Financial intermediation and novel technologies : Interdependencies between private equity and financial intermediaries of technology finance with evidence from the clean technology sector

ISBN-13: 9783737547574 / Angielski / Miękka / 2015 / 140 str.

Florian Schock

Opis

The thesis analyzes interdependencies between private equity and other sources of finance by examining investment flows and supplements the analyses with evidence from literature and interviews.

With its focus on private equity (PE) investment in the clean technology (CT) sector, this thesis makes a contribution to an area of research, that, to date has only in part been examined in extant literature. In particular, it adds to prior research by analyzing (1) the multitude of interdependencies among different sources of capital on the one hand and (2) the interdependencies between these sources of capital and financial/innovation policy measures on the other hand. Thereby, the thesis adds depth to the discussion revolving around the financing of innovative technology companies and incorporates the impact of intended and unintended feedback from policy measures. Each of the four main chapters of the thesis covers different aspects of the interdependencies along the innovation-finance value chain: Chapter 2: Private equity financing of clean technology companies: A literature review (RQ1). Chapter 3: Sources of finance in the clean technology sector: Capital structure, financial intermediation and industry life-cycle (RQ2). Chapter 4: Interdependencies between technology and capacity investments in the solar technology sector (RQ3). Chapter 5: Private equity in clean technology: An exploratory study of the finance-innovation-policy nexus (RQ4). A concluding chapter summarizes the main implications from the four main chapters and presents the findings in a format targeted at specific audiences - researchers, practitioners, and policy makers.

O autorze

Schock, FlorianFlorian Schock is a senior consultant at PricewaterhouseCooper's Frankfurt office and is a member of the Private Equity Industry Group. His responsibilities entail financial due diligence and transaction support for private equity clients. He has been involved in numerous transactions in industries such as industrial products and services, healthcare and automotive. Prior to joining PricewaterhouseCoopers, Florian worked at Heliad Equity Partners, Frankfurt, while conducting his doctoral studies at EBS University, Oestrich-Winkel, and at the University of California, Berkeley. Before that, he worked at KPMG's Düsseldorf corporate finance department. Florian holds a M.Sc. in industrial engineering from University of Erlangen-Nuremberg and is a CFA charter holder.