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Year 2015, Volume: 16 Issue: 1, 59 - 80, 24.04.2015

Deniz Aytaç

Abstract

Venture capital is considered to be the most appropriate form of financing for small innovative firms in high-tech sectors. In this regard, venture capital has significantly affected innovation and economic growth by increasing firm performance in developed and developing countries. In this study, the relationship between patent which is the output of innovation and venture capital is examined by regression analysis in the period 200-2012 in Turkey. The results of the empirical analysis indicate that there is no statistically significant relationship between patent and venture capital

Keywords

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References

  • BOTTAZZI, Laura ve DA RIN, Marco (2002), ‘Venture Capital In Europe and The Financing of Innovative Companies’, Economic Policy, 17(34), 229–70.
  • ÇILLER, Tansu ve ÇIZAKÇA, Murat (1989), Türk Finans Kesiminde Sorunlar ve Reform Önerileri, İSO Yayını, İstanbul, 1989.
  • DESSI, Roberta ve YIN, Nina (2012), ‘The Impact Of Venture Capital on Innovation’, The Impact of Venture Capital on Innovation, D. Cumming (Ed),Handbook Of Venture Capital, Oxford University Press.
  • DÜNYA BANKASI (2012), World Development Indicators.
  • ENGEL, Dirk ve KEILBACH, Max (2007), ‘Firm-Level Implications of Early Stage Venture Capital Investment: An Empirical Investigation’, Journal Of Empirical Finance, 14(2), 150–67.
  • EVCA. (2012), Central and Eastern Europe Statistics, European Venture Capital Association.
  • GERNOIKOLAOU, George ve PAPACHRISTOU, George (2012), ‘Venture Capital and Innovation In Europe’, Modern Economy, 3, 454-459.
  • GRFFITH, Rachel, REDDING, Stephen ve REENEN, Jon. (2003), ‘R&D and Absorptive Capacity: Theory and Emprical Evidence’, Scandinavian Journal Of Economics, 105(1), 99-118.
  • GRILICHES, Zvi (1986), ‘Productivity, R&D and Basic Research at The Firm Level In The1970’s,’ American Economic Review, 76, 141–154.
  • GRILICHES, Zvi (1990), ‘Patent Statistics As Economic Indicators: A Survey’, Journal Of Economic Literature, 28, 1661-1707.
  • HAUSSLER, Carolin, HARHOFF, Dietmar ve MÜLLER, Elisabeth (2009), ‘To Be Financed or Not- The Role of Patents For Venture Capital Financing’, CEPR Discussion Paper No: 7115.
  • HELLMANN, Thomas ve PURI, Manju (2000), ‘The Interaction Between Product Market and Financing Strategy: The Role of Venture Capital’, Review of Financial Studies, 13(4), 959–84.
  • HUANG, Sisi (2011), What Are the Extent of Small and Medium-Sized Enterprises Financing Problems In China and Its Countermeasures Based on SME Financing System and Cases Of Tianjin, Södertörns University| Institution For Social Sciences Master Thesis.
  • KAPLAN, Steven, MARTEL, Frederic ve STROMBERG, Per. (2007). ‘How Do Legal Differences and Experience Affect Financial Contracts?’, Journal of Financial Intermediation, 16(3), 273-311.
  • KIPER, Mahmut (2013), ‘Sektörel İnovasyon Sistemi’, M. Kiper (ed.), Biyoteknoloji Sektörel İnovsyon Sistemi içinde, TTGV Yayını.
  • KORTUM, Samuel ve LERNER, Josh (2000), ‘Assessing The Contribution of Venture Capital to Innovation’, RAND Journal of Economics, 31(4), 674–92.
  • LERNER, Josh (1999), ‘The Government As a Venture Capitalist: The Long-Run Impact of The SBIR Program’, Journal Of Business, 72(3), 285-318.
