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A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY

Year 2016, Volume 16, Issue 1, 57 - 74, 03.04.2016
https://doi.org/10.11616/basbed.vi.455759

Abstract

Closing the economic development gap between developing countries and developed countries in particular depends upon the realization of risky technological investments. These technological investments cover large areas from health sector to education and from defense sector to energy. Implementing these extensive investments requires very much capital-intensive affairs. Practices of venture capital, as an alternative financing method constitutes the main axis of this study especially for the developing countries where the capital insufficiency is widespread. Venture capital investment trust incorporations are the one of the components providing capital for these investments in Turkey. Venture capital firms aim to add value to the companies and to supply earnings to the entrepreneurships through investing in the companies with high growth and competitive power. Therefore, the success of the companies that are funded by the venture capital investment trusts will be reflected in the performances of these venture capital firms. In this context, liquidity, financial structure and profitability ratios are analyzed and compared for the selected sample venture capital investment trust companies operating in Turkey. As a conclusion of empirical analysis, it is seen that on the average, these companies exhibit different performances from each other in terms of liquidity, financial structure and profitability ratios.

References

  • Akkaya, Göktuğ Cenk ve içerli, M. Yılmaz (2001), “Kobi’lerin Finansal Problemlerinin Çözümünde Risk Sermayesi Finansman Modeli”, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, C: 3, S: 3, s. 61-70. Bayar, Yılmaz (2012), “Girişimcilik Finansmanında Risk Sermayesi ve Melek Finansmanı”, Girişimcilik ve Kalkınma Dergisi, C: 7, S: 2, s. 133-144. Bender, Marko and Lutz, Eva (2010), ‘‘Patterns in Spatial Proximity Between Venture Capital Investors And Investees in Germany’,’ Center for Entrepreneurial and Financial Studies, Working Paper Series, No. 2009-06. Chemmanur, Thomas J. and Loutskina, Elena (2006), “The Role of Venture Capital Backing in Initial Public Offerings: Certification, Screening, or Market Power?”, EFA 2005 Moscow Meeting Paper. Available at SSRN: http://ssrn.com/abstract=604882 or http://dx.doi.org/10.21 39/ssrn.604882 Colle Del, D. M., Russo, P. Finaldi and Generale, A. (2006), ‘‘The Causes and Consequences of Venture Capital Financing: An Analysis Based On A Sample of Italian Firms’’, Bank of Italy Working Paper, No. 584. Çoban, Metin ve Saban, Metin (2006), “Türkiye’de Risk Sermayesi Uygulaması ve Sorunları”, Muhasebe ve Finansman Dergisi, S: 31, s. 131-140. Damanpour, Fariborz, Walker, Richard M. and Avellaneda, Claudia N. (2009), “Combinative Effects of Innovation Types and Organizational Performance: A Longitudinal Study of Service Organizations”, Journal of Management Studies, Vol. 46: 4, pp. 650-675. Davila, Antonio, Foster, George and Gupta, Mahendra (2003), ‘‘Venture Capital Financing and The Growth of Startup Firms’’, Journal of Business Venturing, Vol. 18, pp. 689-708. Dushnitsky, Gary and Lenox, Michael J. (2006), ‘‘When Does Corporate Venture Capital Investment Create Firm Value?’’, Journal of Business Venturing, Vol. 21, pp. 753-772. Engel, Dirk and Keilbach, Max (2007), ‘‘Firm-Level Implications of Early Stage Venture Capital Investment - An Empirical Investigation’’, Journal of Empirical Finance, Vol. 14, pp. 150- 167. Freear, John, Sohl, Jeffrey E. and Wetzel, William (2002), “Angles on Angels: Financing Technology-Based Ventures – A Historical Perspective”, Venture Capital, Vol. 4, No. 4, pp. 275-287. Gompers, Paul and Lerner, Josh (1998), ‘‘Venture Capital Distributions: Short-Run and Long-Run Reactions’’, The Journal of Finance, Vol. 53, No. 6, pp. 2161-2183. Sakaryali, Arzu Meltem Dinler (2014), “İnovasyon ve Risk Sermayesi”, Girişimcilik ve Kalkınma Dergisi, C: 9, S: 1, s. 183-210. Sarikamiş, Cevat (1995), Sermaye Pazarları, Melissa Matbaacılık, İstanbul. Schumpeter, Joseph A. (2003), Capitalism, Socialism and Democracy, English ed. by Richard Swedberg, New York, USA, George Allen&Unwin Ltd., 6. Ed. Tuna, A. Kadir ve İsabetli, İlayda (2014), “İnovasyonun Finansmanı ve Risk Sermayesi”, İktisat Fakültesi Mecmuası, C: 64, s. 27-47. Uludağ, İlhan (1996), Gümrük Birliği Sürecinde Kobi'ler ve Risk Sermayesi Şirketleri Modeli, İstanbul Ticaret Odası Yayınları, İstanbul, Yayın No: 1996-42. Wright, Mike and Lockett, Andy (2003), ‘‘The Structure and Management of Alliances: Syndication in the Venture Capital Industry’’, Journal of Management Studies, Vol. 40: 8, pp. 2073-2102. Yiğit, Mehmet ve Güner, Ümit (2008), “Dış Ticaret ve Girişimcilik Perspektifinden Türkiye’de Risk Sermayesi”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, S: 20, s. 257-276. OECD (Organisation for Economic Co-operation and Development) Science, Technology and Industry Scoreboard, (2011), http://www.oecd- ilibrary.org/docserver/download/9211041ec007.pdf?expires=1452 006339&id=id&accname=guest&checksum=04575B3C36FC51C 9035C153ACB67AD0B.

