Research On Risk Management Of Hi-tech Venture Enterprise

Hi-tech venture enterprises are those of intense technology, vast assets and plentiful talent; the products bear such characteristics like high growth, short production cycle, fast update, high additional value and strong market infiltration capability. Due to the development of science and technology, more and more severe market competition and the rapid change of the market environment, the risks of hi-tech venture enterprises have drawn great attention from theoretical workers and entrepreneurs day by day. This paper analyses the existence and development of hi-tech venture enterprises from the view of risk management, which offers theoretical guidance and practical significance for the healthy, stable and sustained development of high-tech venture enterprises in our country.This paper focuses on the risk management of hi-tech venture enterprises, and carries out research on the growth characteristics and the available risks of hi-tech venture enterprises. Based on expounding the relevant theories of the risk management of hi-tech venture enterprises, this paper analyses the risk characteristics of hi-tech venture enterprises and the inner-construction relations among the risks, discusses about the particular risk regulations that exist in hi-tech venture enterprises, and constructs the entire risk management system of hi-tech venture enterprises, which provides the theoretical basis for hi-tech venture enterprises to control risks. Besides, intensive studies of risk evaluation, risk dispersing, risk sharing, risk controlling, risk early-warning and so on are carried out respectively. Finally, the author makes empirical analysis with specific cases.Firstly, this paper does theoretical research on hi-tech venture enterprises and risk management, including the meaning and basic characteristics of those enterprises, the risk system, the regulation of risk variation and the construction of the whole risk management system, which lies a theoretical foundation for the following chapters.Secondly, this paper carries out research on the risk factors that affect the existence and the development of hi-tech venture enterprises. These factors mainly include the system factors and non-system-factors that affect the development of hi-tech venture enterprises. The results come out after the analysis of a great quantity of questionnaire that three key risk factors are the main factors for hi-tech venture enterprises to succeed. On this basis, the author constructs the risk evaluation model of hi-tech venture enterprises based on the key risk factors, and makes empirical analysis.Thirdly, by making use of some risk management strategies such as risk dispersing, risk sharing and risk controlling, the author puts emphasis on risk prevention and risk application of hi-tech venture enterprises, discusses about the theoretical mechanism of risk dispersing, and puts forward the theoretical model that hi-tech venture enterprises apply multi-strategies to disperse risks. It makes analysis of the relations between the cooperation/competition and the risks of hi-tech venture enterprises at a strategical level of the development of hi-tech venture enterprises. Also, by using game theory, it discusses about the role that cooperation theory plays on risk sharing. In the chapter of risk control, the author introduces real options into the risk control of hi-tech venture enterprises, which provides new field of vision to scientifically and reasonably evaluate the investment value of hi-tech projects and to rationally treat the opportunities and losses that the uncertainties holds. Moreover, it points out Bayesian risk controlling method according to the stage features of the growth of hi-tech venture enterprises, and analyses the method with actual cases.Fourthly, according to the limitations that neural network has on forecasting hi-tech venture enterprises'risk and the problems existing in the risk forecasting process of hi-tech venture enterprises, the author applies the method of fuzzy analogy induction based on cases to analyze the risk early-warning of hi-tech venture enterprises, which is considered to be a new try to the management of the risk early-warning. Considering that the important role that knowledge resources play on the development of hi-tech venture enterprises, the author introduces the method of knowledge integration to discuss deeply about the characteristics and the mechanism of knowledge integration in the risk management of hi-tech venture enterprises, and on this basis, the author works out the preventives for the risk management of hi-tech venture enterprises.Finally, the author makes an empirical analysis with case studies from venture enterprises in hi-tech industry field.