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ј
џ 2016, 7, ј 1, . 61-73
Journal of Economics, Management
and Informatics
Year 2016, Volume 7, Number 1, pp. 61-73
ч / Professional paper
/UDC: 330.142.211:005.334 005.412:334.7
DOI: 10.5937/bizinfo1601061J
А А А А А А А
VENTURE CAPITAL FUNDS IMPACT ON ECONOMIC
DEVELOPMENT
Ј - ,
,
Ј 1 ,
,
Са ак: Р
. Venture capital
. Venture ђ .
venture capital . A џ . У
џ . Н . Venture
. У
Ј , Ј ,
И ( ), 2016, 7, 1, . 61-73 62
Кљ чн р чи: , , , ,
Abstract: Venture capital represents the money who invest wealthy
individuals or institutional investors in companies at different stages of their
development in order to achieve thr greatest possible profit. Venture capital
is a long-term investment that carries a great risik or potential high yields.
The venture industry provides the capital to development some of the most
innovative and successful companies. But venture capital is more than
money. Active engagement manager funds through membership in boards of
is crucial for the success of the company. Over the next three to eight or so
years, the venture firm works with the managers of company to growthe
company. After a period intensive development of the company they are sold.
Venture funds invest in small and medium-sized companies with potential for
growth and development and as such are highly desirable source of funding
especially in developing countries. In the world of risk capital proved to be
the driving force behind the development of many countries.
Key words: risik capital,investment, innovative, companies, development
1.
private eqity .
.
. , ,
, .
.
,
. , .
.
, , ђ . ђ
Ј Ј
BizInfo (Blace), 2016, Volume 7, Number 1, pp. 61-73 63
. ,
.
5-7
, 10 , 20-25% .
.
,
.
. , ,
. , .
.
. , .
2. А
А А А – VENTURE CAPITAL
. , start-up . Venture capital
. ,
.
10 .
(limitid
Ј , Ј ,
И ( ), 2016, 7, 1, . 61-73 64
partnership).
. , . џ (Noir, 2009, . 84.).
1946. –
American Research and Development Corporation (ARD).
. ARD 1957. Digital Equipment
Corporation 1971. 5 000 %. 70- 80-
(Auerswald, 2008, . 5).
.
VОЧturО МКpТtКl 1970- . 80-
90- (GrОРorТuo, KoolТ & KrКОussl, 2007, . 5).
,
. Њ . , , ,
џ , , , , , 40%. 100
10 vОЧturО МКpТtКl (NVCA
Yearbook 2015).
.
63,6 $ 259 2007. 32,3 $ 2011.
133 .
venture capital .
. (Vermeulen &
Diogo 2012, . 15.).
Ј Ј
BizInfo (Blace), 2016, Volume 7, Number 1, pp. 61-73 65
ђ . ђ
ђ .
10 20 .
2014.
2000. . 2014.
30,00 , 70% . 2014.
54% 41% (NVCA
Yearbook 2015).
1. venture capital ( . $)
101.4
38.9
11.6 9.3
17.9
30.1 31.1 3025.1
16.1 13.219.1 19.8 17.7
30
0
20
40
60
80
100
120
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
: 2015 NVCA Yearbook
.
, . 80% 11 2012.
. 2010. 2011. 121 $ 140 $, 2012 150 $
(Vermeulen & Diogo, . 18.). ђ 100 400 .
250 ђ . 500
Ј , Ј ,
И ( ), 2016, 7, 1, . 61-73 66
(Vermeulen & Diogo, 2012, . 20.).
.
, . 2015. venture capital
5,3 4,9 2014. (EVCA 2015).
2. venture capital
( . )
5,2
3,9
4,64,9
5,3
0
1
2
3
4
5
6
2011 2012 2013 2014 2015
: EVCA 2015
. European Venture Capital Association 5,3
venture 2011. 39,1% .
venture capital
(Vermeulen & Diogo, . 25.).
2015. 31% . (23%),
(14%) (12%). (34%), (20%)
19% (EVCA 2015).
2014. 98 210
Ј Ј
BizInfo (Blace), 2016, Volume 7, Number 1, pp. 61-73 67
. venture 38% 2014.
