Venture capital is a subset of private equity and refers to equity investment made for launch (seed), early development (start-up), or expansion (later stage venture) of business developed by enterprises not quoted on the stock market. Private equity can be further used to expand working capital, to make acquisitions, to strengthen a company’s balance sheet and for buyouts. Several stages can be distinguished in the expansion, the post-venture stage of fundraising: growth, rescue/turnaround, replacement and buyouts. The Venture capital investments (VCI) indicators are compiled based on the data collected by the INVEST Europe (formerly named European Private Equity & Venture Capital Association EVCA) survey of all private equity and venture capital companies. INVEST Europe is responsible for data collection and primary data treatment. The investment statistics released by INVEST Europe are provided on the one hand by the country of the private equity firm – industry statistics, and on the other hand by the country of portfolio company – market statistics. Data on Ventures capital investments presented in Eurobase are aggregated based on industry statistics. Data on venture capital in Eurobase refer to the amount of money invested and to the number of companies that receive the investment. Until 2006 reference year Eurostat VCI data were aggregated into 3 stages following the structure of investment stages as defined by the (former) EVCA :
Investment in early stage (seed + start-up)
Investment in expansion and replacement stage (expansion + replacement capital)
Investment for buyouts (buyouts)
In 2007 reference year important changes were brought to the methodology and sample of a survey. Furthermore, new aggregates were defined to better reflect the nature of the private equity capital. In consequence starting with 2007 data, the reconstruction of the former three stages revealed impossible. Due to this important break in series new data collection including detailed financing stages was created and introduced in Eurobase accordingly to the stage of the business. These data are broken into following groups:
Venture capital in seed stage
Venture capital in start-up stage
Venture capital in later stage
Total venture capital (investment in seed + start-up + later stage)
Investment in growth stage
Investment for rescue/turnaround
Investment for replacement
Investment for buyouts
Total investment
For a more detailed definition, see 3.4 Statistical concepts and definitions. The data cover the EU-15 Member States, Bulgaria, Czech Republic, Hungary, Poland, Romania, Norway and Switzerland. The indicators are presented in EUR million, as a number of investments (only for 1989-2006 period), as a number of companies involved and as a percentage of GDP (Gross domestic product at market prices), which is defined in conformity with the European System of national and regional Accounts in the Community (ESA 95). For the reasons of scale, only the Total venture capital and the Total investment are expressed as a percentage of GDP. From a year to another one, data can differ. Several factors could explain these differences, for example: a declaration of a firm after closing of the figures, reclassification of investment, transfer of a headquarter to another country.
Загрузка…
Вы уверены, что желаете отправить источник на проверку?