Thesis (Ph. D.)---Rensselaer Polytechnic Institute, 2003. / Includes bibliographical references (p. 265-279).

米国のICT業界において、コーポレートベンチャーキャピタル(CVC)を活用したベンチャー企業との資本提携や、ベンチャー企業の買収によるR&Dの外部化は、事業開発上の標準的な手法として定着している。日本に於いても、近年大手企業によるCVCの設立が続くが、未だ米国程の成功を収めることのできた事例は少ない。本稿では、米国の先行研究を基にCVCの成功要因を抽出すると共に、日本のCVCの組織とパフォーマンスに関する実態調査を行い、米国CVCの成功要因が日本でも有効であるかどうかについて、分析を行った。 / In the US, IT companies used Open Innovation through Corporate Venture Capital (CVC) and M&A as a standard practice of corporate development to remain at the forefront of innovation. However in Japan, the number of successful CVC practices continues to be limited despite growing number of Japanese corporations launching a CVC practice. To explain this difference, this thesis first performed comprehensive review of US past researches regarding US CVC and sort out key success factors. Then, conducted a survey of Japanese CVC's organization profile and investment performance and undertook a statistical analysis to investigate whether US CVC's key success factors works in Japan. / 博士(技術・革新的経営) / Doctor of Philosophy in Technology and Innovative Management / 同志社大学 / Doshisha University

This thesis explores institutions under which venture capital investment operates in China and whether and how these institutions affect venture capitalists’ (VCs) investment preferences, ex-ante project screening strategies, and ex-post monitoring activities in China. Based on an analysis of about 50 unstructured and semi-structured interviews and an examination of more than 800 venture capital backed deals, this study finds that regulations on corporate governance impact VCs’ investment activities in China. Due to regulatory restrictions, most foreign venture capital firms are structured under limited partnerships, whereas all domestic venture capital firms (VCFs) are structured as limited companies in China. The difference in corporate governance of VCFs heavily affects VCs’ investment strategies in China. VCFs under limited partnerships show more risktaking capability than those structured as limited companies by investing more in younger projects with higher R&D intensity. Associated with the difference in investment preferences, VCFs under limited partnerships employ stage financing more frequently than those structured as limited companies do. At the same time, the stage financing strategies deployed by VCFs under limited partnerships are closely related to agency problems and transaction uncertainties. The more serious agency problems are the more intensive stage financing will be. However, VCFs structured as limited companies rarely employ stage financing and there is no visible pattern shown in their stage financing arrangements. Finally, similar to the practices in developed countries, VCs in China also take human capital factors as the utmost important criteria. However, they are more demanding in project screening by imposing additional criteria. Further, VCFs under limited partnerships are more demanding and more sensitive to market growth rate and financial returns, and more concerned about public policies. These results may be explained by the weak regulatory institutions in China and the incentives provided by different governance structures. VCFs structured as limited companies are organized hierarchically. Their incentive structure is designed to discourage risk taking and responsibilities. VCFs under limited partnership are more independent in governance that their incentive structures are designed to encourage risk taking and responsibilities.

by Wan Chui-wan Susan, Kwan Shiu-keung Ronald. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 76-78). / ABSTRACT --- p.i / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENT --- p.vii / CHAPTERS / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- METHODOLOGY --- p.7 / Research Strategy --- p.7 / Interview Generation --- p.8 / Interview Description --- p.9 / Research Limitation --- p.10 / Chapter III. --- ENVIRONMENT ： CAPITAL MARKET IN CHINA --- p.13 / Economy in China --- p.13 / Industry --- p.15 / Unification of Exchange Rate --- p.17 / Tax Reform --- p.18 / Stock Market Development in China --- p.19 / Chapter IV. --- VENTURE CAPITAL INVESTMENT IN CHINA --- p.22 / Chapter V. --- A MODEL OF ANALYSING VENTURE CAPITALIST'S INVESTMENT ACTIVITY --- p.25 / Comparison of four Different Decision Models --- p.28 / Tyebjee and Bruno Decision Model --- p.31 / Deal Origination --- p.32 / Screening --- p.32 / Evaluation --- p.33 / Deal Structuring --- p.33 / Post-investment --- p.34 / Chapter VI. --- AN ANALYSIS OF THE VENTURE CAPITAL INVESTMENT ACTIVITY IN PRC --- p.37 / Step 1 一 Deal Origination --- p.37 / Step 2 - Screening --- p.40 / The Size of the investment and the investment policy of the venture fund --- p.40 / Geographic Location --- p.44 / Stages of Financing --- p.45 / Industry Preference --- p.46 / Step 3 - Evaluation --- p.47 / Venture Evaluation Criteria --- p.48 / Information Validation Mechanism --- p.51 / Step 4 - Deal Structuring --- p.53 / Pricing of the deal --- p.54 / Protective covenants --- p.54 / Equity stakes among different investors --- p.56 / Step 5 - Post-investment Activities --- p.56 / Chapter VII. --- THREATS AND OPPORTUNITIES FOR VENTURE CAPITALISTS IN PRC --- p.59 / "Accounting, Auditing and Financial Reporting Standards" --- p.59 / "China Stock Market, Corporate and Securities Law" --- p.60 / Competition With Other Venture Capitals and Corporate Investors --- p.61 / Exchange Rate Movement --- p.62 / Political Instability --- p.63 / Chapter VIII . --- CONCLUSION --- p.64 / APPENDIX / Chapter I. --- OUTLINE OF THE INTERVIEW QUESTIONS --- p.66 / Chapter II. --- MAP OF CHINA'S COASTAL CITIES --- p.74 / BIBLIOGRAPHY --- p.76

