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Research On The Credit Risk Evaluation System For High-tech Ventures

Posted on:2005-04-06Degree:MasterType:Thesis
Country:ChinaCandidate:S T WangFull Text:PDF
GTID:2156360122499304Subject:Business management
Abstract/Summary:PDF Full Text Request
Venture capital in a kind of high risk and long-term stock type, demonstrates its unique function more and more in promoting the transformation of the scientific and technical result, promoting the development of high-tech industry in recent years. It is showing its important strength in influencing the economic development. Famous scholar Andersen of American Massachusetts Institute of Technology has pointed out: The lasting prosperity of U.S.A.'s economy cannot exist without the venture capital. Josh of Harvard Business School discovers that compares with patent brought by R&D of 1 dollar, there are 3-5 times more patents that the venture capital of 1 dollar brings, efficiency of the venture capital is obviously higher than other capital.A lot of personages of venture capital circle think, the investment environment of China is not still perfect enough and the credit risks of the whole society are high. For example, lots of enterprises or individuals do not value reputation and the law is very limited in protecting creditors and investors. The credit environment makes venture capital face bigger credit risk, which has hampered VC's progress.First of all, our country has not set up nationwide credit rating system, which make it difficult for every market subject discovery, screen and take precautions against credit risk in business contacts. Secondly, the laws and regulations are imperfect and lack of corresponding implementing regulations in standardizing the credit environment, thus the behaviors of breaking one's promise are encouraged. Moreover, societies generally lack credit morals and consciousness, the real social credit relationship is very poor. All theses make credit lacks very popular in our society.Considering the characteristic of credit risk in high-tech venture capital industry, this paper designed a credit risk evaluation system to suit the national conditions with reference to experiences of credit risk management in financial industry and outside the country. To improve the efficiency of assessing process software supporting system has also been developed. Credit rating is to reflect the companies' true capability and moral dynamically by providing a consulting value for society, which will reduce the social economic risk and standardize the subject's behavior in business. In venture capital industry it refers to the grading of the credit risk correctly according to certain procedure, method and stand so that we can have an comprehensive evaluation of the ventures' credit state and dependability degree of honoring an agreement. It includes two respects; one is to investigate whether ventures would like to honor an agreement, namely the credit state. Another is whether the venture has the ability to honor an agreement. The ability will influence the will of the subject on a certain degree. It can be investigated from the respects such as lucrative prospect, etc. This paper is divided into six parts altogether. Introduction part describes the background and article structure, explains the relevant research both home and abroad. The second part has analyzed the credit risk faced by high-tech venture theoretically. It also describes the phenomena of the credit risk and points out such factors as information defect, interests conflict, uncertainty and uncompleted contract lead to the credit risk.Among following three chapters, influence factors to credit risk have been discussed such as morality, ability and capital according to each stage's characteristics. Based on these analyses, the corresponding evaluation index systems have been designed. The index system consist of three layers and the character, capability and capital are the first layer. The first layer has its own sub indexes namely the second layer of indexes. In start-up and expansion stages one more layer is been added. After confirming the weight of each index by AHP, the fuzzy comprehensive evaluation method is used to get the rating of the first layer indexes.In the last part the author adopt Visual Basic pr...
Keywords/Search Tags:High-tech Ventures, Credit Risk Evaluation, Index System
PDF Full Text Request
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