Diplomová práce se zabývá investicemi soukromým kapitálem ? private equity. Teoretická část popisuje základní principy, klíčové subjekty a konkrétní formy investic trhu private equity, zatímco analytická část identifikuje a hodnotí faktory, které přímo ovlivňují fungování a rozvoj tohoto trhu v České republice.

Private equity is described as medium to long term financing of non-quated companies with high growth potential. Venture capital refers to investments made to get the companies off the ground or to expand. This thesis describes an investment process with focus on its crucial parts, identifies factors that make from venture capital a suitable partner for expanding abroad and analyzes development of provate equity funds in Central and Eastern Europe.

I investigate the impacts that information production, information asymmetry have on firms financing choices 3/4 equity financing or debt financing. I find that equity issue announcements encourage more information production than debt issue announcements, which in turn raises the probability of equity financing. In addition, the post-issue stock market performance is positively associated with information production. The results are robust after controlling for investor optimism. I also apply the Heckmans two-step procedure to jointly investigate firms financing choices and offering costs. I find that security-issuing firms choose the less-costly financing type.

If enterprise is human, capital just like blood. No matter what healthy or falling ill, blood may not stop flowing. Each enterprise may face financial question. If enterprise want to get enough money. To handle the loan with the bank is the most common way. Enterprise must accord its own actual situation to choose financial way. There¡¦s no rule can follow, only depends on shareholder rights and interests, or financial efficiency. In general, the company has the good future or in debt ratio quite low condition, almost will choose direct loan to bank. In contrary, business is in highdebt ratio , or its operation faces transformation, choose equity financing must be the easy way. In other way, economic indicators is also important parameter in getting financial support. If interest rates will get higher in the next few months or next year, issue bonds must be the smart way. In addition to, stock exchange-listed or OTC, is also feasible way. After stock exchange-listing , stock can be traded freely. Therefore, Companies can obtain financing at reasonable prices, also can Improve financial transparency and company credit rating In future, after China and Taiwan signed a cross-strait financial supervision Memorandum ¡]MOU¡^and ECFA¡ACompanies have more choice to issue stock in mainland China, Taiwan or Hong-Kong. According to the study, select different markets Listed, have different benefit. Stock in China, company can get higher PE ratio, also can raise funds in hard currency. The most important is, can establish enterprise brand and domestic access in mainland China. Stock in Taiwan, the greatest advantage is familiar with the market. Application must be efficiency. Stock in Hong Kong, the greatest advantage is the internationalization of securities markets. Each stock market has its own advantage, also have its own weakness. How to choose, only depends on the purpose of stocking and their own conditions.

Företagsfinansiering är ett väl diskuterat ämne de senaste årtionden. Alla beslut som fattas av företagsledningen innebär finansiella konsekvenser för företaget. Ett av de viktigaste områdena inom företagsfinansiering är kapitalstrukturen, som handlar om hur stor företagets totala skulder är i förhållande till det egna kapitalet. Det finns många faktorer som påverkar företagets kapitalstruktur, nämligen lönsamhet, storlek med flera. Med grund i The pecking order theory samt Miles och Snows typology försöker vi i denna uppsats att förklara sambandet mellan företagsstrategi och kapitalstruktur. Företagen delas in i olika strategier utifrån hur stor andel av sin nettoomsättning respektive företag spenderar på forskning och utveckling. Vår urvalsgrupp består av 54 företag inom hälsovårdsindustri i Sverige. Alla dessa bolag är listade på börsen Nasdaq Stockholm. Utav de här 54 bolagen kunde vi identifiera 12 bolag med försvarare strategi, 36 företag som har prospektör strategi och 6 företag med analyserare strategi. Våra resultat tyder på att företag med försvarare strategi är positivt och statistiskt signifikant relaterade till använding av skulder. Däremot är prospektörer signifikant och negativt relaterade till användning av skuldfinansiering. Dock kunde inte vi hitta något statistiskt säkerställt samband mellan analyserare och skuldfinansiering. Denna uppsats bidrar till ökade förståelser för hur företagsstrategi och kapitalstruktur kan vara relaterade till varandra. / Corporate finance is a well-debated subject over the last decades. All the decisions that are made by corporate managers have financial implications. One of the most important issues in corporate finance is capital structure, which refers to the proportion of total debt a company has compared to its total equity. There are many factors that affect the capital structure of a firm, namely profitability, size, and many other factors. Based on The pecking order theory, and Miles and Snows typology, this bachelor thesis aims to explore how strategy orientations influence the choice of capital structure. Firms are categorized in different strategies based on how much they spend on R&D activities. Our sample consists of 54 Swedish Healthcare companies that are listed on NASDAQ Stockholm. Out of those 54 firms, we could find 12 firms with defender strategy, 36 firms with prospector strategy, and 6 firms with analyzer strategy. Finally, the results of the study show that defenders are significantly and positively related to the use of debt financing. In contrast, prospectors are significantly and negatively related to the use of debt. And lastly, we could not find any statistically significant relationship between analyzers and the use of debt financing. This study contributes to the knowledge about the link between organizational strategy and capital structure.

