Research On The Influencing Factors Of Venture Capital Decision-making Behavior

Through provide equity capital to immature venture enterprises,and provide services for the management and operation,after enterprise development is relatively mature,through the equity transfer to gains high return.Venture capital is a financing method that can effective combination of technology,capital,talent,management innovation and entrepreneurial enterprises,is important capital strength to promote public entrepreneurship,innovation,promote the transformation of scientific and technological innovation booster,also is an important measure to implement the new development concept,driven development strategy to promote the supply side structural reform,development new energy and steady growth and expanding employment.However,in recent years,China's venture capital investment project stage is mainly concentrated in the growth and maturity enterprises,the number of investment projects for start-ups or investment amount is still not high.Is not only hinders the development of potential start-ups,but also weakens the support and cultivation function of venture capital to start-ups.Therefore,it is very important to study the influencing factors and mechanism of investment decision-making behavior of venture capital institutions in china.In this paper,based review the literature and the related theories,tease out the influence factors of decision-making behavior in three aspects,venture capital institution's characteristics start-ups characteristics and government policy.Combined with previous studies,analysis the relationship of factors influence of venture capital institutions decision-making behavior between each other,discover the factors affecting the interaction mechanism of venture capital investment decision-making behavior.At the same time,use MOTAD model with 156 venture capital institutions in Zhejiang province,605 investment projects empirical data in total,since 2009 to 2011.simulation under different situations of venture capital investment decision-making behavior and its change effect reveals the investment decision-making behavior change of venture capital institutions,to further reveal the internal mechanism of venture capitalinvestment decision-making under the risk environment.Finally,combined with theoretical analysis and simulation results,drawing lessons from the experience of venture capital developed foreign countries,this paper puts forward more operable and practical policy suggestions to provide reference for the government's policy making.