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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)风险投资一、风险投资内涵是指投资者以风险资本的形式对尚在发

40、展初期，具有潜在风险的企业进行投资的过程。典型的风险投资要承担放弃一定的公司所有权及管理控制权。投资者因承担了高风险因而可以获得高额的回报。投资形式一般是股票或可以在未来转换成股票形式的工具。随着公司经营的成熟，可以通过公开发行股票，公司合并或者出售，或用其他方式的获得资本。只要风险资本投资者有要退出的意愿，上述任何一种形式都有可能采用。风险投资者通常希望在退出时获得每年20%至50%之间的投资回报。风险投资者一般会投资在那些有可能快速发展的公司上，这些公司中任何一家都有潜力产生极高的年收入，如在美国典型的投资额一般在50万至500万美元之间。管理经验是评估投资前景的主要考虑因素。二、私人股本

41、和风险资本的历史除少数例外，在20世纪上半叶的私人股本是属于富有的个人和家庭领域。范德比尔惠特尼，洛克菲勒和Warburgs是上半世纪私营公司显着的投资者。1938年，劳伦斯洛克菲勒帮助南都东方航空线和道格拉斯航空线提供了经费。洛克菲勒家族创立的公司已持有各种巨大的财产。三、早期风险投资1958年通过的小企业投资法是走向一个专业管理的风险资本行业的第一个步骤之一。1958年法令正式允许美国小企业管理局（SBA）许可私人“小企业投资公司”（小企业投资公司），帮助融资和对美国小企业的业务进行管理。在20世纪60年代和70年代，风险投资公司业务主要集中在启动和扩大企业的投资活动方面。结果导致风险投资

42、通常称为了技术的代名词。四、风险投资的阶段（一）种子投资一笔提供给投资者或企业家的相对数目较小的资金，通常用来验证其概念。使用的范围可以包括产品开发，但很少用于初期市场运作。 （二）第一阶段为需要扩展初始资本和需要资金的公司企业进行的融资，一般用于开展制造或销售业务。（三）第二阶段对已经实现初期资本扩张的公司提供营运资金，公司此时应具有生产运输能力，拥有不断增长的财务性收入和存货。虽然公司已取得明显进展，但多半还未能产生利润。（四）第三阶段主要为业务增长提供资金，在这一阶段的公司销售量呈不断增长趋势并已实现盈亏相抵或开始有盈利。这些资金主要是用来对改良后的产品进行扩大生产、拓展市场营销渠道和扩

43、大运营资本。（五）后续投资由一个已对公司进行前期投资的投资者继续投资，总的说来是与初始（种子）投资相对应。五、风险投资的资金结构大多数风险资本基金的固定期限为10年，这不得不让私人公司仍在寻找流动资金。对现有的产品组合大多数基金投资周期一般为3至5年，以后的重点是管理决策的制定和后续投资。该模型是由20世纪80年代成功地投入资金在科技发展中硅谷率先通过在，但只有在其具有广泛的强势时期，减少管理风险和任何个人或公司的产品营销风险。在这样的一个基金下，投资者最初的资金没有着落， “所谓下跌风险资本基金”随着时间的推移，用基金进行投资。它可以在一个月、几个月，甚至几年内在任何地方从有限合伙人手中获得

44、风险投资基金。当所有的现金被提出来时，资金被认为时封闭的，并且有效期限为10年。当一些资金的一半增加时，一些资金的一部分也被封闭。“怀旧年”一般是指在该基金封闭一年，可作为一种以分层创投基金的手段作比较。这种风险资本基金的免费数据库显示了一个风险资本基金管理公司和风险投资所在管理基金上的差异。六、风险投资在地域上的差异风险资本，起源于美国。美国企业历来是最大的风险投资交易的参加者，目前风险投资资本大部分已被部署在美国公司。然而，随着经济全球化趋势加强，越来越多的非美风险投资增长的数量和非美国风险资本家的规模在不断扩大。风险资本在不同的发展地区作为经济发展的工具。在许多地区，这些欠发达的金融部门

