‘Show me the money’. Market evolution in entrepreneurial risk capital: from enabler to constraint?

Financial market is the link between the micro economy and macro economy. The government can control the country's economy through financial market. Money market and capital market are the important parts of the financial market, and the relationship of the two market influences the function of financial market. And weather the relationship of the two market is perfect or not, it has impacts on the national economic development. Only in the case of the mutual connection between the money market and the capital market, the overall function of the financial market can achieve the combination, which runs the entire financial system. Firstly, this paper analyzes and compares the money market and capital market. This paper defines the concept from the aspects of the definition, difference, connection and function of the capital market and money market. This paper studies the difference and connection between the two market. Finally, the significance of the coordinated development is discussed. Secondly, this paper briefly describes the current development of our capital market and money market. Key problems in the development of the two market are analyzed and compared. Finally, this paper summarizes the characteristics of the uncoordinated development of the capital market and the money market, and the main reasons of disequilibrium are presented. Thirdly, through the analysis of some practical situations of our country's money market and capital market, this paper puts forward some suggestions on how to coordinate the development of the two market. The corresponding recommendations are proposed from the following two aspects: (1) Developing money market: extend the main body of the money market, and accelerate the development of credit asset securitization. (2) Regulating the development of capital market: accelerate the transformation of securities market development model, position the securities market function, broaden and develop the bond market.

The purpose of this study is 1.) To analyze the influence of foreign investment on the development of the Indonesian capital market. 2).To analyze the influence of the Exchange Rate on the Development of the Indonesian Capital Market. 3).To analyze the influence of the Interest Rate on the Development of the Indonesian Capital Market. 4).To analyze the influence of the Dow Jones Stock Market Index on the Development of the Indonesian Capital Market. 5).To analyze the influence of the Covid-19 Pandemic (dummy variable) on the Development of the Indonesian Capital Market.6). In this study, secondary data and library research were used as a technique for collecting data, using semi-annual data for the period 1990-2020. The research was processed using the EViews 11 program with the multiple linear regression method. The results of the research are known if 1.) Foreign Direct Investment has a significant and positive effect on Capital Market Development. 2.) Exchange Rates have a significant and positive influence on the Development of the Indonesian Capital Market. 3.) Interest Rates have a significant and negative effect on the Development of the Indonesian Capital Market. 4.) The Dow Jones Stock Market Index has a significant and positive effect on the Development of the Indonesian Capital Market. 5.) The Covid-19 pandemic had a significant and negative effect on the Development of the Indonesian Capital Market in the period 1990 to 2020. The results of this study are expected to contribute to policy holders regarding the role of macroeconomic variables on the development of the capital market, so that in the future it can be one of the references in conducting the policy mix so as to improve the development of the Indonesian capital market.

This article focuses on the role and relevance of joint stock companies in the development of the capital market. The possibilities of diversifying the mechanism of financing the activities of joint-stock companies through the development of the national capital market have been studied. In the following years, the stock market trading volume, the participation of joint-stock companies in stock trading was analyzed. Scientific proposals and comments on the development of the national capital market are presented.

The relevance of research on venture capital financing in developing countries, which includes Kazakhstan, is due to the acute demand for risk investments for the implementation of the innovation potential of developing countries against the background of an underdeveloped degree of venture capital financing institutions. The aim of the work is to identify barriers to the development of the venture capital market in Kazakhstan and to determine the priorities for its further development. In the work were applied methods of analysis and synthesis, inductive method, the method of SWOT-analysis. The information base of the study consisted of scientific papers on venture capital financing, published in foreign-refereed journals and domestic publications, as well as publications of the OECD and the WEF, materials of JSC “QazTech Ventures”. As part of the study the theoretical aspects of the formation of venture capital and analyzed the works of interest in the context of the study. The analysis of the state of the venture capital market in Kazakhstan, showing the strengths and weaknesses of the venture capital market, identifying internal and external factors affecting the functioning of the venture capital market in Kazakhstan, as well as showing the threats and opportunities for development. Particular attention in the article is paid to issues of state intervention in the sphere of regulation and stimulation of development of the venture capital market. In particular, the aspects that distinguish the role of the state and the private sector in the development of venture capital financing were identified. On the basis of the study the priorities for the development of the venture capital market in Kazakhstan in modern conditions were identified. The practical significance of the results of the study is determined by their focus on improving the venture capital institution of the country. The results of the study can be applied in the process of determining the directions of public policy in the sphere of venture capital financing.

