Enterprise venture capital, also known as venture capital, mainly refers to an investment behavior of enterprises in order to promote the industrialization of high-tech in the industry and expect to obtain higher capital gains through the transfer of equity after success. The following is organized by me, thanks for reading.

Research on Enterprise Venture Capital Management

I. Introduction

With the development of global economy, the social environment and economic environment of enterprises are changing. The development of information technology, the emergence of e-commerce, the innovation of science and technology, the reorganization of enterprises, and the diversified demand preferences of consumers have all invisibly increased the uncertain factors faced by enterprises. These main themes on the economic stage of 2 1 century have gradually increased the risk probability faced by enterprises. So that the scale of enterprise investment risk accidents is gradually increasing.

Risk is objective and inevitable. Enterprises can only reduce the occurrence of risks in various ways, but can't completely eliminate them. For a long time, the investment structure of many enterprises has been seriously unbalanced. Many enterprises blindly pay attention to extensive growth and low-level output when investing, thus ignoring the law of market competition. Some enterprises even face bankruptcy because they can't correctly foresee the investment risks. Therefore, if modern enterprises want to be in an invincible position in the fierce international competition, they must establish a new risk management concept, scientifically manage all kinds of risks of enterprises around their strategic objectives and minimize venture capital in the face of major changes in social concepts, various man-made accidents and natural disasters, rapid changes in technology and serious threats to their survival and sustainable development.

Second, the concept and basic characteristics of enterprise venture capital

The concept of enterprise venture capital

Enterprise venture capital, also known as venture capital, mainly refers to an investment behavior in which enterprises invest funds in the high-tech development field with high failure risk in the form of equity capital in order to promote the industrialization of high-tech in the industry, and expect to obtain higher capital gains through the transfer of equity after success.

Second, the basic characteristics of venture capital

1 is a risky investment.

Venture capital mainly supports the innovation of high-tech and products, so there are huge technical, market and economic investment risks. Generally speaking, the average success rate of investment is only about 30%. An experienced venture capitalist in the United States once thought that only one third of the projects they invested were very successful and achieved high returns, one third of the investment and investment funds were basically the same, and the other third of the investment was almost wiped out. However, in the face of high return on investment, many enterprises still regard venture capital as an investment activity, which still attracts the attention of enterprises all over the world. For example, 1977, an American apple company, made a huge profit of $240 for every 1 dollar invested in just a few years. It can be seen how attractive venture capital is.

2. It is a typical portfolio investment.

Many successful venture capital cases have proved that portfolio investment will be an effective way for enterprise venture capital. This requires enterprises not to invest all their funds in one project, one stage or one enterprise, but to invest in different enterprises and different development stages and projects of enterprises in a balanced way. This decentralized portfolio investment has successfully dispersed the investment risks, and as long as part of the investment is successful, it can completely make up for the losses caused by other investments. Enterprises can also invest only a part of the required capital, without having to bear all the investment, so as to avoid putting all your eggs in one basket. According to the statistics of American Venture Capital Association, the venture capital of many enterprises in the United States is mostly concentrated in the entrepreneurial growth stage of new enterprises, accounting for about 80% of the invested funds.

This is a long-term investment.

It takes 3 to 7 years for general venture capital to make a profit. In the process of investment, we should continuously increase capital and invest in those promising projects or enterprises. So many people call venture capital "brave and patient capital". Facing the rapidly changing social environment and market economy environment, investors must have the great courage to break the wall in ten years, treat venture capital with more calmness and patience, and less impetuous and impatient.

4. It belongs to equity investment.

The essence of venture capital is not borrowing money, but an obvious equity capital investment. The focus of investment is not the current profit and loss of the investment object, but the development prospect of the investment enterprise or project or the appreciation of assets. The main purpose of this is to achieve high returns by listing or selling investment enterprises.

This is a very professional investment.

The venture capital of an enterprise is not simply to provide funds to the entrepreneurs of the invested enterprise, but the managers of the enterprise provide these resources to the invested enterprise by virtue of their accumulated rich knowledge, management experience and extensive social relations, and actively participate in the entrepreneurship of the enterprise, and jointly establish the management of the enterprise with the entrepreneurs of the enterprise to help the entrepreneurs of the enterprise achieve commercial success.

Three, the elements of venture capital and the characteristics of venture capital enterprises

Elements of venture capital

The elements of venture capital mainly include: investors, venture capital companies and venture enterprises. Generally speaking, funds begin to flow from investors to investment companies, which make decisions after screening the funds and enterprises, and then the investment companies will flow the funds to the invested venture enterprises.

At present, venture capital in China has attracted a lot of investment attention, including enterprises, insurance companies and even foreign investment. Due to lack of knowledge, limited energy, scattered risks and other reasons, these investors mainly talk about transferring investment funds to investment companies to operate, and rarely participate in them. For example, Bill Gates has a much better eye for investment than others. Initially, Microsoft compiled the MSDOS operating system for IBM's PC, and the price was extremely low. When IBM secretly enjoyed making money for itself, the operating system written by Microsoft has spread all over the world, thus laying a solid foundation for Microsoft's future development.

