Cette thèse porte sur les déterminants fondamentaux du dynamisme du capital-risque. Notre démarche de recherche vise essentiellement à identifier les facteurs qui ont conduit au développement phénoménal de cette activité aux États-Unis et qui seraient susceptibles d'expliquer le retard de l'Europe en matière du capital-risque. On peut inférer de ce travail plusieurs conclusions. D'une part, l'existence d'un marché financier national dédié aux valeurs technologique ne peut être considérée comme le principal facteur expliquant l'avantage comparatif des États-Unis en termes du capital-risque. D'autre part, la demande et la performance anticipée constituent les fondements et la spécificité du capital-risque américain. Leur faiblesse dans les pays européens peut expliquer le retard de ces derniers. Nous avons également mis en évidence l'importance de l'environnement scientifique et technologique pour le dynamisme du capital-risque. Un résultat qui peut d'un coté, expliquer le retard des pays européens qui souffrent d'insuffisances en termes de dépenses en R&D. De l'autre, il peut rendre compte du succès de deux modèles de capital-risque basés sur la stratégie de recherche et développement, à savoir la Suède et Israël. / He thesis focuses on the determinants of venture capital dynamism. Our approach aims not only at identifying factors that led to the phenomenal development of this activity in the United States, but also at explaining why Europe still cannot catch up in terms of venture capital. Several conclusions can be inferred from this thesis. On the one hand, an active financial market cannot be regarded as the main factor explaining the comparative advantage of the U.S. in terms of venture capital. On the other hand, other more important factors may explain the superiority of U.S. venture capital as well as the European countries delay. Estimates conducted to highlight the importance of demand and of the expected performance for the venture capital dynamism. These two factors represent the strengths and the specificity of the U.S. venture capital. The estimates have also highlighted the role of scientific and technological environment, that can explain the delay of European countries which suffer from shortcomings in R&D spendings and, might illustrate the success of two venture capital models based on the research and development strategy: Sweden and Israel.

<p>This paper establishes the life-cycle dynamics of Corporate Venture Capital (CVC) to explore the information acquisition role of CVC investment in the process of corporate innovation. I exploit an identification strategy that allows me to isolate exogenous shocks to a firm's ability to innovate. Using this strategy, I first find that the CVC life cycle typically begins following a period of deteriorated corporate innovation and increasingly valuable external information, lending support to the hypothesis that firms conduct CVC investment to acquire information and innovation knowledge from startups. Building on this analysis, I show that CVCs acquire information by investing in companies with similar technological focus but have a different knowledge base. Following CVC investment, parent firms internalize the newly acquired knowledge into internal R&D and external acquisition decisions. Human capital renewal, such as hiring inventors who can integrate new innovation knowledge, is integral in this step. The CVC life cycle lasts about four years, terminating as innovation in the parent firm rebounds. These findings shed new light on discussions about firm boundaries, managing innovation, and corporate information choices.</p> / Dissertation

This doctoral thesis is focused on the most progressive part of alternative financing for small business nowadays, on Private Equity and Venture Capital. Despite its undeniable importance, compared to the more traditional ways of collecting financial resources for further business development, only very little research has been done in this area from the point of view of economics sciences. The recent world financial crisis has only served to highlight the importance of Private Equity. However, the theory is still unable to provide answers to many questions raised by practice. In view of that, the main aim of the thesis is to provide detailed description of the field, examine the current trends in Private Equity investment and introduce Private Equity as one of the most perspective systems of business activity financing. The thesis is divided into three main parts. The definition of financial market, its functioning as well as the main agents are included in the first part of the dissertation. The second part deals with the comparison between the EU and its new member states represented by the region of Central and Eastern Europe, and also examines the factors that have been influencing Private Equity development in the last four years and their mutual interdependencies. In the third part, the original valuation model measuring total returns of Private Equity investments is developed. In his dissertation, the author tests the following hypotheses: 1. Private Equity can be considered as one of the most risky investments among all. Total return from PE is well above the average of any other forms of investment. 2. The total amount of Private Equity investments in CEE region is growing steadily. The largest part of this investment is constituted by Buy-outs. Both tested hypotheses are confirmed. This doctoral thesis of Patrik Cupak provides a detailed analysis of Private Equity investments development. The main contribution of the dissertation is the fact that it represents the first analysis comparing the actual situation in Private Equity investments in European and CEE region of this type. The thesis also has significant theoretical and practical contributions due to its wide content and original analysis in this field. Its findings can be thus used in both, practice as well as the academic field.

