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Research on Venture Capital Mechanism

Author: ZhangShuo
Tutor: ZhouHong
School: Jilin University
Course: Finance
Keywords: Venture Capital Risk investment mechanism Private Equity Fund
CLC: F832.48
Type: Master's thesis
Year: 2011
Downloads: 577
Quote: 0
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Abstract

Venture capital since its birth in the 1940s, has become a booster for the development of high-tech enterprises. The development of risk investment in China for the past 25 years, there is still insufficient compared with the developed countries. From both venture capital financing and exit of venture capital operating mechanism analysis, the sound risk investment mechanism will effectively promote the development of China's high-tech industry, and promote China's economic structure adjustment and upgrading of industrial structure. Source of China's venture capital with private capital and foreign venture capital limited partnership, venture capitalists set of risks and risk enterprise investment scheme of arrangement to achieve and safeguard; to existing securities motherboard market, GEM market, foreign, and the second board market in Hong Kong, as venture capital exit channels. The establishment of the GEM market in China, an effective solution to the problem of SME financing difficulties due to their own operating conditions and the scale of capital constraints, and effective channel to provide a smooth exit for venture capital profit. This paper is divided into four parts, follow from the abstract to the concrete, from the international to the domestic theory with practice, access to literature, data analysis, specification analysis and other methods of risk investment mechanism was thorough and meticulous research. Chapter 1 Introduction in introductory research background on the basis of that risk investment mechanism will effectively promote the development of China's high-tech industry practical significance. Introduction and analysis of the literature at home and abroad, and to clarify the methods and ideas, summed up the inadequacies. Chapter 2, the theory of risk investment mechanism analysis. Risk investment mechanism, including the import mechanism, operating mechanism and exit mechanism. According to the the Romer new economic growth theory to explore the sources of motivation and the formation of a venture capital investment. Case of a successful venture capital - Ireland Eye China's venture capital operation mechanism, and the theory of corporate finance financial figures statements analysis, examining the evolution of the venture capital investment in China, and pointed out that the start-up companies listed on the Growth Enterprise Market (GEM), the venture capital exit multiple channels, the need for continuous financing. Chapter 3, learn from the United States and other developed countries, the advanced experience of the development of risk investment based on the characteristics of China's venture capital, development status, problems were systematically investigated and summarized, and mature venture capital operation and exit ways The corresponding comparison. China Venture Capital and more concentrated in emerging industries, the scale of capital than foreign, initially formed to equity swap, GEM, venture capital owners to transfer to the operators of the start-up companies multi-channel model of venture capital in a variety of ways to exit. Risk investment mechanism in China is gradually formed, but the external market environment and the laws and regulations of the venture capital investment management are inadequate. Chapter 4 countermeasures and suggestions to improve the mechanism of risk investment in China, first pointed out the existing problems of China's venture capital mechanism. Risk selection and exit channels of capital out of the way, the first consideration is the listing of cash and misappropriating exist exit non-standard, less channels. Improve the the market external environment, laws and regulations to establish and improve the equity transfer, strict implementation of the accountability system of the market assessment intermediaries, to put an end to false information disclosure, and to develop and improve the transfer of capital gains tax applicable rules, the short-term behavior change listed \to promote the sound development of China's venture capital. World venture capital industry tends recovery environment, China's domestic political stability, sustained and rapid economic development, the market potential is huge, the lower the price of labor and high-quality, and continuous improvement of the investment environment, the domestic and foreign investors are optimistic about China development, so that the development of the domestic venture capital industry entered a new stage. We should follow the development trend of the times, and constantly improve the operational mechanism of venture capital to make a strong push hands to promote the development of China's technology industry.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Investment
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