Made available in DSpace on 2016-03-15T19:26:12Z (GMT). No. of bitstreams: 1 Alexandre Rogerio da Silva.pdf: 444221 bytes, checksum: 93a299afd8c6e16987e2b9cb06ea71f0 (MD5) Previous issue date: 2014-01-28 / This study examines the involvement of funds of Venture Capital and Private Equity and the widespread use of stock options in IPOs (Initial Public Offering) in Brazil. The Agency theory, developed by Jensen and Meckling (1976), argues that the tools of controlling and incentive can behave as a complement of one another. Several studies conducted abroad and in Brazil analyzed the impact of monitoring funds of PE / VC of the performance of IPOs, however the literature is still scarce aimed at analyzing the strategies of incentives through stock options (ISOs) as a strategy of reducing the agency conflict. This study seeks to fill the gap found in Brazilian literature, analyzing the involvement of funds of VC / PE and generalization of incentive plans via stock options (ISOs) interact to predict the performance of IPOs in Brazil. The results suggest that companies backed by venture capital funds and private equity are more likely to use the widespread use of stock options for all employees. The results also suggest that companies backed by funds from Venture Capital and Private Equity have a CAR (Cumulative Abnormal Return) higher than companies that aren´t backed for this type of fund. / Este estudo analisa o envolvimento de fundos de Venture Capital e Private Equity e o uso generalizado de Stock Options nos IPOs (Oferta Publica Inicial) no Brasil. A teoria de Agência, desenvolvida por Jensen e Meckling (1976), argumenta que as ferramentas de controle e de incentivo podem comportar-se como complemento uma da outra. Diversos estudos realizados no exterior e no Brasil analisaram o impacto do monitoramento dos fundos de PE/VC no desempenho dos IPOs, porem ainda é escassa a literatura voltada a analisar as estratégias de incentivos via opções de compra de ações (ISOs) como estratégia para a redução do conflito de agência. Este estudo procura preencher a lacuna encontrada na literatura Brasileira, analisando como o envolvimento de fundos de VC/PE e a generalização de planos de incentivo via opções de compra de ações (ISOs) interage para prever o desempenho dos IPOs no Brasil. Os resultados sugerem que as empresas apoiadas por fundos de Venture Capital e Private Equity apresentam maior probabilidade de utilização de uso generalizado de Stock Options para todos os funcionários. Os resultados também sugerem que as empresas apoiadas por fundos de Venture Capital e Private Equity apresentam um CAR (Retorno Excendente Acumulado) superior do que as empresas que não possuem participação deste tipo de fundo.

O objetivo desta tese é analisar os novos caminhos da intervenção direta do Estado na economia, notadamente no ambiente financeiro nacional, em que prevalece a atuação de um banco público de desenvolvimento - O BNDES. O trabalho parte do pressuposto de que há uma variedade de alternativas institucionais de organização financeira, que refletem as trajetórias históricas dos países. É por esta razão que se pode identificar, por exemplo, diferenças entre o modelo norte-americano e o modelo nipo-germanico: enquanto o primeiro é baseado nas operações do mercado de capitais, o segundo conta com os investidores institucionais e com os bancos. A partir daí, pode-se igualmente reconhecer que a alternativa institucional constitutiva do sistema financeiro nacional conta com os agentes estatais: os seus principais atores financeiros. Destes todos, o BNDES é o exemplo mais significativo. Diante disso, uma vez caracterizado que a intervenção direta do Estado, também chamada no trabalho de regulação institucional, é o elemento característico do modelo brasileiro de desenvolvimento, a tese procurar mostrar que esta ação pública tem sofrido alterações, em um contexto recente. Em razão de um novo paradigma econômico, a economia baseada no conhecimento, pode-se reconhecer modificações na forma de atuação do agente estatal. Um estudo de caso revela que não só o financiamento das inovações passou a assumir um caráter relevante na agenda do BNDES, como, principalmente, esta atividade esteve associada a uma nova racionalidade de intervenção. Diante da nova economia, o Banco atua em convergência com os demais agentes financeiros e com isso assume um papel de indutor tanto das empresas emergentes, como do próprio de mercado de capital de risco. Esta constatação aponta para dois atributos que compõem, então, esta nova rodada da regulação direta da economia: a persistência e a dinâmica. A persistência porque apesar das modificações advin advindas de uma economia baseada no conhecimento, o Estado e, em especial o BNDES, continua a desempenhar um papel chave no financiamento do desenvolvimento brasileiro, particularmente em áreas não consolidadas e portadoras de futuro, como, ora, são as inovações. A dinâmica porque esta prevalência do agente estatal no financiamento corporativo assenta-se em novas ferramentas e assume uma distinta racionalidade, compatível com uma economia privatizada e aberta à concorrência internacional. É, pois, disso que trata esta tese: da regulação institucional de um banco de desenvolvimento em uma economia baseada no conhecimento. / The objective of this dissertation is to examine the new ways of direct State intervention in the economy, especially in the domestic financial environment, which has a prevailing public bank for development - the BNDES. The work is based on the assumption that there are a variety of alternatives to institutional financial organization, which reflect the historical trajectories of the countries. It is for this reason that we can identify, for example, differences between the U.S. model and the Japanese-German model: while the former is based on the operations of the capital market, the latter deals with institutional investors and the banks. Hence, we can also recognize that the alternative institutional constituent of the national financial system takes into account state agents, their main financial players. Of them all, the BNDES is the most significant example. Thus, once established the direct intervention of the state, also called institutional regulation, as the main feature of the Brazilian model of development, the dissertation examines the changes it recently underwent. Because of a new economic paradigm, the knowledge based economy, there have been changes in the way state acts in economy. A case study shows that not only that the financing of innovation has become paramount within the BNDES agenda, but also this activity has been associated with a new rationale for intervention. Facing this new economy, the Bank operates in convergence with other financial agents, thus taking a role in inducing both emerging companies and venture capital. This finding points to two attributes that make up, thus, this new stage of direct regulation of the economy: persistence and dynamics. Persistence because despite changes resulting from a knowledge based economy, the state and, in particular the BNDES, continues to play a key role in the financing of Brazilian development, particularly in non¬consolidated and future bearing areas, as innovations. Dynamics, because the prevalence of the state agent in corporate finance is based on new tools and takes a different rationale, consistent with a privatized economy, open to international competition. That is, therefore, with the core issue of the present dissertation: the institutional regulation of a development bank within a knowledge-based economy.