Despite recent government-led initiatives to improve investor access and encourage participation by local businesses, capital markets in Oman remain relatively small and illiquid and the investor base remains dominated by domestic banks and pension funds. This paper reviews the experiences of other emerging markets in developing local capital markets, and describes the challenges faced in the development of such markets. The review shows establishing a functioning money and local currency bond market remains a critical first step in successful capital markets' development, while several policy tools beyond tax incentives can be employed to support participation in local markets. Increasing the presence of life insurance companies and reducing information asymmetries would help spur demand from a broader set of institutional investors.

The development of capital market is crucial to a country, soit is necessary to improve the development of the capital market. In China, the development of multi-level capital market is also the focus of economic developments. This paper based on the national conditions of China, presentseven development directions set for the construction of multi-level capital market system. The seven development directions are realizing stock issuance registration system, vigorously developing a multi-level capital market system, continuously innovating the securities market, establishinglong-term Funding and long-term mechanisms, building and improving the futures market, promoting the bi-directional opening of capital market, strengthening systematic construction for investors’ protection. These seven development directions are interrelated. It is of vital importance to comprehensively improve the capital market and accurately locate the development direction of the capital market.

This study investigates the dynamic relationship between pension funds and development of capital market in Jordan over the period 1980–2017. Autoregressive distributed lag (ARDL) approaches for co‐integration (bounds test) are employed to achieve the objectives of the study. Using annual data, the results indicate no statistically significant relationship between pension funds and development of capital market on the short run. However, the co‐integration tests show a statistically significant long‐run equilibrium relationship between pension funds and development of capital market regardless of whether capital market development was measured by market depth or market liquidity. Moreover, the co‐integration tests show a statistically significant long‐run equilibrium relationship between economic growth, and interest rate and development of capital market regardless of whether capital market development was measured by market depth or market liquidity. These findings have important implications for academics, investment managers, and policy makers in Jordan.

Capabilities of African businesses in a transformative role in solving the continent‘s challenges are underestimated and misunderstood. This study examined ease of doing business and financial development from a demand following hypothesis in the West African sub-region, employed Structural Equation Model covering the period of 2004 - 2017. Ten ease of doing business indicators and five distinct financial (capital market) development variables from the World Bank database were used. Findings indicate weak demand following the hypothesis of capital market development: positive and negative, depending on the measure of capital market development from the ease of doing business for West African countries majorly because of inadequate electricity. The indirect effect of the construction permit, property registration, access to credit, minority investors‘ protection and cross-border trading are indirectly significant to capital market development while starting a business, tax-paying, contract enforcement and settling insolvency are insignificant. The study recommended roadshow by West African capital markets to improve the listing of companies and the government should improve on the electricity supply.

In many developing countries, governments have given much attention to domestic debt compared to external indebtedness. Despite the fact that domestic borrowing has many advantages; it also has negative impacts especially when it goes beyond a sustainable amount. Domestic debt affects a country's inflation rates, interest rates among many other factors. Through this study of how various concepts are affected by domestic borrowing, various governments will clearly understand the effects of domestic borrowing on their capital market development and align their domestic debts from the capital market institutions that will finally promote the development of the capital markets. The study used a descriptive research, which involved the measurement, classification, analysis, This study adopted the descriptive study design. The study concluded that there is a positive relationship between high domestic public debt and capital market development, an increase in domestic debt causes the capital market development to decrease. When a country borrows more domestic, debt and less external debt it promotes capital markets development in the long run. The regression model used in the study was statistically significant in explaining the effect of domestic public debt on capital markets development in South America Countries. The study further concluded that inflation rate has a negative impact on financial market development this implies that inflation had a negative impact on capital markets development. It also conclude that an increase in interest rate impact positively the capital markets development. The study recommends on continued deepening of the capital markets to lengthen further the maturity profile of domestic debt and diversification of the investor base. The study further recommends on continued implementation of policies to support macroeconomic stability and faster economic growth. This includes restructuring public debt towards external borrowing which is comparably cheaper than domestic debt, and rationalization of recurrent expenditures to contain the widening deficit in the primary balance would be necessary in the medium-term to ensure that public debt remains on a sustainable path to allow for capital markets development. Keywords: Capital Market Development, Domestic Borrowing, & Latin America Countries.

