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Research On The Optimal Structure Of Stock Ownership In Syndicated Venture Capital Invested Enterprise

Posted on:2011-09-21Degree:MasterType:Thesis
Country:ChinaCandidate:D WangFull Text:PDF
GTID:2189330332485094Subject:Finance
Abstract/Summary:PDF Full Text Request
On the basis of the research results on the syndicated investment in VC before, the paper focus attention on two vital point:the decision of syndication and the management of syndication. The paper try to set up the analysis frame in theory. Also we gather the newest cases as the date we use to analysis the situation of syndication of VC in China.Then we found that, in China, we have some features that totally different with other countrys' syndication of VC. So the paper continue to explore the reason of this different features in China. At last, we found the reason is the double two tier principal-agent relation in the syndicated investment in VC.Meanwhile this paper used the data of the investment cases in the VC industry. Then I analysis the situation of syndication strategy of VC in China totally and structurally, finding that this strategy usually is used in the non-first financing term. Especially in the growth step and expansion step. Based on it, concentrating the attention on the project growth step and expansion step, I elaborated the two-tier principal-agent relation in syndication of venture capital investments. I also expanded the model which has been used by the former researchers on the optimal structure of stock ownership, combining the theory of signaling transmission, discussing all kinds of probable results, and deduced the theoretical result.
Keywords/Search Tags:syndicated investment, two tier principal-agent relation, signaling transmission, optimal structure of stock ownership
PDF Full Text Request
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