Vliv vývojové fáze podniku na transfer manažerské podpory ze strany investorů rizikového kapitálu

Influence of the development phase of an enterprise on transfer of managerial support on the part of venture capital investors

journal article - other

Czech

Důvodem por zpracování příspěvku byla , na základě analýzy závěrů zahraničních studií, nejednoznačná odpověď na otázku, zda vývojová fáze ovlivňuje transfer manažerského know-how ze strany tuzemských investorů rizikového kapitálu. Kvalitativní údaje získané dotazníkovým šetřením byly zpracovány pomocí metod popisné statistiky. Výsledky výzkumu naznačují, že oblasti podpory, které jsou nejčastěji poskytované v raném stadiu, jsou strategické řízení, finanční řízení a řízení komunikace, a totéž platí pro pozdější fázi a odkupů. Míra podpory investorů není ovlivněna vývojovou fází podniku.

The reasons for implementation of the research work were, on the basis of an analysis of conclusions of foreign studies, ambiguous answers to the question whether the development phase of an enterprise affects transfer of managerial know-how on the part of venture capital investors in domestic conditions or not. Qualitative data acquired through questionnaire investigations were processed by using the frequency function, relative and absolute and statistical measures of such a type as arithmetic mean and standard deviation. The results of the research indicate that the areas of support that are most often provided in the early stage are strategic management, financial management and communication management, and the same holds for the later stage and buyouts. Nevertheless, the rate of provision of the forms of support in these areas does not correspond with certain results of foreign studies, namely that the rate of support depends on the development phase of the enterprise (rising trend from early to later stages), the highest rate of support was, e.g. according to Churchill, Lewis (1983), Flynn (1991), Engel, Hofacker (2001), EVCA (2002), identified in the early stage, followed by the later stage and buyouts. In the case of domestic research, the sequence of early stage, buyouts and later stage was identified. It is possible to state that the rate of investors support to enterprises is not influenced by the development stage of the enterprise. The contributions of the implemented research project can be identified at three levels: For business entities, the benefits of the study can be perceived at the level of indication of possibilities of an active cooperation of the investor with the enterprise management in given stages of the enterprise development. Venture capital investors can acquire, on the basis of the study results, an outline of a comprehensive view of provision of non-financial added value on the part of domestic venture capital investors. At the level of identification of the scientific contribution it is possible to speak about an extension of knowledge concerning the topic of financing of enterprises by means of venture capital in the conditions of the Czech Republic with an emphasis on the transfer of managerial know-how on the part of venture capital investors.

rizikový kapitál, transfer manažerské podpory, vývojová fáze podniku

venture capital, transfer of managerial support, development stage of company

RAJCHLOVÁ, J.

2013

21. 3. 2013

NEWTON College

Praha

1801-7118

Scientia&Societas

IX

1

Czech Republic

10

26

16