Research On Capital Asset Pricing Of Venture Capital

In the world of new technology revolution, the knowledge is playing an increasingly prominent role in the promotion of economic and social progress. The growth of national wealth and the improvement of human life increasingly depend on the accumulation of knowledge and innovation. International competition in science and technology become the focus of competition in comprehensive national strength. In contemporary times, the who's knowledge and science and technology innovation dominated will be able to seize the initiative in development. For a long time, China's economic growth has been heavily relying on the input of resource; technological change on the relative contribution of the economic growth rate was far lower than the average level of developed countries. Arranged as one new monetary system, venture capital plays a very important role in promoting technological change and it is known as"the engine of economic growth". Therefore, deepening the study of venture capital helps to enhance China's scientific and technological innovation capability, and promote the building process of China's"innovation-oriented country"strategy.This article focuses on two aspects. First, based on China's national conditions, this article discusses the possible space of the innovation of the venture capital's theoretical system. Secondly, based on the development of the venture capital's theory system, this article utilizes the new technical to discuss the new method of the capital asset pricing of the venture capital.Based on analysis of the key problem in China's venture capital in the current, this thesis develops the theory system of the venture capital which is suitable for China's national conditions. Then this thesis analyzes the characteristics of venture capital and the operational mechanism of venture capital, and provides the examples of the expansion theory.This thesis is made up of 5 chapters altogether. First of all, the 1st chapter introduces the research background, research value, literature review and the innovation. Secondly, under the framework of the new definition of venture capital, two kinds of venture capital asset pricing methods which complementing each other are given. First, the method of real options is used to study venture capital asset pricing model of a single period, and extended to the general model of venture capital decision-making of the N periods. The second method applies the projection pursuit cluster model based on the real-coding-based accelerating genetic algorithms to the capital asset pricing of the venture capital. Finally, we sum up the conclusions and the insufficient of this study, and discuss the viable research directions of the venture capital in the future.