The interest for venture capital within the financial sector in Sweden has, according to earlier studies, been seen as a growing occurrence. Especially for what is known as informal venture capital. In modern times, private investors who engage themselves in small, unlisted companies, providing informal venture capital are to be known as business angels. They close equity gaps on the financial market by contribute financial capital to start-ups and are therefore an important participant on today’s market. The aim of this study is to generate further understanding and knowledge about business angels and their view on investing equity in companies who are still in their early development phases. Furthermore, the aim is to generate knowledge about business angel’s view on the risks they are being involved in with their investments in companies’ initial development phases. The methodology used is semi-structured interviews. The result is presented from the answers of three respondents, which mainly shows that business angels have to deal with different risks such as financial risks, business related risks and risks associated with the relationship between the business angel and entrepreneur. In conclusion, the risks mentioned previously are all essential for a business angel investment and need to be considered before and after an investment is being completed. Other studies also show similar results. An agency theory approach is also being used in this study to provide a further understanding regarding the risks business angels have to consider with their investments.

Venture capitals have been playing an important role in helping new and small businesses. Even though venture capital currently isn¡¦t part of banking business but it has some banking capital properties. In the future, it can be part of banking products. This research is to study how venture capital can achieve its investment goals and decrease the loss from thorough pre-investment assessment and the control of its investment. This study is to analyze the assessment of the venture capital company , the advantages and the disadvantages of the strategy, and hope to develop a better and feasible investment strategy. Venture capital companies are facing some problems in these years, such as, difficulty of raising funds¡B searching cases and withdraw as well as poor performance. This study has discovered some suitable strategies, they are: 1. Choosing the right case is more important than do the case right. 2. Sell stocks out at the right time is more important than choosing the right case. 3. The success of the case depends on choosing the mainstream industry. To avoid the loss of the investment depends on the management team. Conclusion: After the most prosperous period for venture capital in year 2000, venture capital has been facing some unfavorable issues like many companies moving out of Taiwan¡Bfewer cases and the withdraw of funds. However, venture capitals should continue to provide the function of incubation for new business. When facing the changes of the environment, it¡¦s necessary to change the investment strategies. This study has provided some feasible strategies for venture capital companies. They are: 1.Develop the uniqueness of the company. 2. Set up global offices. 3. Educate employees with international vision. 4. Merge companies to become a bigger cooperation. 5. Raise funds and invest globally. Suggestions: 1. Suggest the government removing limitations of investing categories for venture capitals. 2. Venture capital companies should enlarge the size. Government should allow venture capitals to invest in the stock market. 3. Merge companies with poor performance 4. Differentiate the investment strategies. Raise funds from different resources. 5. Take good advantages of private equity funds to conduct company restructuring.

Growth is the important lessons for corporation. The key factors of growth are the spirit of innovation and entrepreneurship and the energy of next business. Corporate venture capital(CVC) can not only achieve these goals, but also provide many important strategic purposes, which is a innovative bridge connect to external and internal environment. However, how to effectively manipulate CVC in Taiwan is not clear. The purpose of this study is to analyze the situation of CVC in Taiwan nowadays, create the CVC categorization model and the work suggestion of each type. Through the literature discussion, we create CVC categorization model. According to the investment purposes and content, the model conclude six types, ¡§capacity strengthen, ecosystem complement, innovation probe, opportunity create, leverage harvest and venture investing.¡¨ Then, interviewing with experts who familiarity with the real business of CVC to understand the situation and comprehend the key successful factors. Finally, discuss, analyze and generalize the conclusion and suggestion. The success of CVC must match the investment strategic purposes and the operation model. Corporations should choose the right operation model type by different considerations such as organization structure, investment implement, and administration mechanism. Moreover, there are another five points of view deserve to refer. First of all, the open innovation of CVC is not equal to give up internal independent innovation. Second, the spirit of CVC can¡¦t be diverged. Third, CVC should step by step, from the ecosystem, innovation to encourage the intra-entrepreneur CVC type. Fourth, Corporations should have the courage to invest the potential business besides the current business even if will destroy the profit. Fifth, the managers must have the wider attitude and the further vision.

English Abstract Evaluating the cases is the most important work in Venture Capital Company. So the key successful factor is to correctly and efficiently choose the invest case. In the past researches, they probed the important of evaluating criteria and ranged the evaluating criteria. But no study researches were from characters of manager, so the study wants to know the relationship between the characters of manager and the evaluating criteria. The results show that the venture capital managers who have commerce background would pay more attention to the marketing ability of enterprise team; managers who have science or engineering background would pay less attention to the financial ability of enterprise team; managers who have the experience in high-tech industry would pay less attention to marketing ability of enterprise team. And the emphases on managerial ability and product and technology innovation would grow up with the age of the venture capital managers. Besides that, this study finds that in the venture capital industry managers are very young and have high educational background.

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