The decision-making of the venture capital in Spain: An empirical study (Spanish text).

摘要

The venture capital is an important financing source for companies, especially for small and medium-sized firms, given that the financing provided is different from the "traditional financing", since, generally, the venture capital is not a creditor but rather it participates in the equity of the company during a limited time and its profit is obtained as consequence of its growth; it also advises and provides the companies with its management team and its experience. Its financing embraces from a simple idea to the expansion, including the turnaround.; This doctoral dissertation examines, by means of an empirical study, the performance process of the Spanish venture capital firms. More exactly, it focuses on the following aspects of their decision-making: (a) The first contact between the companies to be financed and the venture capital firm. (b) The initial screening of the proposals; (c) their evaluation.; The process of evaluation itself studies the sources of information used for the elaboration of the due diligence and the fixing of the rate of return. It also evaluates the entrepreneur, the product and the market as well as the method used for the final evaluation when the proposal is quantified.; This study revolves around three axes: (1) The size of the venture capital firm: small/medium and big, being the figures of the invested funds the differenciating criterion. (2) The development stage of the candidate preferred by the venture capital firm: earlier stages and later stages. (3) The capital of the company: private or public depending on the origin of more than its 50%.