风险投资合约的安排及其治理机制.pptVIP

* * 风险投资合约的安排及其治理机制 黄晓飞 指导老师：曾勇教授 电子科技大学管理学院 * * 第一页，共十八页。 Undoubtedly, Venture Capital was a kind of new thing that emerged in the 2nd half of the 20th century. But …It has made many tiny high-tech start-up companies become one of the biggest giants in their corresponding industries. We’re extremely familiar with some of those companies, such as…… * * 第二页，共十八页。 * * 第三页，共十八页。 * * 第四页，共十八页。 Some Recent Statistics Venture Capital Investment in US Companies By Year As of 06/30/2004 Year Companies Deals Investment ($M) 1994 1019 1271 4294.4 1995 1616 1953 7883.6 1996 2188 2736 11905.6 1997 2647 3298 15366.3 1998 3087 3787 21854.4 1999 4580 5736 56158.3 2000 6587 8303 107781.9 2001 4007 4857 42919.8 2002 2612 3098 21619.5 2003 2376 2876 18775.6 2004 1364 1447 10631.1 * * 第五页，共十八页。 Some Recent Statistics Venture Capital Investment in US Companies By Industry/Technology Sector 2nd Quarter in 2004 No. Sector Companies Deals Investment ($M) 1 Software 212 212 1204.2 2 Biotechnology 85 85 922.8 3 Medical Devices and Equipment 70 70 485.3 4 Telecommunications 59 59 518.1 5 Semiconductors 53 53 437.4 6 Networking and Equipment 44 44 458.8 7 Computers and Peripherals 35 35 227.2 8 IT Services 35 35 185.3 9 Industrial/Energy 33 33 147.6 10 Media and Entertainment 32 33 336.5 11 Business Products and Services 31 31 175.1 12 Electronics/Instrumentation 21 21 144.6 13 Healthcare Services 19 19 176.8 14 Financial Services 16 16 104.8 15 Retailing/Distribution 8 9 52.5 16 Consumer Products and Services 5 5 4.0 17 Other 1 1 1.6 - Total 759 761 5582.6 * * 第六页，共十八页。 ABSTACT 从风险投资周期的两个阶段中分析了风险投资参与方——投资者、风险投资家以及创业企业家之间广泛存在的信息不对称、有限理性等因素和某些参与方的机会主义行为，以合约经济学的观点分析了风险投资合约的不完全性。基于这些现象的存在，本文从风险投资有限合伙协议以及融资协议的合约安排入手，指出了相应的解决办法和治理机制，以期保证各风险投资参与方的利益。 * * 第七页，共十八页。 引言 What is the so-called Venture Capital? A Brief History about VC Some Basic Concepts Participants: Investors, VCs, Entrepreneurs Organizational Structure: VC Funds, Limited Partnership, Life Cycle, Compensation of VCs Venture