Research On Dynamic Evaluation Of Venture Entrepreneur's Value

While human society is entering the era of "knowledge economy" as well as venture investment industry is springing up, venture business is vigorously developing all over the world. Nowadays multitudinous well-known high-tech corporations in the world, such as IBM,Apple,Microsoft,Intel,DIGITAL and so on all evolved from the venture business. Because venture business plays important role in transforming the high-tech to the productive, in recent years our country also has developed it energetically. Up to the end of 2003, the nation had the venture capital over RMB one hundred billion at least, and approximately some 6,000 venture investment corporations. Although the quantity of venture business in our country has been increasing rapidly, in practice it has the problem such as the investment success ratio is not high, the investment benefit is not good, etc. There are many causes lead to the high ratio of venture business's defeat, but one important reason is that the theory of venture entrepreneur's value evaluation is deficient, the surveillance cost which venture investor spend on venture entrepreneur is excess and it induced venture entrepreneur's moral risk to occur frequently.This thesis primarily used the quantificational method, qualitative method and positivistic method, devoted in the research on venture entrepreneur's value evaluation. It proposed the dynamic evaluation method and mainly did the following work: It elaborated the related theory of venture business and its entrepreneur, and redefined the concept of venture entrepreneur; Based the summary of present research situation that the theory of venture entrepreneur's value evaluation and real option, the paper innovatively proposed to take real option method as the foundation to solve the problem of venture entrepreneur's value evaluation. It demonstrated feasibility of this method, the basic principle and the main evaluation flow, afterwards it established a dynamic quantificational scheme;Finally, the paper conducted the positivistic research with correlative data in project—"X capsule of curing depression by Chinese traditional medicine", and it examined the rationality of venture entrepreneur's dynamic value evaluation scheme.The innovation of venture entrepreneur's value evaluation method may reduce venture investor's surveillance cost, it may also solve the cooperation problem between venture entrepreneur and venture investor from "stimulation" angle. It has the profound significance in consummating government structure of venture business,...