Research On Venture Investment In Process Of High-tech Industry Development

High-tech investment, or venture investment is called the"engine"to enhance enterprise develop and economic advancement. The developing history of venture investment has been verified that it can play crucial role in enhancing development of high-tech, strengthening of industry basis, adjustment of industry structure and economic competitive ability. It is urgent for China to develop VI in era of globalization.Venture investment starts up later in China compared to developed countries, and after 20 years of development, we have made much progress in venture investment. At the same time, it also demonstrates a lot of problem both in macro angel such as lack of law insurance system, obstacle in venture capital exit and lack of credit system and in micro angles such as information asymmetry, short-term behaviors in venture investment, low reciprocating rate of venture capital and wrong decisions in venture investment. Those problems have greatly impacted the development of venture investment in China and also have become the hot topic in scholar field.Under these circumstances, this dissertation retrospect the developing history of venture investment theory and practice, analyzes the meaning as well as characteristics of venture investment, discusses the key obstacles to hinder development of venture investment and making use of principal-agent theory, study the game among participants in venture investment. In the end, this dissertation discusses the mode and content of value-added service and studies the exit mode and exit opportunity of venture capital.The most significant results and innovations are as follows:Firstly, this paper puts forward a systematic research framework including external environment factors, game among participants in venture investment, value-added service arrangement, exit mode and exit opportunity of venture capital, and deeply discusses the key phases of venture investment operation.Secondly, making use of contrasting research, this paper builds up macro environment factors hypothesis, and by sending out questionnaire, carries out empirical analysis to find out the 21 macro factors which can impact the development of venture investment in China.Thirdly, this paper making use of principal-agent theory, studies the game among investors, risk investors and risk entrepreneurs. All of them participate in the game and choose proper measures based on maximizing individual utility. Based on current literature, this paper reconstructs the income function and utility function and divides the game into two arrangements. The first arrange include the game between investors and risk investors and also the game between risk investors and risk entrepreneurs, and both game include moral hazard game, repeated game based on reputation effect and the complete game. The second arrange take those two games as a whole, discusses the inter-dependence of those two games, analyze the common elements to impact both games and points out how to carry out rule arrangement to better enhance the equilibrium of the games.Fourthly, this paper discusses how to provide proper value-added service by risk investors. The provision of value-added service includes management, resource integration and strategy planning. At the same time, this paper makes use of attribute comprehensive evaluation method to evaluate the value-added service level provided by risk investors and builds up the evaluation index system.Finally, making use of real option theory, this paper introduces the observably financial index, profit flow and builds up the model to help decide the optimal exit mode and time.