Thesis supervisor: Andreasz Kosztopulosz
Location of studies (in Hungarian): University of Szeged Abbreviation of location of studies: SZTE
Description of the research topic:
Growth-oriented small enterprises have a substantial role in employment and economic growth contrary to their seemingly insubstantial numbers and you can more often find among them enterprises that consider innovation as the main source of permanent competitive advantage to secure growth. Based on the results of numerous surveys we can conclude that among the most important factors influencing the starting up and operating of small enterprises we can regularly find the difficulty of obtaining external funds. Moreover, the availability of funds is even more crucial for growth-oriented enterprises. Among growth-oriented small enterprises the ones having just started and making their first steps and the start-ups looking for financiers for their new and innovative business ideas face a highly difficult situation.
Even though asymmetric information and transaction costs naturally have an impact on the availability of equity funds we can conclude that the most appropriate form of financing for small enterprises with high growth potential is the raising of external equity especially in their early stages of development.
On the demand side, however, due to their motivation and attitude some of the growth-oriented small enterprises are themselves open towards external financiers mainly if they contribute to the success of the enterprise not only by providing financial resources but also intellectual capital (know-how, experience, relationships). Basically, they have only one option left to acquire equity finance: the venture capital market.
The main issues of examining the role of venture capital and its contribution to financing and developing of growth-oriented small firms: can be:
• description of the venture capital market’s institutional structure
• examining the important issuers, intermediaries, investors and agents in the venture capital market and their interactions with each other
• the analysis of venture capital firms, for example he determinants of governance and value-added of venture capital
• the relationships among venture capital firms and between General and Limited Partners
• returns to venture capital investments
• venture capital and the economy, the contribution of venture‐backed companies to innovation, and the role of venture capital for entry, employment and growth
• public policy for venture capital, best practices
Number of students who can be accepted: 1
Deadline for application: 2018-07-01
2024. IV. 17. ODT ülés Az ODT következő ülésére 2024. június 14-én, pénteken 10.00 órakor kerül sor a Semmelweis Egyetem Szenátusi termében (Bp. Üllői út 26. I. emelet).
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