Undercapitalization is a major impediment for the growth and survival of Canadian life sciences firms. Proficient management teams are the 'sine qua non' criteria in the venture capital decision-making processes. The purpose of this multicase study was to explore strategies successful venture capitalists use to improve their evaluation processes of life sciences management teams' drug development capabilities. The conceptual framework for this study was based on business process management. The purposeful sample consisted of 10 venture capitalists located in the United States and Canada who had expertise evaluating life sciences management teams. The data were triangulated from semistructured interviews, annual reports, company websites, and articles. Collected data were coded to identify underlying themes. Several themes emerged from the analysis process: begin with the exit in mind, collapse learning timelines, conduct systematic due diligence, and cultivate and critique one's drug development expertise. The findings may provide venture capitalists and other investors such as angel investors with a refined framework for improving investment decisions. Life sciences management teams may also attract more private equity financing by understanding the vicissitudes of investor expectations. Increased investment and venture capital support for life sciences companies may revitalize the development of new therapies and effect social change by improving patient lives and investment outcomes.

Funding is one of the most critical resources high potential technology startup (HPTS) ventures need to achieve success. Some startup founders lack access to capital, a critical resource for HPTS founders to create value for customers and capture value for their organizations. Capital constraints can hinder business performance, endanger growth and the ability to grow and scale into the global markets. This multiple case study explored the strategies HPTS firms used to access capital to grow and scale into global markets. Mishra's venture capital investment model and Blank's customer development model served as the conceptual framework for this study. Data were collected from semistructured face-to-face interviews, direct observations, member checking, and a reflective journal. Participants were selected using a purposive sampling of 5 founders from the Silicon Valley of California, who were involved in equity finance decisions in the last 5 years. Yin's 5-step data analysis plan was used in the final data analysis. Eight themes emerged from the study: capital constraint; identification of potential investors; collaboration, guidance, and support; investment potential; investment thesis; measurement of success; passion and preparedness; and prevention of stock dilution. The findings of this study have implications for positive social change. HPTS ventures can use the study findings to gain approval of investment proposals and increase ventures that create value for customers and for the organizations.