The aim of this study is to present venture creation as an alternative form of alleviating poverty and contributing positively to the economic growth of every African government. This study draws to the attention of policy-makers, the importance of venture creation in emerging economies. The author goes on further to highlights the challenges with the current models used for financing/funding new ventures, in an emerging African economy. The objective of this paper is to also highlight what needs to be done by policy-makers, to create a thriving economic environment for emerging entrepreneurs. This study seeks to highlight some of the prospects, as well as some of the impediments, experienced by the venture capital industry and start-up enterprises. The environment in which the creation of new ventures operates under in emerging African markets is reviewed, and the exit of those enterprises when they mature and graduate from a small, private company, to a publicly held company - through an Initial Public Offering (IPO) process, is examined. The benefits of exiting these ventures through an IPO, versus the more aptly applied private placement exit method, are also discussed. The impact that the behaviour and psychology of investing have on the investment trends in African economies is also discussed. The author used the qualitative research methodology to achieve the results presented in this paper. The outcomes of the study are outlined in chapter four of this paper. The respondents to the survey indicated the importance of the venture capital sector and the critical role that policy makers should be playing. There were no clear responses around the human behaviour in determining the suitable exit platform. What came out clearly in this study; was that each region in the African economy will use a different exit platform driven mainly by the economic environment. The author goes on further to conclude on the outcomes of the study and suggest further research on the topic on venture capital and initial public offerings. The participants who responded to the survey agreed with the literature reviewed, in particular around the adequate form of financing for starting up new enterprises.

Innovation leads to economic growth, however, financing innovation comes with major uncertainties and therefore there is a risk of underinvestment in innovation. One type of investor who is prepared to take on this uncertainty is the Venture Capitalist (VC). The question remaining is whether VCs spur further innovation or mainly exploit existing innovation. By counting the patent registrations in 133 Swedish VC financed firms and comparing these to 609 control firms, the difference in innovation level is assessed. The result indicate that VC financed firms, on average, become 23% more innovative after receiving financing from a VC. Thus, it is concluded that VCs spur innovation in the Swedish context.

No description available.

This thesis explores the role of corporate venture capital (CVC) investment in business growth strategy. It is particularly concerned with identifying the CVC investment options for business development and growth. Business growth strategy involves choices of products (and services) or markets for an organisation to enter or exit. An organisation has a choice between penetrating its existing markets, developing new products for its existing markets, bringing its existing products into new markets, or diversifying its activities by introducing new products into new markets. A framework linking CVC investment with business growth strategy is developed and is used for identifying the relevant contribution which the different CVC investments make to business growth. Firms interested in diversifying their investment portfolio utilise CVC for this purpose. These investments, however, support organisational growth when they are aligned to business strategy, defined by the goal of increasing demand for existing products (or services), bringing new products to existing markets faster, protecting against a competitive threat which involves offering existing products to new markets, and developing new products in new markets. There are instances where CVC investments can be used as a channel for later stage funding of corporate venturing projects. This thesis highlights the fact that contrary to both popular wisdom and academic arguments, CVC funds can still be successful when they function like independent venture capital funds, with reliance on financial return on investment as critical to their success. They are, however, able to endure by executing this practice in line with the corporation’s business growth strategy. Using archival data collected from three case studies over a 34-year period, the framework developed from literature review is applied as a basis for understanding how CVC investment can be linked to business growth strategy.

<div> <p>In this dissertation, I investigate how entrepreneurial ventures and industry incumbents enter into interorganizational relationships in the context of corporate venture capital (CVC) investments. In Essay 1, drawing from the literature on employee mobility and entrepreneurship, I investigate how the competitive tension between spinouts and their parent firms with regard to potential knowledge diffusion influences other industry incumbents’ decisions to invest in spinouts. Specifically, I suggest that a high level of technological overlap between a spinout and its parent firm deters other industry incumbents from investing in the spinout due to anticipated hostile actions by the parent firm. Moreover, such negative effects can be amplified when the parent firm has a strong litigiousness to claim its intellectual property rights. I also consider that the negative effects can be mitigated when industry incumbents expect to benefit from gaining indirect access to parent firms’ technological knowledge through investing in spinouts.</p><p><br></p> <p>In Essay 2, I focus on academic hybrid entrepreneurs—defined as individuals who found their own ventures while working at academic institutions (e.g., professors, scientists)—and investigate how their intended exit strategy influences their decisions regarding CVC financing. Specifically, I first propose that academic hybrid entrepreneurs may have strong preferences for acquisitions over initial public offerings as an exit strategy for their ventures because of the high level of opportunity/switching costs associated with transitioning between their academic roles and entrepreneurial activities. Drawing from the literature on mergers and acquisitions, I then suggest that compared to other ventures, those founded by academic hybrid entrepreneurs are more likely to receive funding from CVC investors to effectively disclose the quality of their resources and knowledge to potential acquirers.</p><p><br></p> <p>In Essay 3, I examine how the industry incumbents’ relative positions in technology domains vis-à-vis other firms influence their CVC investment activities. Drawing upon the literature on factor market, I conceptualize CVC investments as external knowledge acquisition activities in knowledge factor markets consisting of several different technology domains. Building on this conceptualization, I emphasize that industry incumbents’ choices of investment areas are dependent on their positions vis-à-vis their rival investors in a given technology domain. This is because a firm’s technology position in a given domain can simultaneously influence the opportunities and incentives that jointly determine the likelihood of CVC investments in the domain. The theoretical arguments and empirical results suggest that firms with intermediate technology positions (i.e., technology intermediates) with moderate levels of opportunities and incentives are more likely to make CVC investments than are technology laggards and leaders with the lowest levels of opportunities and incentives, respectively.</p></div>

