俄罗斯风险投资项目的评价方法-工商管理专业论文.docxVIP

华 华 中 科 技 大 学 硕 士 学 位 论 文 II II Abstract Venture capital (venture capitalist) grows rapidly in developing countries since 1990, just few inquiry took place on venture capitalist in developing countries. This inquiry conduces to the knowledge of venture capitalist in developing countries by studying venture capitalist investments in Russia. Russia is a proper starting point to study venture capitalist in developing countries because Russia created and supported the state program of venture capitalist investments “Skolkovo”. Completed inquiry on venture capitalist in Russia will arouse strong interests to various venture capitalist players and policy makers in developing countries. Most of the venture capital investments in Russia took place by domestic private and state-owned venture capital funds. The dominance of Russian venture capital funds is mainly due to Russia’s poor economic and political institutes (court systems, corruption, and terrorism). In the 1990s, venture capitalists were generally interested in low-tech industries with military background. However, in the late 2000s, information technology (IT) firms accounted for about 50% of the venture capitalist backed firms in the late 2000s. The percentage of investments in high-tech industries in Russia in the late 2000s has been on the same level with others compared with venture capitalist investments in other countries. It is also inconsistent with the profile of fast-growing private firms in Russia. Finance of businesspersons have limits in early stages of their start-up. Usual providers of capital escape to enter due to uncertainties and information asymmetries. To convince venture capitalists to endow their resources in a venture, businesspersons must know the selection measure they use to evaluate new venture investment suggestions. The inquiry literature pay strong attention to this selection measure in the past, with a focal point on private Venture capitalists. However, few scientists look at the