Home  Journals  Finance and Credit  6(390) - 2010 February

Valuation of innovative companies by venture investors in the raw materials dependent countries

Available online: 12 February 2010

Subject Heading: THE VENTURE CAPITAL

JEL Classification: 

To overcome the raw materials dependence and to create the innovative companies should be developed venture investments. In the present work are examined methods of valuation of innovative companies operating in emerging markets and suggested author's modification of Capital Asset Price Model that takes into consideration raw dependence of Russian economy. Approbation of the enhanced valuation methods was performed on two Russian successful innovative companies. It is concluded that foreign methods of valuation of innovative companies enhanced with consideration of national particularities may be successfully used in practice of national venture investors.

Keywords: venture capital, raw materials dependent economic, valuation of innovative companies, Capital Asset Price Model (CAPM)

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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