RİSK SERMAYESİ VE MELEK SERMAYE FİNANSMAN YÖNTEMİNİN GİRİŞİMCİLİĞİN FİNANSMANI AÇISINDAN DEĞERLENDİRİLMESİ

Autor: UÇAR, Gözde
Jazyk: turečtina
Rok vydání: 2020
Předmět:
Zdroj: Volume: 8, Issue: 1 1-33
İşletme Bilimi Dergisi
ISSN: 2148-0737
Popis: Today, most entrepreneurs need sufficient capital both in the project's idea phase and in the organization, as well as in the expansion and growth stages. Enterprises known as the early stage, which are in the seed and beginning stages, have a higher need for capital than those in the growth- development stages. Because there are many entrepreneur candidates who have a brilliant business idea and want to realize but cannot provide the necessary financing. The entrepreneur candidates at this stage, due to the inadequacy of their equity and their inability to operate yet; It is obvious that it is not rational for them to benefit from bank loans or financing opportunities through various borrowings. Also, at this early stage, entrepreneurs need to be supported with management experience that will ensure continuity in the sector as well as the funding they should have at the beginning. At this point, the venture capital, which is an alternative method, which is successfully implemented in developed countries and adapted to our country by establishing its legal framework, can be used. It is known that the starting point of venture capital was the USA in 1946 and spread in other European and Asian countries in the 1980s. Venture capital; It is a method that has created innovative ideas, inventions and projects, but does not have sufficient capital, provides financing support to entrepreneurs, small and medium-sized enterprises (SMEs) who are at the stage of investment, seed, beginning and mostly advanced. In addition to the equity flow they provide, this method, which equips the entrepreneur in administrative and technical terms, can take the country one step further in the competitive environment if it is applied successfully.In this framework, another alternative method that can provide entrepreneurs with the necessary financial and managerial support is angel capital. Angel capital financing method, which does not have a lot of history in our country and is on the way of development; again, it is a method of supporting entrepreneurs who have high potential for success and do not have sufficient capital. As in venture capital, in angel capital method, success and technology focus stand out in new ideas. The angel investor, trains the entrepreneur with management experience as well as financing support and makes suggestions to the entrepreneurs about the future. Because, the qualification of the investor as an angel is due to the fact that he goes beyond the administrative support he gives to the entrepreneur and establish intimate relations.Angel capital, which is a newer method compared to venture capital, is a method supported by the Ministry of Treasury and Finance in our country since 2013. These two methods are very close in content and are often confused. However, there are some distinctions as well as similarities between these financing methods. The purpose of this study is to examine these financing methods in terms of concept and operation. Also, what method is used more by entrepreneurs in the world and Turkey, or making assessments in terms of accessibility, it is to reveal the differences and similarities of the methods.In this study, secondary data, regulations and related literature were used as a method. In addition, there are included of entrepreneurs and business examples who can benefit from these financing methods, which have been successful in the World.The two methods differ in subjects such as the size and source of the fund used in investments, the subject of investment, the roles undertaken after the investment, the instruments of investment, the stage of investment. This two financing methods differ in subjects such as the size and source of the fund used in investments, the subject of investment, the roles undertaken after the investment, the instruments of investment, the stage of investment. If it is stated briefly; In the venture capital method, especially when it comes to supporting technology-based investments, investing with the funds provided to the capitalist and having high expectations by taking less risk, the investment phase is the core, early and mostly advanced stage, in angel financing all kinds of investments such as healthcare, medical services, software, bio-technology are supported, the investor invests with his own money and keeps his expectations low by taking more risks, and the investment phase becomes the core and early stage. In addition, according to the secondary data obtained from the literature on the use of venture capital and angel capital methods in order to provide financing for entrepreneurs: In December 2018, it was predicted that venture capital investments were realized as $ 856 billion worldwide and the value of investments to be made in 2022 will reach $ 1 trillion. On the other hand, when looking at the angel capital data of 2017; the market size of angel investment is more than 5.7 billion Euros in Europe and more than 20 billion USD in USA and Canada; Opinions have been reached that the total size of the world is expected to exceed 50 billion dollars in 2020. In this sense, when a comparison is made in terms of which financing method entrepreneurs use more in the light of the said data; Although angel capital investments have been growing rapidly lately, it is observed that venture capital investments have been realized more. Therefore, the most preferred method of financing by entrepreneurs in the process was venture capital. As a result, the venture capital method is better known than the angel capital method due to its deep-rooted history. Therefore, entrepreneurs should be informed especially about angel capital method and brought together with existing and potential investors. angel networks should be promoted through mass media. angel investors should introduce explain their past experiences and achievements and inspire entrepreneurs. In addition, public institutions have duties to provide incentives in order to support angel investors in our country. In this way, these investments in promising ideas will benefit in competing with competitors and other countries and will take initiatives one step further in this survival race.
