Makroekonomické faktory ovlivňující business angels aktivitu a tvorbu venture capital v České republice

Abstract

Purpose of the article: The purpose of this article is to summarize the approaches used to research the development of business angels activities and venture capital investments according to the development of macroeconomic variables and then consider the possibility of their use in this research in the Czech Republic. Scientific aim: Based on the experience of foreign studies and research the paper explores the possible relationship between venture capital investments and the development of key macroeconomic variables in the Czech Republic. Methodology/methods: To assess the relationship between the level of venture capital investment and macroeconomic variables in the Czech Republic are used statistics of the European Private Equity & Venture Capital Association on investment activity in the Czech Republic, macroeconomic data (the annual change in real GDP, the annual change in real expenditure on gross capital formation, the annual change in real expenditure on fixed capital formation, the ratio of the current account deficit to GDP at current prices and the ratio of financial account balance to GDP at current prices) of the Czech Statistical Office. As a statistical method is used Spearman’s rank correlation coefficient. Findings: There was found no significant statistical relationship between selected macroeconomic variables and the level of venture capital activity in the Czech Republic. Conclusions (limits, implications etc): Results are strongly influenced by a small number of values in the statistics EVCA. For more relevant results of the relationship between the level of business angel and venture capital activities and macroeconomic variables in the Czech Republic would be appropriate to provide statistics on the larger set of investments depicting the venture capital activity in the country. For further research of the creation of venture capital and the business angel activity it seems appropriate to pay attention to the legal and institutional environment of the business angles and venture capital activities and compare them with the results of studies in this field abroad.