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Financijsko - tržišni potencijal hrvatskih malih i srednjih poduzeća u privlačenju rizičnog kapitalaŠimić Šarić, Marija
Elektronički Zbornik Radova Veleučilišta u Šibeniku, 07/2024, Volume: 18, Issue: 1-2Journal Article, Web Resource
Investicijski spreman poduzetnik je onaj koji je sposoban razumjeti specifične preferencije ulagača te je u mogućnosti udovoljiti, odnosno odgovoriti na te preferencije u pogledu rizika i povrata, pružajući odgovarajuću strukturu plasmana i relevantne informacije. Stoga se u ovom istraživanju analizira financijsko-tržišni potencijal hrvatskih malih i srednjih poduzeća u privlačenju rizičnog kapitala. Na temelju postojećih istraživanja oblikovan je teorijski model nazvan financijsko-tržišni potencijal poduhvata. Putem višestruke log-linearne regresije ispitana je njegova važnost u privlačenju rizičnog kapitala gledajući sa strane poduzetnika koji su privukli rizični kapital. Utjecaj stope povrata na imovinu, financiranja vlastitim kapitalom i kvazi tržišnog udjela na iznos privučenog rizičnog kapitala je pozitivan, dok je utjecaj stope povrata na vlastiti kapital negativan pa se prihvatila hipoteza o postojanju pozitivnog utjecaja financijsko-tržišnog potencijala poduhvata na iznos privučenog rizičnog kapitala. Znanstveni doprinosi provedenog istraživanja leže u razvoju znanstvenih spoznaja o investicijskim kriterijima rizičnog kapitala, oblikovanju teorijskog modela financijsko-tržišnog potencijala poduhvata, kao i u empirijskoj verifikaciji postavljenog modela. Ograničenost samog istraživanja proizlazi iz činjenice nedovoljno razvijenog tržišta rizičnog kapitala u Hrvatskoj pa i s tim povezanog malog broja ulaganja. Stoga se navedeno istraživanje u budućnosti može proširiti na zemlje srednjoistočne Europe. An investment-ready entrepreneur is the one who is able to understand the specific preferences of investors and is able to satisfy or respond to these preferences in terms of risk and return, providing an appropriate placement structure and relevant information. Therefore, this research analyzes the financial and market potential of Croatian small and medium-sized enterprises in attracting venture capital. On the basis of existing research, a theoretical model called the financial-market potential of the enterprise was formed. Through multiple log-linear regression, its importance in attracting venture capital was examined from the perspective of entrepreneurs who attracted venture capital. The influence of the rate of return on assets, financing with own capital and quasi-market share on the amount of attracted venture capital is positive, while the influence of the rate of return on equity is negative, so the hypothesis of the existence of a positive influence of the financial-market potential of the enterprise on the amount of attracted venture capital was accepted. The scientific contributions of the conducted research lies in the development of scientific knowledge about the investment criteria of risk capital, the formation of a theoretical model of the financial-market potential of the enterprise, as well as in the empirical verification of the established model. The limitation of the research itself stems from the fact that the venture capital market in Croatia is insufficiently developed and the associated small number of investments. Therefore, the aforementioned research can be extended to the countries of Central and Eastern Europe in the future.
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