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Based on the data of business incubator's performance and incubation fund, the dynamic interactions are studied between performance of business incubator and incubation fund through co-integration test. The results indicates that long time dynamic co-integration relationship exists between graduated tenants and incubation fund and in the short term the change of incubation fund has a strong impact...
In this study we develop a structural model of value cognition for new-technology-based firms (NTBFs) based on resource-based theory (RBT) and balanced score card (BSC). The value cognition of venture capitalists (VCs) is considered as a procedure of information processing, and the input variable consists of two aspects, namely resource and performance. The indicator system of resource, which is established...
This paper tried to establish venture investment firms cluster stability model by using Logistic model and Lotka — volterra competition equation based on the ecological theory, and set Beijing, Shanghai as an example, argued that venture capital firms in two areas can be seen as two venture capital firms cluster, and tried to measure the stability of the model by regression analysis with Eviews software,...
Venture valuation is an essential technique in economics. Depending on the reason for a valuation, there are several methods applicable. It becomes even more complex when it comes to the valuation of companies that possess mainly intangible assets and whose success lies in the future. In this article a further step towards a Fuzzy Method is presented and discussed that allows the determination of...
For the uncertainty in the enterprise investment. Based on the membership functions and indicators in the matrix, we propose fuzzy evaluation model. Assessing the uncertainties in mathematics and sorting the objects in the domain of decisions, then we can get the most optimum programme. An investment case was used as an example to verify the validity of the model, and the conclusions of it can be...
We consider the problem of valuing contingent capital in the form of debt that converts to equity when a capital ratio falls below a threshold. With continuous monitoring of the conversion trigger and with asset value modeled as geometric Brownian motion, the value admits a closed-form expression. Here we focus on the case of a discretely monitored trigger and the simulation of three potential mechanisms...
In order to evaluate the MBO short-term performance and long-term performance, by virtue of 36 listed company samples which were buy-outed by management among 1997-2004, an empirical study was conducted based on factor analysis and matching T test. Empirical results showed that there was obvious improvement on the enterprise performance from overall view. The common factors such as risk control factor,...
Government plays a crucial role in venture capital financing, especially in the early stage of venture capital industry. This paper analyzes the role of government in venture capital financing. I explore a basic model and add the government as a new participant into this economic analytical model. And then, I analyze the government financing guidance in venture investment based on extended model....
For most biotech start-ups' financing, the fundraising from the venture capital and capital market is not enough. Strategic partnership with the big pharmaceutical or biotech companies is also necessary. At the uncertain projects in the biopharmaceuticals, the flexibility of decision making is valuable against irreversibility. On the other hand, the strategic flexibility tends to become the trade-off...
A new method is proposed to solve multiple attribute group decision making problems with linguistic assessment information. In the method, the two-tuple linguistic representation developed in recent years is used to aggregate the linguistic assessment information. According to the traditional ideas of technique for order preference by similarity to ideal solution (TOPSIS), the optimal alternative(s)...
The venture capital has played the significant role to the modern economy prosperity, its investment characteristic has decided the high profit and high risk coexisting. Because the venture enterprise is mostly the high new technique business enterprise that the beginning creates, its technology, management, market, and product are all not very mature, is containing the very high uncertainty, in the...
Real estate venture capital evaluating is a complex multi-objective decision-making problem that has two remarkable characteristic: incommensurability and contradictoriness among the objectives. According to the characteristic of multi-objective decision-making, this paper has made the normative approach to the data, applying the fuzzy multi-objective decision-making method of incomplete preference...
This paper uses the multiple regression analysis and the structural equation modeling (SEM) to study the relationship between venture capital and supporting environment. The empirical analysis results show that, the corporation leading science technology environment (CLSTE) and the government supportive policies synthesis level (GSPSL) have direct effects on the development of VC; the development...
The exit mechanism from a venture investment is the primary way the venture capitalist can realize a positive return on the investment. The main exit routes are initial public offerings (IPO), trade sale, buyback and write-off. It is an important issue for the venture capitalists to choose the most appropriate exit route. This paper sets up a real option decision model based on the comprehensive analysis...
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