风险投资项目退出时机的选择

风险投资机构仅仅投资培育项目并不是最终目的,而通过投资培育项目从而使项目增值,然后通过项目股权转让实现投资变现才是最终目的。投资项目的培育和发展过程是漫长的。因此,风险投资公司必须时常考虑风险投资的退出时机,时机选择得好坏对风险投资的成功退出至关重要。     

实物期权方法在评价中的应用综述

实物期权是以期权概念定义的现实选择权,是与金融期权相对应的一个概念。本文从实物期权理论应用于R&D投资项目评价、企业价值评价、风险投资项目评价三个方面对国内外实物期权理论进行了综述。     

浅谈风险资本是否可以参与房地产投资

风险投资和房地产投资有很多相似之处 ,而且风险投资也能够投资于房地产 ,关键在于风险投资于房地产以什么方式投入、投入哪些领域项目以及应该投入的比例。     

基于实物期权理论的风险投资项目评价

期权理论在金融领域的应用十分广泛,实物期权理论也被用于企业投资项目评价之中。针对风险投资项目的特殊性,以期权理论为基础,阐述风险投资项目的期权特征,进而以实例分析Black—Scholes期权定价模型在风险投资项目评价中的应用,并与NPV法所得出的结果进行对比,从而达到对投资和管理进行决策的目的。     

高技术产业风险投资与科技竞争力

<正>一、风险投资的内涵及作用 什么是风险投资?根据美国全美风险投资协会的定义:风险投资(venture capital)是由职业金融家投入到新兴的、迅速发展的、有巨大竞争能力的企业中的一种权益资本。 风险投资从广义上讲,是指向风险投资项目的投资;从狭义上讲,是指向高风险、高收益、高增长潜力、高科技项目的投资。它集融筹资和投资于一体,汇供应资本和提供管理服务于一身。     

现代企业风险投资决策研究

风险投资具有高风险高收益的特点,科学的投资决策是控制和化解风险投资的风险,达到以最小成本实现风险投资收益最大化目的的有效工具。风险投资决策是一个动态多阶段、多层面的过程,风险投资要科学合理的做好投资项目选择决策、投资区域选择决策、风险投资组合决策、联合投资决策,以及风险投资后管理等多个阶段、多个层面的投资决策过程,才能有效降低投资的高风险程度,实现高收益、高回报的初始目的。     

风险投资退出风险及其控制

风险投资退出是风险投资过程中最后一步也是最关键的一步,风险投资的退出存在风险,但风险并非仅存在退出这一个阶段,从选择投资项目开始就存在风险。从风险投资的项目选择、风险资本注入企业后的管理、风险投资退出时机和风险投资退出方式的选择四个方面来阐述对风险投资退出风险的控制。     

风险投资进入与退出的信息经济学分析

发展风险投资业及投资基金,通过风险资本投资组合,少数投资成功项目的高回报就可以弥补其它投资失败项目的损失,实现风险投资的盈利。在风险投资的退出方面,普遍认为风险投资退出难或成本高的主要原因是缺乏二板市场,使产权的转移或流动受阻。我们的研究表明,高风险并非高新技术产业的天然特质,风险投资进入困难的真正原因是风险资本供给者与风险企业之间信息的不对称(AsymmetricInformation)。改善信息条件将会有效地降低风险投资的风险程度,从而解决风险投资进入难的问题。二板市场只是为风险投资的方便快捷退出提供了可能的途径,但风险…     

风险投资4人谈

风险投资具有五大特点：1、它是一种有风险的投资。由于风险投资主要是支持创新的技术与产品。技术、经济及市场等方面的风险都相当大。其成功率平均只有30％左右。但由于成功的项目回报率甚高。故仍能吸引一些投资人进行投资。2、它是一种组合投资。为了分散风险。风险投资通常是投资于一个包含10个项目以上的项目群。利用成功项目蜕资后所取得的高回报来抵偿失败项目的损失并取得收益。     

科技风险投资项目评估指标体系的建立

企业科技项目的风险投资在进行项目风险评估时,需要建立指标体系,通过指标体系的建立来提高项目的可行性,降低企业的投资风险.本文就对企业的科技风险投资项目评估的指标体系进行了分析.     

