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Venture Capital jako sposób finansowania i wspomagania rozwoju przedsiębiorstw
Venture Capital as a Way of Financing and Supporting Enterprise Growth
Zeszyty Naukowe. Seria 1 / Akademia Ekonomiczna w Poznaniu, 1998, nr 260, s. 119-131
Venture capital, Kapitał obcy w przedsiębiorstwie, Finansowanie przedsięwzięć rozwojowych, Inwestycje kapitałowe, Instytucjonalne wspieranie przedsiębiorczości
Venture capital, Foreign capital in enterprises, Development projects financing, Capital investments, Institutional support of entrepreneurship
Omówiono proces finansowania typu venture capital, fazy procesu inwestycyjnego, kryteria decyzji inwestycyjnych, oraz wykorzystanie venture capital w poszczególnych fazach rozwoju przedsiębiorstw. Autor zwraca uwagę na fakt, że jak dotąd, mimo niewątpliwych korzyści dla rozwoju przedsiębiorczości fundusze tego typu odgrywają marginesową rolę na polskim rynku finansowym.

Venture capital is a way of financing enterprises growth which concentrates above all on undertakings of higher investment risk. The high investment risk results from the fact that these are undertakings concerning the initial phases of the life cycle of innovative products. Financing in the form of venture capital takes place first of all by bringing share capital into an enterprise. Return on investment is executed by re-selling of the shares owned when the market value of the enterprise is much higher. This frequently takes a long time, therefore these investments are long-term and medium-term. An important feature of investment of venture capital type is an active cooperation between an enterprise and investment fund whose specialists provide professional support in management and marketing. The phases of venture capital investment are linked with the cycle of an enterprise's life. Generally, early and late phases of investment are differentiated. The early ones include: 1) seed capital, 2) start-up, 3) second round finance. MBO/MBI (management buyouts and buyings) as well as financing of expansion phase of an enterprise are significant in the late phases of investment. Venture capital is the biggest in the early phases of enterprise development.(original abstract)
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