THE IMPORTANCE OF STATE’S ROLE IN THE HUNGARIAN VENTURE CAPITAL MARKET

Yıl 2011, Cilt: 3 Sayı: 2, 159 - 168, 01.12.2011

Jenő Konecsny Dóra Havay

Öz

The presence of state also has an indirect and direct effect on the developement of
the Hungarian venture capital market. Indirect effect is realized through the law
legislation and the direct one by the operate of the different venture capital firms
and funds which invest public financial sources. The main purpose of the direct
intervention is to finance the under-capitalized small and medium-sized start-up
companies with equity.
The paper examines the Hungarian venture capital market from the aspect of state
intervention. It starts with an European overview which summarizes the common
and different attributes of state’s role in the venture capital market between
several European countries. The paper focuses on the Hungarian situation, it
describes concisely the effect and efficiency of the governmental instructions
which were taken for the legislation of the venture capital market. Using the
results of a previous research the paper also examines the characteristics of the
direct instructions. The paper decribes briefly the main details of the publicprivate
initiative called JEREMIE-program, which started on the Hungarian
venture capital market in the recent past.

Anahtar Kelimeler

venture capital, public policy, equity gap

Kaynakça

• Aernoudt, Rudy (1999), "European policy towards venture capital: myth or reality?" Venture Capital, Vol. 1, No. 1, pp. 47-57.
• BIS (2009), RVCF and EGF Interim Evaluation: Recipient Business and Stakeholder Surveys, Department for Business Innovation & Skills, Summary Paper, November 2009, pp. 1-17.
• EVCA (2001), Survey of the Economic and Social Impact of Management
• Buyouts & Buyins in Europe. Research Paper, European Private Equity and Venture Capital Association, january. EVCA (2002), Survey of the Economic and Social Impact of Venture Capital in
• Europe. Research Paper, European Private Equity and Venture Capital Association, june. EVCA (2010), Central and Eastern Europe Statistics 2009. Special Paper,
• European Private Equity and Venture Capital Association, july. Heger, Diana, Andreas Fier, Gordon Murray (2005), "Review essay: Regional
• Venture Capital Policy: UK and Germany Compared", Venture Capital, Vol. 7, No. 4, pp. 373-383. HVCA (2010/a), A magyar kockázati- és magántőke piac fejlődése 2009, Bp.
• HVCA (2010/b), Évkönyv 2010. Magyar Kockázati és Magántőke Egyesület, Bp.
• Karsai, Judit (2007), "Kifelé a zsákutcából. Állami kockázati tőke és innováció",
• Közgazdasági Szemle, Melléklet, Innovációkutatás, LIV. évf., pp. 1085-1102.
• KfW (2009), Annual Report 2009, KfW Bankengruppe, Communication Department, pp. 1-166.
• Lawton, C. Thomas (2002), "Missing the target: assessing the role of government in bridging the European equity gap and enhancing economic growth", Venture Capital, Vol. 4, No. 1, pp. 7-23.
• Lerner, Josh (2002), "When bureaucrats meet entrepreneurs: the design of effective ’public venture capital’ programmes", The Economic Journal, 112 (February), pp. 73-84.
• McGlue, David (2001), "The funding of venture capital in Europe: issues for public policy", Venture Capital, 2002, Vol. 4, No. 1, pp. 45-58.
• Murray, Gordon (1999), "Early-stage venture capital funds, scale economies and public support", Venture Capital, Vol. 1, No. 4, pp. 351-384.
• NAO (2009), Venture capital support to small businesses, Department for
• Business, Innovation & Skills, National Audit Office, December 2009, pp. 1-36.
• Sunley, Peter, Britta Klagge, Christian Berndt, Ron Martin (2005), "Venture
• Capital Programmes in the UK and Germany: In What Sense Regional Policies?", Regional Studies, Vol. 39.2, pp. 255-273.