An analysis of venture capital investment trusts in Turkey

Looking at today's conditions, in the ever-changing competitive global market, innovation and entrepreneurship-based concepts need to be emphasized and used for building business, taking risks or developing and managing business, and providing competitive advantage, and increasing productivity and economic growth opportunities. Among these concepts, the "Venture Capital" is important in financing potential ideas. Companies are generally the subject of venture capital and it is used for covering the subjects such as the investments directed to the newly established companies at initial stages, as well as the mergers, restructuring and the growth and expansion investments made to companies acting with growth strategy. Investments, which are the subject of risk capital, are generally included in the venture capital. In this study, the general framework of venture capital financing model has been examined and the financial statements of venture capital companies have been tried to be associated with macroeconomic growth concept. The average asset profitability series, which was formed from the quarterly financial statements of the three companies for the period 2009.12-2017.12, and the industrial production index data for the same period were used. With the Engle-Granger Cointegration test, it is concluded that the series are cointegrated, and 24% of the 1-unit deviation that can occur due to external reasons converges to the equilibrium value in the next period by the Error Correction Mechanism.