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Study On The Risk Management Mechanism Of The Venture Capital

Posted on:2004-07-20Degree:DoctorType:Dissertation
Country:ChinaCandidate:Y X FuFull Text:PDF
GTID:1116360122470678Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
This paper takes the venture capital company as subject in risk management, and the risk factors in venture capital investment cycle as object, spreads out from three sides which include outside guarantee of risk management in venture capital that is to keep away macro condition risk, inside base that is congnition of risk managementsubject, and central content that involve micro management mechanism of different risk object. Through a plenty of emperical investigation including evaluation of macro condition risk, identification of subject of risk management, information obstacle in decision process, agency risk performance of entrepreneur, risk attitude of venture capitalist and entrepreneur, control actuality at post-investment stage, supply and demand of value-added service, and exit practice etc., the paper firstly analyzes the risk management mechanism of venture capital wholely in system.This paper sumarizes the preceding research works on risk management of venture capital. According to the high risky character and main risk factor in venture capital, we introdue the relative studies on risk management mechanism of venture capital ingside and outside, and on this basis we point out the existing study gap arroud which we plan to spread out research. In the light of three hiberarchies in risk management, we can devide the study into three sections as follows:Section 1 is the third chapter in which we mainly analyze the outside guaranteeof risk management in venture capital-risk analysis of macro condition. Wecombines the effective experience how to develop venture capital in developed countries, analyzes the relationship between macro condition and development of venture capital, and thus make survey on macro condition risk fators and improvement measures cried for in our primary stage of veture capital development, so as to offer outerside condition for studying the risk management mechanisms of venture capital.Section 2 is the fourth chapter in which we chiefly make study on the insidebasis of risk management in venture capital-the subject's cognization. Based onthe identification of subject, object, princinpals and characters of risk management in venture capital, we go deep into investigating risk attitude and congnization of different venture capital firms, and find out there is significant difference of risk attitude and congnition existing in venture capital firms whose capital came from different sources. These study provide the precondition for micro risk managementmechanisms in venture capital to run.Section 3 includes the fifth chapter, the sixth chapter, the seventh chapter and the eighth chapter, sepearatly analyzing decision-making risk, agency risk, growth risk and exiting risk in venture capital investmen cycle to study their micro management mechanism.In the fifth chapter, we analyze the characters and potential risk in screening decision process in our venture capital companies through case study, and next uses the expenrice on information networks of foreign venture capitalists for reference, makes survey on information obstacles to our venture capitalists in screening course, thus put forward the countermeasure. Then we contrast three decision-making methods in common use in screening course so as to obtain best choice. Furthermore according to the common characters of venture capital programs, we construct the simple instalment real options model, which could be applied popularly.The sixth chapter at first analyzes the economics cause of formantion of entrepreneur's agency risk, which is base to manage entrepreneur's risk. And then, with the emperical investigation, we study on agency risk performance of entrepreneur in different investment stage, analyze the contronling measures and obstacles in the courses where our venture capital companies manage the entrepreneur's agency risk. Next, we combine the need theory to entrepreneur's venture needs, and on the basis construct the arrangement incentive mechanism involving the risk return, reputation and cont...
Keywords/Search Tags:Venture Capital, Risk Management
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