A presente dissertação analisa a relação entre direito e experimentalismo institucional por meio de um estudo sobre o surgimento de políticas públicas de capital semente no Brasil. A partir de uma pesquisa empírica sobre a colaboração público-privada na criação e execução de fundos públicos de investimentos em empresas nascentes do BNDES e do trabalho de Mario Schapiro, a pesquisa analisa os arranjos jurídicos que procedimentalizam canais de comunicação entre o Estado e os gestores privados e geram aprendizado institucional para revisão dos arranjos contratuais da política. Ainda, a dissertação apresenta uma resenha da literatura de experimentalismo democrático em especial, Roberto Mangabeira Unger e Charles Sabel e a utiliza para analisar criticamente os arranjos jurídicos dos fundos de capital semente do BNDES, que ainda não garantem formas de accountability e controle social das políticas públicas de capital de risco. Ao analisar a experiência do Fundo Criatec, a dissertação a identifica como um exemplo de inovação institucional do BNDES, dotada de flexibilidade e horizontalidade. Entretanto, conclui-se que tais políticas públicas estão distantes do modelo de experimentalismo democrático e que há novas questões para os juristas brasileiros. Sugere-se que o novo ativismo estatal brasileiro incita uma agenda de sociologia jurídica aplicada. / This dissertation examines the relationship between law and institutional experimentalism through a study of the emergence of seed capital public policies in Brazil. Based on an empirical research about the public-private collaboration in the creation and implementation of the Brazilian Development Banks public investment funds in emerging firms, and the studies of Mario Schapiro, the research examines the legal arrangements that proceduralizes channels of communication between the state and private managers, and generates institutional learning to the revision of the policys contractual arrangements. Still, the dissertation presents a review of the democratic experimentalism literature - in particular, Roberto Mangabeira Unger and Charles Sabel - and uses it to critically examine the legal arrangements of seed capital funds from the BNDES, which do not yet provide forms of accountability and social control on venture capital policies. By analyzing the experience of the Criatec Fund, the dissertation identifies it as an example of institutional innovation in the BNDES, endowed with flexibility and horizontality. However, the research shows that such policies are far from the democratic experimentalism model and that there are new issues for Brazilian legal scholars. Furthermore, it suggests that the new state activism in Brazil encourages an agenda of applied socio-legal studies

I investigate if all-equity firms are a heterogeneous group as it relates to agency costs and accounting quality. All-equity firms are a unique group of firms that choose a “corner solution” as their capital structure. Extant research, supported by well-established theories such as trade-off theory, free cash flow theory, and Jensen’s (1986) control hypothesis, generally conclude that agency conflicts motivate such structure. Research also supports the alternative argument that poor accounting quality makes debt so prohibitive that such firms are driven to this capital structure. I propose that an all-equity structure is not necessarily symptomatic of agency conflicts and poor accounting quality overall. I investigate if different motivations, within an all-equity setting, reflected by free cash flows and growth opportunities, result in different levels of agency cost and accounting quality. By anchoring on theories that link implicit costs of debt to free cash flow levels and growth opportunities, I hypothesize that free cash flows and growth opportunities are strongly linked to the justification or lack thereof for the pursuit of such strategy. I hypothesize and show that firms in the extremes of the free cash flow to growth rate spectrum exhibit significantly different levels of agency cost and accounting quality within the all-equity setting. These results support my main prediction that there exists agency costs and accounting quality differences within the all-equity setting which are associated with free cash flow levels and growth opportunities and that the pessimistic conclusions for pursuing an all-equity strategy reached by prior research should not be generalized to all such firms. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2015 / FAU Electronic Theses and Dissertations Collection

