Venture Capital in Transition Economies: The Case of Hungary
研究了匈牙利风险投资行业，发现其与发达经济体在控制权需求和估值方法上存在差异，且本土风投的监控力度较弱。
This paper examines the Hungarian venture capital industry, one of the most well-developed in the emerging economies of Central and Eastern Europe. Using a combination of secondary data, mail questionnaires, and face-to-face Interviews, the paper identifies areas of both similarity and difference with experience in developed capitalist economies. The need for venture capitalists to obtain control is found to be much stronger in Hungary than in the US. The relative importance of DCF and price/earnings ratio methods of valuation are reversed when Hungary and western experience are compared. There was evidence that Hungarian domestic venture capitalists engage in less detailed monitoring than either venture capitalists elsewhere or foreign-based venture capitalists operating in Hungary.