RİSK SERMAYESİ VE TÜRKİYE EKONOMİSİ ÜZERİNE İNCELEME: GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI FİRMALARININ PERFORMANS ANALİZİ

Year 2016, Volume 16, Issue 1, 57 - 74, 03.04.2016
https://doi.org/10.11616/basbed.vi.455759

Abstract

Gelişmekte olan ülkelerin gelişmiş ülkeler ile arasındaki farkı kapatabilmeleri özellikle riskli teknolojik yatırımların gerçekleştirilebilmesine bağlıdır. Bu teknolojik yatırımlar, sağlık sektöründen eğitim alanına enerji sektöründen savunma sanayine kadar çok geniş bir alanı kapsamaktadır. Dolayısıyla söz konusu yatırımların gerçekleştirilebilmesi için yoğun sermaye gerekmektedir. Sermaye yetersizliğinin söz konusu olduğu özellikle gelişmekte olan ülkelerde alternatif finansman yöntemi olarak risk sermayesinin uygulanabilirliği çalışmanın ana eksenini oluşturmaktadır. Türkiye’de bu sermayeyi sağlayan unsurlardan biri de Girişim Sermayesi Yatırım Ortaklığı firmalarıdır. Girişim sermayesi firmaları rekabet ve yüksek büyüme potansiyeline sahip şirketlere yatırım yaparak gerek şirketlere değer kazandırmayı gerekse yatırımcılarına kazanç sağlamayı hedeflemektedir. Dolayısı ile yatırım yapılan  şirketlerin başarısı girişim sermayesi firmalarının performans göstergelerine yansıyacaktır. Bu bağlamda örneklem olarak seçilen girişim sermayesi firmalarının likidite, finansal yapı ve kârlılık oranları analiz edilmiş ve performansları karşılaştırılmıştır. Yapılan ampirik analizler sonucunda firmaların likidite, finansal yapı ve kârlılık oranları açısından ortalama olarak birbirinden farklı performans sergiledikleri görülmektedir.

References

  • Akkaya, Göktuğ Cenk ve içerli, M. Yılmaz (2001), “Kobi’lerin Finansal Problemlerinin Çözümünde Risk Sermayesi Finansman Modeli”, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, C: 3, S: 3, s. 61-70. Bayar, Yılmaz (2012), “Girişimcilik Finansmanında Risk Sermayesi ve Melek Finansmanı”, Girişimcilik ve Kalkınma Dergisi, C: 7, S: 2, s. 133-144. Bender, Marko and Lutz, Eva (2010), ‘‘Patterns in Spatial Proximity Between Venture Capital Investors And Investees in Germany’,’ Center for Entrepreneurial and Financial Studies, Working Paper Series, No. 2009-06. Chemmanur, Thomas J. and Loutskina, Elena (2006), “The Role of Venture Capital Backing in Initial Public Offerings: Certification, Screening, or Market Power?”, EFA 2005 Moscow Meeting Paper. Available at SSRN: http://ssrn.com/abstract=604882 or http://dx.doi.org/10.21 39/ssrn.604882 Colle Del, D. M., Russo, P. Finaldi and Generale, A. (2006), ‘‘The Causes and Consequences of Venture Capital Financing: An Analysis Based On A Sample of Italian Firms’’, Bank of Italy Working Paper, No. 584. Çoban, Metin ve Saban, Metin (2006), “Türkiye’de Risk Sermayesi Uygulaması ve Sorunları”, Muhasebe ve Finansman Dergisi, S: 31, s. 131-140. Damanpour, Fariborz, Walker, Richard M. and Avellaneda, Claudia N. (2009), “Combinative Effects of Innovation Types and Organizational Performance: A Longitudinal Study of Service Organizations”, Journal of Management Studies, Vol. 46: 4, pp. 650-675. Davila, Antonio, Foster, George and Gupta, Mahendra (2003), ‘‘Venture Capital Financing and The Growth of Startup Firms’’, Journal of Business Venturing, Vol. 18, pp. 689-708. Dushnitsky, Gary and Lenox, Michael J. (2006), ‘‘When Does Corporate Venture Capital Investment Create Firm Value?’’, Journal of Business Venturing, Vol. 21, pp. 753-772. Engel, Dirk and Keilbach, Max (2007), ‘‘Firm-Level Implications of Early Stage Venture Capital Investment - An Empirical Investigation’’, Journal of Empirical Finance, Vol. 14, pp. 150- 167. Freear, John, Sohl, Jeffrey E. and Wetzel, William (2002), “Angles on Angels: Financing Technology-Based Ventures – A Historical Perspective”, Venture Capital, Vol. 4, No. 4, pp. 275-287. Gompers, Paul and Lerner, Josh (1998), ‘‘Venture Capital Distributions: Short-Run and Long-Run Reactions’’, The Journal of Finance, Vol. 53, No. 6, pp. 2161-2183. Sakaryali, Arzu Meltem Dinler (2014), “İnovasyon ve Risk Sermayesi”, Girişimcilik ve Kalkınma Dergisi, C: 9, S: 1, s. 183-210. Sarikamiş, Cevat (1995), Sermaye Pazarları, Melissa Matbaacılık, İstanbul. Schumpeter, Joseph A. (2003), Capitalism, Socialism and Democracy, English ed. by Richard Swedberg, New York, USA, George Allen&Unwin Ltd., 6. Ed. Tuna, A. Kadir ve İsabetli, İlayda (2014), “İnovasyonun Finansmanı ve Risk Sermayesi”, İktisat Fakültesi Mecmuası, C: 64, s. 27-47. Uludağ, İlhan (1996), Gümrük Birliği Sürecinde Kobi'ler ve Risk Sermayesi Şirketleri Modeli, İstanbul Ticaret Odası Yayınları, İstanbul, Yayın No: 1996-42. Wright, Mike and Lockett, Andy (2003), ‘‘The Structure and Management of Alliances: Syndication in the Venture Capital Industry’’, Journal of Management Studies, Vol. 40: 8, pp. 2073-2102. Yiğit, Mehmet ve Güner, Ümit (2008), “Dış Ticaret ve Girişimcilik Perspektifinden Türkiye’de Risk Sermayesi”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, S: 20, s. 257-276. OECD (Organisation for Economic Co-operation and Development) Science, Technology and Industry Scoreboard, (2011), http://www.oecd- ilibrary.org/docserver/download/9211041ec007.pdf?expires=1452 006339&id=id&accname=guest&checksum=04575B3C36FC51C 9035C153ACB67AD0B.

