New Ventures projects emerge in response to the growing need of countries to develop and grow economically in an environment characterized by rapid changes. The importance of these projects is such that during the last decades they have played a role not only as drivers of the economy but also as sources of new jobs and innovation (Chen, 2009). Due to this importance, there have been multiple studies related to the efficient management of such projects. However, it is not sufficient for these projects to be managed properly, but the presence of limited resources makes necessary to select, prioritize and control these projects strategically within a portfolio.   This strategic management can be carried out by using the theory developed in Project Portfolio Management (PPM). The importance of PPM is the ability to integrate the world of projects with the operation of organizations, helping to minimize failures such as making unnecessary effort to undertake these projects in an appropriate manner when in fact these are not the right projects.  However, there is a lack of knowledge in the application of PPM theory for New Ventures projects, because their characteristics differ from those of any other type of projects in terms of high level of risk and, in many cases, high technical uncertainty (Mac Millan & Gunther, 2000).  This knowledge gap can be minimized using two different approaches. The first one consists in employing the theory developed by PPM in R&D projects, applying it for New Venture projects, as suggested by Mac Millan & Gunther (2000). The second approach corresponds to using the theory developed around the management of projects within Business Incubators (BIs) and Venture Capital firms (VC) in every stage of the PPM process.   This study describes how BIs and VCs in Sweden manage their New Venture projects portfolios in issues such as selection, prioritization and monitoring and control. To achieve an adequate depiction of this process, the study seeks primarily to identify the role of BIs and VCs in the PPM and the proper relationship that should exist between both organizations to ensure an ideal flow of projects at each stage of their development. In addition, it also seeks to find whether tools outlined in the literature are often used in practice.   Among the main findings of the study, the major contribution of the BIs is mainly in the feasibility analysis of projects and the support they give in their development, while VC firms are usually more focused on the selection, prioritization and monitoring and control of their portfolios. In practice there have been shortcomings in the transition of New Venture projects between BIs and VCs. These can be solved by creating a single organization that integrates the entire process of PPM between BIs and VCs, or other alternative is for VCs to start investing mainly in early stage projects.  Another important finding corresponds to the use of the expertise of BIs and VCs members as the most important tool when making strategic decisions. And although there is general satisfaction with the success of these projects in Sweden, some authors have argued that this industry is not totally mature. Therefore, this study suggests using some tools, proposed in a conceptual model, developed to achieve the maturity that New Venture projects industry requires.

After the 2008 global financial tsunami, the global economy has been undergoing a ¡§great recession¡¨, and it has a tremendous impact on Taiwan's venture capital industry. Not only overall investment, but also financing is descending rapidly. Although Taiwan has always performed well in the field of venture capital, it encounters many setbacks nowadays, such as ¡§Hard to find the target.¡¨,¡¨ Recession of capital market.¡¨, ¡§Narrowest Cash-out. ¡¨ and "Major innovations take longer and more resources." etc. These problems are difficult to overcome. Therefore, to spend money on the cutting edge, investing in professional fields is the best policy of venture capital, and it requires of venture capital institutions substantial accumulation of professional knowledge in the specific fields as well as industrial integration capabilities. Scholars have put forth the view that corporate venture capital and independent venture capital must learn from each other. How to dominate the standards of investment industry , how to make the global positioning strategy, whether corporate venture capital needs to meet the overall strategy, and venture capital strategy , organizing, management methods. These are key issues for corporate venture capital. Intel capital is the world's largest science and technology intensive venture capital. This study will draw on its experience of successful and unique investment, combined with the concept of open innovation¡Asuggesting that corporate venture capital in Taiwan take "innovation intermediary" mode which will not only reduce investment risk and but also investment cost.

BenQ was founded in1984,the business income was NTD 300 million during the initial period of years and her core business was merely to produce computer components. Her sales income has achieved to NTD 174.7 billion till 2004 after merging her subsidiary companies. Over the past 20 years, the employees increased to more than 13,000 as a global enterprise distributing more than 30 countries. In addition, the sales income has increased 582 times than she was founded. Therefore, the way of BenQ success was a model for the enterprise growth. In order to research the model and the experiences that the enterprise grows, this research uses BenQ as case study thoroughly studies in her nearly more than 20 years growth processes and how she used each strategy activity to achieve the enterprise growth goal. According to BenQ¡¦s success of new business development, this research constructs set of universalized new business development model, the flow, the process, and product life cycle backward vertical integration model. It was discovered that the corporate venture capital played an important role and function to provide the enterprises growth strategy when enterprise is growing.