This year marks the 20th anniversary of the Chinese capital market. In the past two decades, it has started from scratch and experienced an extraordinary growth with market size increasing from small to big and market coverage from regional to nationwide, playing an important role in the national economic and social development. The development of the capital market has promoted the establishment of a modern enterprise system in China. Listed companies, outstanding representatives of Chinese enterprises, are the corner stone of sound capital market development. The improved governance system and higher governance level of listed companies have consolidated the foundation of the capital market, increased its attractiveness and vitality, given an effective boost to the capital market's role in optimising resource allocation and promoted the healthy and steady development of the Chinese capital market.

The development of the capital market will face challenges. Promoting the optimization of the capital market in the guangdong-hong kong-macao (CHM) Greater Bay Area (GBA) with the development of emerging FT is not only of practical significance to the development of the GBA, but also of great significance to promoting the country's overall economic competitiveness and realizing modernization. In the context of the rapid development of FT, the practical and theoretical significance of capital market optimization in the CHM GBA is analyzed. The new generation of FT means such as big data, cloud computing, artificial intelligence, blockchain, and Internet payment are the mainstays of CHM University. Possibilities analysis of Bay Area capital market optimization offers. Based on this background, this paper conducts research on the innovative development of capital markets in CHM based on financial technology (FT).This paper mainly studies the status quo of financial support for technological innovation in the CHM GBA, summarizes the main practices of financial support for technological innovation in the three major bay areas in the world, and draws the following points: First, it is necessary to establish a ST innovation system according to the national conditions of a country. financial support system. Second, policy finance plays a guiding role in the initial stage of ST innovation activities. Third, commercial banks play an important role as a booster in technological innovation activities. Fourth, a sound credit guarantee system provides a strong guarantee for technological innovation. Fifth, developed venture capital and perfect multi-level capital market can effectively speed up the development of ST innovation.

The aim of the article is to characterise selected historical issues and the contemporary perception of the response of financial asset prices in the capital market. It also attempts to partially analyse the most important reasons for the current level of effectiveness of the Warsaw Stock Exchange. This is significantly related to the widespread interest of investors in the functioning of capital markets, especially stock exchanges. Therefore, it is necessary to identify the mechanisms shaping share prices. The presentations of the following key theories may prove helpful in this respect: Efficient market hypotheses, the concept of a coherent market, and hypotheses of adaptation markets. The efficiency of the capital market, especially the stock exchange market, can be understood in various ways, although most often in economic research, this concept is equated with information efficiency. Importantly, care for an efficient capital market is crucial from the point of view of economic development based on innovations, which are largely financed by this market. The efficiency of the capital market is one of the most discussed topics among practitioners because it has very serious consequences for investors. The article presents the latest regulations that are to have a positive impact on the development of the capital market in Poland and in the European Union, as well as historical content in the scope of the above-mentioned effective market hypothesis, the concept of a coherent market and the hypothesis of adaptation markets. The author has also attempted to characterise contemporary conditions that affect or are to affect the development of the domestic capital market in the near future.

<p>In order to establish open market economy in the Republic of Srpska, it is necessary to establish an efficient financial system. That requires the existence of open and liquid capital market. In economies that are in transition, such as the economy of the Republic of Srpska, the efficient financial system is particularly significant for raising capital. Capital can also be raised with securities. without well-developed and efficient capital market, It is not achievable. Practical experience has shown that development of capital market depends on various determinants. For the development of efficient capital market, one of the most significant determinants is a great number of securities suitable for trading. Therefore, this research article will be focused on presentation and analysis of the shares of securities in the development of capital market in the Republic of Srpska.</p>

The aim of this article is to present, extensively analyse in an empirical way and assess the development of Polish venture capital and private equity market from its beginning up to the present day, taking into account the issue of capital acquisition, investment and disinvestment. The research was conducted on the basis of the empirical data provided by the European Private Equity and Venture Capital Association, the establishment engaged in gathering the statistics of the high risk capital market in Europe. Conclusions drawn from the empirical part of the article suggest the dynamic development of the venture capital and private equity market in Poland and its possible further advancement. The results of the research indicate the growing trust of European investors in the Polish venture capital and private equity market and the high investment attractiveness of our country, particularly in the East-Central Europe. The substantial support to the development of the Polish high risk capital market is provided by the dynamic expansion and high activeness of Warsaw Stock Exchange.

