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Study On The Operational Mechanism Theory And Investment Decision Of Venture Capital

Posted on:2005-01-03Degree:DoctorType:Dissertation
Country:ChinaCandidate:P P LiuFull Text:PDF
GTID:1116360122482237Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
Venture capital is a new pattern of financing system. It supplies new economic increase point and promotes high-tech achievement transformation. Because the researching theory of venture capital is immaturity and venture capital industry is young. The study on theory and practice of venture capital is signality. Venture capital focuses on financing, investment and exit capital and it relates to three operating principal parts that are investor, venture capitalist and entrepreneur. The movement process of venture capital constitutes study clue of this dissertation.By comparing different organization system, it reaches the most efficient organization mechanism---limited partnership. The dissertation makes a systematic exposition on the development, character and governance mechanism of LP. And then it analyses incentive and regulating mechanism of venture capitalists. Establishing a model about different development phase of venture fund, it studies on as degree change of information asymmetry, considering reputation factor and different level of venture capitalists, the designing of the best contract of venture fund.It analyses on investment decision-making when venture capitalists choose the venture capital backed company that involves in projects screening, evaluating and criterion. To solve adverse selection when venture capitalist invest in venture, there is modeling a signaling model to reduce the degree of information asymmetry. For evaluation of venture, it applies real options to evaluate instead of traditional net present value that is not suitable for venture capital and tests and verifies real options both theory and demonstration. Studying on the contract between venture capitalists and entrepreneur. Comparing common stock, bond, venture capitalists usually prefer convertible preferred stock. Staging of venture capital investment has option character, so it applies compound options to decision and study. Modeling control as a continuous variable, it establishes a model about the best allocation on control rights of venture capital backed company and deduces allocation result by the best game scheme between venture capitalist and entrepreneur.Studying on venture capital exit mechanism. When venture capital exit from venture, how venture capitalists choose on venture capital exit channels, exit timing and exit degree. And it makes a systematic exposition on relation on Initial Public Offerings, venture capital and capital market.Studying and analyzing on international comparison of venture capital. It discusses the process of development on venture capital industry in U.S. and Europe. Using for reference of development experience of U.S. and Europe and according to our country's venture capital industry development condition and problem, the dissertation analyses the pattern adaptable to our country's development and makes an innovative and systemic exposition from five aspect that are capital supply, organization system, training and bring up venture capitalist and entrepreneur, exit mechanism and exterior environment of venture capital. ...
Keywords/Search Tags:venture capital, operational mechanism and theory, contract study, investment decision, exit mechanism
PDF Full Text Request
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