<p>There are many different forms of financing for small businesses and two common financing options mentioned in the study, bank loans and Venture Capital.Venture Capital is a form of risk capital financing, investing in unlisted stock market. The feature of the arrangement is that those people are trying to find companies that can offer unique, attractive and in demand products on a strong growing market. Since VC-firms are taking a big risk in cooperation<strong> </strong>with the investment, the VC-company strong demands while assessments are made on the company will generate a return in the future.</p><p>Bank loans are the most common form of financing for companies in the market. Requirements and assessment under the law is hard especially for small businesses because financing entails high risks. Banks require that the liquidity management in the enterprise should be stable because the bank's main objective is to repayment of debt and the interest payable on the capital.</p><p>The purpose of this study is to examine the requirements and assessments VC-firms and banks make use of the financing of small businesses.</p><p> </p>

In order to boost the exit value, it is not uncommon that issuers report earnings in excess of cash flow generated by its operations at the initial public offering (IPO). The discretionary activity of performing earnings management can mislead investors about the intrinsic value of the newly public firm. Within this study, I examine how earnings management will affect the stock market reaction upon the lockup expiration date, the IPO adjustable offering size, and how the backing of private equity or venture capital (PEVC) affects earnings management tendencies within IPO firms. Using a unique, hand-collected dataset of 56 Swedish newly public firms from 2007 - 2014, I show that IPO firms (i) manage their earnings at the full fiscal year prior to the IPO and that earnings management will result in a negative stock market reaction upon the lockup expiration date. More importantly, I show that (ii) high adjustable offerings do not affect this relationship indicating that earnings management has no impact on the adjustable part of the offering size within IPOs. I also find that (iii) IPO firms backed by PEVC firms are more eager to manipulate their earnings, and (iv) highly reputable PEVC firms do not mitigate the manipulation of earnings within IPO firms. The results taken together suggest that studying the stock market reaction on the lockup expiration date is important for manipulative IPO firm detection, and that a participation in IPOs backed by PEVC firms must be done with caution.

published_or_final_version / Law / Doctoral / Doctor of Philosophy

本文藉由觀察中國創業投資基金投入金額之變化,試圖探討影響中國大陸創業投資產業發展之因素,經由國內外期刊、文獻之歸納整理並加以判斷分析,本研究決定採用九個變數,並分類為三大群組,分別為:金融市場群組:IPO 總募集資金、併購案件總金額、併購案件總數量、併購案件平均溢價、資本市場以證券市場為中心相較於以銀行為中心的程度;政治因素群組:國家貪腐指數、專利 通過率;經濟因素群組:研究發展總費用、國內生產總值(GDP)。資料截取自 CEIC (中國經濟數據庫)與Bloomberg(彭博資訊系統),資料期間為 2006 年第一季至 2015 年第一季之季資料,先分析各別因素的歷史軌跡變化與原因,再以四個迴歸分析模型分別探討整體九個變數、金融市場群組、政治群組、與經濟群組對應 變數中國創業投資基金總投資金額的影響程度。 本研究結論包括:資本市場以證券市場為中心相較於以銀行為中心的程度、研究發展總費用與中國創業投資基金總投資金額有高度正相關。國家貪腐指數與中國創業投資基金總投資金額有高度負相關。IPO 總募集資金、併購案件總金額、 併購案件總數量、併購案件平均溢價、專利通過率、國內生產總額與中國創業投資基金總投資金額無顯著相關性。將自變數依性質分類為三大群組後,分別對應變數中國創業投資基金總投資金額進行迴歸分析,並比較其 Adjusted R Square,發現金融市場群組影響應變數程度最大,其次為經濟因素,影響最小的為政治因 素。 / This paper discusses the venture capital activity in China through observing changes in the investment volume in an attempt to explore the influential factors. This study applies nine factors which then were classified into three groups: financial market group, including capital raised through IPO, volume of M&A, deal counts of M&A, M&A deal average premium, and degree of market-centered financial system comparing to bank-centered; politics group, including corruption perception index, patent pass rate; economics group, including research and development expenditure, gross domestic product (GDP). Data were retrieved from CEIC and Bloomberg with duration from 2006-2015Q1, seasonal data. This study analyzes the historical trajectory of independent factors, following by four regression analysis, including the overall impact of nine independent variables, the impact of the financial market group, politics group, and economics group on the dependent variable: the total investment volume of venture capital funds in China. The findings include: degree of market-centered financial system comparing to bank-centered and the research and development expenditure have highly positive correlation with total investment volume of venture capital funds in China. Corruption Perception Index has highly negative correlation with total investment volume of venture capital funds in China. Capital raised through IPO, volume of M&A, deal counts of M&A, M&A deal average premium, patent pass rate, and gross domestic production have no significant correlation with the investment volume of venture capital funds in China. After classifying the factors into three groups including financial market factors, economics factors, and politics factors, following by the comparison of adjusted R Square, the study concludes that financial market group has the highest correlation with total investment volume of venture capital funds in China, with economics group as the second and politics group being the least correlated.

