| Summary: | 碩士 === 東吳大學 === 企業管理學系 === 85 === Vnture capital is usually made available to young ventures with
substantial growth potential. Most often venture capital takes
the form of equity financing,with an investment horizon that is
generally long and for unspecified periods.Such capital is
growth-oriented, frequently-unsecured and subordinate to other
types of financing.The structure of staged venture capital
investments when agency cost and monitoring costs exist are
examined. Expected agency costs increase as assets become less
tangible,growth options increase, and asset specificity rises.
Data from a sampleof 85 venture capital manager support the
predictions stage and high technology companies where
informational asymmetries are highest. Venture capitalists
periodicallygather information and maintain the option to
discontinue funding projects with little probability of going
public.The evidence available indicates that the industry is
entering a period of maturitywhich has been influenced by
changes both to the wider economic environment and to the
industrys operting environment.The revised expectations and
actions of the institutional investors which provide the funding
for for independent venture capital firms have been of
particular importance. These combined influences have brought
about major changes to the structure ,conduct, and performance
of the industry over the decade. This process of the transition
to industry maturity shows strong parallels to recent changes
within the venture capital industry.
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