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Risk Investment in China Problems and Solutions

Venture Capital Investment Problems and Countermeasures of China's venture capital began in the 80s of last century,[link widoczny dla zalogowanych], while high-tech industry in promoting the development of our country played an important role in the. However, due to late start, poor foundation, especially the lack of research. Therefore, compared with developed countries is not a small gap. But with the strengthening of China's reform and openness, private capital investment in the risk increasing the proportion accounted for, particularly in 2007 has allowed a limited partnership, the venture capital that will move our scientific, standardized development, thereby contribute significantly to economic development, thereby increasing our country's comprehensive national strength. First, the problems of Venture Capital 1. Venture capital organization in the form of a single June 1, 2006 before the venture capital in China is mainly to corporations. Rather than the limited partnership or trust system. Corporate venture investment institutions is the joint-stock companies or limited liability company established in the form. Corporate venture capital is the earliest form of organization. With the newly revised Limited partnership was originally produced in the U.S. Silicon Valley, it is composed of two parts: a general partner and limited partner, the former fund managers, which are the main investors. Limited partnership rather than through direct investments in venture investing, investors put a lot of work, such as selection, organization, management and liquidation of the final withdrawal of all entrusted to the general partner. Both of whom can not say who is good or bad, mainly due to investment environment and policies. Trust the French system is limited to contract actions, which will be based on trust property, all (or part) after the transfer, according to the contract for the benefit (or specific purpose) to manage or dispose of property. 2. Venture Capital defective design contractual relationships with funding sources narrow contractual relationship of the risk of investment in the prevalence of moral hazard and adverse selection resulting from asymmetric information problems. Contractual relationship between the investors loose, incentive do not place. China's current venture capital firm (run by venture capitalists),[link widoczny dla zalogowanych], the majority of the investment after the management of risk is very low participation, and some even did not participate in the management, even in the management, efficiency is not high. Domestic venture capital on a contractual relationship with the study of books is almost a blank, even if only a few articles related to, the system simply can not risk the investment contract analysis of the relationship. And books on venture capital is very much in these books are just as venture capital small part of the contractual relationship to write, in fact,[link widoczny dla zalogowanych], risk investment in the contractual relationship is the most important. This stage, the main source of overseas venture capital investment, listed companies, government funding, technology companies and private capital to enterprises. Funds provided by the Government absolute advantage, resulting in the investment structure is not balanced. Led to the lack of competition and operations are not standardized, and efficiency is low, while the narrow channels of financing, venture capital is a direct result of the relatively small scale. In the United States and Europe growing role in the venture capital market investment angels (with strong economic strength and wealth of management experience in the investment house, to directly participate in the production and management) in China is yet to come. In addition, the structure and level of China's capital market is not perfect, product variety is not only small, and uneven. But with the rapid development of private capital in recent years, this situation will be greatly improved. The improvement of relations between China Venture Capital Contract Proposals 1. To solve the problem of moral hazard and adverse selection, moral hazard and adverse selection risk investment is the key issue will appear, on these two issues are more domestic research, moral hazard solution is the essence of the word Venture capitalists through the constraints of venture capitalists and incentives for venture venture capitalists and incentives to address the constraints. Through a series of measures to encourage venture capitalists and the risk that entrepreneurs will not make things detrimental to the interests of venture capitalists, to link their interests as much as possible, so that they can devote to business services. Adverse selection problem because of information asymmetry through the main result. If a very good investment opportunities out there, but no one knows, or knows who is competent enough, it would be a pity thing. And most important to solve the problem of adverse selection is through the establishment of mechanisms for information transmission and information filtering mechanisms. Through the transmission of information and screening to select the appropriate investors. It's like buying a house, buy a house through various channels (mainly housing developers advertising) to choose to buy a house, shopping guide staff in consultation with the final to determine whether to buy, buy, will determine the method of payment, generally loans. The loan is to be reviewed through a series of bank applications to. This is similar to messaging and filtering, China's venture capital can learn from. 2. To increase efforts to train and venture capitalists to improve the quality of venture capitalists in China who have a risk of the small number of investment experience, has become the bottleneck of the development of venture capital. The United States in 2000, when professional venture capitalists only 4,000 people, China's venture capitalists see the numbers are fewer. A professional venture