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Author
Morawczyński Rafał (Uniwersytet Ekonomiczny w Krakowie / Kolegium Ekonomii, Finansów i Prawa)
Title
Kryteria stosowane przez fundusze venture capital w podejmowaniu decyzji inwestycyjnych
Criteria Used by Venture Capital Funds in Making Investment Decisions
Source
Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 2013, nr 60, s. 95-104, tab., bibliogr. 19 poz.
Keyword
Decyzje inwestycyjne, Venture capital, Przedsiębiorczość, Wycena przedsiębiorstwa
Investment decisions, Venture capital, Entrepreneurship, Enterprise valuation
Note
streszcz., summ..
Abstract
Artykuł zajmuje się przeglądem badań nad kryteriami stosowanymi w procesie inwestycyjnym przez fundusze venture capital. W oparciu o wybrane studia, pokazano najczęściej stosowaną metodologię, listę kryteriów i czynniki wpływające na ich stosowanie. Wskazano również na krytykę możliwości badania tego zjawiska. Odniesiono się do specyfiki polskiej w kontekście tego problemu. Udało się ustalić, że najczęściej dokumentowanymi kryteriami stosowanymi przez VC są te, które odnoszą się do cech osób zarządzających przedsiębiorstwami szukającymi finansowania. Pokazano też, że wyniki badań są ściśle uzależnione od kontekstu, w tym szczególnie miejsca prowadzenia badań, specyfiki osób oceniających i ocenianych podmiotów. Wskazano, że proces oceny poddany jest dużemu wpływowi zniekształceń poznawczych, znanych z psychologii podejmowania decyzji. Pokazano, że implikacja tych wniosków w warunkach polskich wymaga uwzględnienia specyfiki miejscowego rynku kapitałowego. (abstrakt oryginalny)

The paper is a review of research carried out on the decision process used by venture capital funds. Based on the selected studies several issues are presented: methodological concerns, list of employed criteria and factors influencing their implementation. Critical voices on the possibility of research in this field are presented. Unique Polish context in this area is addressed. It was shown that the most frequently used factors are related to characteristics of management and entrepreneurs of companies seeking capital. It was documented that research results depend on the given context and most importantly localization of researched VCs and particular characteristics of both evaluators and evaluated objects. It was also observed, that evaluation process is subject to cognitive biases described in cognitive psychology. It was concluded, that research on this topic in Polish circumstances needs to address unique situation of this particular market.(original abstract)
Accessibility
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
Szczecin University Main Library
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Bibliography
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ISSN
1640-6818
1733-2842
Language
pol
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