实物期权及其在风险投资中的应用

从广义的期权定义中引出实物期权的概念,对金融期权和实物期权进行比较分析;并借鉴金融期权的定价方法,得出实物期权的定价公式。通过计算风险投资项目中实物期权的价值,比较含有实物期权的风险投资项目与一般投资项目的价值,可以看出在风险投资中引入实物期权的思想,对风险投资家做出正确的投资决策,以及对风险资本的保值增值有重大的指导意义。     

New venture strategy and profitability: A venture capitalist's assessment

This study uses theoretically justified criteria from the industrial organization (IO) strategy literature and applies it to a new domain, namely, venture capitalists' decision making. Specifically, the study investigates the types of information venture capitalists utilize when evaluating new ventures and how venture capitalists use this information to assess likely new venture profitability. In the interest of advancing our understanding of the decision making policies of venture capitalists, this study addresses many of the limitations of previous research.A review of IO research suggests important relationships between a number of strategy variables and new venture profitability. Some of the relationships proposed by IO strategy research are contingent in nature. The strategy variables and their relationships with profitability are investigated in the domain of venture capitalists' decision making. Individual and aggregate decision making analyses identified those strategy variables (criteria) venture capitalists utilize in assessing likely new venture profitability, namely, timing, key success factor stability, lead time, competitive rivalry, educational capability, industry-related competence, timing × key success factor stability interaction, timing × lead time interaction, and timing × educational capability interaction.On average, the most important criterion for venture capitalists in their assessment of profitability is industry-related competence. The second tier of importance is competitive rivalry, timing, and educational capability. The third tier of importance is lead time, key success factor stability, and timing × lead time interaction. Other interactions are less important. Therefore, while venture capitalists use contingent decision policies, main effects dominate. If venture capitalists use a reported 8 to 12 minutes on average to evaluate a business plan (Sandberg 1986), then this study's findings may help the inexperienced venture capitalist allocate time towards assessing those attributes of primary importance. Although more complex relationships exist between the attributes, the inexperienced venture capitalist can take comfort from this study's findings that main effects dominant amongst senior venture capitalists. Senior venture capitalists may take less comfort from their importance placed on main effects in light of research from IO, which suggests the importance of contingent relationships. The results may also have practical application towards training.How should venture capital firms train their new employees? Should venture capital firms rely solely on experienced venture capitalists lecturing the inexperienced on the criteria they use in assessing a new venture proposal? Like most decision makers, venture capitalists have limited insight into their assessments and venture capital firms need to be aware of the gap between “espoused” policies and policies “in use.” The information being taught needs to be supplemented with venture capitalists' decision-making research that investigates decision policies “in use”, such as this study. Venture capitalist training could also involve experiential learning, in conjunction with cognitive feedback about the decision policies used, to accelerate the learning process. Experiential learning using cognitive feedback maximizes industry related learning while minimizing the cost of inexperienced decisions. For the entrepreneur seeking capital, this increased understanding of venture capitalists' decision making may help them better target their business plans and presentations at those criteria venture capitalists' find most critical to the profitability of a new venture.     

Distributing Start‐Up Equity: A Theoretical Foundation for an Emerging Practice

We use agency theory to model equity division in venture capital financing with three complementary value‐creation factors—the entrepreneur's effort, the venture capitalist's advising/monitoring service, and the investment amount. While considering that investors often base their funding decisions on gut feeling, even as they employ rational decision‐making processes, we derive closed‐form expressions for optimal ownership sharing. Our findings provide theoretical explanation to support the recent call for practitioners to allocate ownership equity based on the relative potential contributions of the entrepreneur and the venture capitalist to generate value for the new investment prospect.     

The Deal Structuring Stage of the Venture Capitalist Decision‐Making Process: Exploring Confidence and Control*

This exploratory study examines the deal structuring stage of the venture capitalist decision‐making process. Here, the primary issues of concern are investor confidence and potential control of a venture in relation to the level of financing the investor provides and the structure with which the funding is delivered. Confidence comes in support of the entrepreneur, the venture itself, or a combination of the two, prior to capital transfer, but after the initial “invest or not invest” decision has already occurred. Findings support a multicriteria perspective of the pre‐investment decision‐making process and a distinct difference between entrepreneur confidence and venture confidence in the deal structuring stage.     

Structuring deals and governance after the IPO: Entrepreneurs and venture capitalists in high tech start-ups

In an effort to better understand the effects of venture capital investment on selected firm governance and financing structures, we examined the post-IPO experiences of 190 biotechnology and healthcare firms (see appendix). Our study revealed that in virtually all cases, the involvement of venture capitalists reduced the role of the founder-entrepreneur in strategic decision making. This was illustrated by the larger proportion of outside directors when venture capitalists invested and the smaller proportion of entrepreneurs who remained officers or in board positions after the IPO. We also found that venture capitalists rarely invested alone, and preferred to structure deals in which venture capital partners share both risks and rewards.     

Duration analysis of venture capital staging: A real options perspective

This study takes a real options perspective towards venture capital staging and views the staging decision as a choice between holding the current option to invest and investing now to obtain the option to invest subsequently. It proposes that this staging decision depends on the factors that influence the value of these two options, such as competition and various sources of uncertainty. The empirical results suggest that market uncertainty encourages venture capital firms to delay investing at each round of financing, whereas competition, project-specific uncertainty and agency concerns prompt venture capital firms to invest sooner. This study has useful implications for theory and practice.     

