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Determinants of Venture Investment Volume in the Russian IT-sector

Student: Gosteva E`leonora

Supervisor: Alexander Semenov

Faculty: Faculty of Economic Sciences

Educational Programme: Bachelor

Year of Graduation: 2014

<p>In this research the determinants analysis of venture investment deals in Russian IT-sector is conducted. This work is the first econometric research of venture investment determinants in Russia, since the information about deals had been closed. The object of the work is the economic relationships based on 91 venture invested projects of Russian IT sector in 2010-2014. The subject of the work is the dependence between the second round investment volume and other determinants of Russian venture IT market. The aim of the paper is to conduct analysis of determinants of venture investments in Russian IT sector.</p><p>According to the aim set, the following tasks of the study have been formulated:</p><p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to study the history of venture investments in Russia and in the world;</p><p style="margin-left:36.0pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to find key determinants of the Russian venture field development (by studying foreign academic researches);</p><p>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to determine the main directions of Russian venture investments;</p><p>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to expand the sample of Russian venture deals in IT sector;</p><p style="margin-left:36.0pt;">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to collect data by the basic parameters of promising companies;</p><p style="margin-left:36.0pt;">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to identify the factors and motivation of venture investors;</p><p style="margin-left:36.0pt;">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to detect the drivers of the successful venture company (by means of deep empirical analysis).</p><p>The sample is collected by means of published reports of FastLane, PwC and RusBase. Relying on existing researches and reports, venture investments in Russian IT sector are estimated for the dependence between the second round investment volume and three determinants: the first round investments values, participation of investors with &laquo;first-class&raquo; reputation, and the growth rate of market sector.</p><p>For the first OLS regression 60 projects are included that attracted venture financing in two rounds, and for the logit regression 31 projects more are used (the sample includes 91 observations) that attracted venture investments only in the first round.</p><p>It is empirically found that the first round investments values and the participation of investors with &laquo;first-class&raquo; reputation have positive influence on the second round investment volume. On the other hand, the first round investments values have negative influence on the second round investment probability. Besides, the participation of reputed investors influences either the volume of the second round or the investments probability in the limited period of time. The forecasted market indicators are insignificant in the OLS regression, but significant with positive dependence in the logit regression.</p><p>&nbsp;</p>

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