دانلود مقاله ISI انگلیسی شماره 48177
عنوان فارسی مقاله

سرمایه گذاری مخاطره آمیز اروپا و شاخص جذابیت سهام خصوصی کشور

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
48177 2010 20 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
The European Venture Capital and Private Equity country attractiveness indices
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Corporate Finance, Volume 16, Issue 2, April 2010, Pages 205–224

کلمات کلیدی
سرمایه گذاری مخاطره آمیز - سهام خصوصی - دارایی های جایگزین - تخصیص دارایی های بین المللی
پیش نمایش مقاله
پیش نمایش مقاله سرمایه گذاری مخاطره آمیز اروپا و شاخص جذابیت سهام خصوصی کشور

چکیده انگلیسی

We calculate composite indices to compare the attractiveness of 27 European countries for institutional investments into the Venture Capital and Private Equity asset class. To achieve this we use 42 different parameters, and propose an aggregation structure that allows for benchmarking on more granulated levels. The United Kingdom leads our ranking, followed by Ireland, Denmark, Sweden, and Norway. While Germany is slightly above the average European attractiveness level, the scores are rather disappointing for France, Italy, Spain, and Greece. Our analyses reveal that while the UK is similar to the other European countries with respect to many criteria, there are two major differences, which ultimately affect its attractiveness: its investor protection and corporate governance rules, and the size and liquidity of its capital market. The state of the capital market is likewise a proxy for the professionalism of the financial community, for deal flow and exit opportunities. We determine a reasonable correlation between our attractiveness index scores and actual Venture Capital and Private Equity fundraising activities and prove the robustness of our calculations. Our findings across all the European countries suggest that, while investor protection and capital markets are in fact very important determinants for attractiveness, there are numerous other criteria to consider.

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