Gespeichert in:
| Titel: | Dynamic efficiency and path dependencies in venture capital markets |
|---|---|
| Von: |
Andrea Schertler
|
| Person: |
Schertler, Andrea
Verfasser aut |
| Hauptverfasser: | |
| Format: | Buch |
| Sprache: | Deutsch |
| Veröffentlicht: |
Berlin [u.a.]
Springer
2003
|
| Schriftenreihe: | Kieler Studien
327 |
| Notation: | QD 000 QK 620 QX 000 QX 900 |
| Schlagwörter: | |
| Medienzugang: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010502684&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XVIII, 190 S. graph. Darst. |
| ISBN: | 3540407103 |
Internformat
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| 245 | 1 | 0 | |a Dynamic efficiency and path dependencies in venture capital markets |c Andrea Schertler |
| 264 | 1 | |a Berlin [u.a.] |b Springer |c 2003 | |
| 300 | |a XVIII, 190 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 650 | 7 | |a Risicokapitaal |2 gtt | |
| 650 | 7 | |a Subsidies |2 gtt | |
| 650 | 4 | |a Capital market | |
| 650 | 4 | |a Venture capital | |
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| 650 | 0 | 7 | |a Mikrostrukturtheorie |g Kapitalmarkttheorie |0 (DE-588)4508395-2 |2 gnd |9 rswk-swf |
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Datensatz im Suchindex
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| adam_text |
Contents
1 Motivation 1
2 Venture Capital Finance in the United States and in Germany 7
2.1. Emergence of Venture Capital and Government Regulations 8
2.2 Recent Development of Venture Capital Finance 12
2.2.1 Investments 12
2.2.2 Fundraising 19
2.3 The Relationship between Entrepreneurs and Venture Capitalists 24
2.3.1 Venture Capital Cycles 25
2.3.2 Portfolio Strategies 30
2.3.3 The Role of Venture Capitalists' Experience 33
2.4 The Relationship between Outside Investors and Venture
Capitalists 34
2.4.1 Outside Investors and Organizational Forms 34
2.4.2 Differences between Venture Capitalists 37
2.4.3 The Role of Venture Capitalists' Reputation 38
2.5 Does Venture Capital Increase Efficiency? 40
2.5.1 Performance of Venture Capital Backed Enterprises 40
2.5.2 Risks and Returns for Outside Investors 42
2.5.3 Venture Capitalists' Reward 44
2.6 Summary 46
3 Dynamic Efficiency of Venture Capital Markets 48
3.1 Methodology Used and Related Literature 50
3.2 Under What Conditions Does Venture Capital Emerge? 52
3.2.1 Overviewof the Model 53
3.2.2 The Economy without High Technology Enterprises 55
3.2.3 High Technology Enterprises and Venture Capital 58
3.2.4 Do Venture Capital Markets Improve Weifare? 68
VIII Contents
3.3 The Effects of Venture Capitalists' Reputation Building 72
3.3.1 Asymmetrie Information between Outside Investors
and Venture Capitalists 73
3.3.2 Simulation of Venture Capital Investments 78
3.3.3 Interpretation of the Simulation Results 83
3.4 The Effects of Venture Capitalists' Experience Accumulation 87
3.4.1 Experience and Success Probability 88
3.4.2 The Demand for Venture Capital 89
3.4.3 Simulation of Venture Capital Investments 90
3.4.4 Interpretation of the Simulation Results:
The Importance of Path Dependencies 95
3.5 Additional Determinants 102
3.6 Summary 106
3.7 Appendix 109
4 The Effects of Public Subsidies on Path Dependencies in Venture
Capital Markets 113
4.1 The German BTU Programme and Its Predecessors 115
4.2 Do Public Subsidies Improve Weifare? 118
4.2.1 Mature Venture Capital Markets 118
4.2.2 Venture Capital Markets on the Transition Path 121
4.3 An Agency Framework 123
4.3.1 Methodology Used and Related Literature 124
4.3.2 Overviewof the Model 126
4.3.3 Expected Pay Offs 128
4.3.4 The Roleof Experience 131
4.4 The Impact of Public Loan and Equity Schemes 133
4.4.1 Effects on Expected Pay Offs 134
4.4.2 Experienced Venture Capitalists 135
4.4.3 The Surplus of the Enterprise 142
4.4.4 Inexperienced Venture Capitalists 144
4.4.5 A Numerical Example 147
Contents IX
4.5 Advantages of Offering a Choice between Loan and Equity
Scheines 150
4.5.1 The Venture Capitalist's Choice 151
4.5.2 Impact on Venture Capitalist's Management Support 157
4.5.3 Choice on the Basis of the Enterprise's Surplus 158
4.6 Summary 160
4.7 Appendix 164
5 Concluding Remarks 168
References 177
Index 189
ListofTables
Table 1: Investment Disbursement by Stages and Technologies, 1990
2000 14
Table 2: Sources of New Funds, 1990 2000 20
Table 3: Number of Portfolio Firms by Type of Private Equity Investor 22
Table 4: Propensity of German Private Equity Investors to Invest in
Different Stages of Enterprises' Development 23
Table 5: Three Stages in the Venture Capital Cycle 25
Table 6: Specialization Patterns of German Private Equity Investors 32
Table 7: Net Cumulative Annualized IRR 44
Table 8: The Value of Venture Capitalist's Expected Profit 64
