The Research Of The Risk Management Of Venture Capital Companies In China

This dissertation is divided into four chapters.The first chapter is the description of some basic concepts. There are three segments in this chapter. The first segment gives the concept of venture capital through analyzing several definitions by some powerful organizations, analyzes the characters of venture capital-three high and one low, and illustrate the functions of venture capital. The second segment introduces the concepts of risk and risk management systematically, emphasizing the three factors, the steps and the contents in every step of risk management. The third segment is the analysis of the risk factors in the venture capital companies from four angles.The second chapter is the present situation of the venture capital companies in China. Firstly, this chapter describes the concept and sorting of the general venture capital companies, and explains the venture capital companies' function in the whole venture capital system, so draws a conclusion of the importance of risk management in the venture capital companies. Then expound the present situation of all kinds of venture capital companies in China and analyze the problems existing in their risk managements and the concrete reasons for it. The second segment is the emphasis of this chapter.The third chapter is the microscopic risk management measures in our country' s venture capital companies. This chapter according to the result of the first category analyzing in last chapter puts forward the concrete measures. This chapter is the emphasis of the whole dissertation.The fourth chapter is the macroscopic risk management measures in our country's venture capital companies. Venture capital companies are influenced by environment as well as other economical organizations especially by the government. So this chapter demonstrates the supporting function of our government and some concrete suggestions that our government should improve conferring the lessons and experiences of the United States.The feature of this whole dissertation is the utility of both qualitative analysis and quantitative analysis, citing a large amount of detailed illustrations and datum, adopting comparison method and tables and graphs to demonstrate the issue or viewpoint clearly and concisely. There are some new thoughts in this dissertation. First of all, on the whole, the dissertation systematically explores some measures of managing the risks of venture capital companies in our country. Secondly, there are four little aspects that are new. The first one is the practical venture capital organization form according to the situation of China; the second is the application of real options in investment decision-making; the third is introducing the matrix management organization and designing a set of risk monitoring model in the assistant management stage: the last one is putting forward two train of thought solving the issue of exit time that are Bayes and real options.