| In 2016,the national development strategy “mass entrepreneurship and innovation” has stimulated new vitality into the Chinese economy,which also brings great opportunities to private investment in China.As a good supporter for small and medium technology based firms,venture capital fund plays a significant role in the social economy.However,compared with the mature operation of the private investment in the developed countries,our VC fund faces a great gap because our VC investment is still at a very primary stage.The absence of perfect lawmaking and enforcement system coupled with incompetence of the VC managers contribute to increased operation risk of venture capital fund,impeding a further development.Thus,it is of great significant to analysis risk control situation and to implement solutions for better risk control,with the goal to speed up the development of VC investment in China.By conducting a survey on relevant theories concerning VC fund and risk control,this thesis firstly demonstrates the definition,characteristics,current situation and sources of risks of VC fund;and further reveals the causes of risks from the aspects of management risk,information asymmetry,principal-agent risk as well as investment exit risk;and then comes to the principles and goals of the risk control.Secondly,from the perspective of VC managers and by taking the risk control measures of Fund Y as an example,this thesis makes an in-depth study on how VC management institution T implements risk control measures in the stage of fundraising,investment,post investment management and exit;and then the author adopts enterprise evaluation management theories and establishes risk assessment index of Fund Y to verify the effect of such risk control on the ground of fuzzy comprehensive evaluation method.Eventually,by virtue of theoretical and empirical results,this thesis puts forward risk precaution measures from the perfection of the external environment of VC fund and improvement of the internal environment. |
PDF Full Text Request