1、venture capital venture capitalventure capital is the process by which investors fund early stage, more risk oriented business endeavors. a venture capital funding arrangement will typically entail relinquishing some level of ownership and control of the business. offsetting the high risk the invest

2、or takes is the promise of high return on the investment. the investment is usually in the form of stock or an instrument which can be converted into stock at some future date. as the business matures, an initial public offering may take place, or the business merged or sold, or other sources of cap

3、ital found. any of these would occur with the intention of buying out the venture capitalists. venture capitalists typically expect a 20-50% annual return on their investment at the time they are brought out. venture capitalists typically invest in high growth companies with the potential to generat

4、e revenues of $20mm in any one company, but typical investments range from between $500,000 and $5mm. management experience is a major consideration in evaluating financing prospects.history of private equity and venture capitalwith few exceptions, private equity in the first half of the 20th centur

5、y was the domain of wealthy individuals and families. the vanderbilts, whitneys, rockefellers and warburgs were notable investors in private companies in the first half of the century. in 1938, laurance s. rockefeller helped finance the creation of both eastern air lines and douglas aircraft and the

6、 rockefeller family had vast holdings in a variety of companies.early venture capital one of the first steps toward a professionally-managed venture capital industry was the passage of the small business investment act of 1958. the 1958 act officially allowed the u.s. small business administration (

7、sba) to license private small business investment companies (sbics) to help the financing and management of the small entrepreneurial businesses in the united states. during the 1960s and 1970s, venture capital firms focused their investment activity primarily on starting and expanding companies. as

8、 a result, venture capital came to be almost synonymous with technology finance.stage of venture capital(1)initial/seeda relatively small amount of capital provided to an investor or entrepreneur, usually to prove a concept. it may involve product development, but rarely involves initial marketing.(

9、2)first stagefinancing provided to companies that have expended their initial capital and require funds, often to initiate commercial manufacturing and sales.(3)second stagefunds provided for the major growth of a company whose sales volume is increasing and that is beginning to break even or turn p

10、rofitable. these funds are typically for plant expansion, marketing and working capital development of an improved product.(4)third stagefunds provided for the major growth of a company whose sales volume is increasing and that is beginning to break even or turn profitable. these funds are typically

11、 for plant expansion, marketing and working capital development of an improved product.(5)follow-on/later stagea subsequent investment made by an investor who has made a previous investment in the company - generally a later stage investment in comparison to the initial investment.structure of the f

12、undsmost venture capital funds have a fixed life of 10 years, with the possibility of a few years of extensions to allow for private companies still seeking liquidity. the investing cycle for most funds is generally three to five years, after which the focus is managing and making follow-on investme

13、nts in an existing portfolio. this model was pioneered by successful funds in silicon valley through the 1980s to invest in technological trends broadly but only during their period of ascendance, and to cut exposure to management and marketing risks of any individual firm or its product.in such a f

14、und, the investors have a fixed commitment to the fund that is initially unfunded and subsequently called down by the venture capital fund over time as the fund makes its investments. it can take anywhere from a month or so to several years for venture capitalists to raise money from limited partner

15、s for their fund. at the time when all of the money has been raised, the fund is said to be closed and the 10 year lifetime begins. some funds have partial closes when one half (or some other amount) of the fund has been raised. vintage year generally refers to the year in which the fund was closed

16、and may serve as a means to stratify vc funds for comparison. this free database of venture capital funds shows the difference between a venture capital fund management company and the venture capital funds managed by them.geographical differences(v.c) venture capital, as an industry, originated in

17、the united states and american firms have traditionally been the largest participants in venture deals and the bulk of venture capital has been deployed in american companies. however, increasingly, non-us venture investment is growing and the number and size of non-us venture capitalists have been

18、expanding.venture capital has been used as a tool for economic development in a variety of developing regions. in many of these regions, with less developed financial sectors, venture capital plays a role in facilitating access to finance for small and medium enterprises (smes), which in most cases

19、would not qualify for receiving bank loans.in the year of 2008, while the venture capital fundings are still majorly dominated by u.s. (usd 28.8 b invested in 2008), compared to international fund investments (usd 13.4 b invested in everywhere else), there have been an average 5% growth in the ventu

20、re capital deals outside of the u.s- mainly in china, europe and israel. geographical differences can be significant. for instance, in the u.k., 4% of british investment goes to venture capital, compared to about 33% in the u.s.(1)united statesventure capitalists invested some $6.6 billion in 797 de

21、als in u.s. during the third quarter of 2006, according to the money tree report by pricewaterhousecoopers and the national venture capital association based on data by thomson financial.a national venture capital association survey found that a majority of venture capitalists predicted that venture

22、 investments in the u.s. would have leveled between $2029 billion in 2007.(2)canadacanadian technology companies have attracted interest from the global venture capital community as a result, in part, of generous tax incentive through the scientific research and experimental development (sr&ed) inve

