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Analysis On Asymmetric Information And Risks In Ventrue-Capital

Posted on:2005-07-26Degree:DoctorType:Dissertation
Country:ChinaCandidate:X M WenFull Text:PDF
GTID:1116360125458114Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
The many approaching problems in the field of venture capital, such as the asymmentric information, the contracts, the evaluation about venture-capital items, and the risk analysis about venture-capital are more important and frontier topics in the researching fields of venture-capital. The essay's studies about venture-capital is based on the deeping anatomisements and assessments to the existence results of the studies, it points out some shortcomings, shortfalls, and problems which must be solved quickly. To face these questions, starting from the general theory's angle, the essay which has refined systematically and innovated comprehensively to the studing results and practising experiences in china and foreign countries, which has anatomised and probed deeply to the macro-mechanisms and micro-mechasnisms about venture capital, which has analysed and researched systematically the causes, inflences produced by the asymmetric information, and the risk analysises in venture-capital, which has established the venture capital evaluation projects system,studied and explicated deeply the theoretical problem about how to evaluate innovation risks of the new and high technology,then,has given out some threads and countermeatures for improving the venture capital industry in Hunan province.The essay has eight chapters in research contents. Chapter one introduces the backgrounds of the theme and the significants about the studies, The aims, contents and methods about the studies are enunciated in it. Chapter two clarifies the frontest theoretical points and variances in the field of venture capital, through deeply analyzes and comparative studies the venture capital in our country and foreign countries, it will makes us to grasp the perspectives of theoretical researches in venture capital correctly. Chapter Three analyzes and researches comparatively the features and differences about intermational venture capital on the sides of improving processes, constitutional models, monetary resources, capital markets, investing projects, governmental functions, managing mechanisms, exit forms and law policies etc, it also analyzes the causes of differences which have formed, on the bases of comparative analysises, it reveals the improving new trends about the international venture capital of the day. Chapter four analyzes the immanent meanings about the theory of venture capital, it summarizes and generalizes the basic characters, functions, principals and sorts of venture capital, represents the composing factors of venture capital and the reciprocal impacts between them, and also analyzes the differents comparing venture capital with the general investment and the security investment in this part. It also researches and analyzes the mechanisms andmodels about the operations of venture capital, and reveals the basic dealing processes of venture capital, analyzes the status and function of the medium organizations in venture capital, and also analyzes the evaluating decision procedures in venture capital .in the part, By appling to theorem of information economics in chapter five, it researches the principal-agent relation ship produced by the asymmetric information in venture capital market, expounds the double layers (two types) of principal-agent relation ships, which, the one is between investor and venture capitalist, the other is between capitalist and entrepreneur, designs and analyzes the principal-agent models, reveals the expectation avail model of guarding against the risk from the agent for the venture capital. Basing on these researches,chapter five also analyzes the asymmetric information in venture capital, studies the causes and affections, explicates the problems about the moral hazard and adverse selection which all are produced by asymmetric information, and then, presents the methods of solving the moral hazard and adverse selection problems. In the meanwhile, it also analyzes and researches these questions such as venture capital projects evaluation, pricing methods, venture capital contracts and micr...
Keywords/Search Tags:venture capital, comparison research, asymmetric information, risk analysis, countermeasures.
PDF Full Text Request
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