by Chang Wai Kwan, Vincent. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaf 157). / ABSTRACT --- p.5 / INTRODUCTION --- p.6 / METHODOLOGY --- p.11 / FOREIGN DIRECT INVESTMENT IN CHINA --- p.12 / Overview --- p.14 / China Industrial Development & Invitation to Foreign Investors --- p.18 / Driving force for China's industrial development --- p.18 / Evolution of China's industrial policy --- p.18 / China's Framework of National Industrial Policies in the 1990s --- p.20 / China's Ninth Five Year Plan (1996-2000) --- p.21 / Declining Attraction to Foreign Investors? --- p.23 / Cooling of the China Mania --- p.24 / Investment Rationale and Concerns for China Direct Investments --- p.26 / The Paradigm Change for China Direct Investment --- p.27 / How to Maintain China's Competitiveness to Foreign Investors --- p.31 / Chapter 1. --- Stable Economic and Political Environment --- p.32 / Chapter 2. --- Favourable Operating Condition --- p.37 / Chapter 3. --- Transparent Government Policy --- p.38 / Chapter 4. --- Disintegration of Government Political and Business Interests --- p.40 / The Roads Ahead for China --- p.44 / China's WTO Entry --- p.48 / China's World Trade Organisation market access concessions --- p.50 / What WTO entry means for the PRC reform process --- p.52 / To invest in China or not?! --- p.55 / VENTURE CAPITAL BASICS --- p.57 / Industry Growth in the States --- p.59 / The First Wave --- p.60 / The Subsequent Waves --- p.61 / Private Equity Investment Returns and Increasing Popularity --- p.61 / The source of venture capital funds --- p.63 / The Asian Migration --- p.66 / The Emergence of Asian Pioneers --- p.67 / The China Fund Crusaders --- p.73 / First Wave (1986- 1991) --- p.74 / Second Wave (mid-1992) --- p.75 / Third Wave (1993) --- p.76 / Fund management firms --- p.78 / What Entrepreneurs don't Know about Venture Capital --- p.79 / Common Deals Structure and Patterns of Investments --- p.81 / Looking into the Future --- p.81 / Overview of Venture Capital in China --- p.84 / Sources of Venture Capital Funding --- p.84 / Disbursement of Funds --- p.85 / Problems facing VC firms --- p.85 / Conclusion --- p.86 / THE CAPITAL GAP --- p.88 / Asian Emerging Businesses Offer Venture Capital Opportunities --- p.91 / China Business Strategy and Outlook for Venture Capitalists - a SME perspective --- p.92 / Rooting the Finance Gap for SMEs --- p.95 / What do Banks Look for in Making a Small Business Loan? --- p.96 / Venture Capital as a potential alternative financing --- p.97 / Entrepreneurs' Misconceptions for the Venture Capitalists --- p.99 / How Venture Capitalist can help --- p.100 / "Five Stages of Small Business Growth"" model" --- p.101 / Does this business idea work? --- p.102 / Scaling up business operations --- p.102 / Fostering the corporate infrastructure as a platform of growth --- p.103 / Reducing risk level and dynamic financing needs --- p.103 / Linking Financing Needs and Stages of Business Development --- p.106 / Key Investment Concerns of Venture Capitalists --- p.109 / Gap Bridging: Self-Evaluation for Business Plans --- p.111 / Key Elements in Structuring a Private Equity Deal --- p.113 / Partnering with Venture capitalists: a Win-Win situation --- p.113 / Financial Impact on Investee Company --- p.114 / Financial Impact on Investor / Shareholder --- p.115 / Appendix I: Alternative Non-Bank Financing --- p.116 / INDUSTRY ANALYSIS --- p.118 / Michael Porter's Structural Analysis of Industries --- p.120 / Michael Porter's Five-Forces Model --- p.121 / Industry Structure and Equilibrium --- p.122 / Chapter [a] --- Industry Rivalry Factors --- p.123 / Chapter [b] --- Entry Barriers --- p.126 / Chapter [c] --- Substitution Threat Determinants --- p.128 / Chapter [d] --- Suppliers (investee) Bargaining Power Determinants --- p.129 / Chapter [e] --- Buyer (venture capitalists) Bargaining Power Determinants --- p.130 / Refining Michael Porter's Model and Incorporating China Elements --- p.132 / Value and Management --- p.133 / Putting Competitive Strategy into Action --- p.136 / Legal and Regulatory Environment --- p.136 / Legal Aspects of Joint Venture Restructuring --- p.137 / Merger and Acquisitions Opportunities Ahead --- p.141 / Foreign Acquisition of State-Owned Enterprises --- p.141 / Sum Up: Legal Aspects of China Investment Projects Structuring --- p.142 / LESSONS LEARNED --- p.143 / Critical Success Factors for Venture Capital Houses Operating in China --- p.144 / Chapter 1. --- Looks for proven service concepts that can be transplanted into China --- p.144 / Chapter 2. --- Team up with local or foreign industrial partner --- p.145 / Chapter 3. --- Conduct extensive market research --- p.146 / Chapter 4. --- Legal concerns (investment retractions & regulatory frameworks).… --- p.147 / Chapter 5. --- Undertake extensive pre-acquisition due diligence --- p.147 / Chapter 6. --- Maintain active and supportive oversight of investees --- p.148 / Prescription for a Model Venture Capital Investment House --- p.148 / Road-map for a 21st Century Investment House --- p.149 / Chapter 1. --- Focused investment strategy --- p.151 / Chapter 2. --- Global direct investment presence and team-up with industrial operators --- p.152 / Chapter 3. --- Support market leaders and domestic rising star --- p.152 / Chapter 4. --- Multi-facet exit mechanism --- p.153 / Chapter 5. --- Responsive and prompt decision making process --- p.153 / Chapter 6. --- Building deal flow and entrepreneurs networks --- p.154 / Chapter 7. --- Brand recognition --- p.155 / Final Words --- p.155 / BIBLIOGRAPHY --- p.157

