| As we know, any big enterprise is rised from medium & small firms (MSF) .While people appreciate the success of big enterprise, should not forget that they once were difficult medium & small firms ever. In 21th century China, medium & small firms have already become the most important pillar of economics, especially medium & small hi-tech firms, have become a new growth point of economics.Just like as other countries' medium & small firms, our medium & small firms face the finance obstacle. As our capital market is developing, this condition is worse and limited the development of medium & small firms. Venture capital give a hope for medium & small firms' finance as a new type investment company.YL company is a medium & small hi-tech firm. Two venture capital companies invested in it and owned greater part share. For themselves development, two venture capital companies transfer some part share.Use the cash flow model, relative evaluate and CAPM to calculate the price of equity. The results are different, some even heavy. Choose which calculate method base on investor's expectancy, partiality and some others factor which models can't be include.Use Analytic Hierarchy Process(AHP) method to calculate the risk. Analyse the factors, use expert consultant method to get the estimation matrix by compare one another, then determine the scale of lower layer for upper layer. After this, use Fuzzy Mathmatics to calculate the point of investment risk. The result show that the equity is close to good, risk is lower.Face to the flourishing development of medium & small firms and venture capital, the author give some suggestion for how to invest equity at the end.The paper study the equity finance of YL company, analyse the development and the tendency of venture capital, study the running and hold that equity finance is one of choices at present condition.get that equity investment is new type investment which can be attentive. If you have right attitude and method, some of the risk can be avoid. |
PDF Full Text Request