Análise do mercado de capitais de risco em Moçambique

Abstract

The difficulty of access to financing by private promoters operating in Mozambique, with particular emphasis on small and medium enterprises (SMEs), has encouraged the identification of other financial instruments, venture capital being one of them. In order to legally frame the venture capital (VC) activity, the government approved decree 56/99, which regulates the establishment and operation of venture capital investment funds (FICR), and 57/99, which regulates the establishment and operation of venture capital companies (SCR), partially revoked by decree 11/2001. CTA considers the measures insufficient for the promotion of VCs, however, not presenting alternatives. In order to address this insufficiency, the present study was carried out. The work focuses on the conditions favoring the emergence and development of a venture capital market and then compares them to the Mozambican reality. Two VC funds, MINCO and FICREM-1, totaling 24 million US dollars, are currently operating in the country. The main investors are western governmental institutions focused on financing business activities in developing countries. They favor investments in established companies operating in areas of low business risk. They are only involved to a limited extent in the management of the venture in which they are participating, with the emphasis on monitoring. In the four years of existence of the RCs only two projects were financed (9% of available funds), reflecting the difficulty in identifying good business opportunities. Using interviews (see appendix 1), internal documents and publications about the funds, management companies and participated companies, and resorting to Thomas Hellmann's model of the five institutional forces affecting VC vitality (financial market structure, human capital, business opportunities with high growth potential, availability of support services and governmental policies), it was concluded that in the VC introduction process, the only measures taken were related to the production of legal devices to accommodate the funds and their management companies, and that there was no process of co-evolvement of the other institutions affecting the VC vitality. The underdevelopment of these other institutions (being complementary), dictates the near unviability of VCs in Mozambique. In the face of an adverse environment, and as a way to complement the weak development of other institutions, two models for VCs in Mozambique are proposed: the first is of association with an institution that finances the technical assistance services provided to entrepreneurs, and the second, in which VC firms assume the role of entrepreneurs. Additionally, the research recommends the elimination of legal, administrative and fiscal constraints that hinder the VC activity, as well as measures to promote entrepreneurship(TRADUÇÃO NOSSA)