Made available in DSpace on 2015-03-05T18:40:08Z (GMT). No. of bitstreams: 0 Previous issue date: 3 / Nenhuma / Este trabalho tem como objetivo analisar o desenvolvimento de empresas brasileiras do setor de software que lograram se desenvolver e superar barreiras gerenciais e do ambiente externo, responsáveis por aniquilarem grande parte das pequenas empresas desse setor, após o encerramento do ciclo de vida do primeiro produto. Para tanto, adota como referencial teórico estudos acerca do empreendedorismo e, em especial, do ciclo de vida de organizações. A análise aborda as características do perfil do empreendedor e aspectos da Estratégia, da Gestão de Pessoas, da Estrutura, do Marketing e da Gestão Financeira. A habilitação de uma empresa a investimentos de capital de risco foi tomada como critério para a escolha dos casos investigados. A análise tem como base o estudo de caso de três empresas de software que receberam aporte de capital de risco. O estudo revela que a busca constante por novas oportunidades de mercado, a rápida adaptação mercadológica de produtos e serviços, a profissionalização da gestão, a flexibil / This work aims at analyzing the development of Brazilian companies of the software industry that had the purpose of developing and overcoming managerial barriers and of the external environment, responsible for the elimination of a great part of the small companies of that industry, after the end of the life cycle of the first product. For that matter, it adopts as theoretical studies about the entrepreneurship and, in special, about the organizations life cycle. The analysis addresses the characteristics of the entrepreneur profile and aspects of the Strategy, of the Management of Persons, of the Structure, of the Marketing and of the Financial Management. The qualification of a company for venture capital investments has been taken as a criterion for the choice of the investigated cases. The analysis is based in the case study of three companies of software that received the venture capital support. The study reveals that the constant search for new market opportunities, the quick marketing adaptation of p

<div>Entrepreneurial ventures face a trade-off when receiving corporate venture capital (CVC) financing. They need to give sufficient control rights to motivate and enable corporate investors to provide exclusive resources. However, giving control rights to CVCs whose strategic goals could cause a conflict of interest and lead to opportunism also puts the ventures at risk. This dissertation shows that third-party involvement with the design of passive control rights can be a solution to the trade-off.</div><div><br></div><div><div>By examining venture capital financing contracts in high-tech industries, Essay 1 found that veto power, a prevailing passive control right, of the third party can protect the vulnerable side in the cooperation without hurting the other side’s incentive to contribute. Moreover, two types of veto rights are identified and found to have diverse responses to conflict-of-interest factors in CVC-entrepreneur relationships. The effects of knowledge overlap, CVC parents’ research and development capability, and ventures’ technological quality on the liable third party’s veto power are studied. With a focus on the function of passive control rights, Essay 2 and Essay 3 maintain that allocating control rights can significantly affect the innovation of both CVC corporate parents and CVC-backed ventures under difference contingencies. In particular, as the aforementioned dilemma increases when CVCs’ corporate parents and portfolio firms are competing in product markets, Essay 2 shows that ventures’ innovation performance can benefit from granting CVCs strong active control rights in the condition of low product market overlap and from granting CVCs strong passive control rights within a high product market overlap.</div></div><div><br></div><div><div>On the other hand, Essay 3 shows that CVCs’ control rights will moderate the inverted Ushaped relationship between knowledge overlap and the innovation performance of the corporate parents such that the positive effect of knowledge overlap on CVC parents’ innovation at lower levels of knowledge similarity will be less positive, and the negative effect of knowledge overlap on CVC parents’ innovation at higher levels of knowledge similarity will be less negative, for CVCs with greater control power over their portfolio ventures. Moreover, the moderating effect of active control right is stronger than the moderating effect of passive control right under high degree of technological knowledge overlap between a CVC parent and the CVC’s portfolio ventures. Meanwhile, the moderating effect of passive control rights is stronger than the moderating effect of active control right under high degree of technological knowledge overlap between a CVC parent and the CVC’s portfolio ventures.</div></div>