23、stment tax credit program. the basic incentive available to any canadian corporation performing r&d is a non-refundable tax credit that is equal to 20% of qualifying r&d expenditures. an enhanced 35% refundable tax credit of available to certain (i.e. small) canadian-controlled private corporations

24、(ccpcs). because the ccpc rules require a minimum of 50% canadian ownership in the company performing r&d, foreign investors who would like to benefit from the larger 35% tax credit must accept minority position in the company - which might not be desirable. the sr&ed program does not restrict the e

25、xport of any technology or intellectual property that may have been developed with the benefit of sr&ed tax incentives.canada also has a fairly unique form of venture capital generation in its labour sponsored venture capital corporations (lsvcc). these funds, also known as retail venture capital or

26、 labor sponsored investment funds (lsif), are generally sponsored by labor unions and offer tax breaks from government to encourage retail investors to purchase the funds. generally, these retail venture capital funds only invest in companies where the majority of employees are in canada. however, i

27、nnovative structures have been developed to permit lsvccs to direct in canadian subsidiaries of corporations incorporated in jurisdictions outside of canada.(3)europeeurope has a large and growing number of active venture firms. capital raised in the region in 2005, including buy-out funds, exceeded

28、 60bn, of which 12.6bn was specifically for venture investment. the european venture capital association includes a list of active firms and other statistics. in 2006 the top three countries receiving the most venture capital investments were the united kingdom, france, and germany according to data

29、 gathered by library house. european venture capital investment in the second quarter of 2007 rose 5% to 1.14 billion euros from the first quarter. however, due to bigger sized deals in early stage investments, the number of deals was down 20% to 213. the second quarter venture capital investment re

30、sults were significant in terms of early-round investment, where as much as 600 million euros were invested in 126 early round deals. private equity in italy was 4.2 billion euros in 2007.(4)china(a)analysis by deal number & investment amountchinas venture capital market maintained a stable developm

31、ent in q3 2008, witnessing an increase in deal number and investment amount quarter on quarter while a decrement is observed year on year. the total number of deals closed was 86 increasing by 4.9% quarter on quarter but decreasing by 21.1% year on year. total investment amount stood at us$1.026 bil

32、lion, increasing by 51.8% quarter on quarter while decreasing by 6.8% year on year. amid global capital market turmoil, some financial service giants had filed for bankruptcy. meanwhile, chinas domestic economy had to be regulated. under such circumstances, investment firms are becoming more prudent

33、 about their investments.(b).analysis by single investment amount the average deal size in chinas vc market increased, reaching us$11.94 million, and representing a 44.7% increase month on month and an 18.1% increase year on year.out of the 86 deals disclosed, 23 deals were worth between us$5 millio

34、n and us$10 million was 23, accounting for 26.7%. 9 deals were closed with investment between us$10-20 million, representing 10.5%. the single investment amount of another 9 deals was between us$30 million and us$50 million, representing another 10.5%. 8 deals experienced single investment amount of

35、 us$20-30 million, making up 9.3%investors will focus mainly on early stage projects as pre-ipo projects were impacted by the sluggish secondary market. china venture forecasts average deal size would be more likely to decrease in the future.(c).investment hotspot86 deals were secured in 15 sectors

36、in q3 2008. internet, it services, medical and healthcare sectors formed the key investment sectors. 20 internet deals secured us$267 million, representing a 4.8% decrease in deal number while a 10.5% increase in investment amount is observed quarter on quarter. the it services sector had a positive

37、 month with us$98.97 million piping into 8 deals, representing a 34.5% increase in investment amount.government plays a role in venture capitalthe guiding role of the government in financing influences the utility of the venture capital supplier, thus brings about changes in the capital supply in ve

38、nture investment market. therefore, the law of such economic influences can be studied by establishing a micro-economic analytical model which includes the guiding activities of the government in financing. usually, the guiding activities of the government in financing can be presented as a specific

39、 financial product in financial economics, which can be designed and priced using the theories and methods in financial engineering, thus the feasibility and the scientific of the guiding role of the government in venture capital finance can be improved.(from: wikipedia)風險投資一、風險投資內(nèi)涵是指投資者以風險資本的形式對尚在發(fā)

40、展初期，具有潛在風險的企業(yè)進行投資的過程。典型的風險投資要承擔放棄一定的公司所有權(quán)及管理控制權(quán)。投資者因承擔了高風險因而可以獲得高額的回報。投資形式一般是股票或可以在未來轉(zhuǎn)換成股票形式的工具。隨著公司經(jīng)營的成熟，可以通過公開發(fā)行股票，公司合并或者出售，或用其他方式的獲得資本。只要風險資本投資者有要退出的意愿，上述任何一種形式都有可能采用。風險投資者通常希望在退出時獲得每年20%至50%之間的投資回報。風險投資者一般會投資在那些有可能快速發(fā)展的公司上，這些公司中任何一家都有潛力產(chǎn)生極高的年收入，如在美國典型的投資額一般在50萬至500萬美元之間。管理經(jīng)驗是評估投資前景的主要考慮因素。二、私人股本