摘 要 開發中國家如何擺脫依賴的困境達到經濟發展，甚至進一步邁入已開發國家，一直是經濟學的重要課題。本文藉對於台灣創業投資事業之分析，試圖對開發中國家產業升級的條件做一探討，以找尋出開發中國家脫離依賴理論困境的可能原因。 由文中關於產業升級之定義可以發現，扮演將資金與技術相結合投入產業生產的創業投資事業，的確對於台灣的產業升級具有一定程度的貢獻。因其藉由投入資金於科技產業、並提供必要的建議與服務的方式，促使附加價值高的新產品出現，也因而帶動核心產業結構的調整。 但對於台灣的產業升級具有一定程度的貢獻的創投事業，其資本大多來自國內法人，且黨國資本於此產業中具一定程度的影響力。其原因可能是為對抗先進資本主義國家的進口品壓力及其餘同屬後發國家的出口競爭壓力，必須發展於創建期就需要大量資本投入的精密工業及高科技工業。這些產業的風險較一般產業為高，非一般投資人所能負擔，因而促使國家資本及財閥資本介入，以由上而下的主導方式，來影響整個產業面及經濟面。其次，就台灣創投事業組成型態之特質來看，可發現專業經理人才的重要性，這也呼應翁良杰（1997）認為技術人力為台灣經濟快速發展而沒有落入依賴理論所預期的貧困及落後局面之原因的觀點。 總的來說，藉由文中對促使台灣創投事業得以興起的時代背景與相關政策之探討，可知憑藉吸取美國經濟發展經驗的「後發優勢」而引進的台灣創業投資事業，為資金與技術結合的渠道，進而扶植台灣科技事業的發展，帶動台灣產業結構的調整，使台灣避免重新淪為Wallerstain的世界體系理論中所指的邊陲國家。而台灣創投事業的形成，意味著屬於後發國家地位的台灣，不僅在資本累積上已有一定的實力，且在技術研發能力上也有相當程度的發展，才可以不完全受制於先進國家；並能將資金與技術結合，創造科技事業，調整產業結構，促進經濟發展。所以本文認為，透過創業投資事業，或可解釋台灣開發中國家經濟快速發展而沒有落入依賴理論所預期的貧困及落後，也彌補了翁良杰對於資金與技術結合過程所欠缺的說明。

本研究之目的有四：(1)瞭解目前國內創業投資事業發展狀況。(2)探討創業投資事業的核心競爭力。(3)探討創業投資事業的投資風險傾向與投資策略，期能深入瞭解其投資行為模式，進而有益於其投資策略之制定。(4)探索創業投資事業的核心競爭力與投資策略之間關聯，配合其他考量的因素與屬性，以進一步瞭解其中的因果關係。 本研究屬於探索性個案研究，主要是藉由實地訪談國內績效卓越的創投業者，配合國內外相關文獻，以瞭解目前創投事業的發展，核心競爭力與投資策略的關聯。 經由理論與個案訪談，本研究得到以下的結果： (1)各家創投事業的核心競爭力或有不同，因此形成各自獨有的利基，並總括有七項的核心競爭力。 (2)創投事業的核心競爭力在於某些特定項目，則將導致某些的投資策略。 (3)由於臺灣創投事業發展環境的影響，創投事業所投資對象的行業分布主要集中在資訊電子業，且投資資金的撤出方式也採在股票公開交易市場出售的方式。另外，目前創投事業已漸有使用垂直整合的策略，以增加獲利。] (4)創投產業的關鍵成功因素為豐厚的人脈關係附加價值的提供。 / This paper attempted to (1) realize the current development of domestic venture capital business; (2) discuss issues related to the core competence exhibited i the business; (3) review investment risks and strategies for indepth understanding of investment behavior mode to help map out investment strategies; and (4) explore into the correlation between the corecompetence and investment strategies to identify the consequences in conjunction with other contributing factors and properties. As an exploratory case stdy, this paper ventures the fact finding essentially by conducting field interviwes with those local entrepreneurs have achieved excellent performance in venture capital and by referring to related documentation available at home and overseas to describe the correlation among present development of venture capital business, its core competece and investment strategies. Through the theory and case interview, findings of the paper are: (1) The core competence of each venture capital company may differ, thus to from individual niche, and there are in general seven types of core competence. (2) Should the core competence the focused on a specific area, certain investment strategies are formed accordingly. (3) For being subject to the particular environment, the development of venture capital business has been concentrating. In the industry of information electronic, and stack trading in the stock market has become the way to withdraw the funds initially invested while swinging to the vertical integration strategy for increasing profitability. (4) Wide and constructive contacts with the right, if not powerful, persons as well as the provision of add-ons have proved to be the key success factors of venture capital business.

