VENTURE CAPITAL IN THE FINANCIAL SUPPORT SYSTEM OF INNOVATIVE ECONOMY
In the article are considered the theoretical bases of venture financing. The economic essence and specificity of venture capital, as well as its main forms and influence on financial provision of innovative economy, are highlighted. Interaction of innovation development and venture investment is considered. The possibilities of using venture capital are determined as an additional source of financing for innovation activity. The world experience of formation and development of venture capital, mechanisms of organization of venture enterprises are analyzed. The present state and main tendencies of development of the venture capital market in the developed countries of the world are researched. The possibilities of using the experience of innovative economies for Ukraine are revealed, where venture capital with its distribution of risk can become one of the effective methods of raising capital to overcome the crisis and deep structural restructuring of the national economy. Conclusions regarding are made the conformity of development of Ukrainian venture financing to the world tendencies. The factors are revealed, which restrain the effective development of the domestic market of venture investments. The risks typical for venture financing are determined, which are conditioned by its features and specificity of the mechanism of such financing. The ways of minimizing and avoiding the risks of venture financing for the investor and the enterprise-recipient are set out. The practice of using venture financing in Ukraine is evaluated, on the basis of which conclusions are made about the high efficiency of venture financing for the newest innovative enterprises. The complex of measures was proposed and recommendations on creation of favorable investment climate for stimulating the development of venture business, activation of innovation activity in Ukraine, were given.
Analitychnyy ohlyad ISI v Ukrayini [Analytical review of Joint Investment Institutes in Ukraine]. Retrieved from: http://www.uaib.com.ua/analituaib/publ_ici_quart.
Cannice, M. V., Allen, J. P., & Tarrazo, M. (2016). What do venture capitalists think of venture capital research? An International Journal of Entrepreneurial Finance «Venture Capital», vol. 18, 1-20.
Chesbrough, H. W. (2012). Making sense of corporate venture capital. Harvard business rev. Boston, vol. 80. 3, 90-99.
Cooke, Ian, Mayers, P. (2014). Introduction to Innovation and Technology Transfer. Boston: Artech House, Inc.
Didyk, N. V. (2017). Svitovyy dosvid venchurnoho finansuvannya yak suchasnoyi formy finansuvannya [Global experience of venture financing as a modern form of financing]. Ekonomika i suspilstvo [Economy and society], no. 10, 42-47.
Dzhusov, O. A., & Meshko, N. P. (2009) Innovatsiynyy rozvytok svitovoyi ekonomiky: investytsiynyy aspekt [Innovative Development of the World Economy: An Investment Aspect]. Donetsk: Yuho-Vostok.
European Venture Capital Assosiation. Retrieved from: http://www.evca.org.
European Venture Capital Report (2018). Retrieved from: https://blog.dealroom.co/wp-content/uploads/2018-European-Venture-Capital-Report.pdf.
Global Competitiveness Index. Retrieved from: http://edclub.com.ua/tegy/indeks-globalnoyikonkurentospromozhnosti.
Karpa, W., & Grginović, A. (2019). Long-term perspective on venture capital investments in early stage life-science projects related to health care, Economic Research-Ekonomska Istraživanja, https://doi.org/10.1080/1331677X.2019.1629326
Kocheshkova, I. M., & Trushkina, N. M. (2017). Tendentsiyi rozvytku venchurnoho investuvannya v Ukrayini [Trends in Venture Investment Development in Ukraine]. Ekonomichnyy visnyk Donbasu [Economic Bulletin of Donbass], no. 2, 129-135.
Konina, M. O., & Tuzova, K. O. (2016). Osoblyvosti venchurnoho investuvannya v Ukrayini [Features of Venture Investment in Ukraine]. Mezhdunarodynyy nauchnyy zhurnal [International scientific journal], no. 4, 75-79.
Mordan, Y. Y., Vidmenko, Y. V., & Kobets, Z. O. (2018). Venchurne investuvannya v Ukrayini ta sviti: suchasni tendentsiyi ta osoblyvosti rozvytku [Venture Investing in Ukraine and the World: Current Trends and Features]. Infrastruktura rynku [Market infrastructure], vol. 17, 391-399.
Pradhan, R. P., Arvin, M. B., Nair, M., & Bennett, S. E. (2017). Venture capital investment, financial development, and economic growth: the case of European single market countries. Venture Capital, 19:4, 313-333, http://doi.org/10.1080/13691066.2017.1332802
Shvets, Y. O., & Nuzhna, Y. R. (2018). Rozvytok venchurnoho investuvannya v Ukrayini ta sviti [Development of venture capital investment in Ukraine and in the world]. Visnyk ekonomiky transportu i promyslovosti [Bulletin of Economics of Transport and Industry], vol. 62, 266-275.
Syzonenko, V. O., & Tsyhanov, S. A. (2009). Finansy ta pidpryyemnytstvo: svitovyy dosvid ta praktyka Ukrayiny [Finance and Entrepreneurship: Ukraine's World Experience and Practice]. Ternopil: Navchalna knyha – Bohdan.
Tykvová, T. (2017). When and Why Do Venture-Capital-Backed Companies Obtain Venture Lending? Journal of Financial and Quantitative Analysis, 52(3), 1049-1080, https://doi.org/10.1017/S0022109017000242
Venture monitor. National Venture Capital Association. Retrieved from: https://nvca.org/research/venture-monitor.
Wallmeroth, J., Wirtz, P., & Groh A. P. (2018). Venture Capital, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review. Foundations and Trends in Entrepreneurship, 1(14), 1–129, https://doi.org/10.1561/0300000066.