Study On The Decision-making Of Venture Capital Enters The New Media Enterprise

The Chinese new media shows a prosperous development and breeds a great investment value. Recent years, the international Venture investment institutions have gradually set foot in China's new media market, which not only impulses the process of market oriented and commercialization of china's new media, but also realizes the self-development of venture capital and capital appreciation at the same time. As the new media enterprise is under the condition of market economy and adopts new technology to produce economic benefit, with the dual goals of economic and social benefit. Government plays an important role in the investment and financing activities of the new media. So how to protect the national culture, information security and deal with the interests relation of each party as well as accessing all resources, and how to help investors to avoid the policy risk and promote the development of new media enterprises are urgent issues in current situation.First of all, domestic studies about decision-making of venture investment focused on the assessment, comparison and analysis of decision-making objects indicators, which took the objects as static unit and neglected the influence of synergistic effects, by cooperation between two sides, to the objects. Based on the study results of the decision-making of venture capital enters enterprise of the new media, this paper sets forth relevant theories which are needed to resolve related issues.Secondly, this paper analyses the issues of complicated stakeholders, government constraint and intangible assets value-added, faced when venture capital was invested into new media enterprises by using principal-agent theory and soft financial theory.Finally, this paper builds two-tier decision-making model of venture capital enters new media companies explanatorily, that is, progressive decision-making with collaboration and orientation, by using synergistic theory, group decision-making theory and with the rule of optimizing the allocation of venture capital and maximizing the synergistic effects, which fully reflects the balance between economic benefit and the synergy of investor, business and government. Moreover, there is an empirical study on the decision-making model of venture capital enters the new media business, taking the Hina invested Framedia as a background, which validates the scientific and practical of the two-tier decision-making model.Based on multiplicity of Chinese new media business goals and specificity of outputs, taken economics and management theory as a guide, used various methods, this paper builds a proper decision-making model of new media venture capital enters new media business, which aimed to direct risk capitalists to select new media investment projects and risk managements.