There has been a continuous interest in academia with regard to the venture capital (VC) as themain flourishing aid to new business. Nowadays, academia and the public consider it ‘hot‘ to argue and invest in business that define their activities with sustainable goals, and callthemselves ‘green’, ‘clean’ or ‘eco’. Furthermore, circles of discussions about sustainability, triple bottom line, green, clean, eco, and other terms related with positive impact towards society environment alongside financial returns have created uncertainty with respect to what defines an entity as green and how this can be used as a competitive advantage in the attractiveness of the business in the very first steps of its existence. However, green startups are considered a strong tool for the emergence of the environmentally friendly solutions needed in order to avoid dangerous and irreversible climate change. Furthermore, venture capitalists (VCs) are a key provider of financial capital for emerging firms. Therefore, given the complex nature of the VC investment decision, it is paramount to understand the VCs perspective on what are the factors andcharacteristics that attract and repel investors toward green startups. By undertaking this investigation, we seek to create an understanding of the evaluation criteria, as well as, characteristics and challenges related to VC investments in green startups. Therefore, contributing to the fields of environmental entrepreneurship and entrepreneurial finance, by identifying what VCs take in consideration when evaluating green startups. To develop this understanding of the VCs perspective on green startups we first developed an in-depth literature review of the extant research, then we conducted in-depth semi-structured interviews with practitioners from the mainstream and the greenVC industry operating in Sweden. Furthermore, we implemented an interpretative approach which enabled us to analyze the individual perspectives of VC depending on the context in which they operate. This study provided interesting results that complement the existing literature and provide useful insights on the current state of green VC. Combining the findings of our study with the theories discussed in our comprehensive literature review on green entrepreneurs, green startups and venture capital, we provide an understanding of the evaluation criteria and investment thesis relevant to green startups as well as, insight on characteristics, challenges and opportunities related to investments in green startups. Therefore, this study generates new knowledge in this scarcely studied area of research and provide interesting insights for future research. To the end of this continuum, both actors involved - VCs and green entrepreneurs - will benefit from the findings which provide: green entrepreneurs with the tools to develop green startups with more potential to attract investors; and VCs with an understanding of the nature, challenges and opportunities of green startups´ investments.

During the past decade (1984-1994), Australia experienced its worst recession since the depression of the 30's, followed by a no-growth period and an unemployment rate hovering around nine per cent. The awareness of Commonwealth and State Governments of the need for specific policies to stimulate new ventures and support small and medium enterprises (SME's), was increased by a range of reviews which resulted in a variety of initiatives. However, two key national initiatives, licensed Management and Investment Companies (MIC's) and the Second Board Stock Market, which aimed at making access to funds easier for new ventures, failed to provide sustained financial support to new innovative firms. Small businesses in Australia account for some 80 per cent of all businesses and 50 per cent of employment in the private sector. While many factors contribute to the successful establishment and growth of new businesses, a key factor is the availability of and access to affordable finance. The major objective of this study was to identify key success/failure factors in new venture creation and to review in detail the rise and fall of the Second Board Stock Market (1984-1992) - arguably one of the most significant Government initiatives during the 80's to provide access to equity funds. A survey of Melbourne companies listed on the Second Board was to provide valuable information on the success/failure of the Second Board Stock Market and to illuminate desirable Government initiatives meeting SME's survival needs.