Amaç: Girişimciler yaratıcı fikirlerini ve projelerini hayata geçirebilmek için öncelikle gerekli olan sermayeyi oluşturma yoluna gitmektedirler. Ancak sermaye oluşturmak, kurulma evresindeki girişimler için zorlayıcı olabilmektedir. Bu noktada, risk sermayesi ve melek sermaye gibi alternatif finansman yöntemleri öne çıkmaktadır. Risk sermayesine kıyasla melek finansman yöntemi, ülkemizde 2013 yılından bugüne kadar Hazine ve Maliye Bakanlığı tarafından desteklenen yeni bir yöntemdir. Bu iki yöntem içerik olarak birbirine çok yakındır ve sıklıkla karıştırılmaktadır. Ancak bu finansman yöntemleri arasındaki benzerliklerin yanı sıra bazı ayrımlar da vardır. Çalışmanın amacı, bu finansman yöntemlerini kavram, hukuki altyapı, türler, taraflar, işleyiş, ulaşabilme imkanı, Dünya ve Türkiye’deki durumları bakımından incelemek, farklarını ve benzerliklerini ortaya koymak ve yöntemlerin gelişmesi, uygulanabilirliği adına önerilerde bulunmaktır. Yöntem: Bu çalışmada yöntem olarak ikincil verilerden, yönetmeliklerden ve ilgili literatürden faydalanılmıştır. Ayrıca bu finansman yöntemlerinden yararlanabilen, dünya çapında başarılı olmuş girişimci ve işletme örneklerine yer verilmiştir. Bulgular: İki yöntem, yatırımlarda kullanılan fonun büyüklüğü ve kaynağı, yatırım sonrası üstlenilen roller, yatırım araçları, yatırım yapılan aşama gibi konularda farklılıklar göstermektedir. Kısaca belirtilirse; risk sermayesi yönteminde özellikle teknoloji tabanlı yatırımların desteklenmesi, sermayedarın kendisine sağlanan fonlarla yatırım yapması ve daha az risk alarak beklentilerinin yüksek olması, yatırım aşamasının çekirdek, erken ve çoğunlukla ileri evre olması söz konusuyken, melek finansmanda daha çok sağlık, medikal hizmetleri, yazılım, biyo-teknoloji gibi her türlü yatırım desteklenmekte, yatırımcı kendi parasıyla yatırım yapmakta ve daha fazla risk alarak beklentilerini düşük tutmakta, yatırım aşaması ise çekirdek ve erken evre olmaktadır. Sonuç: Risk sermayesi yöntemi, köklü geçmişi dolayısıyla melek finansmana göre daha çok tanınmaktadır. Dolayısıyla, girişimciler yöntemler hakkında bilgilendirilmeli, mevcut ve potansiyel yatırımcılarla bir araya getirilmelidir. Bununla birlikte, melek yatırımcılara kıyasla risk sermayedarlarına ilişkin ülkemizde bazı vergi avantajları ve yasal düzenlemeler yapılmaktadır. Melek yatırımcıların da desteklenmesi amacıyla teşviklerin yapılması ve gerekli ortamın hazırlanması konusunda kamu kurumlarına görevler düşmektedir.
Databáze: OpenAIRE
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