The Citerion Of Evaluation Of The Venture Capital Manager On Investing Project

• Main Authors: Shi, Shan-Neng, 許杉能
• Other Authors: Ho Tsau-Yi, Chen Jen-Yeuan
• Format: Others
• Language: zh-TW
• Published: 1996
• Online Access: http://ndltd.ncl.edu.tw/handle/01860221286358105384

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.