风险投资项目中风险的识别、评估与防范研究
|
摘要
风险投资以其高风险、高成长性和高预期回报的投融资方式,在推动高新技术的发展上发挥了巨大的作用。但在鼓励风险投资的同时,必须对其风险进行识别、跟踪评估和防范,以便适时采取投资修正措施,防范和减少风险。因此,系统地探讨风险投资项目中的风险有非常重要的实践意义和理论意义。
文章首先在对风险投资项目中的风险因素进行分类研究的基础上,从数据收集、变量度量和分析方法等三方面阐述对关键风险因素的识别。在数据收集过程中,本研究采取了多种方式确保所收集数据的可靠性和有效性,包括科学合理地设计调查问卷、对问卷发放和回收过程的严格管理,尽可能排斥干扰因素的影响;在变量度量中,借鉴了国内外已有的相关理论和实证研究,确立被解释变量、解释变量的度量方法,保障变量度量的合理有效,并对测量模型进行检验,结果可以看出各变量的测度均满足信度和效度要求;在分析方法中,利用结构方程检验了嵌套模型是与数据拟合情况更为一致的模型,用路径分析说明了战略因素,生产及市场因素,融资因素和人因因素的直接影响效果和间接影响效果,以及这些因素相互作用对投资绩效的影响。结果显示投资环境,管理者的道德、代理风险,管理团队协调能力,资金需求规划,投资退出等因素是影响风险投资项目的关键风险因素。
然后,在总结和回顾风险评估方法与工具的基础上,评价了现有各类方法的优缺点,说明风险投资项目中风险评估方法应具有的基本特征和要求条件,并鉴于面向目标风险评估的局限性,应用了面向活动的风险评估技术-风险矩阵技术,说明了风险矩阵技术对面向活动的项目风险评估所能起到的独特作用,并在关键风险因素识别的基础上,通过举例详细介绍了利用风险矩阵技术进行风险评估的过程。
文章最后讨论了风险投资项目风险防范的原则和策略,从触发器原理、屏障分析、多层防御体系方面分析了动态防范体系的建立,应用CREAM追溯分析法对项目风险事件进行了全新的根原因追溯分析,并针对不同风险因素,探讨了风险控制的具体措施。
The venture capital investment with high risk, high growth and high expecting returns, plays a very important role in the development of new technology. But while encouraging the venture capital investment, we must identify its risk, evaluate its risk, and properly take measures to minimize or prevent its risk. Therefore, it is practical and theoretical forus to inquire systematically into the risk in venture capital project.
Firstly, the paper classifies the risk factors in venture capital project, and expounds the identification of key risk factors from data collecting, variable measuring, analyzing methods, etc. In the course of data collecting, measures are taken to make sure the data are reliable and effective, including designing the questionnaire scientifically, and issuing and retrieving questionnaire strictly. In the variable measuring, consulting to related theories and verified research domestic and international, we establish the measurement of dependent variables and explanatory variables to ensure the validity of the variables. In the test of measure model, the results show the reliability and validity of the variables is high. In the course of analyzing, we test the nested-model by using Structure Equation Model, and the result verifies the nested-model is more fit with the data. With path analysis, the paper analyzes the direct and indirect influence of strategy, production and markets, financing and human factors on investment performance, and also analyzes the influence on investment performance because of the interaction among these factors. The findings show the investing environment, the managers' ethical risk, agent risk, managing team's coordinating ability, plan for funds demand, capital exit, etc, are the key factors that influence venture capital investments.
Then on the basis of summarizing and reviewing risk evaluation technique, the paper evaluates the merits and demerits of current methods. It states what characteristics or requirements risk evaluation methods should have in venture capital projects. In view of the limitations of objective-oriented risk evaluation, the paper puts forward risk activity-oriented evaluation techniques - risk matrix techniques. It explains what unique function risk matrix techniques perform in project risk evaluation. Moreover, based on the key factor identification, the paper gives a detailed introduction with examples to risk matrix.