by Leung Chun Ming, Timothy, Sau Chi Ming. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 74-75). / ACKNOWLEDGEMENT --- p.iii / ABSTRACT --- p.iv / TABLE OF CONTENTS --- p.viii / LIST OF TABLES AND ILLUSTRATIONS --- p.x / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background --- p.1 / Project Objectives --- p.2 / Definitions --- p.3 / Nature of Venture Capital --- p.5 / Stages of Development --- p.6 / Advantages of Bring in Venture Capital --- p.8 / Venture Capitalist Activities --- p.10 / Investment Environment in China --- p.11 / Venture Capital Investment In China - General Background --- p.13 / Chapter II. --- RESEARCH METHODOLOGY --- p.16 / Literature Review --- p.16 / Preliminary Interviews --- p.17 / Survey Research --- p.17 / Follow up Interviews --- p.21 / Research Limitations --- p.21 / Chapter III. --- an analysis of the venture capital investment activities IN PRC --- p.22 / Profile of Respondents --- p.25 / Representativeness of Respondents --- p.27 / Step 1: Deal origination --- p.28 / Step 2: Screening --- p.30 / Step 3: Evaluation --- p.41 / Step 4: Deal Structuring --- p.49 / Step 5: Post-investment activities --- p.56 / Chapter IV. --- conclusion --- p.59 / apprenddc - questionnaire --- p.67 / bibliography --- p.74

by Woo Kwok Yin. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 45-47). / ABSTRACT --- p.i / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / ACKNOWLEDGMENT --- p.vi / CHAPTERS / Chapter 1. --- INTRODUCTION --- p.1 / Chapter 2. --- METHODOLOGY --- p.2 / Chapter 2.1 --- Literature review --- p.2 / Chapter 2.2 --- In-depth interviews with top executives of 5 venture capital firms --- p.3 / Chapter 2.2.1 --- Interview generation & description --- p.3 / Chapter 2.2.2 --- Interview outline --- p.4 / Chapter 2.3 --- Elaboration & analysis of findings --- p.6 / Chapter 2.4 --- Research limitations --- p.6 / Chapter 3. --- WHAT IS VENTURE CAPITAL? --- p.8 / Chapter 3.1 --- Definition of Venture Capital --- p.8 / Chapter 3.2 --- Functions of Venture Capital --- p.9 / Chapter 3.3 --- Different stages of Venture Capital investment --- p.11 / Chapter 3.4 --- General overview of an investment process --- p.12 / Chapter 4. --- PREVIOUS RESEARCH ON VENTURE CAPITAL --- p.15 / Chapter 5. --- WORLDWIDE VENTURE CAPITAL DEVELOPMENT --- p.19 / Chapter 5.1 --- Venture Capital development in United States --- p.19 / Chapter 5.2 --- Venture Capital development in Europe --- p.20 / Chapter 5.3 --- Venture Capital development in Asia --- p.21 / Chapter 6. --- FACTORS CONTRIBUTING TO THE GROWTH OF VENTURE CAPITAL IN ASIA --- p.23 / Chapter 7. --- COMPANY PROFILE AND INTERVIEW ARRANGEMENT --- p.24 / Chapter 8. --- THE FRAMEWORK OF VENTURE CAPITAL INVESTMENT IN ASIA --- p.25 / Chapter 8.1 --- Investment objectives --- p.25 / Chapter 8.2 --- Investment stage --- p.26 / Chapter 8.3 --- Industry preference --- p.28 / Chapter 8.4 --- Selection criteria --- p.28 / Chapter 8.5 --- Evaluation / negotiation process --- p.30 / Chapter 8.6 --- Valuation method --- p.31 / Chapter 8.7 --- Financial instrument --- p.32 / Chapter 8.8 --- Equity size --- p.34 / Chapter 8.9 --- Post-investment involvement & relationship --- p.35 / Chapter 8.10 --- Exit strategies --- p.36 / Chapter 8.11 --- Other considerations when investing in Asia --- p.38 / Chapter 9. --- CONCLUSION --- p.40 / Chapter APPENDIX I: --- MAP OF ASIA --- p.42 / Chapter APPENDIX II: --- ECONOMIC DATA OF ASIAN COUNTRIES --- p.43 / BIBLIOGRAPHY --- p.45