. venture 154 210 (EVCA 2015).
3. venture capital
( )
145
256
5161
100 101
67
98
0
50
100
150
200
250
300
2007 2008 2009 2010 2011 2012 2013 2014
: EVCA 2015
.
, . .
ђ , , , ,
(Ј , 2015, . 332).
ђ
32 33% .
23% , 22 . venture .
9,7 9 venture (EVCA 2015).
venture
,
Ј , Ј ,
И ( ), 2016, 7, 1, . 61-73 68
, 55% (EVCA 2015).
Venture capital .
venture capital Investment Advisers
Act 1940. (Vermeulen & Diogo, 2012, . 6.).
.
џ. 30 ,
(Vermeulen & Diogo, 2012, . 6.).
venture џ 500
џ . , 97%
500 џ (Vermeulen & Diogo, 2012, . 7.).
Regulation on European Venture Capital Funds (REVCF).
, , . џ
500
џ 70% (Vermeulen & Diogo, 2012, . 8.).
.
3. А А А А А А А
. , Ј prТvКtО ОquТtв
, .
Ј Ј
BizInfo (Blace), 2016, Volume 7, Number 1, pp. 61-73 69
500 000 . 4
, 16
( , 2009, . 20). VОЧturО МКpТtКl 11% 21% (NVCA
Yearbook 2015).
2005. 6,5 3%
. (EVCA 2015).
0,1% 0,4% .
2005. 1% (GrОРorТuo, KoolТ & KrКОussl, 2007, . 6). VОЧturО ,
, .
: , , , , . џ
ђ
. .
. Њ џ
.
(HТРsoЧ & StuМФО, 2012, . 26.).
, vОЧturО . 20%
25% 30% (ГТНОr, 1998. . 136.)
, ђ ,
, , , ,
ђ , ђ . џ
,
Ј , Ј ,
И ( ), 2016, 7, 1, . 61-73 70
, , . џ ђ
, 1-1,5% 2%. џ
. ђ , џ 20%
(GТllТРКЧ & АrТРСt, 2008, . 13).
, ,
. џ .
, . ,
ђ џ
.
. . ђ
.
.
.
, ђ ђ
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.
ђ . .
, ђ .
.
Ј Ј
BizInfo (Blace), 2016, Volume 7, Number 1, pp. 61-73 71
ђ , . 70%
.
.
ђ
,
, , .
.
.
, , , . ,
. , , .
4. А А
.
, ,
. џ , , , ,
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.
.
VОЧturО
. .
.
.
1. Auerswald, P. E. 2008. Financing entrepreneurship (Vol. 12).
Cheltenham: Edward Elgar Pub. 2. Vermeulen, E. P., & Pereira Dias Nunes, D. 2012. The evolution
and regulation of venture capital funds. Lex Research Topics in Corporate Law & Economics. (2012-1).
3. Gregoriou, G. N., Kooli, M., & Kraeussl, R. 2011. Venture capital in Europe. Oxford: Butterworth-Heinemann.
4. Gilligan, J., & Wright, M. 2010. Private Equity Demystified: An Explanatory Guid. London: ICAEW Coporate Finance Faculty.
5. Zider, B. 1998. How venture capital works. Harvard business review. 76(6), pp. 131-139.
6. Ј , ., 2015. . :
. 7. Nour, D., 2009. The Entrepreneur's Guide to Raising Capital.
Santa Barbara: ABC-CLIO. 8. StОПКЧovТć, N., 2009. PrТvКtЧТ ТЧvОstТМТoЧТ ПoЧНovТ, BОoРrКН:
Institut ekonomskih anuka i Beogradska bankarska akademija. 9. Higson, C., Stucke, R., 2012. The performance of private equity.
[online] Available at: <http://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2009067> [Accessed 22 May 2016].
10. National Venture Capital Association, 2015. Yearbook 2015 [pdf] National Venture Capital Association. Available at: <http://mthightech.org/wp-content/uploads/2015/11/NVCA-Yearbook-2015.pdf > [Accessed 15 May 2016].
11. EVCA Central and Eastern Europe Task Force, 2015. Central and Eastern Europe Statistics 2014 [pdf] EVCA Central and Eastern Europe Task Force. Available at: <