In order to analyze the venture capitalist's portfolio and quantify the results of Part 4 of the developed model, I set binary regression functions (Babbie, 2001). I have prepared a detailed analysis of public venture capital financing through the investment portfolio of a publicly-backed fund (based on investments realized by Kisvállalkozás-fejszát Pénzügyi Zrt. until April 15, 2008) that plays a defining role in the equity financing of the SME sector . Venture capital has contributed to improving the competitiveness of the processing industry firstly and of the service sector secondly.
The classification of enterprises according to their size had no statistical influence on the amount of invested capital or the percentage of the capitalist's share, but it had a great influence on the. If the pre-investment value of subscribed capital decreased, the percentage of the capitalist's share also decreased statistically (negative close correlation); The capital adequacy of businesses can best be judged from the objective evaluation criteria (indicators).
Until the analyzed period, almost a quarter of the invested venture capital was fully repaid to the publicly supported fund. Compliance with the criteria can also be checked in MS Excel by changing the function's argument. On this basis, compliance with the criteria in paragraphs 1-3 of Article 3 of the above-mentioned law can be verified.
The proposed indicators, based on the evaluation system of the venture capitalist in question, are as follows. Based on the conclusions from the analysis of the venture capitalist's portfolio, the proposed threshold value (xlimit) for the assessment of financial adequacy was set at 30 percent. The calculation of the required capital increase (Tem(sz)) for the given financing amount, K combined with a logical test, is as follows.
Case studies
A further advantage of venture capital financing at the level of the national economy is that businesses are obliged to work legally and therefore can contribute to reducing the weight of the shadow economy and increasing the transparent operation of businesses. Based on my results, I make a number of recommendations to encourage venture capital financing in relation to the SME sector, public venture capitalists and the government, which are summarized in Chapter 6, Recommendations. I have completed two SWOT analyzes related to venture capital financing from the perspective of SMEs and public venture capitalists.
I concluded that these structured summaries are suitable for organizing our findings, indicating trends and justifying the necessity of The content of the completed tables was analyzed using correlation matrices, and based on these I concluded that they were done well, as each strength and weakness could correspond to at least one opportunity or threat (Faragó, 2001). Lack of information (problems in gathering and utilizing information) Relatively low earning capacity and productivity.
Relative oversupply of risk capital Low expected return on public funds Potential to open new markets Construction site inspection. Training opportunities to improve management's human resource learning Narrowing the information gap through effective information, marketing communication and participation of intermediaries. Adequate degree of coherence within the criteria set at the different levels of public venture capital funding. Establishing criteria that are closer to private venture capitalist practice.
Underutilization of venture capital resources due to lack of related information Top-down approach to rule setting.
CONCLUSIONS
NEW SCIENTIFIC RESULTS
I created an objective assessment model to select potential entities from the SME sector for capital investment. The main points of the eligibility criteria are: compliance with the criteria of the SME category and the efficient size of the transaction, the assessment of the ability to manage the associated financial risks and produce the yield expected by venture capitalists. I proved that the objective evaluation model with parameter parameters adjusted according to the requirements of the involved party could be used effectively because it could be run on the data of all analyzed businesses, generate meaningful results and make possible adequate classification of enterprises.
The test showed that 65% of Zalaegerszeg-based small and medium-sized enterprises are eligible for venture capital financing based on the specified parameters. I have determined the two main elements of the offer that highlight the essential features, the funding mechanism and the benefits of venture capital on the one hand with the aim of closing the information gap and raising awareness, informing the given enterprise of the results that generated by the developed model, on the other hand, which is I suggested that the positive business experience specified under point 5 below be integrated into the first element of the offer.
My conclusion is that the developed system can in fact contribute to reduce the lack of information so typical of the market, to narrow the information gap and to effectively utilize the developed model. I proved that the life cycle the company is in, the group of economic sectors it operates in, the age and size of the company actually had an effect on the awareness of the availability of venture capital (average correlation). Moreover, the attitude towards venture capital utilization was influenced by the group of economic sectors (medium correlation) and the age of the given company (close correlation).
The contribution to reducing the weight of the shadow economy and improving the transparency that is so lacking in the SME sector can be seen as an advantage at the level of the national economy. I suggested to the capitalists that they give more weight to professional ability than to the number of managers; conducting an on-site inspection in each case; determining the exit date more flexibly and independent of the amount of capital invested to a certain extent and also taking into account the rate of return typical for the given economic sector;. I concluded that the change in ownership due to venture capital financing of SME investment projects excludes the possibility of reduction of the tax base in accordance with point a of paragraph 11 of section 7 of Act LXXXI of 1996 on Corporations and.
Dividend taxes; filling the information gap regarding venture capital (even in the financial field), eliminating the asymmetry in the different returns of financial instruments, increasing calculability and the earliest possible introduction of the euro can increase the spread of venture capital financing. I have created two SWOT analyzes related to venture capital financing, from the perspective of SMEs and public venture capitalists respectively. I concluded that these structured summaries may be appropriate to logically organize the findings, indicate the direction of development and justify the need for the developed model.
RECOMMENDATIONS
SCIENTIFIC PUBLICATIONS ON THE PhD TOPIC
Antal Kovácsné Anita (2007), Új szempontok a kis- és középvállalkozások finanszírozásához, BGF Tudományos Évkönyv 2007, pp. Kovács-Antal Anita (2008), A kis- és középvállalati szektor finanszírozási pozíciójának javítása, Üzlet és Tudomány 2008, pp. Kovácsné Antal Antal (2008), A kockázatitőke-befektetések elemzése kis- és középvállalkozásokban, Acta Oeconomica Kaposváriensis 2008, Vol 2 No 1, pp.
Kovács-Antal Anita (2010), Lehetőségek és kilépési pontok a kis- és középvállalkozási szektorban, a gyakorlatban alkalmazott stratégiák, Proceedings of BBS 2010, pp. Magyar konferencia kiadványban megjelent absztraktok. 2005), A kockázati tőke megjelenése és kínálati oldalának vizsgálata Magyarországon, Tudományos Konferencia a Magyar Tudomány Napja 2005 tiszteletére (A prioritások és a konvergencia kölcsönhatása a magyar gazdaságban) Budapest, 2005. Pénzügyi és számviteli szekció, Programfüzet oldala november 9-10., Pénzügy és számvitel rovat, p. 2007), A KKV-finanszírozás új megközelítése, Tudományos Konferencia a Magyar Tudomány Napja tiszteletére 2007. 2008), A kockázati tőkefinanszírozás hozzájárulása a kis- és középvállalkozások fejlődéséhez, II.
Kaposvár, Szekcióbemutatók és poszterek összefoglalója, p. 2008), A kis- és középvállalkozási szektor finanszírozási helyzetének alakulása, Tudományos konferencia a Magyar Tudomány Napja 2008 tiszteletére (Interkulturális párbeszéd az üzleti világban), Budapest, 2008. november 6-7., Pénzügyi és számviteli szekció , Programfüzet, p. 2009), Kockázati tőkefinanszírozási lehetőségek a KKV szektorban, empirikus tanulmány, II. 2009), Lehetőségek és kitörési pontok a KKV szektorban, a gyakorlatban alkalmazott stratégiák, Tudományos konferenciasorozat a Magyar Tudomány Ünnepe 2009 tiszteletére (Válság és megújulás), Budapest, 2009. Tudományos konferenciasorozat a Magyar Tudomány Ünnepe 2010 tiszteletére (Hová tovább? Gazdaság és társadalom, valóság és véletlen), Budapest, 2010.