<p>The purpose of this Master's Thesis is to investigate the outlooks for a seed stage venture capital fund investing in biotechnology-related spinouts from public research to be established in Mecklenburg-Western Pomerania, Germany. Recommendations on how to improve any discovered deficits of the fund's prerequisites are also to be presented. </p><p>Analyses showed that the spinout potential of the research in the region is weak. The entrepreneurial prerequisites of the researchers, in terms of previous experience, business knowledge and a track record that would vouch for them being suitable entrepreneurs, are generally poor. Nor is there sufficient industry in the region to facilitate the establishment of and subsequent businesses for the spinouts. The seed fund must therefore provide any future portfolio ventures with a substantial amount of Hands-on Management. </p><p>To improve the prerequisites for the seed fund, PVA-MV must influence the researchers'attitude towards spinouts and make the monetary gains more visible. The researchers must be imbued with a business approach in their research and PVA-MV must market its services as being the intermediary of government, universities and industry and as being able to create opportunities for researchers as well as for industry. PVA-MV should also focus on the few institutes and individual researchers that do have some favourable entrepreneurial characteristics, in order to evoke professional entrepreneurs with a forming track record. To cope with the deficient prerequisites of the fund, PVA-MV must expand the competence of its own work force and focus on the rate of return rather than on building regional infrastructure pro bono as a governmental agency.</p>

<p>I och med framväxten av samhällsentreprenörer har ett nytt begrepp introducerats påden svenska marknaden. Det handlar om den nya generationen företagare som sermöjligheten i att tjäna pengar samtidigt som de driver verksamheter som skapar ettmervärde för samhället. Samhällsentreprenörerna i Sverige står dock framför ett problem,att på ett hållbart sätt finansiera sin verksamhet.Denna studie syftar till att kartlägga hur finansieringen av svenska samhällsentreprenörerser ut. Undersökningen bygger på en kvalitativ studie där vi har undersökt tresvenska verksamheter, som faller under definitionen ”samhällsentreprenör”. Ämnet ärfortfarande relativt nytt och okänt och det har därför inte bedrivits mycket forskningkring detta. Vi har därför, som underlag för vår undersökning, använt oss av en studiesom gjordes 2003 i Storbritannien.Då vi endast undersökt tre verksamheter har vi inte kunnat dra några generella slutsatserför hela den svenska marknaden. Dock indikerar resultatet av vår undersökning attden svenska marknaden, för att finansiera denna typ av verksamhet, är bristfällig och ibehov av utveckling. För såväl förutsättningarna som efterfrågan på samhällsentreprenörerfinns redan idag och denna grupp företagare ser ut att öka inom den närmasteframtiden.</p>

The purpose of this Master's Thesis is to investigate the outlooks for a seed stage venture capital fund investing in biotechnology-related spinouts from public research to be established in Mecklenburg-Western Pomerania, Germany. Recommendations on how to improve any discovered deficits of the fund's prerequisites are also to be presented. Analyses showed that the spinout potential of the research in the region is weak. The entrepreneurial prerequisites of the researchers, in terms of previous experience, business knowledge and a track record that would vouch for them being suitable entrepreneurs, are generally poor. Nor is there sufficient industry in the region to facilitate the establishment of and subsequent businesses for the spinouts. The seed fund must therefore provide any future portfolio ventures with a substantial amount of Hands-on Management. To improve the prerequisites for the seed fund, PVA-MV must influence the researchers'attitude towards spinouts and make the monetary gains more visible. The researchers must be imbued with a business approach in their research and PVA-MV must market its services as being the intermediary of government, universities and industry and as being able to create opportunities for researchers as well as for industry. PVA-MV should also focus on the few institutes and individual researchers that do have some favourable entrepreneurial characteristics, in order to evoke professional entrepreneurs with a forming track record. To cope with the deficient prerequisites of the fund, PVA-MV must expand the competence of its own work force and focus on the rate of return rather than on building regional infrastructure pro bono as a governmental agency.

I och med framväxten av samhällsentreprenörer har ett nytt begrepp introducerats påden svenska marknaden. Det handlar om den nya generationen företagare som sermöjligheten i att tjäna pengar samtidigt som de driver verksamheter som skapar ettmervärde för samhället. Samhällsentreprenörerna i Sverige står dock framför ett problem,att på ett hållbart sätt finansiera sin verksamhet.Denna studie syftar till att kartlägga hur finansieringen av svenska samhällsentreprenörerser ut. Undersökningen bygger på en kvalitativ studie där vi har undersökt tresvenska verksamheter, som faller under definitionen ”samhällsentreprenör”. Ämnet ärfortfarande relativt nytt och okänt och det har därför inte bedrivits mycket forskningkring detta. Vi har därför, som underlag för vår undersökning, använt oss av en studiesom gjordes 2003 i Storbritannien.Då vi endast undersökt tre verksamheter har vi inte kunnat dra några generella slutsatserför hela den svenska marknaden. Dock indikerar resultatet av vår undersökning attden svenska marknaden, för att finansiera denna typ av verksamhet, är bristfällig och ibehov av utveckling. För såväl förutsättningarna som efterfrågan på samhällsentreprenörerfinns redan idag och denna grupp företagare ser ut att öka inom den närmasteframtiden.