender Technologielebenszyklusmodelle verdeutlicht. Wettbewerbsrisiken hingegen können mit Patentinformationen nicht nur gut erkannt werden, sondern die indizierenden Patendaten lassen sich auch statistisch gut erfassen, auswerten und direkt in Scoringmodelle übertragen. Abschließend hinterfragt der Autor kritisch die Zuverlässigkeit und Aussagekraft der Befunde durch grundlegende Klassifizierungsprobleme und gibt Anstöße für weiterführende Forschung auf dem Gebiet der Risiko- und Performancemessung von Venture-Capital-Investments. / The success of innovations is uncertain. People investing capital in innovations would like to know something about their risks. If fund managers of venture capital firms knew these risks, they would be able to justify their investment decisions and to determine the height of their claim for yield. In this thesis, the author examines how patents inform about investment risks of ven-ture capital participations. Fund managers can use those patents of their own portfo-lio companies and the patents of the competitors in order to recognize and evaluate risks systematically in the development of their ventures. First, the author defines and classifies both patent data and risks. He explains how the relevant information arises by linking patent data, risks and venture and he ex-plains the importance of indicators. In the main part of this thesis, he examines by which patent information concrete dangers could be recognized and which indicators are suitable to this purpose. For this examination, he uses theory grounding and em-pirical literature of past patent indicator research in an explorative way. It shows up that a couple of legal risks are well recognizable by patent information. However, in part, the qualitative knowledge of specialized patent lawyers is still needed. According to the author's opinion, risks of technological changes are hardly to recognize by patent information in advance. An example shows the theoretical and methodical weaknesses of the technology life cycle models, predominating in the lit-erature. However, competitive risks can be well recognized by patent information. Furthermore, the indicating patent data can be well seized statistically, evaluated and transferred directly in scoring models, too. Finally, the author discusses the reliability and explanatory power of the results using basic classification problems and gives hints for further research in the area of risk and performance measuring of venture capital investments.

Europos Sąjungoje bei daugelyje kitų valstybių, rizikos ir privataus kapitalo fondai (toliau RPKF) yra svarbus įrankis skatinant inovacijų diegimą įmonėse, darbo vietų kūrimą, pelningumo ir kitų įmonių finansinių rodiklių gerėjimą, kitaip sakant – ekonomikos augimą. Todėl tokio tipo investicijų augimas ypač pasižymi besivystančiose Rytų ir Vidurio Europos šalyse, tuo tarpu Lietuvoje RPKF paplitimas, jų sukuriama pridėtinė vertė ekonomikoje bei veiklos vystymosi galimybės yra labai mažos lyginant su kitomis šalimis, kurios pagal ekonominius rodiklius yra panašaus išsivystymo lygio. Šio darbo tikslas yra išanalizuoti bei įvertinti pagrindinius RPKF kūrimąsi ir veiklą lemiančius aplinkos veiksnius Lietuvoje bei pateikti rekomendacijas ir nuomonę, kokie žingsniai turėtų būti atlikti, siekiant vystyti rizikos ir privataus kapitalo sektorių Lietuvoje. Darbe yra nagrinėjami teoriniai rizikos ir privataus kapitalo fondų finansavimo aspektai, pagrindiniai veiklos principai bei struktūra, nustatomi investicijų vertės k��rimo būdai bei pateikiamos pagrindinės teorinės prielaidos tokiems fondams atsirasti. Apžvelgiami rizikos ir privataus kapitalo įtakos ekonomikos augimui empiriniai tyrimai, pats sektorius bei situacija Europoje ir Lietuvoje. Plačiau tiriami aplinkos veiksniai, įtakojantys rizikos ir privataus kapitalo fondų veiklą Lietuvoje, bei pateikiamas jų įvertinimas. Atsakoma į klausimą, ar nagrinėjami veiksniai yra priešiški ar palankūs RPKF kurtis, investuoti ir vystytis... [toliau žr. visą tekstą] / Private equity and venture capital funds (later on PEVCF) are one of the most important tools in innovation stimulation, employment enhancement and profitability creation process. Though this type of investment process is especially growing with importance in developing Central and Eastern European countries, in Lithuania it is rather insignificant despite vast Governmental programs to stimulate innovations in small and medium size corporate sector. The main goal of this paper is to analyze and evaluate main factors that determine establishment and development of PEVCF in Lithuania; to offer suggestions and opinion about what kind of further steps should be done in order to develop private equity and venture capital sector in Lithuania. The paper analyses theoretical aspects of PEVCF financing, main activity principles and structure; main value creation approaches and theoretical assumptions to create such PEVCF are determined; empirical results how PEVCF influence on economy’s performance, PEVCF sector and current situation in Euro region. The paper provides with more detailed analysis of PEVCF activity factors in Lithuania and evaluates their importance, answers the question, if these factors are positively or negatively correlated with PEVCF establishment and development in Lithuania. The paper concludes that main external assumptions of private equity and venture capital funds performance in Lithuania are positively correlated. Main recommendations how to improve... [to full text]