Finally, the paper puts forward the principles and strategies of risk prevention in venture capital project. It expounds the building of the dynamic prevention system from the trigger principle, barrier analysis, and multiple defense system. It also makes an analysis of root causes retrospection to project risk by using the CREAM retrospection analysis. Furthermore, it discusses the concrete control measures to different risk factors.
文章首先在对风险投资项目中的风险因素进行分类研究的基础上,从数据收集、变量度量和分析方法等三方面阐述对关键风险因素的识别。在数据收集过程中,本研究采取了多种方式确保所收集数据的可靠性和有效性,包括科学合理地设计调查问卷、对问卷发放和回收过程的严格管理,尽可能排斥干扰因素的影响;在变量度量中,借鉴了国内外已有的相关理论和实证研究,确立被解释变量、解释变量的度量方法,保障变量度量的合理有效,并对测量模型进行检验,结果可以看出各变量的测度均满足信度和效度要求;在分析方法中,利用结构方程检验了嵌套模型是与数据拟合情况更为一致的模型,用路径分析说明了战略因素,生产及市场因素,融资因素和人因因素的直接影响效果和间接影响效果,以及这些因素相互作用对投资绩效的影响。结果显示投资环境,管理者的道德、代理风险,管理团队协调能力,资金需求规划,投资退出等因素是影响风险投资项目的关键风险因素。
然后,在总结和回顾风险评估方法与工具的基础上,评价了现有各类方法的优缺点,说明风险投资项目中风险评估方法应具有的基本特征和要求条件,并鉴于面向目标风险评估的局限性,应用了面向活动的风险评估技术-风险矩阵技术,说明了风险矩阵技术对面向活动的项目风险评估所能起到的独特作用,并在关键风险因素识别的基础上,通过举例详细介绍了利用风险矩阵技术进行风险评估的过程。
文章最后讨论了风险投资项目风险防范的原则和策略,从触发器原理、屏障分析、多层防御体系方面分析了动态防范体系的建立,应用CREAM追溯分析法对项目风险事件进行了全新的根原因追溯分析,并针对不同风险因素,探讨了风险控制的具体措施。
The venture capital investment with high risk, high growth and high expecting returns, plays a very important role in the development of new technology. But while encouraging the venture capital investment, we must identify its risk, evaluate its risk, and properly take measures to minimize or prevent its risk. Therefore, it is practical and theoretical forus to inquire systematically into the risk in venture capital project.
Firstly, the paper classifies the risk factors in venture capital project, and expounds the identification of key risk factors from data collecting, variable measuring, analyzing methods, etc. In the course of data collecting, measures are taken to make sure the data are reliable and effective, including designing the questionnaire scientifically, and issuing and retrieving questionnaire strictly. In the variable measuring, consulting to related theories and verified research domestic and international, we establish the measurement of dependent variables and explanatory variables to ensure the validity of the variables. In the test of measure model, the results show the reliability and validity of the variables is high. In the course of analyzing, we test the nested-model by using Structure Equation Model, and the result verifies the nested-model is more fit with the data. With path analysis, the paper analyzes the direct and indirect influence of strategy, production and markets, financing and human factors on investment performance, and also analyzes the influence on investment performance because of the interaction among these factors. The findings show the investing environment, the managers' ethical risk, agent risk, managing team's coordinating ability, plan for funds demand, capital exit, etc, are the key factors that influence venture capital investments.
Then on the basis of summarizing and reviewing risk evaluation technique, the paper evaluates the merits and demerits of current methods. It states what characteristics or requirements risk evaluation methods should have in venture capital projects. In view of the limitations of objective-oriented risk evaluation, the paper puts forward risk activity-oriented evaluation techniques - risk matrix techniques. It explains what unique function risk matrix techniques perform in project risk evaluation. Moreover, based on the key factor identification, the paper gives a detailed introduction with examples to risk matrix.
