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"Penelitian ini bertujuan untuk melihat peran informasi akuntansi dalam keputusan investasi venture capital di perusahaan baru berbasis teknologi. Studi ini bersifat kualitatif dan eksploratori dengan perolehan bukti empiris dari wawancara yang dilakukan terhadap professional yang berkerja di perusahaan venture capital di Indonesia. Agenda diskusi utama dibagi terhadap 3 preposisi yaitu: peran stewardship laporan keuangan yang tersedia; peran valuation dari laporan keuangan yang tersedia; dan dampak asset tidak berwujud tidak tersingkap pada nilai valuasi value of investment perusahaan. Dalam temuannya, informasi akuntansi tidak memegang peran stewardship dan valuation dalam keputusan investasi yang dimiliki venture capital. Aset tidak berwujud yang tidak tersingkap juga ditemukan mempengaruhi nilai valuasi venture capital.

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This research aims to examine the role of accounting information in venture capital investment decision at technology start ups. The study is qualitative and exploratory in nature, collecting data from a series of interview with professional who works at venture capital firm in Indonesia. Discussion agenda is framed on three propositions stewardship role of accounting information from existing financial statements valuation role of accounting information from existing financial statements and assessing the impact of undisclosed intangible assets to value of investments venture capital. We find that accounting information no longer plays strong stewardship and valuation role, certainly in early stage investment for venture capital investor. We also found undisclosed intangible assets have positive correlation impact on venture capital investment value. "

"Tesis ini membahas mengenai analisis pembiayaan secara bertahap staged financing yang diberikan oleh perusahaan modal ventura VCF kepada perusahaan startup di Indonesia, apakah benar pemberian pendanaan dilakukan secara bertahap atau tidak, termasuk persyaratan dari VCF ke perusahaan startup untuk dapat memperoleh pendanaan tahap berikutnya. Seiring kesadaran akan pentingnya teknologi meningkat, banyak perusahaan startup di Indonesia yang didirikan. Kebutuhan pendanaan perusahaan ini bukanlah sesuatu yang mudah untuk dipenuhi. Berdasarkan literatur, pendanaan secara bertahap umum dilakukan oleh VCF. Pendanaan pada startup dihadapkan pada adanya informasi asimetris yang tinggi baik terkait dengan masalah seleksi yang berpotensi merugikan maupun masalah moral hazard. VCF yang melakukan investasi pada startup yang potensial perlu mengurangi risiko ini dengan menginvestasikan dana secara bertahap. Penelitian kualitatif ini dilakukan dengan melakukan wawancara mendalam. Unit analisis penelitian ini adalah startup Indonesia yang didanai oleh VCF atau private equity. Objek penelitian berjumlah 6 startup di Indonesia. Berdasarkan hasil analisis, ditemukan bahwa perusahaan startup di Indonesia yang dibiayai oleh VCF atau investor lainnya diberikan pendanaan secara bertahap, atau dikenal dengan istilah staged financing. Selain itu, peneliti juga menemukan bahwa untuk mendapatkan pembiayaan tahap selanjutnya, VCF menetapkan beberapa persyaratan yang harus dipenuhi oleh perusahaan startup yang mereka danai. Persyaratan ini bahkan melibatkan proses audit.

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This thesis concerns analysis of the staged financing given by Venture Capital firms VCFs to the Indonesian start ups they financed, whether or not the staging exists, including the requirement from VCFs to the start ups in order to get the next stage of financing. As awareness of the importance of technology increased, many Indonesian start ups was established, most of them are technology based companies. These companies needs of funding are not something very easy to met. Funding on start ups encounter high information asymmetric both adverse selection problem as well as moral hazard problem. VCFs investing in potential start ups need to mitigate this risk by gradually invest its fund. Based on the literature, staged financing is widely used by VCFs.

This qualitative research run by conducting in depth interviews. The unit of analysis are Indonesian start ups funded by VCFs or private equity fund. Object of analysis are 6 Indonesian startups. We found that Indonesian start ups financed by VCFs or private equity funds are given the fund in stages, or also known as staged financing. We also found that to get the next stage of financing, VCFs set some requirements for start ups they financed to fulfil. These requirements even involve audit process followed strictly."

"Penelitian ini membahas mengenai perusahaan modal ventura sebagai salah satu lembaga pembiayaan di Indonesia yang menjadi alternatif sumber pembiayaan bagi usaha yang sulit memperoleh pembiayaan konvensional salah satunya berasal dari bank. Salah satu kegiatan usaha perusahaan modal ventura adalah penyertaan saham yang menurut hukum Indonesia diwajibkan untuk dilakukannya divestasi pada jangka waktu tertentu. Dalam hal terdapat perusahaan modal ventura asing yang melakukan pembiayaan secara langsung kepada pihak pasangan usaha di Indonesia, tidak terdapat ketentuan divestasi. Mengacu kepada ketentuan tersebut, maka perusahaan modal ventura dalam negeri dirugikan dengan adanya kewajiban divestasi, sementara perusahaan modal ventura asing dapat dengan bebas menanamkan modalnya tanpa adanya kewajiban divestasi. Didalam prakteknya, khususnya kegiatan usaha dalam bidang platform e-marketplace, pembiayaan lebih banyak ditemukan oleh perusahaan modal ventura asing dibandingkan perusahaan modal ventura dalam negeri. Penelitian ini mengambil contoh salah satu perusahaan rintisan di Indonesia berbasis Platform E-Marketplace yaitu PT. Tokopedia sebagai salah satu perusahaan yang mendapatkan pembiayaan dari perusahaan modal ventura asing. Metode penelitian ini menggunakan metode penelitian yuridis-normatif.

