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Állami szerepvállalás a kelet-közép-európai kockázatitőke-piacon
[The role of government in the Central and East European venture-capital market]

Author

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  • Karsai, Judit

Abstract

A cikk azt vizsgálja, hogy a kelet-közép-európai uniós országokban mennyire bizonyultak sikereseknek az állami és a nem állami szféra piaci együttműködésén alapuló kormányzati tőkeprogramok, mennyire hasznosították a fejlettebb kockázatitőke-ágazatot működtető országok állami tőkeprogramjainak korábbi tapasztalatait. Hasonlóan a Nyugaton alkalmazott tőkeprogramokhoz, a régióbeli konstrukciókra is jellemző a befektetésre rendelkezésre álló idő rövidsége, a befektetők kezét megkötő adminisztratív előírások sokasága, az alapok - gazdaságos működést akadályozó - kis mérete, valamint a nem állami befektetők között az intézményi befektetők korlátozott részvétele. A fejlett országokhoz képest hátrányt jelent a piaci szféra alapkezelőinek indokolatlan mértékű kedvezményezése és nem transzparens kiválasztása, továbbá a befektetési ajánlatok éretlensége. Ugyanakkor az állami tőkeprogramok egyik legnagyobb veszélye - a piaci befektetőket kiszorító hatás - fel sem merülhet a régióban. Journal of Economic Literature (JEL) kód: G23, G24, G28, M13.

Suggested Citation

  • Karsai, Judit, 2015. "Állami szerepvállalás a kelet-közép-európai kockázatitőke-piacon [The role of government in the Central and East European venture-capital market]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1172-1195.
    • Handle: RePEc:ksa:szemle:1593
    DOI: 10.18414/KSZ.2015.11.1172
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Becsky-Nagy, Patrícia & Fazekas, Balázs, 2017. "Résen van-e az állam?. Az állami szerepvállalás hatása a kockázati tőke keresleti oldalára [Is the state on the ball?. The effect of the state s role on the demand side of venture capital]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 507-527.
    2. Kosztopulosz, Andreász & Kiss, Gábor Dávid & Udvari, Beáta & Kovács, Hajnalka, 2017. "Állami magvető tőke és a kereskedelmi űrhajózás új modelljének első évtizede [The first decade of a new model of state seed capital and commercial space travel]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 421-439.
    3. Erika Jaki & Endre Mihaly Molnar & György Walter, 2017. "Market Failures of Start-up Financing," MIC 2017: Managing the Global Economy; Proceedings of the Joint International Conference, Monastier di Treviso, Italy, 24–27 May 2017,, University of Primorska Press.
    4. Patrícia Becsky-Nagy, 2016. "The Special Aspects of Venture Capital’s Value Creating Mechanisms in Hungary," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 12(3), pages 31-55.
    5. Karsai, Judit, 2017. "Az állam kockázatitőke-piaci részvételének átláthatósága Magyarországon [Transparency of government participation in the Hungarian venture capital market]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1316-1342.
    6. Becsky-Nagy, Patrícia & Fazekas, Balázs, 2018. "Az állam a kockázati tőkés szerepében [The state in its risk-capital role]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1257-1280.

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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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