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p-Index From 2021 - 2026
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All Journal Greenation International Journal of Law and Social Sciences
Andi Sri Rezky Wulandari
Universitas Muslim Indonesia, Makassar, Indonesia.
Law, Crime, Criminology & Criminal Justice Social Sciences

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Analysis of Venture Capital Financing Contracts Between PMVS And MSME Partner Companies in Indonesia Dian Eka Pusvita Azis; Salle Salle; Andi Sri Rezky Wulandari
Greenation International Journal of Law and Social Sciences Vol. 4 No. 4 (2026): (GIJLSS) Greenation International Journal of Law and Social Sciences (September
Publisher : Greenation Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijlss.v4i4.1292

Abstract

Venture capital is a risk-based financing scheme combining equity participation with proportional risk and profit sharing between venture capital companies (PMVs) and partner companies (PPUs). Literature and practice, however, show a shift in venture capital's character toward instruments resembling debt-based financing, emphasising material collateral and fixed repayment terms. This article analyses the implementation of the profit-sharing principle in PMV–PPU financing agreements from the perspectives of contract law, Financial Services Authority regulations, the doctrine of freedom of contract, and MSME protection. The research uses a normative juridical method, examining the Civil Code, financing-institution and venture-capital regulations, and relevant decisions and doctrines, supplemented by Islamic economic literature on profit-and-loss sharing. Analysis shows that the profit-sharing principle conceptually requires sharing risks and profits consistent with equity participation. However, material collateral and fixed instalment obligations in some contract designs alter the creditor-debtor relationship and obscure the nature of risk. This article recommends reconstructing contract design and affirming limits on collateral use in venture capital financing to harmonise freedom of contract, venture capital's character, and PPU protection as an MSME actor.
Co-Authors Dian Eka Pusvita Azis Salle Salle