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National Research University Higher School of EconomicsStudent ThesesThe Evaluation of the Syndicated Venture Capital Investments' Effectiveness

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Roman Skulov
The Evaluation of the Syndicated Venture Capital Investments' Effectiveness
Economics
(Bachelor’s programme)
2016
The aim of this research paper was in evaluation of the syndicated venture capital investment’ effect on the efficiency of companies and the investor’s returns. To solve this problem and achieve the aim of the work it was necessary to solve the following tasks:

1. to study the features of venture capital investments and the possibility of syndicated investments usage for innovative companies. 2. to compare existing methods of investment’s evaluation of projects and select the most appropriate one. 3. to match deals with venture capital investments in different periods of time with a list of companies that were sold in the recent times (LBO, IPO) 4.to account the estimated yield for a sample of investment projects using the IRR criteria. 5. to create a regression model and use it for evaluation the effect of syndication (the number of investors for 1 company) and possible other factors on the profitability of investment projects. 6. to make conclusions about the factors’ influence on the effectiveness of syndicated investments and assess the significance of these factors. As a result, it was found that an increase of the venture capitalists’ number for the 1 company and reducing the time of projects’ realization increases the return on investment.

The work consists of an introduction, three chapters, conclusion and bibliography. There are 5 tables, 4 drawings in the research paper. The bibliography consists of 43 resources and the total volume of the work without the title page - 46 pages.

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