Finally, the paper puts forward the principles and strategies of risk prevention in venture capital project. It expounds the building of the dynamic prevention system from the trigger principle, barrier analysis, and multiple defense system. It also makes an analysis of root causes retrospection to project risk by using the CREAM retrospection analysis. Furthermore, it discusses the concrete control measures to different risk factors.
引文
[1]蔡建春,王勇,李汉铃.风险投资中投资风险的灰色多层次评价[J].管理工程学报,2003.2:94-97
[2]蔡莉,熊文.我国风险资本市场的特殊性分析[J].科学学与科学技术管理,2003.7:91-94
[3]曹红辉,彭作刚.创业投资-知识经济时代的创业新概念[M].中国城市出版社,1999
[4]曹兴亮,张明泉.如何建立风险投资项目的风险预警预控系统[J],价值工程,2006.1:115-117
[5]陈春花,赵曙明.高成长企业的组织与文化创新[M],北京:中信出版社,2004
[6]陈德棉.高技术投资风险预测和评价的理论和方法[J],预测,1998,1:26-28
[7]逮春明.制约我国风险投资业发展的因素分析[J],中国软科学,2001.11:30-34
[8]戴克敏等.浅析我国高新技术投资风险形成机制[J].中国软科学,2000.3:45-48
[9]党兴华,黄正超,赵巧艳.基于风险矩阵的风险投资项目风险评估[J],科技进步与对策,2006.1:140-143
[10]邓富民等.AHP分析法在风险投资项目评估中的应用研究[J],电子科技大学学报(社科版),2002.2:25-27
[11]范柏乃.国际风险投资理论研究综述[J],浙江金融,2000.9:12-14
[12]范柏乃等.中国风险企业成长性评价指标体系研究[J],科研管理,2001.1:112-116
[13]傅家骥等.技术创新-中国企业发展之路[M],企业管理出版社,1992
[14]高辉,李慧民.敏感性-概率分析在项目风险评估中的应用[J].西安建筑科技大学学报,2003.12:376-378
[15]高志前.高新技术产业风险投资[M],北京:经济科学出版社,1996
[16]郭斌.我国产业风险投资体系的参与者及其定位问题研究[1],中国软科学,2001.4:41-45
[17]郭红芳,曾向阳.风险分析方法研究[J],计算机工程,2001.3:131-132
[18]郭励弘等.发展规律与风险投资[M],中国发展出版社,2000
[19]葛敏.国内风险投资发展问题讨论综述[J],北方经贸,2002.11:57-59
[20]郭鹰.风险投资中系统风险的确定[J],科研管理,1999.9:96-99
[21]韩光军.风险投资项目的投资决策研究[D],华南理工大学硕士学位论文,19991201
[22]韩静轩,马力.高新技术项目投资风险的分析与测度[J].哈尔滨工业大学学报,2001.6:300-303
[23]韩树荣.我国风险投资的风险管理研究[J],生产力研究,2003.3:129-131
[24]韩晓,何明等.基于灰色关联度的科研项目风险评价方法[J],北京理工大学学报,2002.12:778-781
[25]何峥,陈德棉.早高科技企业融资困境分析研究[J],科学学与科学技术管理,2004.1:128-132
[26]黄本笑,彭玉梅.运用网络分析法选择R&D项目[J],科学学与科学技术管理,2003.2:5-7
