Bir finansman modeli olarak risk sermayesi ve Türkiye'de uygulanabilirlik imkanlarının değerlendirilmesi
Başlık çevirisi mevcut değil.
- Tez No: 326279
- Danışmanlar: PROF. DR. NAZIM EKREN
- Tez Türü: Doktora
- Konular: Bankacılık, Ekonomi, Banking, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1996
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Bankacılık Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 220
Özet
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Özet (Çeviri)
Altough venture capital means different things to different people, in essence, Venture Capital is a means offınancing the start-up, development,expension or purchase of a company, whereby the venture capitalist acquires an agreed proportion of the share capital (equity) of the company in return for providing the requisite funding. Venture Capital fınns often work in conjuction with other providers of fınance in putting together a total funding package for abusiness. Beside the above defınition, some defıne it as follows; Professional venture capital is the capital provided by fırıns offull-tiıne professionals who invest alongside management in young,rapidly growing or changing companies that have the potential to develop into signifıcant competitors in regional ,national and global markets. The invested capital is cal1ed equity. Equity also incIudes the cash invested by founders plus any retained earnings generated by the company. Professionally managed venture capital fınns general1y are private partnerships or cIosely-held corporations funded by an infonnal network of investors that incIude: - private and public funds, - endowınent funds, - foundations, - corporations, - wealthy individuals, - foreign investors, - the venture capitalists themselves. Venture capitalist generally: * finance newand rapidly growing companies * purchase equity securities * assist in the development of an innovative business idea - often high technology-based - into a product or service. * add value to company by active participation * take higher risk with the expectation of higher rewards and, * have a long tenn orientation. Professional venture capitalist first work with young companies by carefully screening both the technical and business merits of proposals and by investing risk capital - usually with no cash repayment schedule. Then they work actively with the management oftheir portfolio companies,contributing the experience developed helping other companies with similar growth challenges. The risk of venture investing are mitigated by deve10ping a portfolio of young companies in a single ventnre capital fund and by co-investing in those companies with other professional venture firms. That stability and retums achieved by professional venture fınns have attracted funds from investors,thereby significantly inereasing the flow of capital into young compames. Venture Capital is itself a relatively new industry in USA. Since World War II, the professional venture capital industry has played an indispensible role in nurturing the growth America's high technology industries. Companies such as Digital Equipment Corporation, Apple, Compaq, and Sun Microsystems are famous examples in the computer industry. Intel in the Iate 60's and Cypress in the early '80s were venture -funded start-ups in the semiconductor industry. Microsoft and lotus are software industry examples. Additionally,professional venture capital has made it possible to create entirely new industries in U.S.A. through the success of companies such as biotechnology pioneer Genentech and shipping innovator Federal express. INDUSTRY CLASSIFICATION ACCORDING TO AMERICAN VENTURE CAPITAL INDUSTRY Coımnercil Coımnunication Radio and T. Y.Broadcasting StatiOlls CATV and Pay T. Y. Systems Radio and T.Y. Broadcasting and other Related Equipment Other Commercial COl1ununications Telephone and Data Coınınunication Telephone Related Facsimile Transmission Data Commuııications Satellite/Microwave Other Com111unications Related Computer Hardware and Systems Computers CAD/CAM, CAE Systems Graphic Systems and Peripherals urnkey Systems Scanniııg Related Peripherals Other Computer Related Computer Software and Services Computer Service Sytem Software Application Software Graphics Software Artifıcal Intelligence Related Software Services Biotechnology Human Medical Biotechnology Agricu1tural/ Animal Biotechııology Industrial Biotechnology Biosensors Biotechnology Related Research & Other Services Other Energy Related Oil and Gas Exploration and Production Exploration and drilling Alternative Eııergy Enhanced Oil Recovery Coal Related Energy Conservation Related Other Industrial Products & Machinery Chemicals and Advanced Materials Equipment and Machinary PoUution and Recycling Related Other Industrial Automation Energy Management Measurement and Sensing Equipment Process Control Robotics Machine Vision Nuıneric Control Other Other Electronics Electronic Components Battery and Power Supplies Electronics Related Equipnıent Laser Related Fiber Optics Analitical and Scientific Instnımentation Other Medical Diagnostik Products and Services Therapeutic Products and Services Other Consumer Related Leisure and Recreational Products and Services Retaling Food and Bevarages Consunıer Products Consull1er Services Other Other Transportation Finance Insurance and Real Estate Agriculture Mining Services (not elsewhere classified) Manufacturing(not elsewhere classified) Constnıction and Buildind Products Utilities Other Venture Capital is also a relatively new industry in the UK,although its origins go back to the Iate 18th century when entrepreneurs found wea1ty individuals to back their projects.In 1979 venture capital investment in total amounted to around STG 20 million. Today,around STG 2 billion invested each year. Venture capital is a medium to long tenn investment, ofnotjust money,but of time and effort. The venture capital finn's alın is to enable growth companies to deve10p into the major business oftomorrow. The real adantages ofventure capitalover other fonns offinance are: - it provides a solid capital base for the future- to meet your growth and development plans. - There is no repayment during the tenn of investment and no interest costtherefore no detrimental impact on cahh flow (unless the equity risk includes preference sheres which paya fixed dividend and mayaıso have redemption tenns or if debt is included in the package). - The venture capital investoris a true business partner,sharing in your risks and rewards, with practical advice and expertise (as required) to assist your business success. - There will be no charges on your business assets and no personel guarantees. - There are a wide range of sources, types and styles of venture capital to meet many different needs. THE STAGES OF VENTURA CAPiTAL in general venture