Disertacijos tyrimo objektas yra valstybinis rizikos kapitalas, kaip rizikos kapitalo rinkos skatinimo, pradedančio veiklą inovatyvaus verslo finansavimo ir valstybės politikos priemonė, padedanti spręsti netobulos/neefektyvios rinkos situacijas, kuriose privatus rizikos kapitalas pasiekia ne visus rinkos dalyvius. Tyrimo tikslas yra atskleisti valstybinio rizikos kapitalo reikšmę šalies rizikos kapitalo sektoriui ir poveikį ekonomikai bei, remiantis kitų Europos šalių patirtimi, sukurti hipotetinį valstybinio rizikos kapitalo plėtros modelį Lietuvoje. Siekiant tyrimo tikslo, disertacijoje yra apžvelgti teoriniai valstybinio rizikos kapitalo aspektai, išanalizuotos užsienio šalyse įgyvendintos valstybinio rizikos kapitalo priemonės, įvertintas rizikos kapitalo temos išnagrinėjimo lygis Lietuvos autorių mokslo darbuose, išanalizuota Lietuvos inovacijų kūrimo ir finansavimo bei rizikos kapitalo sistemų būklė bei suformuotas hipotetinis valstybinio rizikos kapitalo plėtros modelis, kurį galima įgyvendinti Lietuvoje. / Object of the research is public venture capital as a tool of venture capital market incentive, innovative business start-up financing, and state policy, which helps addressing imperfect/inefficient market situations where private venture capital does not access all market players. Purpose of the research is to reveal the importance of public venture capital to the national venture capital sector, its impact on the economy and, based on the experience of European countries, to create a hypothetical model of public venture capital development in Lithuania. In order to meet this purpose theoretical aspects of public venture capital in foreign authors’ scientific works were overviewed; public venture capital tools, that have been implemented in foreign countries, were analyzed; the level of study of public venture capital topic in Lithuanian authors’ scientific works was evaluated; the state of Lithuanian innovation development and financing and venture capital systems was analyzed, and a hypothetical model of public venture capital development, which could be implemented in Lithuania, was created.

Disertacijos tyrimo objektas yra valstybinis rizikos kapitalas, kaip rizikos kapitalo rinkos skatinimo, pradedančio veiklą inovatyvaus verslo finansavimo ir valstybės politikos priemonė, padedanti spręsti netobulos/neefektyvios rinkos situacijas, kuriose privatus rizikos kapitalas pasiekia ne visus rinkos dalyvius. Tyrimo tikslas yra atskleisti valstybinio rizikos kapitalo reikšmę šalies rizikos kapitalo sektoriui ir poveikį ekonomikai bei, remiantis kitų Europos šalių patirtimi, sukurti hipotetinį valstybinio rizikos kapitalo plėtros modelį Lietuvoje. Siekiant tyrimo tikslo, disertacijoje yra apžvelgti teoriniai valstybinio rizikos kapitalo aspektai, išanalizuotos užsienio šalyse įgyvendintos valstybinio rizikos kapitalo priemonės, įvertintas rizikos kapitalo temos išnagrinėjimo lygis Lietuvos autorių mokslo darbuose, išanalizuota Lietuvos inovacijų kūrimo ir finansavimo bei rizikos kapitalo sistemų būklė bei suformuotas hipotetinis valstybinio rizikos kapitalo plėtros modelis, kurį galima įgyvendinti Lietuvoje. / Object of the research is public venture capital as a tool of venture capital market incentive, innovative business start-up financing, and state policy, which helps addressing imperfect/inefficient market situations where private venture capital does not access all market players. Purpose of the research is to reveal the importance of public venture capital to the national venture capital sector, its impact on the economy and, based on the experience of European countries, to create a hypothetical model of public venture capital development in Lithuania. In order to meet this purpose theoretical aspects of public venture capital in foreign authors’ scientific works were overviewed; public venture capital tools, that have been implemented in foreign countries, were analyzed; the level of study of public venture capital topic in Lithuanian authors’ scientific works was evaluated; the state of Lithuanian innovation development and financing and venture capital systems was analyzed, and a hypothetical model of public venture capital development, which could be implemented in Lithuania, was created.