[27]黄欣.国际投资项目评价决策支持系统的综合指标体系设计[J],重庆邮电学院学报,2000.6:55-61
[28]吉宏伟,蒋顺文.中国大陆风险投资的投资时机研究[J],经济与社会发展,2003.6:47-49
[29]姜宝军.金融投资风险与收益的数理本质探悉[J],国际金融研究,1998.10:51-53
[30]金永红,奚玉芹.风险投资循环中的风险控制研究[J],工业技术经济,2006.5:P133-136
[31]金朝光,林焰,纪卓尚。基于模糊集理论事件树分析方法在风险分析中应用[J],大连理工大学学报,2003.1:97-100
[32]金怒江.风险投资项目筛选的战略性思考[J],科学学与科学技术管理,2004.3:141-144
[33]孔淑红.风险投资与融资[M],北京:对外经济贸易大学出版社,2002
[34]劳剑东等.风险企业评估模型的初步研究[J],科学管理研究,2000.4:63-65
[35]雷家.高新技术创业管理[M],北京:机械工业出版社,2001
[36]李爱民等.我国创业投资事业发展的宏观态势分析[J],中国软科学,2001.11:34-36
[37]李长智.风险投资的风险评估方法研究[J],财经问题研究,2002.10:42-44
[38]李长智.风险投资公司风险来源分析及对策研究[J],经济师,2003.4:38-39
[39]李登峰.模糊多目标多人决策与对策[M],北京:国防工业出版社,2003
[40]李国麟,吴若陶.风险投资与科技企业[M],北京:中国经济出版社,2000
[41]李厚德.信息不对称理论在风险投资领域的应用综述[J],外国经济与管 理,2002.1:56-58
[42]李建华.高技术产业化风险投资的风险评估与防范[J],管理现代化,1994.6:64-66
[43]李世雁,何又春.高科技投入中技术风险分析[J],科学学与科学技术管理,2001.7:28-29
[44]李伟,刘春波.投资项目风险评估中动态情景模拟[J],工业技术经济,2003.5:113-114
[45]李姚矿,陈德棉,张玉臣.信息不对称情况下风险投资家的项目评价和管理研究[J],2002.1:44-47
[46]刘必金.风险投资与管理[M],武汉:武汉大学出版社,1999
[47]刘柏文,潘勇辉.我国风险投资公司发展的障碍因素分析及其对策[J],科学学与科学技术管理,1999.2:21-22
[48]刘德学,樊治平.风险投资运作机制与决策分析[M],沈阳:东北大学出版社,2002
[49]刘德学,樊治平.风险投资非系统风险的模糊评价方法[J],科技进步与对策,2002.2:113-115
[50]刘国靖,张蕾.基于风险矩阵的商业银行信贷项目风险评估[J],财经研究,2004.2:34-40
[51]刘怀高,王爱平.应用模糊Borda数分析法综合评价大气污染控制工程[J],甘肃环境研究与监测,1994.7:17-19
[52]刘景江,郑刚.国外R&D项目测度与评价研究述评[J],科研管理,2001.6:9-14
[53]刘曼红.风险投资:创新与金融[M],中国人民大学出版社,2001
[54]刘思峰等.风险投资评价的一种新方法[J],中国管理科学,2001.2:22-26
[55]刘希宋,曹霞,李大震.风险投资及投资风险评价.中国软科学[J],2000 3:42-46
[56]刘震宇.中国企业技术积累与跨国化[M],上海:华东理工大学出版社,2005
[57]刘志迎.风险投资理论研究综述[J],中国科技产业,2001.12:43-45
[58]卢琼,魏黎.风险投资所面临的系统风险及其防范[J],科技创业月刊,2005.12:39-40
[59]卢有杰,卢家仪.项目风险管理[M],清华大学出版社,1998
[60]骆秦丽.层次分析法在风险投资项目选择中的应用[J],技术经济,2000.4:64-66
[61]马赞军.风险投资中的委托代理风险及其公司治理[J],科技与管理,2006.5:P85-88
[62]毛荐其,霍保世.技术创新风险与评估[J],数量经济技术经济研究,2002.2:28-31