41、和風險資本的歷史除少數(shù)例外，在20世紀上半葉的私人股本是屬于富有的個人和家庭領(lǐng)域。范德比爾惠特尼，洛克菲勒和warburgs是上半世紀私營公司顯著的投資者。1938年，勞倫斯洛克菲勒幫助南都東方航空線和道格拉斯航空線提供了經(jīng)費。洛克菲勒家族創(chuàng)立的公司已持有各種巨大的財產(chǎn)。三、早期風險投資1958年通過的小企業(yè)投資法是走向一個專業(yè)管理的風險資本行業(yè)的第一個步驟之一。1958年法令正式允許美國小企業(yè)管理局（sba）許可私人“小企業(yè)投資公司”（小企業(yè)投資公司），幫助融資和對美國小企業(yè)的業(yè)務進行管理。在20世紀60年代和70年代，風險投資公司業(yè)務主要集中在啟動和擴大企業(yè)的投資活動方面。結(jié)果導致風險投資

42、通常稱為了技術(shù)的代名詞。四、風險投資的階段（一）種子投資一筆提供給投資者或企業(yè)家的相對數(shù)目較小的資金，通常用來驗證其概念。使用的范圍可以包括產(chǎn)品開發(fā)，但很少用于初期市場運作。 （二）第一階段為需要擴展初始資本和需要資金的公司企業(yè)進行的融資，一般用于開展制造或銷售業(yè)務。（三）第二階段對已經(jīng)實現(xiàn)初期資本擴張的公司提供營運資金，公司此時應具有生產(chǎn)運輸能力，擁有不斷增長的財務性收入和存貨。雖然公司已取得明顯進展，但多半還未能產(chǎn)生利潤。（四）第三階段主要為業(yè)務增長提供資金，在這一階段的公司銷售量呈不斷增長趨勢并已實現(xiàn)盈虧相抵或開始有盈利。這些資金主要是用來對改良后的產(chǎn)品進行擴大生產(chǎn)、拓展市場營銷渠道和擴

43、大運營資本。（五）后續(xù)投資由一個已對公司進行前期投資的投資者繼續(xù)投資，總的說來是與初始（種子）投資相對應。五、風險投資的資金結(jié)構(gòu)大多數(shù)風險資本基金的固定期限為10年，這不得不讓私人公司仍在尋找流動資金。對現(xiàn)有的產(chǎn)品組合大多數(shù)基金投資周期一般為3至5年，以后的重點是管理決策的制定和后續(xù)投資。該模型是由20世紀80年代成功地投入資金在科技發(fā)展中硅谷率先通過在，但只有在其具有廣泛的強勢時期，減少管理風險和任何個人或公司的產(chǎn)品營銷風險。在這樣的一個基金下，投資者最初的資金沒有著落， “所謂下跌風險資本基金”隨著時間的推移，用基金進行投資。它可以在一個月、幾個月，甚至幾年內(nèi)在任何地方從有限合伙人手中獲得

44、風險投資基金。當所有的現(xiàn)金被提出來時，資金被認為時封閉的，并且有效期限為10年。當一些資金的一半增加時，一些資金的一部分也被封閉。“懷舊年”一般是指在該基金封閉一年，可作為一種以分層創(chuàng)投基金的手段作比較。這種風險資本基金的免費數(shù)據(jù)庫顯示了一個風險資本基金管理公司和風險投資所在管理基金上的差異。六、風險投資在地域上的差異風險資本，起源于美國。美國企業(yè)歷來是最大的風險投資交易的參加者，目前風險投資資本大部分已被部署在美國公司。然而，隨著經(jīng)濟全球化趨勢加強，越來越多的非美風險投資增長的數(shù)量和非美國風險資本家的規(guī)模在不斷擴大。風險資本在不同的發(fā)展地區(qū)作為經(jīng)濟發(fā)展的工具。在許多地區(qū)，這些欠發(fā)達的金融部門

45、，風險投資為在大多數(shù)情況下沒有資格獲得銀行貸款的中小型企業(yè)（中小型企業(yè)）提供了獲得資金的機會，對中小企業(yè)的發(fā)展有著促進作用。2008年，在美國風險投資撥款仍占主導地位，2008年投資額度為28.8億美元。國際基金投資有5%主要在中國、歐洲和以色列。地域上的差異很大。例如，在英國風險投資相比美國就只有4%。（一）美國2006年第三季度，風險資本家在美國投資約66億美元，這是由普華永道公司和全國風險投資協(xié)會根據(jù)money tree report報告中湯姆森的金融數(shù)據(jù)。國際風險資本協(xié)會的一項調(diào)查發(fā)現(xiàn)，大多數(shù)的風險投資家預測在2007年美國的風險投資損失將會在20-29億之間。（二）加拿大加拿大科技公司通過慷慨的稅收激勵科研與試驗發(fā)展的投資稅收信貸方案，已成功吸引了全球風險投資公司。加拿大通