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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

. 1 [email protected]

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


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


. 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


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 .

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.

. . ђ

.

.

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ђ , . 70%

.

.

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,

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.

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4. А А

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, .

ђ .

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Ј , Ј ,

И ( ), 2016, 7, 1, . 61-73 72

.

.

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: <

Ј Ј


http://www.investeurope.eu/media/403969/EVCA-CEE-Statistics-2014.pdf > [Accessed 15 May 2016].

: 31.05.2016. : 16.06.2016.

: 18.06.2016. Received: 31 May 2016 Corrections suggested: 16. June 2016 Accepted: 18 June 2016