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.

Cette thèse met en lumière trois questions importantes au regard des banques Islamiques. Dans le premier chapitre, nous examinons l'impact de la concurrence sur les différences de fixation des taux de dépôt dans les banques Islamiques et conventionnelles. Nous montrons qu'il existe des différences notables dans les déterminants des taux de dépôt dans les deux types d'institutions. La concurrence du marché a un impact significatif sur le taux de dépôt des banques conventionnelles mais pas des banques Islamiques. Notre résultat, en général, suggère que bien que le dépôt des banques Islamiques semble être similaire à celui des banques conventionnelles, leurs déterminants sont différents. Dans le deuxième chapitre, nous poursuivons nos enquêtes en examinant la question de la concurrence et de la stabilité. La concurrence entre banques Islamiques et conventionnelles augmente-t-elle la stabilité ou la fragilité des banques ? Notre principale constatation suggère que le marché concurrentiel des deux banques n'est pas bénéfique pour la stabilité des banques. Conformément au résultat du premier chapitre, lors de la prochaine enquête, la concurrence sur deux marchés ne concerne que les banques conventionnelles. Dans le troisième chapitre de cette dissertation, nous analysons le rôle du Conseil de surveillance de la Charia sur le financement par capitaux propres des banques. Notre résultat montre que le financement par capitaux propres des banques Islamiques est influencé par certaines caractéristiques de la Conseil de surveillance de la Charia. La présence d'un membre de la Conseil de surveillance de la Charia au Conseil d'administration ou d'un membre de l'exécutif a un impact positif sur le financement par actions tandis que l'existence d'un département de la Charia dans les banques Islamiques diminue la proportion de financement par capitaux propres. / This dissertation highlights three important issues in Islamic banks. In the first chapter, we investigate the impact of dual market competition on the differences in deposit rate setting in Islamic and conventional banks. We show that there are notable differences in the determinants of deposit rates in the two types of institution. Market competition has a significant impact on deposit rate of conventional banks but not Islamic banks. Our result, in general, suggests that although Islamic banks’ deposit seems to be similar than conventional banks, their determinants are different. In the second chapter, we continue our investigations by looking at the competition-stability issue. Does competition between Islamic and conventional banks increase banks’ stability or fragility? Our main finding suggests that competitive dual banking market is not beneficial for banks’ stability. In line with the result from the first chapter, in the next investigation, dual market competition only matters for conventional banks. In the third chapter of this dissertation, we analyze the role of Shariah Supervisory Board (SSB) on banks’ equity financing. Our result shows that Islamic banks’ equity financing is influenced by some characteristics of SSB. The presence of SSB member in the Board of Directors (BOD) or executive member has a positive impact on equity financing whereas the existence of a Shariah department in Islamic banks decreases the proportion of equity financing.

Considering that technology is developing at a rapid pace, the venture capital landscape changes due to R&D and product maturity life cycles shortening dramatically compared to 50 years ago, thus impacting the portfolio of a VC and its future investment opportunities. However, this relationship between digitalization and venture capital remains underexamined in literature. The research problem is thus to explore how venture capital and the industries it backs have been shaped by digitalization and thus deep tech within the context of Europe. The literature review as a method is examining mechanisms propelled by the digitalization behind the top five VC-backed industries between 2015- 2019 in Europe. In this research, deep tech is a major factor as to why industries have been the most heavily invested in due to their predicted potential exploiting the use of digital technologies. Further research should explore this relationship deeper through obtaining primary data with a quantitative approach to strengthen the implications of the findings. / Med tanke på att tekniken utvecklas i snabb takt förändras riskkapitallandskapet på grund av FoU och produktmognadets livscykler som förkortas dramatiskt jämfört med för 50 år sedan, vilket påverkar portföljen för en VC och dess framtida investeringsmöjligheter. Detta förhållande mellan digitalisering och riskkapital förblir emellertid inte undersökt i litteraturen. Forskningsproblemet är alltså att undersöka hur riskkapital och de industrier det stöder har formats av digitalisering och därmed djup teknik inom Europa. Litteraturöversynen som metod undersöker mekanismer som drivs av digitaliseringen bakom de fem främsta VC-stödda industrierna mellan 2015-2019 i Europa. I denna forskning är djup teknik en viktig faktor för varför industrier har varit de mest investerade i på grund av deras förutsagda potentiella utnyttjande av digital teknik. Ytterligare forskning bör undersöka detta förhållande för djupare förståelse genom insamlad primärdata och en kvantitativ metodik för att stärka konsekvenserna av resultaten.