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This study discusses the venture capital firms as one of the financing institutions in Indonesia which became an alternative source of financing for businesses that are difficult to obtain conventional financing as example one of them came from banks. One of the activities of a venture capital firms is equity participation which, according to Indonesian law, is required for divestment for a certain period of time. In case of a foreign venture capital firm financing directly to business partners in Indonesia, there is no divestment provision. Referring to these provisions, domestic venture capital firms are impaired by divestment obligations, while foreign venture capital firms can freely investing without divestment obligations. In practice, particularly business activities in the e marketplace platform, more financing is found by foreign venture capital firms than in domestic venture capital firms. This research takes the example of one of the e marketplace platform start up companies in Indonesia, PT. Tokopedia as one of the companies that get financing from foreign venture capital firm. This research method using juridical normative research method."

"Studi ini didasarkan pada analisis terhadap kriteria evaluasi yang digunakan oleh Perusahaa Modal Ventura (PMV) untuk melakukan seleksi terhadap perusahaan rintisan berbasis teknologi asal Indonesia dan mencoba membedakan kriteria seperti apa yang dianggap lebih penting oleh PMV sehingga perusahaan rintisan dapat diproyeksikan dapat memberikan pengembalian terhadap investasi awal sebesar lebih dari lima kali lipat (high-flyer investment).Dengan menggunakan data primer yang dihimpun lewat kuesioner untuk penelitian kuantitatif serta wawancara mendalam untuk penelitian kualitatif lanjutan, dilakukan penelitian terhadap variabel-variabel yang termasuk dalam tiga aspek utama yang dievaluasi oleh PMV yaitu kondisi perusahaan, produk, serta pasar. Regresi logistik mengungkapkan bahwa perusahaan dengan performa produk yang sudah melewati fase Minimum Viable Product (MVP) memiliki peluang sangat besar untuk divaluasi lebih dari lima kali valuasi pada saat investasi oleh PMV dibandingkan perusahaan rintisan yang mengusung produk atau jasa yang belum divalidasi, dan pengolahan wawancara kualitatif lanjutan menunjukkan preferensi PMV terhadap perusahan yang merupakan fast followers dibandingkan para pionir, serta faktor pendiri yang dianggap sangat penting oleh PMV dalam pengambilan keputusan investasi.

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This study is based on the analysis of the criteria used by Venture Capital (VC) firms to conduct assessment of Indonesian tech startups and try to understand what criteria are considered more important than the others by VCs so that the startups evaluated can be projected to return initial investment by more than five times (high-flyer investment). By using primary data collected through questionnaires for quantitative research as well as interviews for advanced qualitative reasearch, research was carried out on variables that are considered representative of three main aspects evaluated by VC firms, which are company, product, and market factors.

Logistic regression results revealed that companies with product performance that have passed the Minimum Viable Product (MVP) phase have a significantly huge opportunity to be evaluated having the capability to be valued over five times its valuation at the time of VC investment compared to those who offer products or services that have not been validated. Sequential qualitative interview findings indicate VC preferences for companies that are fast followers over the pioneers, as well as founder factor being very important that it holds premium factor in investment decisions made by VCs."

"[State-controlled listed companies have always dominated Chinese stock markets. As a result of the rampant scandals related to them, there have been voluminous academic efforts to explore their corporate governance, underpinned by agency costs. However, these studies have yet to examine the phenomenon from the perspective of venture capital and adaptive efficiency. During the last ten years, despite China's remarkable progress in the development of its venture capital market, its domestic venture capital has been marginalized by American competitors. Given the different performance between them, the author contends that the corporate governance system of Chinese state-controlled listed companies has hampered the performance of the institutional factors which are responsible for the prosperity of American venture capital in Chinese venture capital markets. With the practice of American venture capital as the mirror, he empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high risk tolerance level. More importantly, these defects as a whole are closely linked to the corporate governance of state-controlled listed companies. Considering the potential negative consequences on economic and social development, the author identifies policy reforms underway to harmonize agency costs and adaptive efficiency. , State-controlled listed companies have always dominated Chinese stock markets. As a result of the rampant scandals related to them, there have been voluminous academic efforts to explore their corporate governance, underpinned by agency costs. However, these studies have yet to examine the phenomenon from the perspective of venture capital and adaptive efficiency. During the last ten years, despite China's remarkable progress in the development of its venture capital market, its domestic venture capital has been marginalized by American competitors. Given the different performance between them, the author contends that the corporate governance system of Chinese state-controlled listed companies has hampered the performance of the institutional factors which are responsible for the prosperity of American venture capital in Chinese venture capital markets. With the practice of American venture capital as the mirror, he empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high risk tolerance level. More importantly, these defects as a whole are closely linked to the corporate governance of state-controlled listed companies. Considering the potential negative consequences on economic and social development, the author identifies policy reforms underway to harmonize agency costs and adaptive efficiency. ]"

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