List of Figures
Figure 1: Early and Expansion Stage Investments in the United States,
1990 2000 18
Figure 2: Early and Expansion Stage Investments in Germany, 1990
2000 18
Figure 3: Overview of the Model 53
Figure 4: Revenue and Fixed Costs of High Technology Enterprises 69
List ofFigures XI
Figure 5: Venture Capital Investments without Experience Accumulation
on the Transition Path 80
Figure 6: Venture Capital Investments of the MIN and MAX Runs
without Experience Accumulation 84
Figure 7: Differences between the Simulation Runs MIN and MAX
without Experience Accumulation 85
Figure 8: Venture Capital Investments with Experience Accumulation on
the Transition Path 92
Figure 9: Distribution of Venture Capital Investments with Experience
Accumulation in period 200 96
Figure 10: Differences between the Simulation Runs MIN and MAX with
Experience Accumulation 98
Figure 11: Time Structure of the Model 127
Figure 12: The Impact of Public Loan and Equity Schemes on
Contracting Parties' Effort Levels 136
Figure 13: Effect of Public Subsidies on Venture Capitalist's Expected
Pay Off 145
Figure 14: Expected Pay Offs Depending on the Revenue Allocation and
the Venture Capitalist's Experience in the Absence of Public Subsidies 147
Figure 15: Expected Pay Offs of an Experienced Venture Capitalist under
the Loan Scheme, under the Equity Scheine and without Public Subsidy 149
Figure 16: Expected Pay Offs for an Inexperienced Venture Capitalist
under the Public Loan Scheme, under the Public Equity Scheme and in
the Absence of Public Subsidy Schemes 150
Figure 17: Venture Capitalists' Choice of Public Loan and Equity
Schemes 155 |
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| spelling | Schertler, Andrea Verfasser (DE-588)121172341 aut Dynamic efficiency and path dependencies in venture capital markets Andrea Schertler Berlin [u.a.] Springer 2003 XVIII, 190 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Kieler Studien 327 Efficiëntie gtt Evenwichtsmodellen (Economie) gtt Risicokapitaal gtt Subsidies gtt Capital market Venture capital Risikokapital (DE-588)4124067-4 gnd rswk-swf Mikrostrukturtheorie Kapitalmarkttheorie (DE-588)4508395-2 gnd rswk-swf Innovationsförderung (DE-588)4114020-5 gnd rswk-swf Beteiligungsfinanzierung (DE-588)4144978-2 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf Deutschland (DE-588)4011882-4 g Innovationsförderung (DE-588)4114020-5 s Risikokapital (DE-588)4124067-4 s Beteiligungsfinanzierung (DE-588)4144978-2 s Mikrostrukturtheorie Kapitalmarkttheorie (DE-588)4508395-2 s USA (DE-588)4078704-7 g DE-604 Kieler Studien 327 (DE-604)BV000001650 327 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010502684&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schertler, Andrea Dynamic efficiency and path dependencies in venture capital markets Kieler Studien Efficiëntie gtt Evenwichtsmodellen (Economie) gtt Risicokapitaal gtt Subsidies gtt Capital market Venture capital Risikokapital (DE-588)4124067-4 gnd Mikrostrukturtheorie Kapitalmarkttheorie (DE-588)4508395-2 gnd Innovationsförderung (DE-588)4114020-5 gnd Beteiligungsfinanzierung (DE-588)4144978-2 gnd |
| subject_GND | (DE-588)4124067-4 (DE-588)4508395-2 (DE-588)4114020-5 (DE-588)4144978-2 (DE-588)4011882-4 (DE-588)4078704-7 |
| title | Dynamic efficiency and path dependencies in venture capital markets |
| title_auth | Dynamic efficiency and path dependencies in venture capital markets |
| title_exact_search | Dynamic efficiency and path dependencies in venture capital markets |
| title_full | Dynamic efficiency and path dependencies in venture capital markets Andrea Schertler |
| title_fullStr | Dynamic efficiency and path dependencies in venture capital markets Andrea Schertler |
| title_full_unstemmed | Dynamic efficiency and path dependencies in venture capital markets Andrea Schertler |
| title_short | Dynamic efficiency and path dependencies in venture capital markets |
| title_sort | dynamic efficiency and path dependencies in venture capital markets |
| topic | Efficiëntie gtt Evenwichtsmodellen (Economie) gtt Risicokapitaal gtt Subsidies gtt Capital market Venture capital Risikokapital (DE-588)4124067-4 gnd Mikrostrukturtheorie Kapitalmarkttheorie (DE-588)4508395-2 gnd Innovationsförderung (DE-588)4114020-5 gnd Beteiligungsfinanzierung (DE-588)4144978-2 gnd |
| topic_facet | Efficiëntie Evenwichtsmodellen (Economie) Risicokapitaal Subsidies Capital market Venture capital Risikokapital Mikrostrukturtheorie Kapitalmarkttheorie Innovationsförderung Beteiligungsfinanzierung Deutschland USA |
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| volume_link | (DE-604)BV000001650 |
| work_keys_str_mv | AT schertlerandrea dynamicefficiencyandpathdependenciesinventurecapitalmarkets |