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Finance and Credit
 

Management methods of venture fund with state participation

Vol. 16, Iss. 11, MARCH 2010

Available online: 12 March 2010

Subject Heading: Financial management

JEL Classification: 

Borochkin A.A. assistant, N.I. Lobachevsky State University of Nizhni Novgorod
borochkin@yandex.ru

Venture capital funds with state participation are effective in stimulating innovative development of economy. This article offers a management approach of venture fund, which allows to predict the value of the venture fund and evaluate the effect of financial leverage provided by the state on the yield and the risk of private investors. The method is tested on the example of Russian innovative companies. Calculations showed that the government should increase investment in the venture capital fund that finance start-ups and reduce investment in the venture fund that is in the transition to finance growing companies in order to prevent overheating of the economy and reduce the risks of financial crisis.

Keywords: venture capital, venture fund with state participation, Box-Kox linearizing transformation, Monte-Carlo simulation

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

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