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Study On The Credit Risk Control System In The Process Of High-tech Venture Capital Investment In China

Posted on:2006-07-14Degree:DoctorType:Dissertation
Country:ChinaCandidate:H X SunFull Text:PDF
GTID:1116360155954575Subject:Technical Economics and Management
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In 1998, the Chinese People's Political Consultative Conference put forward No.1 Proposition about developing venture capital investment. This proposal has been greatly pushed the high-tech industry and the venture capital investment development in our country. Many scholars have been engaged in the research of this field, and have got abundant research outcomes. However in the last few years, the venture capital investment industry in our country appears large risk. There are too many reasons to lead to this situation, and one of the most important reasons is that the venture capital company generally lacks the credit risk control system. Through the investigation, under the current economical and credit environment, the more and more serous credit risk was exposed during the venture capital investment process. It is the most valuable project that how to evaluate and manage the credit risk effectively to guarantee the development of the high-tech venture capital investment healthy and stability in our country. Therefore, this dissertation mainly focuses on the study of credit risk control system during the high-tech venture capital investment process in our country.The current research results related the credit risk management of venture capital include primarily: the research on the venture capital investment decision procedure, and the research on the venture capital investment decision index and the evaluation methods, and the risk research during the venture capital investment. But there are not the index systems and methods research aimed for the credit risk evaluation in the current research. The credit risk control is not definitely put forward during the project screen stage. In practice, the project evaluation and thevalue evaluation mostly are used to take place the credit risk evaluation.The theory research is the basis of the practical research and the method research. First, define the concept of the credit risk; analyze the reason of the credit risk and the characteristic of the credit risk. Among them, the reason leading to the credit risk creation is the emphasis of this part, analyze the information asymmetry influencing the credit risk creation, and then draw the conclusions as below: 1 .The maximal utility realization of the venture capitalist is accordance with that of the firm based on the Asymmetric Information. 2.It is entrepreneur's efforts without limit that the venture capitalists' maximal utility realization. 3.The entrepreneur confirms his own hard-working degree according to his own biggest income, when the entrepreneur's income was the largest, he will not continue strengthening the hard-working degree any longer. 4.According to conclusion 2, 3, we can get it further that the qualifications of the entrepreneur and firm to realize the optimal income is inconsistent. 5. Credit risk exists all the time, we can't eliminate it. The main reason is that the hard is the entrepreneur's cost. Some measures can be taken to reduce the risk, but can't completely eliminate it. Moreover, there are some other factors leading to the credit risk such as the venture capital investment uncertainty, the project immature, and the investment environmental variety, etc.Then the research on the credit risk management theory is carried on, including the concept and the function of credit risk management. Comparing the venture capital industry's credit risk management with the other fields', the dissertation point out that it is different in some aspects such as purpose, target of management, the status of the credit risk management administrative department, the assessing indexes, the assessing methods. Finally, the research on the credit evaluation theory is studied.According to current research results, the credit-risk control system overall is designed, including system and technique. The VC institution should set up the credit-risk management culture at first, then set up and improve the credit-risk system: interior administration structure, interior control institution,, control procedure arrange and contractual agreement. The technique mainly meansmicro-technical tool system. The paper put forward the indexes and the three steps to evaluate the credit-risk. After the credit risk evaluation, value evaluation is carried out. According to the value evaluation result, investment contract is designed.Research on the credit risk evaluation indexes. The conception, the service object and the functions are studied. And then, the credit risk evaluation procedure is put forward. Then, according the characteristic of the high-tech venture capital investment in our country, principle and the basis, that the index system is designed based on, is analyzed. Design the credit risk investigating questionnaires according to the current academic research result and the practical operation of the business circles. Analyze the questionnaires and draw the indexes system. The indexes system includes:(1) The entrepreneur's qualification and characteristics, which can be reflected from the entrepreneur's credit level and his ability, including 13 indexes totally. (2) Team's qualification, which can be reflected from the business team construction rationality and the prestige condition. (3) Project or technique level, including 5 indexes. (4) The market condition and marketing channel, including 8 indexes. (5) The industrial prospect, including 7 indexes. (6) Property condition, which can be reflected from two aspects: the financial ability and the fund credit, including 9 indexes.Research on the credit risk evaluation methods. According to the high-tech venture capital investment characteristics in our country, the evaluation process and method of the credit risk is designed for the single investment project.The paper put forward the three steps to evaluate the credit-risk: assessing the ethics, assessing the capabilities and assessing the capital. Estimation models are studied in our research. Assess the ethics level of the project at first, examine four respects: the business plans reliability, the entrepreneur's prestige history, the team's prestige history and the enterprise's history. If there is false answer to the key problem, the project is rejected. After the ethics evaluation, assessing the capabilities. In the second stage, giving the every index a mark, the h gher in the mark, the higher in the credit grade. After ability is assessed, assessing the capital.
Keywords/Search Tags:Venture Capital, High-tech Industrialisation, Credit Rating, Credit Risk Control System, Credit Risk
PDF Full Text Request
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