Značaj rizičnog kapitala kao alternativnog izvora financiranja poduzeća u Republici Hrvatskoj i Europskoj uniji

master's thesis

• Title (english): The importance of private equity as an alternative source of funding enterprises in the Republic of Croatia and European union
• Author: Danijela Macan
• Mentor: Ivan Lovrinović (mentor)
• Committee member: Mihovil Anđelinović (predsjednik povjerenstva)
• Committee member: Ana Ivanišević Hernaus (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2015-09-23, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Fokus ovog rada jeste analiza značaja rizičnog kapitala u poticanju i pokretanju gospodarskog razvoja u Republici Hrvatskoj i Europskoj uniji, a ciljevi ove analize jesu na primjeru Hrvatske i Europske unije utvrditi značajke tržišta rizičnog kapitala, objasniti njegove ključne prednosti i nedostatke, istražiti implikacije rizičnog kapitala na rast i razvoj gospodarstva Republike Hrvatske i Europske unije te istražiti trendove i perspektive razvoja tržišta rizičnog kapitala. Analiza je provedena na temelju dostupnih sekundarnih podataka koji su obrađeni primjenom različitih znanstveno-istraživačkih metoda.
Rezultati analize pokazali su kako Republika Hrvatska pripada skupini europskih zemalja čiji je porezni i pravni sustav razmjerno nepovoljan za rizična ulaganja, a pritom su i sami poduzetnici nezainteresirani, neinformirani i konzervativni. Također, analiza pokazuje kako se hrvatsko tržište rizičnog kapitala još uvijek nije oporavilo od krize, a nedostaje i kapital namijenjen pokretanju poslovanja i financiranju ranog razvoja poduzeća.
Tržište rizičnog kapitala u Europskoj uniji nije podjednako značajno za sva gospodarstva. U pogledu broja fondova rizičnog kapitala i društava za upravljanje prednjači Ujedinjeno Kraljevstvo, a rizični kapital igra značajnu ulogu i na području Njemačke i Francuske. Rizična ulaganja u Europskoj uniji još uvijek nisu postigla svoj pun potencijal s obzirom da iznosi prikupljenih i uloženih sredstava nisu dostigli iznos iz pretkriznog razdoblje. Jedino se u segmentu dezinvestiranja vidi pomak čija je ukupna u 2014. g. nadmašila onu prije krize.

Abstract (english)

The focus of this paper is to analyze the value of private equity in supporting and initiating economic development in the Republic of Croatia and the European Union. The paper aims to determine the characteristics of private equity markets in the Republic of Croatian and European Union, to explain advantages and disadvantages of private equity, to explore link between private equity and economic growth and development of the Croatian and the EU economy, as well as to explore trends and perspectives in private equity markets. The analysis was performed on the basis of available secondary data.
The analysis results show that the Republic of Croatia belongs to a group of European countries whose tax and legal system is relatively unfavorable for private equity investments and at a same time entrepreneurs are uninterested, uninformed and conservative regarding this type of financing. The analysis also shows that the Croatian private equity market has not yet recovered from the crisis and there is a lack of capital needed for seed and start-up financing.
The importance of private equity in European Union market is not equally distributed in all economies. United Kingdom is the largest economy in the terms of number of private equity funds and management companies, but private equity plays a significant role in the Germany and France as well. Private equity have not yet achieved its full potential in the EU market because the value of funds raised and invested did not yet reach the pre-crisis period value. The improvement can only be seen in divestment activity – 2014 data shows divestments hit record levels surpassing the pre-crisis levels.

• Keywords: rizični kapital; fondovi rizičnog kapitala; financiranje poduzeća; gospodarski razvoj
• Keywords (english): private equity; private equity funds; corporate finance; economic development
• Language: croatian
• URN:NBN: urn:nbn:hr:148:991869
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2016-11-04 12:14:38