Author
Abstract
Entrepreneurial Finance als Forschungsfeld hat in den letzten Jahren zunehmende Aufmerksamkeit erhalten. Ein Großteil der Publikationen ist dem Themenbereich Venture Capital (VC) gewidmet. Aus diesem Grund versucht der vorliegende Beitrag, einen strukturierten Überblick über die bestehenden empirischen Forschungsarbeiten zu geben und Rolle, Funktion und Ausgestaltungsformen von VC in der Finanzierung von Gründungs- und Wachstumsunternehmen aufzuzeigen. Dabei wird deutlich, dass eine Vielzahl an Faktoren wie Eigenschaften des Gründers, des Unternehmens, des VC-Fonds und Venture Capitalist aber auch rechtliche und institutionelle Rahmenbedingungen die Ausgestaltung der Finanzierungsbeziehung beeinflusst, und sich all diese Parameter direkt oder indirekt auf das Ergebnis der VC-Beziehung (sowohl in Form der Rendite der VC-Gesellschaft als auch der Leistung des Beteiligungsunternehmens) auswirken. / Research in the field of entrepreneurial finance is on the rise. A large fraction of publications in this field is dedicated to venture capital (VC). Therefore, this paper aims at structuring extant empirical studies in order to provide an overview of the role, functions and particularities of VC in the financing of entrepreneurial firms. The analysis reveals that there are numerous factors that determine the way the relation between the entrepreneur and investor is structured such as the characteristics of the entrepreneur, firm, VC-fund and venture capitalist or legal and institutional conditions. All of these parameters either directly or indirectly influence the success of the financing relationship as measured in terms of the VC fund's return or in terms of the performance of the venture.
Suggested Citation
Christine Mitter, 2010.
"Venture Capital - Empirische Erkenntnisse im Kontext der Entrepreneurial Finance,"
ZfKE – Zeitschrift für KMU und Entrepreneurship, Duncker & Humblot, Berlin, vol. 58(2), pages 121-139.
Handle:
RePEc:dah:aeqzfk:v58_y2010_i2_q2_p121-139
DOI: 10.3790/zfke.58.2.121
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