Second, the characteristics of venture capital enterprises

Venture enterprises actually refer to those high-tech enterprises, mainly engaged in high-tech research and development, and dynamically change with the continuous development of science and technology. For these pioneering and innovative venture enterprises, once the research and development is successful, the enterprises will develop at a high speed and obtain huge social and economic benefits. At the same time, it will also

Promote social progress. Venture capital enterprises are different from our traditional enterprises, which have unique characteristics:

1. Venture capital enterprises are characterized by strong innovation, high risk and low success rate.

Venture capital enterprises have a strong spirit of exploration, and there are many uncertainties, such as immature technology and high degree of innovation. Therefore, it is very common to encounter failures in the development and research of new technologies. The success rate of venture capital enterprises in the United States is between 20% and 30%. This is mainly because on the one hand, venture enterprises generally invest in high-tech or products without mortgage or guarantee. On the other hand, because the invested venture enterprises are still in the initial stage of design, it is uncertain whether high technology can be transformed into productivity, and there are great risks.

2. Venture capital enterprises have high profitability.

Once successful, venture capital enterprises will bring huge profits, greatly improve labor productivity, reduce production costs, rapidly expand domestic and foreign markets, and promote the further development of enterprises. Because venture capital is a strategic future investment, many investors often turn a blind eye to the risks in investment, which is mainly affected by high returns.

3. Venture capital enterprises are high-level talent-intensive enterprises with knowledge and technology.

Generally speaking, a group of high-quality innovative technical talents gather in those successful venture enterprises, which is the most valuable resource for venture capital enterprises in the face of fierce market competition. Venture capital enterprises generally have high technical requirements for employees. Generally, high-tech talents account for 50%-80% of the number of enterprises, otherwise they will not be competent. Managers of venture capital enterprises should not only have modern scientific and technological level, but also have modern scientific management concepts and knowledge. For example, in the Silicon Valley of the United States, the annual output value is 40 billion US dollars, while there are 6,000 scientific and technical personnel with doctoral degrees and 0.5 million engineers/kloc. It can be seen that in the wave of new technological revolution in the world, how important it is for high-tech talents of venture capital enterprises.

4. Venture capital enterprises have strong intelligence and adaptability.

The success or failure of venture capital enterprises requires not only a group of high-tech talents, but also good information work. If venture capital enterprises don't do a good job in information and intelligence, they can't grasp the direction of the enterprise. At present, many countries have regarded information, energy and raw materials as the three pillars of modern national economic development. Therefore, venture capital enterprises must be able to obtain all kinds of valuable information through effective means in order to defeat their competitors in one fell swoop.

5. Venture capital liquidity of venture capital enterprises is low.

Investors usually put their money into venture capital enterprises at the beginning of their establishment, and can't get returns until their shares are listed or acquired and transferred, so the investment cycle is long. It also makes the liquidity of funds poor. At the same time, once venture capital is withdrawn, it will be very difficult for enterprises to withdraw from capital, which also makes the liquidity of venture capital low.

Four, enterprise risk investment control measures

Investment risk control is the risk control measures taken by enterprise risk managers after analyzing and measuring the risks, aiming at the different risk factors faced by enterprise investment, in order to eliminate or reduce the venture capital of enterprises and reduce the expected losses of enterprises.

1. Risk avoidance

In venture capital management, risk aversion is a relatively negative method. It is mainly through the interruption of risk sources to completely eliminate the losses and some potential negative effects brought by a certain risk. However, the implementation of this method also brings risks that may lead to loss of income. In reality, risk aversion will be affected by many factors, such as the occurrence of natural disasters such as earthquakes and hail, the worldwide economic crisis, and changes in national laws and policies. In addition, avoiding one risk is likely to bring other risks.

Second, the control of risk loss.

Loss control mainly refers to the adjustment or reorganization of some links in the enterprise investment process before the risk occurs, in order to reduce the occurrence of enterprise investment losses. Loss control is mainly to reduce the investment loss of enterprises through the probability of loss. Generally speaking, enterprises can take measures such as changing investment risk factors, changing the environment in which risk factors are located, and changing the interaction mechanism between risk factors and environment to control risk losses.

Three risk transfer control

Risk transfer is a basic method of risk control, which mainly refers to a risk management measure that an enterprise transfers its unwilling share to other units or individuals in some way. Mainly includes: insurance transfer risk and non-insurance transfer risk. The former mainly refers to the transfer of risks to insurance companies, while the latter mainly refers to the transfer and financing of controllable risks.

Transfer of class a risks. The main methods for enterprises to control and transfer risks are: selling sales contracts and transferring risks to other units or individuals. For example, enterprises can transfer risky investment projects to other economic units or individuals in the form of downward contracting, and transfer risks according to contracts. All those uncontrolled and unlimited risk transfer are illegal and immoral behaviors, and risk transfer must be carried out by reasonable and legal means.

Fourth, financial control strategy.

The risk capital control of enterprises can also be handled and controlled by economic means. Enterprises can adopt risk transfer and risk retention to realize the financial control strategy of risk. Financial risk transfer can be realized through neutralization, exemption agreement and guarantee company. Financial risk retention is now favored by more and more enterprises. Risk retention can be achieved by establishing unexpected loss funds in enterprises, spreading investment losses into operating costs, raising external funds and establishing self-insurance companies.

In a word, with the direct promotion of * * * and the extensive concern and participation of all walks of life, China's investment has entered a period of rapid development. For example, with the birth of excellent enterprises such as Kingdee and Sina, venture capital has become the source of the further development of high-tech enterprises in China. Although the development of venture capital in China is not as mature as that in foreign countries, it is still in its infancy, but the venture capital industry in China is developing vigorously.

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