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The Research on the Value Evaluation of Technology Growth Projects in Venture Capital Investment in China

Author: XiaoJian
Tutor: GuoYaoHuang
School: Southwest Jiaotong University
Course: Management Science and Engineering
Keywords: Venture Capital Find value Technology start-ups Real Options
CLC: F273.1
Type: PhD thesis
Year: 2010
Downloads: 1060
Quote: 0
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Abstract


Venture capital through equity investments in unlisted small and medium-sized growth companies, especially small and medium-sized high-tech enterprises, and inject the appropriate management, to the value-added options brought about by the rapid growth of the enterprise exit to get high return on investment behavior. Venture capital since 1985, the introduction of China, especially after the 1989 \negotiate cooperation with the start-ups to the final implementation of the investment must go through a mutual communication, negotiation and decision-making process, in the process, the venture capital institutions have to face and solve a real problem, that start-ups have investment value, venture capital firms and should be obtained much consideration the entrepreneurial enterprise's equity, recognized that the entrepreneurial enterprise value problem. Starting from the basic concepts of risk investment, the risk investment research on the basis of the existing theoretical circles at home and abroad and businessmen, combined with the practical experience of the long-term work of the author in the field of venture capital, technological entrepreneurship project risk in the investment process valuation carried out in-depth research. Firstly, through the analysis of the characteristics and the internal mechanism of the process of risk investment behavior, as well as found the essence of value investing by venture capital investment behavior of securities investment, industrial investment and other derivatives investment comparison revealed venture capital for innovative characteristics, and analysis of the venture capital found the elements of the enterprise value, the limitations of the classic asset pricing method for the assessment of the value of venture capital as well as the demand to evaluate new methods of risk investment value; followed by the venture capital The analysis of the investment object - economics characteristics of technology start-ups, growth mechanism and the inherent laws reveals uncertain risk factors, technology start-ups faced by the enterprises in the development and growth of the venture capital technology start-ups to uncover to describe the dynamics of the enterprise value of the technology start-ups enterprise value of content and its dynamic changes in characteristics are different from those of other enterprises, to clear this article on technology start-ups to assess the value of multi-stage, dynamic concept; Shortly thereafter, by the current valuation theory and methods of analysis and comparison, and fully take into account the risk of investment behavior characteristics of real options and real options method for a variety of unique advantages of the technology venture investment project valuation, clear the dominant basic theory of the value assessment model - real options theory; Finally, relying on the theory of real options, and the introduction of the concept of real options and fully integrate the characteristics and risks of the investment of the stage of development of the technology start-ups for phased investment process behavior characteristics of the development stage of technology start-ups, to establish technology start-ups from the point of view of risk investment institutions to assess the value of multi-stage, dynamic mathematical model of valuation, according to this line of thinking, staged a mathematical derivation, which more clearly shows the risk of investment in science and technology a complete analysis of the process of the entrepreneurial enterprise value assessment. The end of the article the conditions of application of the model, as well as the application of real options theory difficulty judge and also raised the outlook on the follow-up study of the model.

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CLC: > Economic > Economic planning and management > Enterprise economy > Production management > Enterprise Technology Management
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