American Venture Capital Operating Mechanism Research

This paper research American venture capital ,set forth the basic meaningand related theory of venture capital, it summarized developing process and therain reasons of American venture capital, it analyse the American venturecapital is scientific through the theory of information unnsymmetry , use theAmerican experience for reference ,and provide some advice on thedevelopment of venture capital in our country . there are four parts on thepaper.â… The meaning,characteristics and function of venture capitalThe venture capital means invest share to the high increased potentialityunmarked venture enterprise ,it is a king of capital operating method whichthrough providing venture management service ,join the building process ofenterprise ,when the capital enterprise was mature ,it would transform theshare ,to realize the value added capital .venture capital has general characteristics : venture capital is a kind ofright capital ,the aim to capital the potentiality unmarked enterprise . the function of venture capital is improve the enterprise circulate fundsstructure ,improve high-scientific industrilization .optimization economicstructure .â…¡The basic frame and related theory of venture capital operatingmechanismVenture capital operating mechanism include raise capitalmechanism ,capital operating mechanism, capital withdraw mechanism .information unsymmetry theory aim at largest profit through theunknowed information of one side to another ,how to design the best tradesystem .the information unsymmetry can resolve the problem of informationunsymmetry during the process of venture capital operating . â…¢the development of American venture capital affect Americaneconomy The are five phases of American venture capital development: first phaseis in 1946,the founding of American research and development .second phase isfrom the founding of ARD enterprise to 1973 the founding of American venturecapital association. American venture capital becoming an independentindustry .third phase is from 1973 to 1981,policy restructure .the forth is from1981 to 1989, venture capital increase very quickly ,there are specializedrecombined funds and seed fund .the fifth is from 1990, venture capitalincreased very quickly ,small capital company reviving . The reason of American venture capital success is abundant scientifictechnology ability, developed capital market, government forceful help ,correctdeveloping thought . American venture capital are useful to the development of Americaneconomy ,it increase the transforming of science and technology ,promote highnew technology enterprise growing ,increase more employment post ,injectgreat power to American economy . â…£the analysis ofAmerican venture capital operating mechanism The scientific characteristic of american venture capital mechanism aim atthe information unsymmetry in the venture capital operating ,it is throughscientific arrange the right and duty of each side of venture capital,to makecontract system which is useful to use each side information superiority ,tocreate circumstance to use information ,decrease the operation cost ,to makesure the venture capital operating get along pretty well . The most important method to resole the information unsymmetry isenhance transmit messages and selecting mechanism . American venture capitalis through the method of limited cooperation funds ,resolve the problems ofinformation unsymmetry ,decrease venture capital operating cost ,control agentrisk ,resolve inspiration mechanism. The operation process of venture capital include the selection of ventureenterprise, invest and management .during the selection of ventureenterprise ,most venture capital enterprise will think of the venture enterpriseindustry realm ,developing phase ,investing scale and so on .when the fundcompany and venture enterprise make sure the capital intention , both side willdesign capital contract .future share system decreased operating manager moralrisk . venture capital manager join the enterprise management can resolve theinformation unsymmetry problem between venture capita fund and ventureenterprises. The joining management include co-design enterprise developingstrategy ,hire core manager ,design increase late investment ,superviseenterprise financial affairs ,design withdraw plan . The withdraw method of American venture capital aremarketing ,enterprise purchasing ,combining ,settle the account,and so on .thedifferent withdraw capital method aim at larging informationtransparent ,prevent moral risk . â…¤use theAmerican venture capital operating mechanism for reference In our country ,we need build policy and rules to support capital...