Details

Primary Language English
Journal Section Reasearch Articles
Authors

Musa GÜN This is me


Haydar KARADAĞ

Publication Date April 3, 2016
Application Date March 15, 2016
Acceptance Date
Published in Issue Year 2016, Volume 16, Issue 1

Cite

Bibtex @research article { basbed455759, journal = {Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi}, issn = {1303-0035}, eissn = {2147-3064}, address = {}, publisher = {Bolu Abant Izzet Baysal University}, year = {2016}, volume = {16}, pages = {57 - 74}, doi = {10.11616/basbed.vi.455759}, title = {A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY}, key = {cite}, author = {Gün, Musa and Karadağ, Haydar} }
APA Gün, M. & Karadağ, H. (2016). A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY . Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi , 16 (1) , 57-74 . DOI: 10.11616/basbed.vi.455759
MLA Gün, M. , Karadağ, H. "A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY" . Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 16 (2016 ): 57-74 <https://dergipark.org.tr/en/pub/basbed/issue/38792/455759>
Chicago Gün, M. , Karadağ, H. "A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY". Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 16 (2016 ): 57-74
RIS TY - JOUR T1 - A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY AU - Musa Gün , Haydar Karadağ Y1 - 2016 PY - 2016 N1 - doi: 10.11616/basbed.vi.455759 DO - 10.11616/basbed.vi.455759 T2 - Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi JF - Journal JO - JOR SP - 57 EP - 74 VL - 16 IS - 1 SN - 1303-0035-2147-3064 M3 - doi: 10.11616/basbed.vi.455759 UR - https://doi.org/10.11616/basbed.vi.455759 Y2 - 2021 ER -
EndNote %0 Bolu Abant İzzet Baysal University Journal of Graduate School of Social Sciences A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY %A Musa Gün , Haydar Karadağ %T A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY %D 2016 %J Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi %P 1303-0035-2147-3064 %V 16 %N 1 %R doi: 10.11616/basbed.vi.455759 %U 10.11616/basbed.vi.455759
ISNAD Gün, Musa , Karadağ, Haydar . "A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY". Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 16 / 1 (April 2016): 57-74 . https://doi.org/10.11616/basbed.vi.455759
AMA Gün M. , Karadağ H. A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY. Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2016; 16(1): 57-74.
Vancouver Gün M. , Karadağ H. A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY. Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2016; 16(1): 57-74.
IEEE M. Gün and H. Karadağ , "A STUDY ON VENTURE CAPITAL: PERFORMANCE ANALYSIS OF VENTURE CAPITAL INVESTMENT TRUST INCORPORATIONS IN TURKEY", Bolu Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, vol. 16, no. 1, pp. 57-74, Apr. 2016, doi:10.11616/basbed.vi.455759

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E-posta: sbedergi@ibu.edu.tr