A Study On Operational Mechanism And Investment Decision Of Venture Capital Based On Contractual Relationship

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 perating 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 raditional net present value that is not suitable for venture capital and tests and verifies real options both theory and demonstration.Lead to modern property theories into venture capital, combine the characteristics of venture capital process, analysis to the portfolio investment problem in venture capital, and put forward the 7 factor of influence portfolio investment. Carry on the abstract analysis of risk investment process, sets up the portfolio investment theories model, that model is a many index number model which includes 7 factors. The special practiced according to the risk investment, from actual decision of the venture capitalist, carried on the simplification to the model and the discussion to each parameter in the model, make model simple and easily.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 the influence factor of venture capital exit decision, think influence the factor have a lot, can mainly research the influence factor of exit decision including from inner and exterior behavior of risk investment according to the influence aspect. Carried on the whole process design of risk investment exit decision including collecting stage, investing stage and quitting stage. Set up two programming models of the risk investment exit decision on the related suppose foundation. And analysis and application the model, get the exit decision of a risk investment company.