Speciális kockázatok és kockázatkezelés a kockázatitőke-finanszírozásban (The special risks and risk management of venture capital)

A tanulmányban a szerzők arra a kérdésre keresik a választ, hogy az aszimmetrikus információk hatására a vállalkozók és a befektetők között kialakuló megbízó-ügynök viszonynak melyek a speciális vetületei a kockázatitőke-finanszírozás vonatkozásában. A szerzők arra a következtetésre jutottak, hogy a hiányos információk, a megbízó-ügynök viszony, illetve az ügyletek speciális jellege miatt fokozottan jelentkező ügynökprobléma kezelésére a kockázatitőke-finanszírozás szereplői speciális kockázatkezelési technikákat alkalmaznak. Ilyenek a magas elvárt hozamok, a szigorú kiválasztási kritériumok, a speciális befektetési vagy szindikátusi szerződések, a befektetést követő monitoring tevékenység, a több lépcsőben történő finanszírozás és a portfólióvállalatok hálózatba szervezése. A speciális kockázati megközelítés következtében a befektetéseket opciós szemlélet is áthatja. _____ This paper focuses on the special aspects of imperfect information in case of venture capital financing including principal-agent relationship between entrepreneurs and investors as well as adverse selection that evolves as a result of information asymmetries. The authors’ finding is that venture capital is able to manage the problems caused by imperfect information via applying divers risk management techniques such as high profit expectations, scrutiny of portfolio-companies, the use of special contracting stipulations and syndicate agreements, the monitoring of investments, multi-staged financing of companies and the integration of portfolio-companies into networks. In addition to the risk management techniques the authors also give the interpretation of the unique attitude of venture capital toward uncertainty and its special real option-like risk valuation approach that makes venture capitalists capable of handling high uncertainty under imperfect information.

Szervezeti karriergondozás a nők előmenetelének szolgálatában: Sikeres európai uniós és hazai megoldások (Organizational career development in the career chance of women: successful European and Hungarian solutions)

A szerző tanulmányában a női karrierpálya és a szervezeti karriergondozás sajátosságait mutatja be. A női munkaerő sajátos munkaerő. Sajátosságait a társadalmi munkamegosztásban elfoglalt helye, szerepe, az ebből is táplálkozó férfiakétól eltérő személyisége, motivációja, habitusa, munkahellyel és munkakörrel kapcsolatos elvárásai alkotják. A hatékony emberierőforrás-menedzsment célja, hogy a rendelkezésre álló munkaerő-potenciált, kompetenciatárat minél jobban kihasználja. Ezért hasznosítja a sokszínűségből fakadó szinergiahatást, és számol a különböző alkalmazotti rétegek eltérő adottságaival. _____________________ The career needs of women demands special requirements towards organizational career development which covers the whole process of the human resource management. It is necessary to take attention to the elimination of all forms of discrimination in the organization, to develop an objective selection process based on competences, to eliminate barriers of advancement, to contact and inform women during the paid child-care period, to provide new ways to balance career and family, to extend the mentor system, to aid the preparation of individual career plans, to extend the different forms of flexible employment, to eliminate the wage and income differences. In Hungary the lack of women-friendly social environment and organizational culture prevent the development of diversity management, the fulfilling of the special mission and tasks of female career development. These circumstances waste the human resources in social and organizational level, too. It results the insufficient utilization of the competences of skilled workforce, especially that of women.

Modeling the Impacts of Climate Change on Phytogeographical Units. A Case Study of the Moesz Line

Regional climate models (RCMs) provide reliable climatic predictions for the next 90 years with high horizontal and temporal resolution. In the 21st century northward latitudinal and upward altitudinal shift of the distribution of plant species and phytogeographical units is expected. It is discussed how the modeling of phytogeographical unit can be reduced to modeling plant distributions. Predicted shift of the Moesz line is studied as case study (with three different modeling approaches) using 36 parameters of REMO regional climate data-set, ArcGIS geographic information software, and periods of 1961-1990 (reference period), 2011-2040, and 2041-2070. The disadvantages of this relatively simple climate envelope modeling (CEM) approach are then discussed and several ways of model improvement are suggested. Some statistical and artificial intelligence (AI) methods (logistic regression, cluster analysis and other clustering methods, decision tree, evolutionary algorithm, artificial neural network) are able to provide development of the model. Among them artificial neural networks (ANN) seems to be the most suitable algorithm for this purpose, which provides a black box method for distribution modeling.

Formalization of the informal venture capital market - Business angel networks and syndicates

Business angels are natural persons who provide equity financing for young enterprises and gain ownership in them. They are usually anonym investors and they operate in the background of the companies. Their important feature is that over the funding of the enterprises based on their business experiences they can contribute to the success of the companies with their special expertise and with strategic support. As a result of the asymmetric information between the angels and the companies their matching is difficult (Becsky-Nagy – Fazekas 2015), and the fact, that angel investors prefer anonymity makes it harder for entrepreneurs to obtain informal venture capital. The primary aim of the different type of business angel organizations and networks is to alleviate this matching process with intermediation between the two parties. The role of these organizations is increasing in the informal venture capital market compared to the individually operating angels. The recognition of their economic importance led many governments to support them. There were also public initiations that aimed the establishment of these intermediary organizations that led to the institutionalization of business angels. This study via the characterization of business angels focuses on the progress of these informational intermediaries and their ways of development with regards to the international trends and the current situation of Hungarian business angels and angel networks.

Future Possibilities, Social Challenges and Adaptation Requirements of Industrial Progress

The paper addresses the technological change that is currently happening in industry. First, a review of the global trends that impact industrial developmentsis made, then a summary ofexpanding intelligent technologies and their systems. The report describes in detail the concept of Industry 4.0 and its major technology-related aspects. At the end of the paper, a summary of social consequences is addressed, especially concerning generational concerns connected to the current change in industrial technology. The purpose of the study is to raise some special aspects and considerations in the given subject.