[63]毛蕴诗等.中国优秀企业成长与能力演进-基于案例的研究[M],北京:中国财政经济出版社,2005
[64]乔俊杰.风险投资项目选择的关键因素分析[J],湖北民族学院学报,2004.3:47-49
[65]潘雄峰.基于主成份分析方法的风险投资项目评估模型[J],科技进步与对策,2004.3:21-23
[66]彭寿康.资本资产定价模型和风险项目评价[J],预测,2000.1:63-65
[67]芮明杰.现代企业持续发展理论与策略[M],北京:清华大学出版社,2004
[68]闰彦.投资项目风险衡量的探讨[J],工业技术经济,2003.1:105-107
[69]施建军等.试论我国目前风险投资的风险性[J],数量经济技术经济研究,2001.4:43-45
[70]苏永江,李湛.观念型风险投资项目的具体评价[J],科研管理,2001.7:46-51
[71]孙秋鹏,于超银.高科技风险投资项目风险评价体系[J],软科学,2001.15:18-22
[72]谈毅.风险投资家的代理风险表现与控制机制[J],科研管理,2000.6:46-49
[73]唐炎钊.我国高科技风险投资综合评估指标体系设计[J],科技进步与对策,2003.11:155-157
[74]唐炎钊.国外风险投资综合评估理论和方法概述[J],科技进步与对策,2003.8:129-131
[75]陶用之.高技术产业风险投资定量评估的初步研究[J],数量经济技术经济研究,1999.9:53-56
[76]托马斯·彼得斯等.寻求优势-美国最成功公司的经验[M],北京:中国财政经济出版社,1984
[77]汪克夷,董连胜.项目投资决策风险的分析与评价[J],中国软科学,2003.1:141-144
[78]王冰岩.论高技术风险企业与风险投资的动作与管理[D],青岛海洋大学硕士学位论文,19990801
[79]王洪波,宋国良.风险预警机制-在躁动和阵痛下风险创业投资机构必备的生存工具[M],北京:经济管理出版社,2002
[80]王世波,王世良.高新技术项目风险投资评价模型设计[J],企业经济,2006.9:26-28
[81]王双正,陈立文.风险投资与经济增长关系研究[1],科学管理研究,2003.4:110-112
[82]王松奇.中国创业投资体系的现状、问题与前景[J],中国科技产业,2001.12:17-20
[83]王松奇等.中国创业投资体系研究[J],财贸经济,1999.1:19-21
[84]王晓玲,李晓娜,李永清.风险投资公司的风险分析与防范[J],科技情报开发与经济,2006.6:172-174
[85]王晓敏,胡毓达.群体决策的模糊Borda数规则[J],系统工程理论方法应用,2003.3:14-19
[86]王亚民.风险投资项目ECV评估指标与决策模型研究[J],科学学与科学技术管理,2002.12:34-36
[87]王益,许小松.风险资本市场的理论与实践[M],北京:中国经济出版社,2000
[88]王迎军.高科技企业技术风险的识别与防范[J],科学管理研究,1998.1:17-19
[89]王永妍,吴斌.风险投资中的道德风险及防范:研究综述及展望[J],现代管理科学,2006.4:114-115
[90]王中亮.高成长企业的形成条件及其风险防范[J],现代财经,2006.7:44-49
[91]王卓甫.工程项目风险管理-原理、方法与应用[M],北京:中国水利水电出版社,2002
[92]魏灿秋.高技术风险投资的风险转移机理及风险投资合作模型研究[J],四川大学学报,1998.2:62-65
[93]魏星等.风险投资项目决策中的风险综合评价[J],中国软科学,2004.2:29-32
[94]翁亮.风险投资的风险识别、评估与管理[J],技术经济与管理研究,2002.4:59-60
[95]肖芸茹.论不确定条件下的风险决策[J],南开经济研究,2003.1:34-37
[96]谢群,员晓哲.风险投资项目评估决策体系的研究述评[J],科技管理研究,2006.8:182-185
[97]谢科范.技术创新风险管理[M],河北科学技术出版社,1999