  • LEIPONEN, Aija ve HELFAT, Constance (2011), ‘Location, Decentralization, and Knowledge Sources for Innovation’, Organization Science, 22, 641-658.
  • NELSON, Richard (1980), ‘Production Sets, Technological Knowledge and R&D: Fragile and Overworked Constructs For Analysis Of Productivity Growth?’, American Economic Review,70(2), 62-67.
  • NVCA. (2012), Money Tree Report, National Venture Capital Association.
  • OECD. (2005), Oslo Klavuzu, Yenilik Verilerinin Toplanması ve Yorumlanması İçin İlkeler.
  • OECD. (2008), Information Technology Outlook.
  • OLIVER, Christine (1997), ‘Sustainable Competitive Advantage: Combining Institutional and Resource Based Views’, Strategic Management Journal, 18, 696-713.
  • PELTZMAN, Sam (1976), ‘Towards a More General Theory of Regulation’, Journal of Law and Economics, 19, 211–40.
  • PENEDER, Micheal (2010), ‘The Impact of Venture Capital on Innovation Behavior and Firm Growth’, Venture Capital, 12(2), 83-107.
  • POPOV, Alexander ve ROOSENBOOM, Peter (2012), ‘Venture Capital and Patented Innovation: Evidence From Europe’, Economic Policy, 27, 447-482.
  • PORTER, Micheal. ve STERN, Scott (2000), ‘Measuring The Ideas Production Function: Evidence From International Patent Output’, NBER Working Paper, No. 7891.
  • POSNER, Richard (1974), ‘Theories of Economic Regulation’, The Bell Journal Of Economics And Management Sciences, 5(2), 335-358.
  • ROMER, Paul, M. (1986), ‘Increasing Returns and Long Run Growth’, Journal of Political Economy, 94, 1002–1037.
  • SCHWIENBACHER, Armin (2008), ‘Innovation and Venture Capital Exists’, The Economic Journal, 188(533), 1888-1916.
  • SECRIERU, Oana ve VIGNEAULT, Marianne (2004), ‘Public Venture Capital and Entrepreneurship’, Bank Of Canada Working Paper, No: 2004-10.
  • SOETE, Luc (1981), ‘A General Test Of Technological Gap Theory’, Weltwirtschaftliches Archiv, 117, 638-659.
  • STIGLER, George (1971), ‘The Economic Theory Of Regulation’, Bell Journal of Economics, 2 (Spring), 3–21.
  • SUZUKI, Katsuya (1996), ‘Facts on Venture Managements In Japan’, in K. Yanagi And T. Yamamoto (Eds.), Venture Management, Tokyo.
  • TRAJTENBERG, Manuel (1990), ‘A Penny For Your Quotes: Patent Citations and The Value of Innovations’, RAND Journal Of Economics, 21, 172-187.
  • TTGV. (2012), Girişim Sermayesi: Türkiye İçin Çıkarım ve Öneriler, Türkiye Teknoloji Geliştirme Vakfı Yayını, Ankara.
  • TYKVOVÁ, Tereza (2000), Venture Capital In Germany and Its Impact On Innovation, EFMA Conference In Athens, June.
  • UEDA, Masako ve HIRUKAWA, Masayuki (2008), ‘Venture Capital and Industrial: Innovation ’, Discussion Paper, No. 7089, Centre For Economic Policy Research.
  • ÜLKÜ, Hülya (2007), ‘R&D, Innovation, and Growth: Evidence From Four Manufacturing Sectors In OECD Countries’, Oxford Economic Papers, 59(3), 513–35.
  • VAN HULST, Noe, MULDER, Ronald ve SOETE, Luc. (1991), ‘Exports and Technology In Manufacturing Industry, Weltwirtschaftliches Archiv, 127, 246-263.
  • WOLTER, Frank (1977), ‘Factor Proportions, Technology and West German Industry’s International Trade Patterns’, Weltwirtschaftliches Archiv, 113, 250-267.
  • YATMAZ, Fulya (2012), Girişim Sermayesi, Kalkınma Bakanlığı, Yayın no: 2833.
  • http://spk.gov.tr/indexpage.aspx?pageid=206&submenuheader=1/ 04.05.2014.
  • http://www.ivci.com.tr/Default.aspx/07.05.2014.
  • http://www.abigem.org/appmanager/tr/portal?_nfpb=true&_pageLabel=pageKobiFinans &nodeName =Kobi Finans_01/ 07.05.2014.

