20.500.12556/DKUM-11185 DRŽAVNE SPODBUDE ZA RAZVOJ TRGA TVEGANEGA KAPITALA V SLOVENIJI INCENTIVES OF GOVERNMENT FOR VENTURE CAPITAL DEVELOPMENT IN SLOVENIA Tvegani kapital predstavlja kapitalske vložke v zelo tvegane začetne in razširitvene faze razvoja podjetja, ki ne kotirajo na borzi, s strani zunanjih investitorjev, ki niso neposredno ustanovitelji podjetja. Kapitalski vložek ni dolžniški vir, ki bi ga podjetje moralo vrniti, temveč predstavlja osnovni ali dodatni lastniški vir, ki v primeru propada podjetja služi za poplačilo dolgov podjetja in ga investitor ne more zahtevati nazaj. S tem investitor prevzema riziko investiranja, za ta riziko pa zahteva ustrezno visok donos na vložek. Slovenija je v različnih primerjalnih analizah, glede poslovnega okolja za delovanje skladov tveganega kapitala, na repu evropskih držav. Državni zbor Republike Slovenije je za izboljšanje stanja na tem področju, septembra 2007 sprejel Zakon o družbah tveganega kapitala, ki omogoča uveljavitev davčnih olajšav v zvezi z naložbami tveganega kapitala, ki so bile uzakonjene v okviru reforme slovenskega davčnega sistema v letu 2006. Slovenija je s tem naredila prve pozitivne korake k razvoju trga tveganega kapitala. Tako na ponudbeni strani kot tudi na povpraševalni strani obstajajo potenciali, ki bi jih morala Slovenija še izkoristiti. Venture capital represents capital investments into the companies, which are not listed on the stock exchange. Such investments are made by the extemal investors (venture capital funds), that are not direct founders of the company, but are willing to invest their own capital into a very risky initial and extension developmental stages of the company. Capital investment is not a debt source that company should return and the potential investor can not reclaim it. It represents the basic or the additional source which, in the case of downfall of the company, is used for the payment of the company's debt. In this manner the investor undertakes the investment risk and, for that risk undertaken, demands appropriate return on equity. Different comparable analyses shows that Slovenia, when it comes to the business environment for the performance of the venture capital funds, is still at the bottom of the European countries. Republic of Slovenia has on September 27th 2007 adopted the Law on venture capital companies. The law enables the enforcement of tax relief concerning investments of venture capital that were adopted within the frame of reforms of the Slovenian tax system in 2006. These will stimulate demanding and supplying side of the venture capital market. Slovenia has done some first positive steps on the way to development of the venture capital market. There certainly are potentials (on the supply side, as well as on the demand side) that Slovenia should benefit from. tvegani kapital lastniški kapital skladi tveganega kapitala poslovni angeli semenski kapital zagonski kapital kapital za razširitev obdavčitev naložb tveganega kapitala javna družba tveganega kapitala Venture capital Private equity Venture capital funds Business angels seed capital start-up capital expansion capital taxation of venture capital investments Public Venture Company true true false [I. Štampar] Slovenski jezik Angleški jezik Diplomsko delo 2009-07-11 18:34:31 2010-02-26 10:58:54 2022-04-11 23:35:22 2022-04-17 03:34:27 2009 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336 9994780 URN:SI:UM:DK:1IUZJXWF UNI_Stampar_Ines_2009.pdf UNI_Stampar_Ines_2009.pdf 1 F47BF7C1B1BED904C6E6DF74893FE4D0 511b2bb8d3add0bdeb112eac8105581be9934c7ba52ce40405b5656f09c6a404 0cc1a21b-7c03-11eb-bb7a-00155d0001ca 20.500.12556/dkum/567b9d6a-f4a9-44a7-920b-be178e30985c https://dk.um.si/Dokument.php?lang=slv&id=9819 Ekonomsko-poslovna fakulteta 0 0 0