The amount of public money invested in the venture capital industry has increased sub-stantially over the last few decades. The goal is, in general, to facilitate growth in highly in-novative small and medium sized enterprises (SMEs) by securing their supply of capital in early stages. Hence, an important aspect of the effectiveness of public investment is wheth-er it increases the investees’ ability to attract additional funding. The process through which public investments can contribute to a better supply of capital to SMEs by more than just their own investment is commonly known as the catalysing or leverage effect of public in-vestment. In order to increase understanding of how this effect can be maximized, this study com-pares the amount of capital attracted to Swedish SMEs as a result of public fund-of-fund (FoF) investment to that of direct public investments. This study shows that: - FoFs are more effective in increasing the capital supply to SMEs in the market. - Public investments have a higher catalysing effect on the fund level than on the enterprise level. Hence, EUR 1 invested at the fund level has a larger positive impact for SMEs than EUR 1 invested at the enterprise level. - The investment quality of private venture capital (VC) investments is generally higher than that of direct public investments. Hence, FoFs allows public inves-tors to "free ride" on the skills of private VCs rather than setting up own struc-tures. / Masters Thesis

Syfte: Riskkapital har vart av stor betydelse för högteknologiska nyföretagande dock har antalet riskkapitalbolag minskat väldigt mycket sedan IT-bubblan sprack år 2000. Huvudsyftet i uppsatsen var därför att undersöka hur IT- och kommunikationsbranschen hanterar den minskade riskkapitalmarknaden. Delsyftet i uppsatsen undersöker vilken betydelse riskkapitalbolagen har på nystartade företag inom IT- och kommunikationsbranschen. Forskningsfrågorna i uppsatsen handlar om hur nyföretagande hanterar finansieringen, hur de väljer samt söker finansiering och hur de påverkas av konkurrenter och deras riskkapitalfinansieringar. Metod: Studien bygger på metodtriangulering med insamling av kvalitativ data genom tolv intervjuer och kvantitativ data genom årsredovisningar.  Resultat &amp; slutsats: Av de tolv studerade företagen har fem företag fått riskkapital. Företagen har valt olika finansieringskällor och kontrollaversionen har haft betydelse vid valet att endast använda intern finansiering. Studien har visat att även finansieringskällor kan söka efter företag att investera i. Majoriteten av företagen med riskkapital har använt sig av externa parter vid sökningen. Merparten av företag har ej märkt av konkurrenters riskkapitalinvesteringar. / Purpose: Venture Capital has been of big importance for new ventures in high technology industries, but has decreased markedly in numbers since the end of the”dot-com” bubble. The main purpose of this thesis was to examine how the IT and communications industry manages the reduction in the private equity market. The second purpose was to study the importance of venture capital on new ventures in the IT and communication industry. The research questions concerns how new ventures manages their financing, how they choose financing and which method they use to pursuit it, as well as how competitors influence them and with their venture capital funding.  Method: The study was based on method triangulation with both qualitative data through interviews and quantitative data through researching annual reports.  Results and conclusions: Of the twelve researched new ventures has five gotten venture capital. The companies have chosen different financial sources and control aversion was the main cause of internal financing. This study shows that financing sources also can contact companies to invest in. The majority of businesses with venture capital has used external assistance when seeking venture capital investments. Most of the businesses have not been affected from competitors’ venture capital investments.

Rizikos kapitalo fondai visame pasaulyje sparčiai vystosi ir daro svarbią įtaką šalių ekonomikoms skatindami antreprenerystę ir padėdami kurti didžiules verslo bendroves. Šiame tyrime buvo siekiama išsiaiškinti kokią įtaką ekonomikoms gali daryti rizikos kapitalo fondai ir nuo kokių priežasčių priklauso jų investicijų dydis. Tyrime pastebėta, kad rizikos kapitalo įtaka šalių ekonomikoms gali pasireikšti per įvairiapusį įmonių augimo spartumą ir inovacijų skatinimą, o investicijų dydis, tirtas Baltijos šalių, Lenkijos ir Suomijos atžvilgiu priklauso nuo investicijos tipo, įmonės patentų skaičiaus ir finansinių rodiklių, tiesa, pastarieji labiau galioja Suomijos atžvilgiu. Susisteminti kitų autorių ir mokslininkų tyrimai pateikti pirmojoje dalyje, kurioje aiškinamasi kokią įtaką šalių ekonomikoms gali daryti rizikos kapitalo fondai ir nuo ko priklauso jų investicijų dydis. Antrojoje tyrimo dalyje aprašoma analizei naudojama metodika bei duomenys, taip pat pateikiamas tyrimo ribotumas. Paskutinėje, trečiojoje darbo dalyje yra pateikti ir aprašyti gauti tyrimo rezultatai. / Venture Capital funds are developing very fast across the world and their actions influence economies while stimulating entrepreneurship and creating big businesses. In this paper author tried to find out what influence venture capital funds does to country‘s economy and what reasons makes an impact on investment‘s size. It was noticed, that venture capital can make an impact on country‘s economy through overall business growth and innovation promotion, on the other hand, investment size, analysed in Baltic countries, Poland and Finland, depends on the type of investment, quantity of patents of the company and financial indicators, however, the last two applies more for Finland‘s case. Other authors and scientists researches are summarized in the first part of this paper, where it is investigated what impact venture capital funds can make to country‘s economy and what factors influence their investment size. Methodology, data and limitations of this research are presented and explained in the second part of this paper. The results are described in the last, third part of this paper.