Mikrofinansiering som finansielt værktøj
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West, Jakob Sode1, Forfatter
Hovgaard, Søren2, Vejleder
1Det Samfundsvidenskabelige Fakultet, Københavns Universitet, København, Danmark, diskurs:7001              
2Økonomisk Institut, Det Samfundsvidenskabelige Fakultet, Københavns Universitet, København, Danmark, diskurs:7014              
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Ukontrollerede emneord: Finansiering, Mikrofinansiering
 Abstract: Denmark needs growth, but Denmark's productivity in the recent years has fallen to a level among the weakest in the OECD countries, even though Denmark remains one of the world's richest countries. The solution to this problem includes more entrepreneurs and especially high growth companies. However, the new businesses do not grow enough, and consequently we have few high growth companies in Denmark. This is primarily due to a lack of capital, especially in the initial phase, where entrepreneurs and new businesses need seed capital to grow. But companies are experiencing the so-called capital gap, because the banks will not lend them start capital due to the high risk involved. Venture capital is also difficult to achieve in this phase, because it is typically required that the product has proven its worth.
I postulate that this problem can be solved by pooling small loans from citizens in Denmark, where the entrepreneur is personally liable for the loan - i.e. microfinance in the form of Person-to-Business loans. In that way we can use microfinance as a financial tool to help Danish entrepreneurs from the pre-seed capital stage through the seed capital phase and up to the venture finance stage, i.e. to act as a bridge over the capital gap. This is inspired by the Person-to-Person lending companies that emerged with the technological developments in IT and the growing confidence in the web. The first online Person-to-Person (P2P) lending company, was established in England 2005, called Zopa. Through these lending sites it is possible for people who have surplus, to lend directly to people without collateral. There are no banks in the middle and no huge costs. There is of course a risk involved in lending through such a system. It requires a lot to build a system with the right financial tools to reduce and estimate the risk of lending without excessive administrative costs, so that the loan agreements both are an advantage for the lenders and borrowers. But is it possible to build such a system that is safe and easy enough for ordinary people to use, and at the same time is a secure system?
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Bogmærk denne post:
 Type: Speciale
Alternativ titel: til løsning af kapitalkløftproblematikken for start-ups
Alternativ titel: Microfinance as a financial tool
Alternativ titel: to solve the capital gap problem for start-ups
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Sprog: Danish - dan
 Datoer: 2011-12-12
 Sider: -
 Publiceringsinfo: København : Københavns Universitet
 Indholdsfortegnelse: Indholdsfortegnelse
1. Indledning 8
1.1 Problemfelt .8
1.2 Problemformulering 9
1.2.1 Underspørgsmål .9
1.3 Metode .9
1.3.1 Opgavens disposition 10
1.3.2 Valg af teori 10
1.3.3 Valg af empiri11
1.4 Afgrænsninger.11
2. Introduktion til mikrofinansiering .12
2.1 Afklaring af mikrofinansieringsbegrebet 12
2.2 Mikrofinansieringens historie 13
2.3 Person-to-Person 15
2.4 Person-to-Business 15
3. Hvad kan Mikrofinansiering bruges til? .16
3.1 Virksomheders vej til vækst .18
3.1.1 Kapitalfaser .18
4. Mikrofinansiering som finansielt værktøj 28
4.1 Creditscoremodellen .30
4.1.1 Creditscore til virksomheder .34
4.1.2 Creditscore til private .45
4.2 Spredning af risiko .51
4.2.1 Risikospredning - Diversifikationsmodellen .52
4.2.2 Risikospredning - Syndikatmodellen .54
4.3 Kaution .59
5. Empirisk analyse .67
5.1 Spørgeskema .67
5.2 Resultater af undersøgelsen 67
5.3 Undersøgelsens pålidelighed .69
5.4 Delkonklusion70
6. Mikrofinansiering i Danmark – opbygning .70
6.1 Mikrofinansieringforeningen .71
6.1.1 .72
6.1.2 Mikrofonden .72
6.1.3 VentureNetværk .72
6.2's opbygning 73
6.2.1 Sikkerhed og lovgivning 75
6.2.2's indtjening 77
6.3 Mikrofinansiering fra EU77
7. Konklusion 78
Appendiks 85
Appendiks 1 – Udlånsrenten .85
Appendiks 2 – Rating grupper .95
Appendiks 3 - Udledning af virksomhedens PLGD .97
Appendiks 4 - Udledning af gamma funktionen .99
Appendiks 5 – Udledning af diskonteringsrenten 100
Appendiks 6 - Risikospredning ved mange låntagere . 102
Appendiks 7 - Risikoaversion . 105
Appendiks 8 - Estimering af vægte til den logistiske regression . 107
Appendiks 9 – Udledning af Syndikatmodellen 109
 Note: -
 Type: Speciale
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