YENİLİĞİN FİNANSMANI: GİRİŞİM SERMAYESİ

Year 2015, Volume: 16 Issue: 1, 59 - 80, 24.04.2015

Deniz Aytaç

Abstract

Girişim sermayesi yüksek teknoloji sektöründe küçük ölçekli yenilik firmaları için en uygun finansman şekli olarak görülmektedir. Bu kapsamda, girişim sermayesi, gelişmiş ve gelişmekte olan ülkelerde, yenilik ve ekonomik büyümeyi, firma performansını arttırarak anlamlı düzeyde etkilemektedir. Bu çalışmada Türkiye’de yeniliğin çıktısı olan patent ile girişim sermayesi arasındaki ilişki 2000-2012 yıllarını kapsayan dönemde regresyon analizi kullanılarak incelenmiştir. Yapılan ampirik çalışmada patent ve girişim sermayesi arasında istatistiki olarak anlamlı bir ilişinin olmadığı sonucuna varılmıştır

Keywords

Yenilik Piyasa Başarısızlıkları Girişim Sermayesi

References

  • BOTTAZZI, Laura ve DA RIN, Marco (2002), ‘Venture Capital In Europe and The Financing of Innovative Companies’, Economic Policy, 17(34), 229–70.
  • ÇILLER, Tansu ve ÇIZAKÇA, Murat (1989), Türk Finans Kesiminde Sorunlar ve Reform Önerileri, İSO Yayını, İstanbul, 1989.
  • DESSI, Roberta ve YIN, Nina (2012), ‘The Impact Of Venture Capital on Innovation’, The Impact of Venture Capital on Innovation, D. Cumming (Ed),Handbook Of Venture Capital, Oxford University Press.
  • DÜNYA BANKASI (2012), World Development Indicators.
  • ENGEL, Dirk ve KEILBACH, Max (2007), ‘Firm-Level Implications of Early Stage Venture Capital Investment: An Empirical Investigation’, Journal Of Empirical Finance, 14(2), 150–67.
  • EVCA. (2012), Central and Eastern Europe Statistics, European Venture Capital Association.
  • GERNOIKOLAOU, George ve PAPACHRISTOU, George (2012), ‘Venture Capital and Innovation In Europe’, Modern Economy, 3, 454-459.
  • GRFFITH, Rachel, REDDING, Stephen ve REENEN, Jon. (2003), ‘R&D and Absorptive Capacity: Theory and Emprical Evidence’, Scandinavian Journal Of Economics, 105(1), 99-118.
  • GRILICHES, Zvi (1986), ‘Productivity, R&D and Basic Research at The Firm Level In The1970’s,’ American Economic Review, 76, 141–154.
  • GRILICHES, Zvi (1990), ‘Patent Statistics As Economic Indicators: A Survey’, Journal Of Economic Literature, 28, 1661-1707.
  • HAUSSLER, Carolin, HARHOFF, Dietmar ve MÜLLER, Elisabeth (2009), ‘To Be Financed or Not- The Role of Patents For Venture Capital Financing’, CEPR Discussion Paper No: 7115.
  • HELLMANN, Thomas ve PURI, Manju (2000), ‘The Interaction Between Product Market and Financing Strategy: The Role of Venture Capital’, Review of Financial Studies, 13(4), 959–84.
  • HUANG, Sisi (2011), What Are the Extent of Small and Medium-Sized Enterprises Financing Problems In China and Its Countermeasures Based on SME Financing System and Cases Of Tianjin, Södertörns University| Institution For Social Sciences Master Thesis.
  • KAPLAN, Steven, MARTEL, Frederic ve STROMBERG, Per. (2007). ‘How Do Legal Differences and Experience Affect Financial Contracts?’, Journal of Financial Intermediation, 16(3), 273-311.
  • KIPER, Mahmut (2013), ‘Sektörel İnovasyon Sistemi’, M. Kiper (ed.), Biyoteknoloji Sektörel İnovsyon Sistemi içinde, TTGV Yayını.
  • KORTUM, Samuel ve LERNER, Josh (2000), ‘Assessing The Contribution of Venture Capital to Innovation’, RAND Journal of Economics, 31(4), 674–92.
  • LERNER, Josh (1999), ‘The Government As a Venture Capitalist: The Long-Run Impact of The SBIR Program’, Journal Of Business, 72(3), 285-318.
  • LEIPONEN, Aija ve HELFAT, Constance (2011), ‘Location, Decentralization, and Knowledge Sources for Innovation’, Organization Science, 22, 641-658.
