风险投资的毕业论文英文

With the advent of knowledge economy, high-tech industry in China has become a focus of industrial upgrading in the process of high-tech achievements in industry, venture capital as a financial capital, it needs access to high-tech projects and between the flexible out to realize their own value added, to provide the impetus for the high-tech growth. Therefore, exit is a prerequisite for entry. With the gradual deepening of China's market reforms, to the rapid development of venture capital. But compared with developed countries, China's venture capital system construction is still not perfect, especially the lack of exit mechanism for venture capital investment has increased the risk of impeding the optimal allocation of resources. Venture Capital Industry in China after twenty years of development, its difficult, the effectiveness of previews, the fundamental reason is that a single risk capital exit, exit channels are sluggish. In the course of the operation of venture capital, venture capital exit of great significance. Smooth withdrawal of venture capital, venture capital firms related to the recoverability of capital, so that the flow of capital to cycle to the appreciation of investment → → → Exit → further appreciation of the re-investment risk → a virtuous cycle of investment in the process. Withdrawal mechanism of risk investment barriers are major obstacles: IPO method is difficult to achieve, inadequate laws and regulations, agencies and service system imperfect. Therefore, to build a wide range of exit ways, the development of relevant laws and regulations, the enhancement of training agencies, the establishment of specialized institutions to improve risk assessment of investment exit mechanism. In this paper, the development status of China Venture Capital, made a number suitable for the China venture capital exit program. Keywords: venture capital; withdrawal mechanism; barriers; improve measures

2000c risk investment decision analysisVenture investment decision analysis method1, the traditional methods. The traditional project evaluation standard in the corresponding optimization under the corresponding to a series of static and dynamic evaluation method. Static evaluation method without considering the time value of money at risk for the project, including the use of evaluation, the dynamic evaluation method is briefly introduced in the two main dynamic evaluation method. (1) NPV method (NPV) net present value calculation method is to project the life with inflow minus the outflow cash flow is obtained from the net, and then press, using a discount rate of compound formula calculating the present one, add value and its value. A single project evaluation, NPV greater than zero, scheme, when compared to more scheme, the optimal scheme NPV. (2) internal rate of return (IRR). Is that a plan to study period, the revenue and expenditure of cash flow when NPV is zero discount rate. Scheme selection, IRR than benchmark returns, scheme is feasible, and the bigger the better. IRR And not traditional methods of risk investment decisions in a defect analysis. First, the discount rate and yield of subjectivity has benchmark, risk investment return than traditional project, with an average yields to determine the risk investment yields are inappropriate. Secondly, risk investment has high uncertainty, using traditional evaluation method of uncertainty, the higher the discount rate, the value of investment projects, denied the characteristics of venture capital investment. Venture investment is a high-risk investment with high yields, it brings the expected future cash flow, the uncertainty is ten times, the return on investment is often more difficult to obtain accurate, the profit, so in the risk evaluation decision when still can use the following , the real option method (on practical). The value of investment projects that are not only from a single investment project cash flow, directly from the growth opportunities. Still Practical option method in foreign gradually become the important basis of risk investment, have relatively successful cases. Investors in venture capital investment, due to the investment projects in general is not mature industry, the uncertainty of the project, with high risk investor at what stage investment, whether for the next round of investment and whether more or less investment, and in what way investment options. Also, the risk is that investors, they are usually in the camera options after the end of each stage of investment project evaluation, in order to decide whether the next round of investment or termination of investment. Whether the risk of investment risk is only an option, investors is an investment projects in different stages of several options, investment is transformed into the problem of real option pricing. The value of risk investment projects by the project should value net present value and flexibility. Namely: options adjustment (NPV) NPV = traditional values (VO + option).One option "value" factor can use options premia (., the option premium value and the poor) practice, the risk of real options method of investors have a form. A: the investment period of delay. In the investment environment and condition of the project can be postponed, investing time, wait. 2: investment reduced options. In the project operation condition, can reduce investment. Three: investment revoked options. In the project operation state, from poor investment. Four: investment conversion option. When the new situation, the investment can be converted to fit the new state. Five: to expand investment options. When a project is good condition and market expectations appeared more optimistic, can expand , the analytic hierarchy process (AHP). The former two evaluation methods are the profits from the project, however, if the respects from profits, risk investment project is successful. Analytical hierarchy process (ahp) is a kind of multi-objective evaluation decision method. The basic principle is: the complex problem into several elements, according to their mutual correlation and affiliate relationships a multi-level structure model, and analyses the factors of comparison, judgment, the calculation for different elements, weight, and provide basis for decision making. Venture investment project factors include: product idea, market prospect, management ability, environmental factors as adaptability. Analytic hierarchy process based on four kinds of factors, and then build hierarchical analysis model of the weight of each factor, the sequence, thus obtains the essence of the project evaluation of the project can get even the risk faced by income and two board to decide whether investment. In the venture investment project evaluation, and several common wind is cast decision analysis : the American investors first consider the project risk management ability, will also consider the uniqueness of product technology and market potential factors such as the size, since, our country investment always reflect the government behavior, and makes the investment risk investment by the government behavior into market behavior, risk investment company must be independent risk, investment decision-making must adhere to the market orientation, and be good at risk and return to choose between optimization. The screening of the invested enterprise competition and reflects the advanced standard, but also helps to improve the investment risk of social resources use efficiency. Venture capitalists through the comprehensive assessment, reduce the risks and benefits, promote the resources advantage, industrial flow to the adjustment of economic structure.

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