Papel das instituições formais brasileiras no mercado de capital de risco

Abstract

This research aims to understand the role of Brazilian formal institutions in the development of venture capital activity in Brazil, from the investor's perspective. There is a convergence in the international literature that institutional configurations are important for the evolution of the venture capital market and for attracting foreign investment. A country's institutional arrangement can encourage or hinder its venture capital activity, and, consequently, the development of its innovation environment. This research, whose approach is qualitative, of the exploratory type, according to the design of a panel of experts, was carried out to understand the effects of these institutions in such a market, at the national level. 11 interviews were carried out with investors, specialists and venture capital fund managers in order to access their perception of the impacts of formal institutions on this activity. Thematic analysis was the method used for data analysis and the results found demonstrate the perception of respondents. Thus, the national tax system was considered the biggest obstacle to the development of the activity due to its complexity. The labor market regulation is perceived as outdated and inadequate to the dynamic environment of innovation, as well as the legal framework and investor protection laws, but which are perceived as evolving. Bankruptcy and intellectual property protection laws were considered inappropriate and often expendable. Political stability was mentioned as the main barrier to organic growth in the venture capital market. Direct government intervention generated ambiguous positions. Control and anti-corruption systems were considered inefficient, but with little impact. The low quality of education was identified as a constraint on market development. The Brazilian stock market was considered the strong point of the current institutional arrangement, attracting national and foreign investments. Thus, with the exception of the financial and stock market, which drives and stimulates venture capital activity, the role that other formal Brazilian institutions assume in this context is often that of indifference or limiting or, even, of inhibition to the development of this market.