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Probing Into The Wholecourse Risk Management Of Venture Capital Adjusted To Chinese Circumstance

Posted on:2003-11-17Degree:MasterType:Thesis
Country:ChinaCandidate:Y N QiFull Text:PDF
GTID:2156360062476413Subject:Business Administration
Abstract/Summary:PDF Full Text Request
The characteristic of VC lies in its high risk and high profitability. How to control risk and get more return is the focus of our research. The paper puts emphasis on probing into a model of wholecourse risk management adjusted to Chinese circumstance.First, with usage of system theory, the paper probes into a model of whole course risk management based on analyzing characteristic and types of risk. The model's main point is that aiming to three stages of VC, which includes investment, management, quit, corresponding measures like evaluation in advance ,management underway ,quit afterward should be taken in order to elude risks, control risks and transfer risks.Second , with reference to western evaluations system and methods of VC, applying multi-layer structure analyzing method, the paper puts forward a feasible VC evaluation model. Also, the paper creates a new principle of quit-orientation, thoroughly analyzes the double layers of entrust-agency relation while VC being invested in VE by using the theory of entrust-agency. On the basis of using information theory, enterprise management theory and related financial theories, with the considerations of the present condition of management of VE in China. The paper points out that there is great necessity for VC to interfere in the management of VE, further more, VC must effectively control risks by means of conversant design, financial tools selection, stage financing and managerial arrangement. Then with analysis of the quitting channel of VC in the present capital market of China. The paper points out that quitting obstacles has become the main factor that constraints the developmentof VC. The paper not only puts forward three creative quitting way, also, gives feasible proposal on construct effective quitting mechanism.The paper gives the conclusion that VC must keep the idea of risk in the wholecourse of investment. To successfully operate VC, we must envisage risk, precisely evaluate risk and rationally elude risk.
Keywords/Search Tags:risk, VC(venture capital), VE(venture enterprise), risk management
PDF Full Text Request
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