Hybrid conjoint analysis: An estimation probe in new venture decisions

How venture capitalists select start-ups for financing has been an interesting topic for many researchers and practitioners. The underlying assumption is that people who make money investing in new businesses by assessing the proposals should be experienced enough to distinguish losers from winners. Our research study tested three models (self-explicated, conjoint and a hybrid—comprising the two previous ones—conjoint) in order to find out: 1. if these models could be applied to venture capital decision making and if so 2. to demonstrate the potential of conjoint analysis as a practical research method. 3. To test whether or not the characteristics of the entrepreneur, the product and the market replicate the venture capital decision.This research study confirms what normative literature on decision-making emphasizes: that in the first stage of an evaluation (screening), venture capitalists focus on a small subset of criteria in a non-compensatory process (i.e., an unacceptable value on one criterion cannot be offset by a high value of another one). The important criteria in this phase appear to be the entrepreneur's experience and the existence of a prototype for some decision-makers or unique features of the product for others. The screening step is more judgemental than analytic.In a second stage (the evaluation phase), however, venture capitalists end a detailed examination (due diligence process) by choosing the most preferred ventures through processes approximating compensatory rules; that is, a low but acceptable value on one criterion can be compensated by a high value on another. The most important criteria identified by the research in this second stage are criteria found in the previous stage, product gross profit margin and patent.Our research demonstrates agreement among venture capitalists in terms of one criterion to evaluate research proposals: managerial experience. As to the rest of the attributes tested, there was variation in the weights assigned to them.The findings of this pilot study also confirm the applicability of conjoint analysis as a research method in venture capital decision. The approach helps shed light on the decision rules applied, and permits the testing of previously researched criteria for predictive validity. The method has the advantage of retaining individual preferences and clustering them around venture capitalists' demographic and psychographic backgrounds (i.e., years of experience, type of education, life-style, and the like) or other types of information such as venture fund policies (size of the investment, type of industry, etc.).The major implication of the study for entrepreneurs is the importance of previous experience in the industry where they expect to develop their ventures, and a deep knowledge of the product (advantages over competition, technical, production, and cost feasibility) they are to produce and market. These are the factors that have the greatest influence on venture capitalists' evaluation of such projects.     

Venture Capital in Spain by Stage of Development

This paper examines the investment decisions of 51 Spanish venture capital firms by stage of development. The results showed that venture capitalists ranked evaluation criteria related to the characteristics of the entrepreneurs, manager background, and management team experience as more important than market and product characteristics. Factors affecting the required rate of return were more important for the early-stage firms than for late-stage firms. Discounted cash flow analysis is the most frequently used valuation method. Private venture capital firms invest more during late development stages, while public venture capital firms invest more during the early stages. The results can be used by firms seeking venture capital, venture capital firms, consultants, and support agencies that provide capital-acquisition assistance. By gaining insight into decision criteria and processes, firms can develop better and more targeted materials to attract capital. Venture capital firms can use the information from this study to better understand their decision processes, individually and relative to competitors. Consultants and support agencies can use the information to provide better advice to both firms and venture capital firms. Information is this study could easily be built into training programs for both new and existing businesses. Finally, the results can also be incorporated directly into university courses that include material related to venture capital.     

Determinants of the Incidence and Scale of Seed Capital Investments by Venture Capital Firms

Employing both behavioral decision making and agency theories, our study seeks to identify those factors that influence a venture capital (VC) firm’s decision to undertake seed capital investments and, subsequently, the scale of such activity. Using data on the investments made by 2949 VC funds raised worldwide between 1962 and 2002, we find investor age, timing of investment, and fund location to be of importance. In addition, the size of the fund and the existing number of portfolio firms exert opposite influences on the level of seed capital activity of the VC firm. These results suggest that seed activity is a valuable source of market intelligence for leading VC firms seeking proactively to identify and invest in novel technologies.      

When does corporate venture capital investment create firm value?

Over the past decade, billions of dollars have been invested by established companies in entrepreneurial ventures—what is often referred to as corporate venture capital. Yet, there is little systematic evidence that corporate venture capital investment creates value to investing firms. Scholars have suggested that established firms face underlying challenges when investing corporate venture capital. Namely, structural deficiencies inherent in corporate venture capital may inhibit financial gains. However, firm value may still be created as a result of other benefits from investing—primarily providing a window onto novel technology. In this paper, we propose that corporate venture capital investment will create greater firm value when firms explicitly pursue corporate venture capital to harness novel technology. Using a panel of CVC investments, we present evidence consistent with our proposition. The findings are robust to various specifications and remain unchanged even after controlling for unobserved heterogeneity in investing firms. Our results have important implications for corporate venture capital in particular, and technology strategy in general.