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Wrzesiński Michał (Warsaw School of Economics, Poland)
Public Policy Impact on Venture Capital Market : EU and Polish Experience
Studia i Prace Kolegium Zarządzania i Finansów / Szkoła Główna Handlowa, 2003, z. 33, s. 113-120
Słowa kluczowe
Venture capital, Rynek kapitałowy, Private equity, Polityka rządu
Venture capital, Capital market, Private equity, Government policy
The purpose of this article is to present a short review of European Union public policy towards venture capital, as well as to briefly describe the risk capital industry market in Poland and propose the steps that shall be taken by Polish public policy makers in order to facilitate the development of that industry in Poland. Risk capital markets are defined as markets providing equity financing to a company during its early growth stages (start up and development), however currently market is developing more into the direction of later stages (expansion financing, buy-outs, restructuring). Risk capital (often defined as venture capital or private equity) is typically provided by specialised financial institutions - venture capital/private equity funds (VCF) or risk oriented individuals - business angels. The VCF, acting as fund managers, operate on the market as intermediaries for institutional investors, mostly pension funds, insurance companies, banks and corporations. (fragment of text)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej w Warszawie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
  1. Part of the article is based on: Public Policy in Venture Capital Development, Key Problems and Tasks in EU Countries and Poland, Konferencja Naukowa VSE in Prade, Prague 2000, p. 8; co-author: Professor Krzysztof Marecki.
  2. Risk Capital: A Key to Job Creation. Implementation of the Action Plan, European Economy, Supplement A, "Economic Trends", No. 12, December 1999, p. 45.
  3. Economic Impact of Venture Capital in Europe, EVCA, London 1999, pp. 1-12.
  4. Risk capital: A Key Role to Job Creation in European Union, April 1998, Brussels, pp. 6-10.
  5. White Paper, Priorities for Private Equity, document prepared by EVCA, distributed on Internet
  6. Risk Capital Markets a Key to Job Creation, from Fragmentation to Integration, Euro Papers, 32, January 1999, Brussels.
  7. Potreba J., How Burdenous Are the Capital Gain Taxes, Evidence from the United States, "Journal of Public Economics" No. 33, 1998, pp. 157-172.
  8. Gompers P., Lerner J., What Drives Venture Capital Fundraising, Brooking Papers on Economic Acitivity, Washington 1998, p. 8.
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