The Venture Capital Invested Business Model ¡VThe Case Study For D Venture Capital Company Abstract Post-investment management is one of the critical phases of the investment process and is typically the most time consuming. Venture Capital Invested forcus in high-tech firms ,the difference between Venture Capital and tradition company is Venture Capital have hight risks and returns more than tradition company¡C From allocation to withdrawal and returns process by Venture- capital-backed Firms ( all the time approximately 3∼8 year), after post-investment management including the time which covers is very long, and have huge influence for the investment result. After the investment, how to involve the management, manages strength of strong and the weak is a big challenge for Venture capital of human resources assignment. The method is studying documents and the more case study have the conclusion. The onclusion is Venture capital have strategic valuation by the analysis base. And by the analysis base extend todifference business model. This research proposed as the market size to be big and the department market mainstream product, either is had law litigation by Venture- capital-backed Firms . Venture capital will involve leading manage to reduction lawsuit perio. When Venture- capital-backed Firms management team displays direction of the management idea difference even the deviation board of directors, Venture capital put into mostly the time involvement management even the consideration sells off stocks, makes a profit brings to completion. Post-investment management is one of the critical phases venture-capital acts as a member of board directors.¡Bthe assistance enterprise financing¡Bmonitoring financial report and structue¡Bthe agreement on urgent problem and the initiation business strategy.Ventur-capital invested jusd do the consults of managemen when initial investment t and as a member of board directors. But when appears emergency alert from financial report either presents the crisis or the management question, Venture Capital will involvement human affairs, adjustment of the organization and the direction of management The reseach conclusion is venture Capital still sell the stockholder as the main purpose and the returns method. Keywords¡G Venture Capital¡BStrategic Valuation

Abstract With a focus on the three contracts¡Xranging from the common stock contract to the more sophisticated contracts of convertible debt and staged financing stock, this study aims at studying the moral hazard concerning a venture capitalist and an entrepreneur in their venture financing. The two objectives of the present study are: to compare the optimal levels for a venture capitalist and an entrepreneur when they are fully informed or when they are under moral hazard, given that the two parties are in the same type of contract; to compare the optimal levels for a venture capitalist and an entrepreneur of the three contracts. This study intends to construct a utility maximum model for a venture capitalist and an entrepreneur in the three contracts and to work out the optimal levels for a venture capitalist and an entrepreneur when they are fully informed or when they are under moral hazard. The conclusion is as follows: 1. Of the three contracts, the optimal effort levels for a venture capitalist and an entrepreneur under full information are all larger than those under moral hazard. 2. Of the three contracts, a venture capitalist and an entrepreneur¡¦s optimal effort levels are: The optimal effort levels for convertible debt are larger than those for common stock, and the optimal effort levels for common stock are larger than those for staged financing stock.

Thesis (Ph. D.)--University of Chicago, Dept. of Economics, June 2001. / Includes bibliographical references. Also available on the Internet.

Thesis (M. Phil.)--Hong Kong University of Science and Technology, 2002. / Includes bibliographical references (leaves 19-20). Also available in electronic version. Access restricted to campus users.

The decision process of venture capitalists has received much attention from researchers and it is a complex and unclear process. There are plenty of factors that affect venture capitalists´ investment decisions. The purpose of this study is to find out the important factors in the due diligence process for the venture capital firms and venture capitalists during their investments. The authors find it interesting to find out factors that influence venture capitalists during their investment decisions according to due diligence process. Qualitative method was seen suitable for this study. Three phone interviews were conducted with three venture capital firms in Turkey named Is Private Equity, Ilab Ventures and Bosphorous Group. The authors find out management, market, location, product, industry and financial factors are important factors for venture capitalists to decide whether to invest or not.

