Keywords
capital riesgo; capital privado; programas públicos; financiación a PYME, equity gap, private equity; venture capital; public initiatives; SME financing; equity gap
Iniciativas públicas en la industria europea de capital riesgo: una comparativa entre programas del Reino Unido y España
Abstract
La industria de capital riesgo y su papel como proveedor de fondos a largo plazo para las empresas han recuperado importancia en Europa, una vez superados los peores años de la crisis financiera. En España, el tejido empresarial continúa dependiendo en exceso de la financiación bancaria como principal recurso financiero, por lo que el acceso al mercado de capital riesgo puede resultar de vital importancia, sobre todo para las empresas más pequeñas o de nueva creación. En este artículo se analiza un aspecto clave para el desarrollo de la industria de capital riesgo, como es la participación del sector público en el fomento de este tipo de financiación. Se realiza una breve revisión del estado actual del capital riesgo en España dentro del contexto europeo, comparando las iniciativas públicas españolas con las de un país referente en el mercado de capital privado europeo, como es el Reino Unido. En concreto, se examinan en profundidad las similitudes y diferencias entre dos programas públicos exitosos de ambos países: Fond-ICO Global y Enterprise Capital Funds.
Spanish and EU companies still rely too much on banking finance, so although the European Private Equity and Venture Capital industry seems to have overcome the worst effects of the economic recession, there still seems to be room for growth in this sector, as young companies and SMEs turn more regularly to alternative sources for their financial needs. This paper insists in the importance of public initiatives to foster Venture Capital activities and explains the main reasons behind this behavior. In addition, the paper focuses on the Spanish Private Equity industry within the global EU context, comparing its public sector initiatives with those from the UK, which is the most developed EU Venture Capital market. More specifically, the similarities and differences between two successful public programs are discussed: The UK Enterprise Capital Funds and the Spanish Fond-ICO Global.
Spanish and EU companies still rely too much on banking finance, so although the European Private Equity and Venture Capital industry seems to have overcome the worst effects of the economic recession, there still seems to be room for growth in this sector, as young companies and SMEs turn more regularly to alternative sources for their financial needs. This paper insists in the importance of public initiatives to foster Venture Capital activities and explains the main reasons behind this behavior. In addition, the paper focuses on the Spanish Private Equity industry within the global EU context, comparing its public sector initiatives with those from the UK, which is the most developed EU Venture Capital market. More specifically, the similarities and differences between two successful public programs are discussed: The UK Enterprise Capital Funds and the Spanish Fond-ICO Global.
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