Venture capital investments: financial contracting and the valuation of innovative growth firms
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Münster
Monsenstein und Vannerdat
2009
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 142 S. graph. Darst. |
| ISBN: | 9783865829160 |
Staff View
MARC
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| 100 | 1 | |a Keienburg, Georg |e Verfasser |0 (DE-588)13908746X |4 aut | |
| 245 | 1 | 0 | |a Venture capital investments |b financial contracting and the valuation of innovative growth firms |c von Georg Keienburg |
| 264 | 1 | |a Münster |b Monsenstein und Vannerdat |c 2009 | |
| 300 | |a 142 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
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| 502 | |a Zugl.: Köln, Univ., Diss., 2009 | ||
| 650 | 7 | |a Innovation |2 stw | |
| 650 | 7 | |a Investition |2 stw | |
| 650 | 7 | |a Kredit |2 stw | |
| 650 | 7 | |a Risikokapital |2 stw | |
| 650 | 7 | |a Unternehmenswachstum |2 stw | |
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Record in the Search Index
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| adam_text | Contents
Contents
List of Figures
...............................................................................................................
v
List of Tables
...............................................................................................................vi
List of Symbols and Abbreviations
..........................................................................
vii
1
Introduction
............................................................................................................1
1.1
Financing young and innovative firms
...............................................................1
1.2
Outline of the analysis
........................................................................................3
2
Financial security selection as a means of agency risk management
................6
2.1
Introduction
.........................................................................................................6
2.2
Financial securities in the German venture capital market
.................................9
2.2.1
Irrelevance of convertible securities in the German venture capital market
...........9
2.2.2
Cash flow characteristics of silent partnerships
....................................................10
2.3
Hypotheses development
..................................................................................13
2.4
Sample
..............................................................................................................19
2.4.1
Sample origination
................................................................................................19
2.4.2
Variable construction
............................................................................................21
2.4.3
Descriptive statistics
..............................................................................................23
2.5
Empirical evidence
...........................................................................................26
2.5.1
Divariate
analysis
..................................................................................................26
2.5.2
Probit
regression analysis of selected securities
...................................................32
2.5.3
Additional analysis of investor s shares
................................................................37
2.6
Conclusion
........................................................................................................40
3
Valuation of venture capital backed firms: Empirical evidence from early
stage investments..................
...................................................................................... 42
3.1
Introduction
.......................................................................................................42
3.2
Value drivers for venture capital backed firms: Hypotheses development
......45
3.2.1
Agency risks and investment prospects
................................................................46
3.2.2
Non-financial information
..........................................,..........................................51
3.2.3
Financiai
statement
information
............................................................................54
3.3
Data
...................................................................................................................55
3.3.1
Sample origination
................................................................................................55
3.3.2
Sample selection issues
.........................................................................................56
iii
Contents
3.3.3 Data
description
.....................................................................................................57
3.4
Explaining venture valuations: Empirical evidence
.........................................71
3.4.1
Multivariate analysis
.............................................................................................71
3.4.2
Valuation errors
.....................................................................................................81
3.4.3
Robustness analysis
...............................................................................................83
3.5
Summary and Conclusion
.................................................................................85
4
Valuing high technology growth firms: An implementation of the Schwartz-
Moon Model
................................................................................................................87
4.1
Introduction
.......................................................................................................87
4.2
The need of specific growth firm valuation approaches
...................................90
4.3
Valuation models
..............................................................................................92
4.3.1
Fundamental pricing: The basic Schwartz-Moon Model
......................................92
4.3.2
Relative pricing: Enterprise-Value-Sales-Multiple
...............................................97
4.3.3
Market mood adjusted
fondamental
pricing: Schwartz-Moon Model extension..
98
4.4
Data and methodology
....................................................................................100
4.4.1
Data collection
..................................................................................100
4.4.2
Model implementation
........................................................................................100
4.4.3
Summary statistics
...............................................................................................104
4.5
Results
......................................................... 107
4.6
Defaultrates
...........................................................................................112
4.7
Conclusion
..................................................................................................121
5
Summary and conclusion
...................................................................................123
Appendices
.................................................. 127
Appendix A: Adjusting the Schwartz-Moon Model: An example
....................127
Appendix B: Technical Schwartz-Moon Model calibration
..............................129
Appendix C: Schwartz-Moon Model implementation: Data definition
............132
Appendix D: Schwartz-Moon Model implementation: Sample selection
.........135
References
......................................
j-jý
IV
|
| any_adam_object | 1 |
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| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| isbn | 9783865829160 |
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| physical | 142 S. graph. Darst. |
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| spelling | Keienburg, Georg Verfasser (DE-588)13908746X aut Venture capital investments financial contracting and the valuation of innovative growth firms von Georg Keienburg Münster Monsenstein und Vannerdat 2009 142 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Zugl.: Köln, Univ., Diss., 2009 Innovation stw Investition stw Kredit stw Risikokapital stw Unternehmenswachstum stw Vertrag stw Risikokapital (DE-588)4124067-4 gnd rswk-swf Kapitalstruktur (DE-588)4125993-2 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Unternehmenswachstum (DE-588)4078620-1 gnd rswk-swf Corporate Finance (DE-588)4269795-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Corporate Finance (DE-588)4269795-5 s Kapitalstruktur (DE-588)4125993-2 s Risikokapital (DE-588)4124067-4 s Unternehmenswachstum (DE-588)4078620-1 s Unternehmensbewertung (DE-588)4078594-4 s DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018609148&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Keienburg, Georg Venture capital investments financial contracting and the valuation of innovative growth firms Innovation stw Investition stw Kredit stw Risikokapital stw Unternehmenswachstum stw Vertrag stw Risikokapital (DE-588)4124067-4 gnd Kapitalstruktur (DE-588)4125993-2 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Unternehmenswachstum (DE-588)4078620-1 gnd Corporate Finance (DE-588)4269795-5 gnd |
| subject_GND | (DE-588)4124067-4 (DE-588)4125993-2 (DE-588)4078594-4 (DE-588)4078620-1 (DE-588)4269795-5 (DE-588)4113937-9 |
| title | Venture capital investments financial contracting and the valuation of innovative growth firms |
| title_auth | Venture capital investments financial contracting and the valuation of innovative growth firms |
| title_exact_search | Venture capital investments financial contracting and the valuation of innovative growth firms |
| title_full | Venture capital investments financial contracting and the valuation of innovative growth firms von Georg Keienburg |
| title_fullStr | Venture capital investments financial contracting and the valuation of innovative growth firms von Georg Keienburg |
| title_full_unstemmed | Venture capital investments financial contracting and the valuation of innovative growth firms von Georg Keienburg |
| title_short | Venture capital investments |
| title_sort | venture capital investments financial contracting and the valuation of innovative growth firms |
| title_sub | financial contracting and the valuation of innovative growth firms |
| topic | Innovation stw Investition stw Kredit stw Risikokapital stw Unternehmenswachstum stw Vertrag stw Risikokapital (DE-588)4124067-4 gnd Kapitalstruktur (DE-588)4125993-2 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Unternehmenswachstum (DE-588)4078620-1 gnd Corporate Finance (DE-588)4269795-5 gnd |
| topic_facet | Innovation Investition Kredit Risikokapital Unternehmenswachstum Vertrag Kapitalstruktur Unternehmensbewertung Corporate Finance Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018609148&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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