Acta academica karviniensia 2016, 16(4):68-80 | DOI: 10.25142/aak.2016.033

USING OF PE/VC BY COMPANY FINANCING AND IT'S IMPACT ON COMPANY'S STATEMENTS

Martin Širůček1, Ondřej Čajka2
1 Mendelova Univerzita v Brně, Provozně ekonomická fakulta, Zemědělská 1, 613, 00 Brno, Email:sirucek@gmail.com
2 Mendelova Univerzita v Brně, Provozně ekonomická fakulta, Zemědělská 1, 613, 00 Brno, Email:ondracajka@gmail.com

This paper is dedicated to venture capital as a way of company funding in IT sector. The aim of the thesis is to analyse and evaluate an impact of using venture capital financing on selected businesses (IT companies in Czech Republic) according to changes in selected indicators financial analysis. The evaluation is provided also by using alternative indicators. Literature review focuses on the ways of company funding, description of the current venture capital trend and its history. Empirical analysis evaluate the influence of venture capital is examined by selected financial analysis indices, bankruptcy models, and alternative indicators recommended by investors themselves. The results of this thesis are stated in conclusion where they are also discussed and compared with other studies conducted on this topic.

Keywords: alternative sources, business financing, financial indicators, investment, private equity, venture capital
JEL classification: G24, G34

Received: August 2, 2016; Accepted: November 30, 2016; Published: December 30, 2016  Show citation

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Širůček M, Čajka O. USING OF PE/VC BY COMPANY FINANCING AND IT'S IMPACT ON COMPANY'S STATEMENTS. Acta academica karviniensia. 2016;16(4):68-80. doi: 10.25142/aak.2016.033.
Share...
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. ALEMANY, L. and J. MARTI, 2005. Unbiased estimation of economic impact of venture capitalbacked firms. [online]. ESADE Working Paper. [cit.2016-07-28]. Dostupné z: http://www.efmaefm.org/efma2005/papers/6-alemany_paper.pdf. Go to original source...
    2. BAYAR, O. and T. J. CHEMMANUR, 2011. IPOs versus aquisitions and the valuation premium puzzle: A theory of exit choice by enterpreneurs and venture capitalists. Journal of Financial and Quantitative Analysis, No. 46/2011, p. 1755-1793. ISSN: 1756-6916. Go to original source...
    3. BYGRAVE, W., M. HAY and J. PEETERS, 1999. The Venture Capital Handbook, London: Financial Times-Prentice Hall. 362 s., ISBN: 978-0273-6389-95.
    4. CALLOW, A. D. and M. LARSEN, 2003. Understanding valuation: a venture investor's perspective. Boston: Milenia Partners.
    5. CVCA, Czech Venture Capital Association, 2014. Private Equity Report: Summary of deal activity in 2014 [online]. In: Deloitte Czech Republic, 2014, s. 12 [cit. 2016-07-27]. Dostupné z: http://www.cvca.cz/files/publikace/publikace%20CVCA/CVCA%202014%20Activity%20Report.pdf.
    6. ČSÚ, Český statistický úřad. 2016. [online]. Databáze národních účtů. [cit. 2016-11-08]. Dostupné z: http://apl.czso.cz/pll/rocenka/rocenkavyber.makroek_duchodm.
    7. CHRISTOFIDIS, C. and O. DEBANDE, 2001. Financing innovative firms trough venture capital. European Investment Bank: EIB Sector Paper. [online]. February 2001 [cit. 2016-07-27]. Dostupné z: www.eib.org/attachments/pj/vencap.pdf.
    8. COCHRANE, J. H. The risk and return of venture capital. Journal of Financial Economics, No. 75/2005, p. 3-52. ISSN: 0304-405X. Go to original source...
    9. DAVILA, A., G. FISTER and M. GUPTA, 2003. Venture capital financing and the growth of start-up firms. Journal of Business Venturing, 18(6), 689-709. Go to original source...
    10. DVOŘÁK, I. a P. PROCHÁZKA, 1998. Rizikový a rozvojový kapitál: venture capital. Praha: Management Press. ISBN 80-85943-74-3.
    11. ENGEL, D. and M. KEILBACH, 2002. Firm level implications of early stage venture capital investment: an empirical investigation. ZEW Discussion Papers, No. 02-82. Go to original source...
    12. EVCA, European Equity and Venture Capital Associatiaon, 2014. 2014 European Private Equity Activity [online]. Statistics and fundraising investment and divestment [cit. 2016-07-25]. Dostupné z: http://www.investeurope.eu/media/406345/EVCA-2014-CEE-report.pdf.
    13. FETISOVOVÁ, E., 2007. Rizikový kapitál - alternatívny zdroj financovania podnikov. Bratislava: Ekonóm. ISBN 978-80-225-2289-2.
    14. HELLMAN, T. and M. PURI, 2002. Venture capital and the professionalization of start-up firms: Empirical Evidence. The Journal of Finance, vol. LVII, No. 1/2002, ISSN: 1540-6261. Go to original source...
    15. LANDSTRÖM, H. and C. M. MASON, 2012. Handbook of research on venture capital. : A globalizing industry. Volume 2. Cheltenham: Edward Elgar, 296 s. ISBN 978-1-84980-168-3. Go to original source...
    16. LERNER, J., 1995. Venture Capitalists and the Oversight of Private Firms, Journal of Finance 50, 301-318. ISSN: 1540-6261. Go to original source...
    17. METRICK, A. and A. YASUDA, 2011. Venture capital. 2nd ed. New York: Wiley. ISBN 978-047-0454-701.
    18. POŠTA, V., 2012. Time-Varying risk premium in the Czech capital market: Did the market experience a structural shock in 2008-2009? Finance a úvěr. No. 5/2012, p. 450-470. ISSN: 0015-1920.
    19. PTÁČEK, O., B. KADEŘÁBKOVÁ and M. PIECHA, 2015. Venture capital, private equit and foreign direct investment: Case study of Czech Republic. Procedia Economics and Finance, No. 30/2015, p. 680-689. ISSN: 2212-5671. Go to original source...
    20. PURI, M. and R. ZARUTSKIE, 2012. On the life-cycle dynamics of venture-capital and non-venturecapital-financed firms. Journal of Finance, 68(6), ISSN: 1540-6261. Go to original source...
    21. SILBERNAGEL, C. and D. VAITKUNAS, 2012. Mezzanine Finance. [online]. Bond Capital, pp. 1-9. [cit. 2016-11-08]. Dostupné z: http://pages.stern.nyu.edu/~igiddy/articles/Mezzanine_Finance_Explained.pdf
    22. TICHÝ, J., 2012. Zdroje financování podniku. Praha: Vysoká škola finanční a správní. ISBN 978-80-7408-070-8.
    23. ZINECKER, M., 2011. Private equity and venture capital : Investment fund structures in the Czech Republic. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis. No. 7/2011, p. 541-552. ISSN: 1211-8516. Go to original source...

    Return to the content