A Study On Decision-making Mechanism Of Venture Capital In China

The venture capital is a kind of rights and interests investment. It has the extremely vital significance in the economy and social development. It has promoted the transformation of technical achievement and development of the middle and small scale high tech enterprise. At present, the acdamic discussion about venture capital focuses in the field of macroscopic environment. While, this paper aims to discuss how to establish an appropriate dicision-making mechanism in order to realize the sound operation of the venture capital. This paper integrates the analyse of present situation and the characteristic with problems in the venture capital, and then puts forward several measures to improve Chinese enterpise's decision-making mechanisms of venture capital. The paper has five chapters.Chapter 1: Introduction. This part is an introduction about the background, present situation, existiong problems, the content and frame. And then, this part points out the arrangement about following chapters.Chapter 2:The outline about the venture capital and its dicision-making. This part summarizes the connotation, the characteristic and the function of the venture capital, and analyzes the flow of the ldecision-making. This paper creatively brings forward the theory that the process of the investment decision-making should be divided into six continual stepsChapter 3:The present situation and existing problems in Chinese enterprise's decision-making of venture capital. This part reviews the development course of venture capital in china, analyzes the present situation of high technology industry.Chapter 4: The countermeasure research about improving the decision-making of venture capital in china. This part puts forward countermeasures about four aspects: the mechanism of the item choosing and evaluating, the transaction structure designing, the management and monitoring after investment, the investment withdraw, and brings forward some new theories which suit Chinese enterprise's venture capital. Chapter 5: Case analysing. In this final part, an actual case is used to demonstrate some theories and methods which discussed in this paper. The research indicates that mechanisms this paper bringing forward have very big practical application value.