Utjecaj međunarodnih alternativnih fondova na realnu ekonomiju

doctoral thesis

• Title (english): The impact of international alternative funds to the real economy
• Author: Miroslav Ilić; MBZ: 64714
• Mentor: Marijana Ivanov (mentor)
• Committee member: Boris Cota (predsjednik povjerenstva)
• Committee member: Drago Jakovčević (član povjerenstva)
• Committee member: Ljiljana Vidučić (član povjerenstva); MBZ: 64714
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2016, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance
• Universal decimal classification (UDC): 336 - Finance. Banking. Money

Abstract

Fondovi alternativnog kapitala zauzimaju vrlo značajno mjesto u financijskom sustavu i u realnoj ekonomiji. U europskom sustavu fondova alternativnog kapitala vrlo su značajni međunarodni tokovi kapitala. Za međunarodne tokove kapitala alternativnih fondova poseban značaj ima međunarodna konkurentnost za alternativne investicije koja uvjetuje razlike u razini investicija fondova alternativnog kapitala između pojedinih zemalja. Također dosadašnja razina investicija alternativnih fondova kao i opća prihvaćenosti takvih ulaganja ima značajan utjecaj na mogućnosti poslovanja fondova alternativnog kapitala u pojedinim zemljama. Integracija fondova alternativnog kapitala u financijski sustav je vrlo značajna. U disertaciji se razmatraju mogućnosti i odrednice integracija fondova alternativnog kapitala u financijski sustav. Fondovi alternativnog kapitala omogućavaju razvoj intermedijacije i diversifikacije u financijskom sustavu te ostvarivanje većih ulagačkih mogućnosti za ulagače. To je posebno značajno u današnjem okruženju niskih kamatnih stopa. Istovremeno financijski sustav je za fondove alternativnog kapitala vrlo važan kao pružatelj financiranja za alternativne transakcije i povezanih financijskih usluga. Ulaganja fondova alternativnog kapitala podložna su većim rizicima od drugih vrsta investicija zbog većeg broja čimbenika koji mogu utjecati na cijeli proces investiranja tih fondova. Razdoblje nakon financijske krize je imalo utjecaj na fondove alternativnog kapitala koji su vratili poslovanje na ranije razine. Vrlo je značajan utjecaj fondova alternativnog kapitala na realnu ekonomiju. Utjecaj se razlikuje između fondova pothvatnog kapitala i fondova privatnih vlasničkih ulaganja. Fondovi alternativnog kapitala mogu povećati produktivnost gospodarskih subjekata i potaknuti razvojne procese u ekonomiji. To ima pozitivan utjecaj na rast BDP-a realne ekonomije i time na gospodarski razvoj. Fondovi pothvatnog kapitala imaju značajnu ulogu opskrbe kapitalom za rizična ulaganja koji je presudan za razvoj novih inovativnih poduzeća. U disertaciji se posebno razmatra utjecaj fondova alternativnog kapitala na realnu ekonomiju i razvojne mogućnosti.

Abstract (english)

Alternative capital funds have a very important position in the financial system and in the real economy. International capital flows are very important for the European system of alternative capital funds. Country’s competitiveness in international capital flows of alternative funds is important for alternative investments, which causes the differences in the alternative capital level of investment funds between countries. Capital markets development, liquidity, research and development investment have a positive effect on alternative funds investment. Current level of investment of alternative funds and general acceptance of such investments have a significant impact on the business opportunities of alternative capital funds in some countries. Reputational aspects of private equity and other alternative funds play a key role in fundraising.
The integration of alternative funds in the financial system is very important. This dissertation discusses the possibilities and key factors of integration of alternative equity funds in the financial system. The alternative funds enable the development of financial intermediation and diversification in the financial system and the realization of major investment opportunities for investors. This is especially important in today's environment of low interest rates and financial markets volatility. At the same time, the financial system is very important as a provider of financing for alternative transactions and related financial services. Alternative investment funds and their investments are subject to the higher risks than other types of investments because of the large number of factors that can affect the whole process of investing related to these funds. Adequate risk analysis and management system is key to success of alternative funds’ investments. The period after the financial crisis has had a negative impact on the funding of alternative capital funds. Fund investment and fundraising activity significantly decreased and there were doubts about the funds’ future. After partial recovery from recent financial crisis, alternative fund activity was back to earlier levels. Investor interest also recovered to previous levels with current record levels of private equity.

• Keywords: fondovi alternativnog kapitala; private equity; venture kapital; gospodarski rast; gospodarski razvoj
• Keywords (english): alternative funds; private equity; venture capital; economic development; economic growth; economic development
• Language: croatian
• URN:NBN: urn:nbn:hr:148:836048
• Study programme: Title: Economics and Business Economics; Study programme type: university; Study level: postgraduate; Academic / professional title: doktor/doktorica znanosti, područje društvenih znanosti, polje ekonomija (doktor/doktorica znanosti, područje društvenih znanosti, polje ekonomija)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Public note: U radu je dostupan prošireni sažetak na engleskom jeziku.
• Repository: REPEFZG
• Created on: 2016-06-27 14:02:10