| Venture investment in China is still at a premature stage. The players in this emerging capital market are still learning and exploring. Based on analyzing the case of HSBC Investment, this thesis focuses on how to establish an effective risk investment system, and how to lead social funds to flow to the most profitable investment projects (namely how to effectively integrating venture capital and investment opportunities) in order to create a risk compensation mechanisms so that the investors bearing high-risk can obtain high yields, a virtuous circle can be formed, and the high-tech industry can attract more funds and , and develop a highly efficient financing mechanism.Project research is one of the two most important links in the entire operation process of a venture capital investment. Therefore, all the domestic venture capital investment institutions are striving to improve their project research procedures and methods. HSBC Investment was established in 1997 with registered capital of 60 million yuan, and its total investment amounts to 90 million yuan. Founded by three individuals, HSBC is a private venture capital investment institution. With capital raised from private investors in Zhejiang and friendly relationship with the governmental departments, HSBC have contacted target companies mainly in high-growth SMEs. Although HSBC Investment's operation is more regulatory than other domestic venture capital investment institutions, its decision-making on project investments still needs improvement. This thesis first reviews the basic domestic and overseas research literature on decision-making of venture capital investment with focus on the evaluation indexes and the model. After an introduction of the HSBC Investment, this thesis investigates the status of HSBC Investment's decision-making on projects and applies the evaluation method to a case target project. The result verifies the effectiveness and practical value of the proposed evaluation system and decision-making method. |
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