[Truncated abstract] This thesis investigates the influence the interpersonal relationship between the venture capitalist and the entrepreneur has upon the performance of the venture capitalist's investment. Its aim was to explore how venture capitalists add value (as opposed to what they do) to their investments in order to arrive at a fuller explanation of investment performance than that offered by agency theory – the current paradigm for the value adding relationship. The qualitative study that underpins this thesis found that in Australia, the quality of the interpersonal relationship between the venture capitalist and the entrepreneur during the value adding phase of the venture capital investment cycle positively predicts the performance of the venture capitalist's investment. The study was prompted by the researcher's personal experiences (as both a venture capitalist and as an entrepreneur in Australia) which suggested that the interpersonal relationship may influence the effectiveness of the venture capitalist's attempts to add value. Whilst the prior research had explored in depth the provision of value adding services (e.g. strategic advice, recruitment of key personnel, board participation), less progress appears to have been made in understanding the role of the interpersonal processes. Although several studies have attempted to fit an established social exchange theory to the value adding process, a published explanation of investment performance (process outcome) that includes interpersonal processes has not been identified. ... The exercise of power was found to be a negative predictor of investment performance. Power was typically exercised as the last resort measure in a failed interpersonal relationship and either precipitated or consolidated inferior investment performance. The failure of the venture capitalists to exercise their formal power in time to arrest underperformance was often due to their fear of the 'hold up' power of (threat of abandonment by) the entrepreneur. Agency theory's contribution to the explanation of investment performance was limited to (adverse) selection, at which point the combined competence of the dyad was determined. In addition to the new explanatory theory, some other insights into value adding were provided, including the key role of mutuality and the lack of explanatory power of the contract, information asymmetry, or goal alignment. The thesis offers contributions to knowledge and practice. Its contributions to knowledge include: the generation of new theory about value adding and investment performance in venture capital deals and some new theoretical concepts, the application of a methodological approach that is new to the area of interest, and a new insight into the Australian venture capital sector. It outlines the implications of the study findings for venture capitalists, entrepreneurs and policy makers, providing some fresh ideas for their consideration. It particularly highlights the need for cultural change in value adding relationships and the influence of heritage on the likelihood of the venture capitalist being successful.

Bakgrund: Ett avgörande moment för nygrundade start-ups är processen att få in externt kapital för att kunna finansiera sin verksamhet. Ofta erbjuds lösningen genom venture capital-bolag vars uppgift är att utvärdera start-ups och därefter investera i de som bedöms ha god framgångspotential. När venture capital-bolag utvärderar vilka start-ups de vill investera i, är entreprenörs-teamet en viktig faktor. Bedömningen av vad som är ett bra team görs traditionellt genom möten mellan investerare och teamet, men på senare år har en mer formell analysmetod introducerats där entreprenörs-team utvärderas med hjälp av verktyg baserade på forskning. Utvecklingen av formella analysverktyg har således skapat ett behov av forskning som kartlägger effekterna av dessa för att utvärdera teams. Syfte: Studiens syfte är att kartlägga hur ett formellt analysverktyg påverkar investerare inom venture capital när de fattar investeringsbeslut, samt hur utvärderingen genom ett formellt analysverktyg påverkar de entreprenörs-team som utvärderas. Genomförande: Studien karaktäriseras av ett kvalitativt tillvägagångssätt. Empirin har samlats in genom ett målinriktat urval vilket har lett till att totalt nio investerare har intervjuats under en tidsperiod på fyra veckor. Samtliga respondenter är anställda av samma venture-capital-bolag och ingår i en utvecklingsgrupp där de använder ett formellt analysverktyg för utvärderingen av entreprenörs-team. Slutsats: De största effekterna på investerare av att nyttja ett formellt analysverktyg, är en ökad förståelse och jämförbarhet av entreprenörs-team. Vidare visar studien att det formella analysverktyget även reducerar den påverkan som undermedvetna faktorer och fördomar kan ha på investerare under investeringsprocessen. För de entreprenörs-team som utvärderas, identifieras effekterna till verktygets förmåga att identifiera olikheter i medlemmarnas personligheter och skapa en förståelse för vad de drivs av. Detta möjliggör diskussioner som kan förbättra teamets gruppdynamik och hjälper dem undvika potentiella utmaningar i framtiden. / Background: A defining moment for newly founded start-ups is the process of acquiring external capital in order to be able to finance their initial operations. The solution is often found within venture capital. A company within venture capital evaluates different start-ups and consequently offer to invest in those that are determined to have high potential. When these companies evaluate the potential of a start-up, the entrepreneurial team is an important factor. The evaluation of what makes a good entrepreneurial team is traditionally done through meetings between the investor and the team, but during recent years a more formal team assessment method has been introduced, were the team is evaluated through models and facts based on previous research. The development of formal team assessment tools have thus created a demand for research that determines the effects of these tools, both for the investment analysis that investors make, as well as for the entrepreneurial teams being evaluated. Purpose: The purpose of this study is to evaluate how a formal team assessment tool influences investors when they make their investment decisions, as well as how the evaluation affects the entrepreneurial teams being evaluated. Completion: This study is characterized by a qualitative research approach with empirical data collected through a target sample. A total of nine investors has been interviewed during a time period of four weeks. All investors are employed by the same venture capital firm and are part of a development group which utilize a formal team assessment tool for the evaluation of entrepreneurial teams. Conclusion: The most meaningful effects for investors are identified as the team assessments tools’ ability to visualize and compare the personalities of entrepreneurial team members with each other. This benefits the investors by increasing their understanding of how a start-up team will perform and behave in the long run. Additionally, the study indicates that the introduction of the formal team assessment tool reduces the impact that bias normally has on the evaluation of entrepreneurial teams. For the teams being evaluated, the most significant effect of the team assessment tool is found to be its ability to improve the group dynamics of entrepreneurial teams.