The Developing EconomiesVolume 15, Issue 1 p. 92-108 Free Access THE BRAZILIAN STOCK EXCHANGE FROM ORIGIN TO THE ENTRY OF FOREIGN CAPITAL Joseph K. TUCKER, Joseph K. TUCKERSearch for more papers by this authorFrank J. FABOZZI, Frank J. FABOZZISearch for more papers by this author Joseph K. TUCKER, Joseph K. TUCKERSearch for more papers by this authorFrank J. FABOZZI, Frank J. FABOZZISearch for more papers by this author First published: March 1977 https://doi.org/10.1111/j.1746-1049.1977.tb00372.xAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL REFERENCES 1 Berle, A. A., Jr. The Twentieth Century Capitalist Revolution ( New York : Harcourt Brace, 1954). 2 Bolsa: The Brazilian Capital Market Review (Rio de Janeiro Stock Exchange), May 30, 1975). 3 Darst, D. N. Up the Bolsa,” Barrons, Vol. 53 (September 10, 1973). 4 DeVoe, R. F., Jr. Under the Southern Cross: The Role of ‘Monetary Adjustment’ in Brazil's Economic Miracle,” Financial Analysts Journal, Vol. 30, No. 5 (September/October 1974). 5 External Devaluation,” New York Times, April 1, 1976). 6 Fishlow, A. Indexing Brazilian Style: Inflation without Tears?” in Brookings Paper on Economic Activity ( Washington , D.C. : Brookings Institution, 1974). 7 Furtado, C. The Economic Growth of Brazil, 3rd ed. ( Berkeley , Calif. : University of California Press, 1968). 8 Gurley, J. C., and Shaw, E. S. Financial Structure and Economic Development,” Economic Development and Cultural Change, Vol. 15, No. 3 (April 1967). 9 Harris, J. J. “Development of the Brazilian Capital Market” (Ph.D. diss., University of Iowa, 1972) Xerox No. 72– 76, 291). 10 Investing Fever Grips Brazilians,” New York Times, August 3, 1971). 11 Kleinman, D. T. The Private Investment Banks and the Development of Brazil's Capital Market” ( Washington , D.C. : Agency for International Development, 1968). 12 Kleinman, D. T.. Structuring Capital Markets for Efficient Use of Foreign Aid: The Case of Brazil,” Industrial Management Review, Vol. 10, No. 2 (Winter 1969). 13 Kleinman, D. T.. “Capital Markets and Economic Development: The Kleinman Plan”, Hearings before the Subcommittee on Inter-American Affairs of the Committee of Foreign Affairs, House of Representatives, 92nd Congress, 2nd Session, July 25, 1972) ( Washington , D.C. : U.S. Government Printing Office, 1972). 14 Mann, E. J. Inflation Accounting in Brazil,” Journal of Accounting, November 1967). 15 “Newsletter Brazil,”First National Bank of Boston, May 1975). 16 Poser, N. S. Securities Regulation in Developing Countries: The Brazilian Experience,” Virginia Law Review, Vol. 52 (1966). 17 Prices in Brazil Bolsa Plunge 6% after Military Junta Takes Over,” New York Times, September 3, 1969). 18 Quirks in Brazilian Stocks Stir Bizarre Explanations,” New York Times, June 26, 1972). 19 Rio Bolsa Drive to Popularize Investment Noted…,” New York Times, August 4, 1968). 20 Roth, A. R. Capital Market Development in Israel and Brazil: Two Examples of the Law in Development,” Stanford Law Review, Vol. 19 (June 1967). 21 “SEC Won't Propose Rules to Ease Entry of Foreign Mutual Funds to U.S. Markets,”Wall Street Journal, September 29, 1975). 22 Stock Market Strength and Vitality in Rio de Janeiro,” Bolsa de Valores de Rio de Janeiro (Rio de Janeiro Stock Exchange) (1975). 23 Stocks in Brazil Already Galloping as Brazil Loosens Credit Reigns,” New York Times, September 1, 1969). 24 Trends and Perspectives of the Brazilian Economy,” Banco Lar Quarterly (Rio de Janeiro), October 1974. 25 Trends and Perspectives in the Brazilian Economy,” Banco Lar Quarterly (Rio de Janeiro), July 1975). 26 Trubek, D. M. Law, Planning and Development of the Brazilian Capital Market: A Study of Law in Economic Change,” Bulletin of the Institute of Finance (New York University), No. 72–73 (April 1971). 27 Who Benefits? Ford's Common Stock Plan…,” Wall Street Journal, February 4, 1976). Volume15, Issue1March 1977Pages 92-108 ReferencesRelatedInformation