capitalist's role in the investment process can not be replaced, not a good risk venture capital home to no good. Venture capitalists also determines the level of quality development of venture capital, as long as they can hire good venture capitalists and select promising venture capital, venture capital also half the battle. The following is the author of some suggestions: (1) in the country schools each have the ability to set up a special training course venture capitalists. Risk companies can hire some experienced business managers, entrepreneurs and risk so that they work together, allowing entrepreneurs to learn their risk management experience, a candidate for president of venture capitalists and venture businesses. (2) the establishment of a professional venture capital market professionals, reasonable to promote the flow of talent. (3) to consider the risks of investment in the establishment of specialized information site, to solve the problem of asymmetric information. (4) the venture capital companies can also establish a series of incentives to encourage different kinds of people to risk investment, and transparent operation of their own risk, so risk venture capital investors to receive timely information. 3. To learn from the success of foreign venture capital venture capital is an important part of success is to see if we can find a high-growth projects, with the least cost will be able to promote enterprise development, market acceptance is also high. High growth in foreign companies looking for venture capital has become the first important factor. If a business does not grow in the future, and that there is no need to invest in venture capital investment, after all, is great, the loss is huge. Can the risk be increased investment in the private sector, so more conducive to creating a favorable competitive environment. Can enhance the sensitivity of the technology and industry, standardize the behavior of various operations of venture capital, venture capital from the spirit of promoting the development of our country. This requires that the policy of the Government from the private venture capital for a series of preferential policies. From this point on you can learn the risk of the Government of Singapore Investment Policy, which in addition to the leading role of the government outside, but also to review its policies and guidelines for their venture capital played an important role in promoting. Government should encourage innovation and entrepreneurship, and promote scientific research institutions, universities and business cooperation in the financial sector. Set up a special risk fund to support investment risk, increase the encouragement of venture investment behavior. State-owned venture capital companies on the reform of state-owned enterprises to actively enhance, optimize the use of venture capital and appropriate incentives to increase employee take the passion. 4. To establish a complete system of venture capital exit at this stage of China's stock market and venture capital market situation, the venture capital exit exit should be emphasized that the establishment of diversified private equity and fund of. Venture capital funds as a general partner of venture capitalists raising to institutional investors, the law is unlimited liability, and a set of norms and mature incentive and restraint mechanisms to effectively reduce the risk of asymmetric information agent. Therefore, in the domestic securities investment fund open, closed, contract type, the concept is not suitable for corporate venture capital fund in China. The Government should legislate to improve the venture capital exit, exit through the development of a number of preferential policies to encourage enterprises to withdraw from the situation for their own way, to avoid and reduce the inappropriate exit from the damage caused. In particular, to exit bankruptcy liquidation: company experience lead to poor post-bankruptcy liquidation, the sale of the company valuable asset. This capital investment will be a great loss or even total loss. With the rapid development of China's economy, the stock market and venture capital market will become increasingly standardized, with international practice. In the March 5, 2008 morning, Premier Wen Jiabao's speech at the two sessions, the final word to the launch of the GEM, the Commission Chairman Shang Fulin clear: Issuance GEM announced in April, is expected to achieve the first company in May listed. March 20 in Tianjin, the State Council has approved the establishment of China's first OTC market (OTC),[link widoczny dla zalogowanych], non-listed companies for trading shares, which will reach millions of Chinese listed companies to provide the conditions for new equity financing , while at the same time, known as the This References: [1] Martin Haemmig, Fudan University, China Venture Capital Research Center. Venture Capital International [M]. 1st edition. Fudan University Press, 2005: 3 ~ 10 [2] An implementation of Wang Jian Zhao Zebin : Risk Investment Theory and Methods [M]. 1st edition. Science Press, 2005: 10 ~ 12 [3] Xieke Fan Yang Qing: Venture Capital Management [M]. 1st edition. Central Compilation and Translation Press, 2004 : 50 ~ -59 [4] Sheng Lijun: venture capital operation. Mechanism and Strategy of [M]. 1st edition. Shanghai Far East Press, 2000: 216 ~ 220 [5] Hu Shiming, Huang Lihong. Investors and Risk investor's contractual relationship [J]. Central South University (Social Science Edition) 2003,[link widoczny dla zalogowanych], 9 No. 2: 220 ~ 221 [6] Zheng apricot: GEM 4: 90 [7] Cheng Wing Wei Chunyan:-raised funds, private equity and venture capital [J]. China Investment, 2008, 2: 115 [8] Hu Yi Xuan: Venture Contractual Relation of [D]. Xiangtan University : Xiangtan University, 2006 [9] Yin Cheung. venture capital in the contractual relationship of [D]. Lanzhou University: Lanzhou University, 2006 [10] GRAHAM.Venture capital and buyouts [M]. amacom, 2000:56 - 60 [11] Josh Lerner / Felda Hardymon.Venture Capital and Private Equity [M]. Wiley, 2002:76 ~ 7
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