Private Equity and Venture Capital: an Empirical Analysis

Marek Zinecker, Tomáš Meluzín

DOI: http://dx.doi.org/10.12775/EQUIL2011.011

Abstract


The paper deals with the analysis of the private equity and venture capital investment and divestment trends and activities on the European market, particularly on the market of Central and Eastern Europe (CEE), in times of economic crises 2007-2009. The analysis is based on the data published by the European Private Equity and Venture Capital Association (EVCA), the Czech Private Equity and Venture Capital Association (CVCA) and the Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK). The economic crisis in 2008-2009 caused a rapid cooling of the European market. Private equity and venture capital management companies located in Europe have decreased significantly both investment and divestment activity. The economic crisis on CEE market showed a delay and a lower intensity in comparison with Western Europe. CEE market is, however, underdeveloped. This argument is supported by the data indicating annual investment and divestment value, and number of companies received private equity financing.


Keywords


Private Equity; Venture Capital; Investment Activity; Divestment Activity; IPO; CEE Region; Financial and Economic Crisis

Full Text:

PDF

References


Benchmarking European and Legal Environments. Brussels: EVCA, 2008. 194 pp.

BVK Special. Private Equity in Europa 2009. Berlin: Bundesverband Deutscher Kapitalbeteiligungsgesellschaften, 2010. 50 pp.

BVK Special. Private Equity in Europa 2008. Berlin: Bundesverband Deutscher Kapitalbeteiligungsgesellschaften, 2009. 36 pp.

BVK Special. Private Equity in Europa 2007. Berlin: Bundesverband Deutscher Kapitalbeteiligungsgesellschaften, 2008. 27 pp.

BVK Special. Private Equity in Europa 2006. Berlin: Bundesverband Deutscher Kapitalbeteiligungsgesellschaften, 2007. 30 pp.

BVK Special. Private Equity in Europa 2005. Berlin: Bundesverband Deutscher Kapitalbeteiligungsgesellschaften, 2006. 31 pp.

Central and Eastern Europe statistics 2009. Brussels: European Private Equity & and Venture Capital Association, 2010. 35 pp.

Central and Eastern Europe statistics 2008. Brussels: European Private Equity & and Venture Capital Association, 2009. 35 pp.

Central and Eastern Europe statistics 2007. Brussels: European Private Equity & and Venture Capital Association, 2008. 15 pp.

ENGEL, D. Höheres Beschäftigungswachstum durch Venture Capital? Journal of Economics and Statistics, Vol. 223 (2003), No. 1, pp. 1-22.

Roling, J. Venture Capital und Innovation. J. Eul Verlag, 2001, 284 S. ISBN 978-3-89012-902-0.

RUDOLPH, B., HAAGEN, F. Die Auswirkungen institutioneller Rahmenbedingungen auf die Venture Capital-Finanzierung in Deutschland [online], 2004. Available at: http://www.bwl.uni-muenchen.de/forschung/diskus_beitraege/workingpaper/3539.pdf [2010-05-24].

Topinka, J. Fondy kvalifikovaných investorů v České republice [online], 2007. Dostupné z: http://www.epravo.cz/top/clanky/fondy-kvalifikovanych-investoru-v-ceske-republice-48837.html [2010-05-24].

Zinecker M., Rajchlová, J. (2010), Význam Private Equity v ČR v kontextu evropského vývoje, „Acta academia

karviniensia“, Vol. 2010, No. 2.

Zinecker, M. (2010), Vliv finanční a ekonomické krize na úroveň private equity a venture kapitálových investic v Evropě, „Acta Universitatis Bohemiae Meridionales“, Vol. XIII., No. 3-4/2010.








p-ISSN 1689-765X
e-ISSN 2353-3293

Partnerzy platformy czasopism