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Research On Venture Capital And Its Risk-evaluation

Posted on:2004-04-16Degree:MasterType:Thesis
Country:ChinaCandidate:W R PanFull Text:PDF
GTID:2156360092491407Subject:Applied Statistics
Abstract/Summary:PDF Full Text Request
High-technology industry is rapidly developing in the world wide and will become major industry in the knowledge-economy society.The development of venture capital that plays a great role in high-technology industry is very important.The evaluation and control of risk are crucial to venture capital because of its high risk.The risk of venture capital is the loss possibility that enterprise invested by venture capital brings about.The risk of venture capital stems from lots of indefmition that originates in the operation of venture capital.We need to predict this indefmition and its risk factors and therefore make research on a system of risk evaluation and making decision.Therefore.this paper originating from the demand of venture capital in our country makes research on venture capital and its risk evaluation.This paper consist of five parts.Part one turns to interpret the definition of venture capital and features and the role that venture capital plays in economic development.At first,this paper interprets the definition that stems from American Venture Capital Association.In the meantime,venture capital has six features that are not identical with the general investment.Finally,venture capital plays a great role in such aspects as technical innovation,economic growth and so on.Part two turns to introduce four venture capital styles.American venture capital style is the most successful in the world.Therefore,this paper emphasizes on introducing American venture capital style.England venture capital style is mostly identical with American venture capital's.Chinese Taiwan district venture capital is very successful.The development of venture capital in our country started in 1980's.The venture capital in our country is rapidly developing.Part three turns to analyze project risk evaluation indice system and risk evaluation model of American venture capital.Some scientists in America made some research on project evaluation indices in 1960's.This paper describes some research discoveries before and after 1990's.In the meantime,this paper introduces the risk evaluation model of venture project.Part four is the main topic of this paper. At first, the venture capital in our country must comply with some investment criteria.They include definiting investment aim, definiting investment scale and complying with investment decision.In our country,the risk evaluation indices of venture capital are divided intosystematic risk indices and non-systematic risk indices.Meanwhile,the former are divided into society,politics,economics and the other's indices.The later are also divided into technology,product,markeet,management,manufacturing and capital's indices.Based on the above indices,the twelve second-indices are divided into forty-two third-indices.In the meantime,this paper builds up the model of risk evaluation of the venture capital in our country by using comprehensive vague judgement method.By using expert surveying method,this paper defmites the indices judgement assemble and judgement weight.The expert-surveying methods mainly include Expert individual judging, Brainstorming,Nomina Goup Technique , Delphi Technique and so on.In the meantime,this paper makes the result of judgement quantitative for making it clearer.Finally,this paper illustrates the model through a venture capital project.Part five turns to discuss the main problems of venture capital in our country and put forward some suggests.These problems include lacking venture capital investment,lacking excellent venture investors and so on.These suggests include developing venture investor,setting up venture capital market,tapping the capital resource of venture capital and so on.
Keywords/Search Tags:Venture-capital, Evaluation model, Evaluation indice
PDF Full Text Request
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