創業投資公司擅長融資有前景的新成立公司並輔導其上市上櫃，但其帶給被投資公司的應不僅止於資金的挹注，還要包括其他附加價值，例如參與董事會，協助解決重大經營決策；協助進行企業內部管理與策略規劃；提供管理諮詢服務與專業人才仲介；運用創投公司的關係網路，提供技術資訊與技術引進的管道等各項服務，本文主要探討創投公司的投資是否會影響新上市股價的長期績效表現。研究結果發現： 一. 發行公司成立至上市的期間 　　有創投的新上市公司從設立到上市的平均時間為14.53年，顯著低於其他無創投參與公司的18.98年，證明創投公司的專業知識與經驗及其對產業的了解，有助於被投資公司早日上市。 二. 發行公司上市後長期績效 　　整體而言，無創投投資的新上市公司，期初異常報酬較高，市場充分反映的期間較長，但長期績效表現較差。以發行公司上市後三年累積報酬為因變數進行迴歸分析，結果發現有無創投投資、創投擔任公司董監事、創投總持股比例、創投成立年齡均與長期報酬呈正相關，且具有1%~10%顯著水準的差異；而創投股東家數雖與長期報酬呈現正的相關，但相關性並不顯著。 三. 發行公司上市時折價幅度 　　以發行公司上市時的折價幅度為因變數進行迴歸的結果顯示，除了創投擔任被投資公司董監事此一變數外，其他變數並沒有顯著的相關性，探究其原因可能是創業投資事業的發展尚未成熟，創投公司提供的認證功能尚無法獲得投資人的認同，而且創投公司多不願公佈其所投資之公司，被投資公司的資訊也不易取得與傳遞，故無法因創投的參與而降低折價發行程度。 第壹章 緒論 1 第一節 研究動機與目的 1 第二節 研究範圍 3 第三節 研究限制 3 第四節 研究架構 4 第貳章 創業投資事業的介紹 6 第一節 創業投資的定義與特質 6 第二節 創業投資事業的經營型態 8 第三節 創投公司的資金運用 10 第四節 國內創業投資事業發展現況 12 第五節 我國創投事業面臨的問題與未來發展 20 第參章 文獻探討 23 第一節 新上市股票的長期績效 23 第二節 創投公司的價值貢獻 27 第三節 創投公司的參與管理行為 36 第肆章 研究設計 44 第一節 研究假說 44 第二節 資料蒐集與樣本 47 第三節 研究變數的操作性定義 51 第四節 研究方法 54 第伍章 實證結果分析 57 第一節 有無創投投資之新上市公司的特性 57 第二節 發行公司上市後長短期績效之實證分析 58 第三節 發行公司上市後折價幅度的迴歸結果 69 第陸章 結論與建議 71 第一節 結論 71 第二節 建議 73 參考文獻 75 附錄 79

<p>En uppsats om Venture capital-företags exitprocess och de faktorer som påverkar under processens gång</p>

<p>Bakgrund: Idag kräver så gott som alla nya idéer riskvilligt kapital för att kunna ta sig till marknaden. Oavsett om finansiären är ett etablerat företag eller en enskild person är orsaken till risktagandet en förhoppning om god avkastning på investeringen. För att minimera risken och maximera avkastningen gäller det dels att generera tillräckligt med idéer att välja bland, dels att investera i livskraftiga idéer. Mycket få idéer är tillräckligt bra för att passera det nålsöga som finansiärernas urvalsprocess utgör och ta sig till marknaden. </p><p>Syfte: Att bidra med kunskap om tre fenomen; riskkapitalbolags agerande för att skapa och finna idéer, etablerade företags agerande vid val av idéer att utveckla samt hur etablerade företags agerande i de tidiga delarna av innovationsprocessen, från idé-skapande till investeringsbeslut, kan skilja sig från riskkapitalbolagens agerande. </p><p>Avgränsningar: Uppsatsen omfattar endast utveckling av teknik, eftersom det finns gott om både svenska riskkapitalbolag och svenska etablerade företag som sysslar med utveckling och finansiering inom området. </p><p>Genomförande: Information om den praktiska genererings- och urvalsprocessen har in-hämtats genom djupintervjuer med fyra utredare på riskkapitalbolag samt tre utveck- lingsansvariga på väletablerade företag. </p><p>Slutsatser: Riskkapitalbolagens arbete för att skapa och finna idéer begränsar sig till att delta i en mängd olika nätverk. De kan dock, till skillnad från de etablerade företagen, erbjuda god ekonomisk motivation åt sina entreprenörer. De etablerade företagen tycks vid val av idéer fokusera mycket hårt på att de ska passa kärnverksamheten, men lägger liten eller ingen vikt vid idégenererarens personliga egenskaper, vilka kanske är det mest centrala för riskkapitalbolagen. Företagen har slutligen högre tolerans för misslyckan- den, vilket speglas av bristen på tidigt såddkapital i dagens svenska riskkapitalbransch.</p>