45、，风险投资为在大多数情况下没有资格获得银行贷款的中小型企业（中小型企业）提供了获得资金的机会，对中小企业的发展有着促进作用。2008年，在美国风险投资拨款仍占主导地位，2008年投资额度为28.8亿美元。国际基金投资有5%主要在中国、欧洲和以色列。地域上的差异很大。例如，在英国风险投资相比美国就只有4%。（一）美国2006年第三季度，风险资本家在美国投资约66亿美元，这是由普华永道公司和全国风险投资协会根据Money tree Report报告中汤姆森的金融数据。国际风险资本协会的一项调查发现，大多数的风险投资家预测在2007年美国的风险投资损失将会在20-29亿之间。（二）加拿大加拿大科技公

46、司通过慷慨的税收激励科研与试验发展的投资税收信贷方案，已成功吸引了全球风险投资公司。加拿大通过激励各个公司的非退税政策，节约了20%的支出。一种可提高35%的加拿大控制（CCPCS）私人公司退还税收抵免政策。由于中央领导集体规则的要求50%以上的加拿大私人公司可享受这一政策，如果外国投资公司也想获得这种权利，必须接受少数公司，这是一个不可能实现的理想。该海关程序不限制任何技术或知识产权，可能会利用海关税收优惠更好地出口发展。加拿大也有风险资本产生的独特形式，那就是利用赞助商在其劳动风险投资公司的投资获得利润。这些资金为零售或劳资赞助的投资基金，通常由工会和由政府提供税务优惠以鼓励零售投资者购买

47、的资金。一般来说，在加拿大这些零售风险投资基金只投资于公司里的大多数员工。然而，创新结构已经发展到允许LSVCCS直接在境外注册成立的司法管辖区的加拿大公司、加拿大子公司。然而，由于早期的投资规模过大，交易宗数下跌了20%。第二季度风险资本投资效益比早期一轮的投资更加显著，其中高达6.000亿欧元，2007年在意大利的私人股本为4.2亿元。（三）欧洲欧洲拥有大量而活跃的风险投资公司越来越多。于2005年在该地区募集资金，包括买断资金，超过600亿，其中12.6bn是专门为风险投资而募集的。欧洲创业投资协会搜集了积极的公司的统计清单。2006年，根据的数据图书馆所收集的数据得知：获得风险投资资金

48、最多的前三名的国家是英国、法国和德国。欧洲企业2007年第二季度的资本投资，在第一季度1.14亿欧元的基础上增长了5%。（四）中国1.由交易数量和投资金额分析 中国的风险资本市场在2008年第三季度保持了稳定发展，季度投资额一年一年地增加。 交易的总数量在季度的基础上，一个季度比一个季度增加了4.9%，但是同上一年相比较却下降了21.1%。然而在美国，风险投资总额达到了1.026亿美元，季度与季度相比，每一季度增长额为51.8%，年增长达到了6.8%。由于全球资本市场动荡，一些金融服务巨头已申请破产。与此同时，中国国内经济已经进行调整，在这种情况下，投资公司正在成为更多人关注的目标。2.由单一

49、投资额分析 在中国的风险投资市场上平均交易量增加，达到11.94万美元，较上一个月增加44.7%，比上一年增加了18.1%。 总共有86个交易被披露出来，其中由23个交易值5亿美元到10亿美元之间，达到了总交易额的26.7%，有9个交易，风险投资额达到了10万到20万美元之间，占总投资额的10.5%。涉及另外9个交易单项投资的投资额在3000万到5000万美元之间，美国5000万美元，占其它投资项目的10.5%。8个涉及单个投资的风险投资额为20-30亿美元，比同期增长了9.3%。 投资者将风险投资基金集中于上市前项目的前期工程，这主要主是受二级市场低迷的影响。有关预测中国的风险投资的平均交易规模可能将在未来减少。3.投资热点在2008年第三个季度，15各部门获得了86笔交易。在互联网，IT服务，医疗及保健领域形成了重点投资领域。20个互联网交易获得2.67亿美元的风