G34 - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate GovernanceReturn

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.

This work is devoted to the issue of mergers and acquisitions, as well as contribution to the discussion about the corporate culture impact on post-merger integration and success of these transactions. The studies have shown relatively high percentage of failure of these transactions caused by underestimating cultural impact in post-merger integration. Foreign surveys are compared with my research realized among companies after M&A transaction and among transaction advisers from the Czech Republic. The results of this comparison indicate that the clash of the corporate cultures represents the one of the threats to the transaction success. Management should assume that people do not like changes and there is necessary to pay enough attention to the corporate culture harmonization.