capital finns are keener to finance expansions, management buy-outs and buy-ins than theyare to finance seedcom, start-ups and other early stage companies. This is due large1y to the additional risk that is associated with early stage ventures and the time and cost involved in financing smaIler deals as compared with the benefits. The variou stages of investment can be defined as follows: *Seed' , Financing provided to allow a business concept to be developed,perhaps involving production of prototypes and additional research,prior to bringing a product to market and cOlllinencing larger scale manufactoring. * Start -Up~ Financing provided to companies for use in product development and initial marketing. Companies may be in the process of being set up or may have sold their product commercially. * Other Early Stage; Financing provided to companies than have completed the product development stage and require further funds to initiate commercial manufacturing and sales. They may not yet be generating profits. * Expension; Capital provided for the growth and expansion of an established company.Funds may be used to finance increased production capacity,product development,provide additional working capital,andior for marketing. *Management buy-out(MBO) Funds provided to enable current operating management and investors to ecquire an existing product line or business. *Management buy-in(MBI) Funds provided to enable a manager or group of managers from outside the company to buy in to the company. THE IMPORTANCE OF THE BUSINESS PLAN A business plan's main purpose when rising venture capital, is to market your business proposaL. it ıs also, of course, an essentia! document for owners and management,as the process of preparing the plan involves assesing market needs and the competitions,reviewing the business's strengths and weaknesses,its critica! success factors and what must be done to achieve profitabl growth Planning for success - essential are as to cover in the business plan; Many business plans fail because they have not been properly thought out and committed in written detail. it is essential that a plan covering the following areas is prepared to a high standard before approaching a venture capital fırın; -The product or service Explain what is unique about the business. Whet are the business' strengths (and weaknesses) vis a vis the competitors? - Management team and their qualifıcations There should be a well-rounded,experienced management team. Describe the specil abilities each member brings to the venture.Inc1ude relevant CVs and highlight management' s previous track -record in mnning, or being involved with,succesful business. Consider the use of non-executive/indipendent directors as mambers of the team;their input from a ii stand-back“ position can be extremely valuable. Venture capital finns will sometimes assist in locating experienced managers where an important post is unfılled - prdvided theyare convinced about the other aspects of the plan. -The industry What are the issues,concems and risk affecting the business and the industry in which it operates? -Market need You need to convince the venture capital finn that there is a real opportunitiy for the product or service. This must be supported with strong evidence as far as possible. Carry out market research.Know your competitors' strengths and weaknesses and why your products or servİces are preferable to those of your competitors. - Operations How does the business operate on a day-to-day basis? Explain how you produce the products or provide the service. -Fİnancial Projections Have you realistically assessed sales,costs and cash flow and demonstrated the company's growth prospects(for a three year period)? State and justify. the, bases and assumptions used in the projections.. -Indication of the amount,form and use offınance State how much fmance is required, what it will be used for and how you expect the venture capital investor to make aretum. IncIude an iınplementation schedule - what are the deadlines for capital expenditure, obtainin orders,productions? - IncIude an Executive Summary atthe beginning of the plan This is the most importatn section in that it may well determine the amount ofconsideration the proposal will receiye by the venture capital fırm. it should be limited to two or three pages and incIude the key details from the above points. The business plan must express why you are conVİnced that the business will be successful and convey what is so unique about the business. To do this, the plan should be prepared by management . Venture capital investors want to learn about you,not hear how well others can write for you. Be as professional in preparing the business plan as you are in running your business. THE IMPLEMENTATION OF THE VENTURE CAPITAL IN TURKEY Turkey has the necessary infrasutructure to impIement the venture capital. Private fınance house, city private adıninistration, artisan Ioan and guarantee cooperatives are the basic element for the purpose. Private Finance House: These institutions are the Turkish version of the Islamic Banks. They conduct their banking operations under Shari'ah principles. PFH's accept both demand deposit and saving and time deposits.Demand deposits are treated as qard al-hasanah. The PFH is giyen pennission to use the deposit amounts at its discretion but with guarantee of returning the ful principle amount on demand. Saving deposits are differentiated from deman deposits as theyare subj ect to certain restrictions with respect to the amounts can be withdrawn from such accounts at any one time and the periodicity of such withdrawals. Some islamic banks accept saving deposit on profıt/loss sharing basis while others do not pay any return on these deposits and guaratee the principleoaınount. Time deposits are accapted by IsIamic banks on profıt/loss sharingbasls and are general1y known as ”mvestment Accounts“ or ”Investment Depqsit~".The investment deposit of IsIamıc banks can have different maturity peripoS;the return on investment deposit is specifıed as a percentage of totaI:'profit in most - facilitating an adequate supply of capital into the venture capital industry by promoting the image and increasing awareness and general perception of venture capital with fund providers. - promoting a political and business climate which encourages entrepreneurial activity, - providing infonnation about members to those seeking venture capital, - acting as a common point for dealings with industry regulators, - providing a forum for the exchange of views among members, - acting as a source of education and training for employees of member companıes, - identifYing and communicating technical issues to members, - deve10ping and encouraging the highest standars ofprofessional practice.
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