  • NELSON, Richard (1980), ‘Production Sets, Technological Knowledge and R&D: Fragile and Overworked Constructs For Analysis Of Productivity Growth?’, American Economic Review,70(2), 62-67.
  • NVCA. (2012), Money Tree Report, National Venture Capital Association.
  • OECD. (2005), Oslo Klavuzu, Yenilik Verilerinin Toplanması ve Yorumlanması İçin İlkeler.
  • OECD. (2008), Information Technology Outlook.
  • OLIVER, Christine (1997), ‘Sustainable Competitive Advantage: Combining Institutional and Resource Based Views’, Strategic Management Journal, 18, 696-713.
  • PELTZMAN, Sam (1976), ‘Towards a More General Theory of Regulation’, Journal of Law and Economics, 19, 211–40.
  • PENEDER, Micheal (2010), ‘The Impact of Venture Capital on Innovation Behavior and Firm Growth’, Venture Capital, 12(2), 83-107.
  • POPOV, Alexander ve ROOSENBOOM, Peter (2012), ‘Venture Capital and Patented Innovation: Evidence From Europe’, Economic Policy, 27, 447-482.
  • PORTER, Micheal. ve STERN, Scott (2000), ‘Measuring The Ideas Production Function: Evidence From International Patent Output’, NBER Working Paper, No. 7891.
  • POSNER, Richard (1974), ‘Theories of Economic Regulation’, The Bell Journal Of Economics And Management Sciences, 5(2), 335-358.
  • ROMER, Paul, M. (1986), ‘Increasing Returns and Long Run Growth’, Journal of Political Economy, 94, 1002–1037.
  • SCHWIENBACHER, Armin (2008), ‘Innovation and Venture Capital Exists’, The Economic Journal, 188(533), 1888-1916.
  • SECRIERU, Oana ve VIGNEAULT, Marianne (2004), ‘Public Venture Capital and Entrepreneurship’, Bank Of Canada Working Paper, No: 2004-10.
  • SOETE, Luc (1981), ‘A General Test Of Technological Gap Theory’, Weltwirtschaftliches Archiv, 117, 638-659.
  • STIGLER, George (1971), ‘The Economic Theory Of Regulation’, Bell Journal of Economics, 2 (Spring), 3–21.
  • SUZUKI, Katsuya (1996), ‘Facts on Venture Managements In Japan’, in K. Yanagi And T. Yamamoto (Eds.), Venture Management, Tokyo.
  • TRAJTENBERG, Manuel (1990), ‘A Penny For Your Quotes: Patent Citations and The Value of Innovations’, RAND Journal Of Economics, 21, 172-187.
  • TTGV. (2012), Girişim Sermayesi: Türkiye İçin Çıkarım ve Öneriler, Türkiye Teknoloji Geliştirme Vakfı Yayını, Ankara.
  • TYKVOVÁ, Tereza (2000), Venture Capital In Germany and Its Impact On Innovation, EFMA Conference In Athens, June.
  • UEDA, Masako ve HIRUKAWA, Masayuki (2008), ‘Venture Capital and Industrial: Innovation ’, Discussion Paper, No. 7089, Centre For Economic Policy Research.
  • ÜLKÜ, Hülya (2007), ‘R&D, Innovation, and Growth: Evidence From Four Manufacturing Sectors In OECD Countries’, Oxford Economic Papers, 59(3), 513–35.
  • VAN HULST, Noe, MULDER, Ronald ve SOETE, Luc. (1991), ‘Exports and Technology In Manufacturing Industry, Weltwirtschaftliches Archiv, 127, 246-263.
  • WOLTER, Frank (1977), ‘Factor Proportions, Technology and West German Industry’s International Trade Patterns’, Weltwirtschaftliches Archiv, 113, 250-267.
  • YATMAZ, Fulya (2012), Girişim Sermayesi, Kalkınma Bakanlığı, Yayın no: 2833.
  • http://spk.gov.tr/indexpage.aspx?pageid=206&submenuheader=1/ 04.05.2014.
  • http://www.ivci.com.tr/Default.aspx/07.05.2014.
  • http://www.abigem.org/appmanager/tr/portal?_nfpb=true&_pageLabel=pageKobiFinans &nodeName =Kobi Finans_01/ 07.05.2014.
There are 45 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Deniz Aytaç

Publication Date April 24, 2015
Submission Date July 24, 2014
Published in Issue Year 2015Volume: 16 Issue: 1

Cite

APA Aytaç, D. (2015). YENİLİĞİN FİNANSMANI: GİRİŞİM SERMAYESİ. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 16(1), 59-80.
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