[雙語翻譯]--外文翻譯--匈牙利的風(fēng)險投資和私募股權(quán)行業(yè)（英文）

1、VENTURE CAPITAL AND PRIVATE EQUITY INDUSTRY IN HUNGARY*Judit KARSAI(Received: 27 December 2011; revision received: 24 May 2012; accepted: 7 January 2013)Hungary represents the second most developed venture capital and pr

2、ivate equity (VC&PE) market in Central and Eastern Europe. This article is based on a detailed survey of the entire VC industry be- tween 1989–2010. It demonstrates that while there was a relatively strong correlatio

3、n between the allocation of capital to VC&PE funds and the capital flow into the Budapest Stock Exchange, the changes in investment activities were closely related to election years. Investments had been ham- pered p

4、rimarily not by the shortage of capital, but by a lack of demand and attractive business plans. The article illustrates the different roles and approaches of global, regional and country VC&PE funds in Hungary. It po

5、ints out that VC investments hardly satisfied their principal function or mis- sion, namely to support innovative start-up and small businesses. Government interventions in the VC market proved to be ineffective as well.

6、 Similarly to the whole region, the Hungarian market profited from a transitory situation in the case of high-value PE transactions between 2007 and 2008, at the beginning of the crisis, when the investment problems in W

7、estern Europe had yet not extended to the CEE region. From 2009 onward, however, the crisis has resulted in a drop in investments de- spite the significant amount of uninvested capital accumulated in recent years. As to

8、the prospects for 2013, the early-stage VC segment in Hungary is expected to flourish owing to the Jeremie funds, while the high-value buyout segment of the market will suffer from both the euro zone debt crisis and the

9、loss of transparency in economic policy.Keywords: venture capital, private equity, transition economies, emerging markets, HungaryJEL classification indices: G23, G24, M13, O16, P340001-6373/$20.00 © 2013 Akadé

10、miai Kiadó, BudapestActa Oeconomica, Vol. 63 (1) pp. 23–42 (2013) DOI: 10.1556/AOecon.63.2013.1.2* Financial support from the Hungarian Science Research Fund (OTKA, grant no. K 105581) is gratefully acknowledged. Th

11、e author is grateful to the two anonymous referees for their com- ments and suggestions.Corresponding address: J. Karsai, Institute of Economics, Research Centre for Economic and Re- gional Studies, Hungarian Academy of

12、Sciences, Budaörsi út 45, H-1112 Budapest, Hungary. E-mail: judit.karsai@krtk.mta.hu2. THE SIZE OF THE HUNGARIAN VENTURE CAPITAL AND PRIVATE EQUITY INDUSTRYIn order to make a comparison with European data, the

13、Hungarian VC&PE mar- ket share is measured as a percentage of the value of investments into companies headquartered in Hungary as a proportion of the country’s GDP. In the recent past, Hungary occupied a distinguishe

14、d position not only within the CEE region, but also among other EU member states. The VC&PE investment/GDP ratios in Hungary continuously exceeded the investment intensity measured throughout the region between 2002–

15、2009. In fact, due to some big-volume investments, the Hungarian indicators surpassed that of the ratios in the EU in 2006 and in 2008 (Figure 1). Regarding the investment/GDP ratio, the Hungarian market ranked fifth in

16、Europe in 2006, ninth in 2007, sixth in 2008, and tenth in 2009. Unfortu-Acta Oeconomica 63 (2013)PRIVATE EQUITY IN HUNGARY 25appeared on the market, while new funds established by the same investor were recorded as sepa

17、rate ones. Capital available for investments was registered by the geographic focus of the investments and by the ownership structure of the funds. Funds were classified according to three geographically-focused categori

18、es: global funds, regional funds and country funds (Ta- ble 1). In the case of global funds, the survey took into account only the actual investments. In the case of regional funds, the survey calculated with one-fourth

19、of the capital managed. Ac- cording to the estimation of industry experts, regional investors usually allocated one-quarter of their investments to the Hungarian market, although this rate decreased by the end of the 200

20、0s. In the case of country funds, the survey took into account the total capital managed.Figure 1Value of invested venture capital and private equity compared to GDP in the European Union, in CEE and in Hungary (2002–201