Sammanfattning Under 2000-talet har hotet mot miljön och klimatet nått oss med stormsteg och en omställning till ett hållbart samhälle är ett krav och omställningen förväntas bli lång. I ljuset av miljöhotet utvecklas nya investeringssektorer med fokus på att stilla den ökande efterfrågan på produkter och tjänster som minskar miljöpåverkan, en av de mest populära investeringssektorerna med fokus på miljön är Cleantech. Cleantech är en ny investeringskategori som kom till Sverige runt år 2005. Begreppet och investeringskategorin, Cleantech härstammar från USA och organisationen Cleantech Group LLC. Cleantech Group delar upp Cleantech i elva olika segment på följande sätt; (1) Energiproduktion, (2) Energiförvaring, (3) Energiinfrastruktur, (4) Energieffektivitet, (5) Transport, (6) Vatten & Avfallsvatten, (7) Luft & Miljö, (8) Material, (9) Tillverkning/Industriell, (10) Jordbruk, (11) Återvinning & Avfallshantering. För att Cleantech-bolag skall utvecklas så används ofta riskkapital från VC-bolag. En enkätstudie visar att 56 % av svenska riskkapitalister anser att Cleantech är det mest intressanta investeringsområdet. En klartläggning över vilka svenska Cleantech-bolag som har erhållit VC-investeringar kompletterar den tidigare forskningen, vilket gör ämnet intressant att studera. Genom en abduktiv forskningsansats och en kvantitativ inriktning har jag valt att studera samtliga VC-bolag som är registrerade i SVCA’s medlemsregister och identifierade VC- bolagens tillhörande portföljbolag. Syftet är att kategorisera och klassificera vilka svenska Cleantech-bolag som har erhållit VC-investeringar. Studien har ett delsyfte genom att undersöka om det finns tillväxtskillnader mellan Cleantech-bolag och Övriga bolag som inkluderas i studien. De teoretiska utgångspunkterna är Cleantech-segmenteringen som hänförs till Cleantech Group och väsentligheten kring ett väldefinierat begrepp kring Cleantech. Jämförelser och paralleller dras till Cleantech Group’s årliga Cleantech- undersökning, Global Cleantech 100. Tillväxtskillnader mellan Cleantech-bolag och Övriga bolag analyseras med kopplingar till agentteori och teorin kring informationsasymmetri. Studien genomförs med en systematisk datainsamling med indelning i två faser; första fasen innehåller kategorisering och klassificeringen av funna portföljbolag som antingen Cleantech- bolag eller Övriga bolag och andra fasen innehåller inhämtade av bokslutsdata för respektive portföljbolag, vilket möjliggör en analys av tillväxtskillnaderna mellan Cleantech-bolag och Övriga bolag, mätt i antal anställda och omsättningsförändring. Datainsamlingen omfattar 703 stycken unika portföljbolag som i sin tur finansieras av 71 olika VC-bolag. Studien visar att Energiproduktion med 23 stycken portföljbolag attraherar VC-kapital i störst utsträckning följt av Energieffektivitet med 18 stycken portföljbolag och Tillverkning/Industriell med 13 stycken portföljbolag. Studien påvisar också att Cleantech- bolag har signifikant högre tillväxt både mätt i antal anställda och omsättningsförändring i förhållande till bolag kategoriserade som Övriga bolag. I rådande studie har en totalundersökning av VC-bolag registrerade i SVCA’s medlemsregister genomförts, vilket innebär att applicerbarheten och jämförbarheten är gentemot populationer som överensstämmer med kriterierna för VC-bolagen och har en likvärdig Cleantech-segmentering. Generaliserbarheten minskar vid överföring till VC-bolag som investerar i utländska bolag på grund av att dessa bolag inte styrs av svenska marknadsmöjligheter och svenska regleringar.

People often look to well-developed networks for insight into the venture capital acquisition process, but many of us live in different contextual environments, and we must be able to craft policies that are practical considering that the venture capital acquisition process may be occurring differently, within a dissimilar network environment. As demonstrated by this study, less developed networks can exhibit certain aspects that are well-developed. Some aspects are not relevant for policy: we cannot realistically establish a stock market in order to facilitate venture capital exits, but we can identify which factors are less-developed, more developed, and in transition, so that policies can be crafted from a strategic point of view. The question for policy makers now is whether to focus on promoting less-developed characteristics to push development of venture capital acquisition, or to further promote well-developed characteristics to pull the process, or to strive instead for balance.

Companies need to be more innovative to exist and sustain profitability in today???s competitive business environment. They try to increase innovation by increasing their internal knowledge through internal and external sources. One of the main external sources that may support firms in improving their capabilities is venture capital (VC). Venture capitalists not only provide financial support for new firms, but also provide value-added activities, such as leadership, administration, marketing and strategic directions. These activities may improve the competitive advantages, productivity, profitability, and innovation of businesses. This study, based on historical data of VC investment and patenting, explores the effects of VC investment on firms??? innovation in different intellectual property rights (IPR) environments and in many industries worldwide, utilizing large datasets and various empirical models. Our negative binomial as well as logistic regression models of the panel data present the significant and positive impacts of VC investment and IPR parameters on increasing business patenting rates under all legal systems, by controlling for cultural, regulatory, and economic and market conditions of the business environment. These rates vary by area. Details of our analysis show that British (Common) and French Civil legal systems, in order, are more effective than other legal platforms, followed by German and Scandinavian. These results can be extended to different world regions and countries, based on their legal system. These outcomes are also supported by detailed analyses on countries. Furthermore, VC investment positively influences most industries but the impact rates differ by industry. In order to adjust our estimations and taking into account any flows in the panel data, we apply robust regression methods and cluster standard errors in the models. In order to test and address endogeneity concerns about the relationship between VC investment and firms??? patenting activities, three methods are applied: reverse causality, the Heckman Selection model, and instrumental variables. The Ease to Do Business index, as a starting business parameter, is our instrument for VC investment and it ranks world economies from the highest to the lowest level. Higher rankings (which translate to low numerical ranks) indicate that the regulatory environment is supportive and simpler for business operations.

No description available.

Dissertation--Universität Hamburg, 2006. / Includes bibliographical references.