[98]谢科范,袁明鹏,彭华涛.企业风险管理[M],武汉:武汉理工大学出版社,2004
[99]谢胜强等.风险投资项目的风险分布与风险控制的最优化管理研究[J],安徽大学学报,2003.3:13-19
[100]熊文,蔡莉,高山.中国上市公司风险投资行为的系统分析[J],工业技术经 济,2003.1:122-124
[101]修振海,王龙伟.风险投资周[M],北京:经济科学出版社,2002
[102]徐晋,綦振法.风险投资的风险指标体系及模糊综合评价模型[J],山东理工大学学报(自然科学版),2003.4:44-47
[103]徐绪松等.高技术项目投资风险模糊综合评价模型[J],数量经济技术经济研究,2000.1:41-44
[104]许庆瑞,郑刚.研究与开发绩效评价在中国:实践与趋势[J],科研管理,2002.1:46-53
[105]许晓东,赵勇,岳超源.用Borda法求解AHP中的群决策问题[J],华中理工大学学报,1999.8:39-41
[106]许星.风险投资项目评估指标研究[D],上海财经大学硕士学位论文,20021201
[107]杨华,彭庆荣.风险投资项目的风险测定与决策[J],武汉水利水电大学学报社会科学报,2000.3:24-27
[108]尹国俊.产权缺失与我国风险资本发展的路径[J],科学学与科学技术管理,2003.9:89-92
[109]尹淑娅.风险投资中的创业企业价值评估模型及其应用[J],中国软科学,1999.6:37-40
[110]余颖等.战略并购:管理风险的三大原则[M],北京:经济科学出版社,2004
[111]俞自由等,风险投资理论与实践[M],上海财经大学出版社,2001
[112]赵国忻.国内风险投资问题的研究进展[J],中国软科学,2000.1:27-29
[113]赵恒峰,邱莞花等.风险因子的模糊综合评判法[J],系统工程理论与实践,1997.7:39-42
[114]赵尚志,张宪.高科技风险投资价值分析[J],价值工程,1999.5:21-23
[115]赵振武,唐万生,宁玉富.基于模糊模拟的AHP在风险投资项目评价中的应用[J],模糊系统与数学,2006.4:128-133
[116]张宝贵,刘东.美国风险投资业的风险规避机制及启示[J],经济纵横,2006.9:59-61
[117]张春英.高新技术风险投资项目评估指标体系探讨[J],技术经济与管理研究,2001.6:44-45
[118]张桂新,蒋景.项目风险评估方法探讨[J],技术经济,2006.3:80-82
[119]张国富,孙金华.高科技风险投资中的风险防范与控制[J],北京大学学报(哲学社会科学版),2001.5:69-74
[120]张景安,风险企业与风险投资[M],中国金融出版社,2000版,第69
[121]张景安.技术创新与风险投资[M],中国发展出版社,2000
[122]张玉利,徐海林.企业成长管理九讲[M],天津:天津人民出版社,2003
[123]郑美华.风险投资的风险识别及评价[J],煤炭经济研究,2001.10:56-59
[124]钟声.论风险投资的风险管理[D],东北财经大学硕士学位论文,2002
[125]周欢等.风险投资的多目标模糊决策分析[J],武汉水利水电大学学报社会科学版,2000.5:22-24
[126]周明伟.风险投资的风险分析[J],南京理工大学学报,2004.2:21-23
[127]朱启超,匡兴华,沈永平.凡险矩阵方法及应用述评[J],中国工程科学,2003.1:44-47
[128]庄恩岳,王明珠.风险投资与案例评析[M],中国审计出版社,1999
[129]邹辉文等.风险投资项目的终选方法和评估指标[J],科研管理,2002.9:104-109
[130]邹辉文等.高新科技项目风险投资的风险分布研究[J],预测,2002.4:44-48
[1]Amitr,Branderj,Zottc.Why do venture capital firms exist? Theory and Canadian Evidence[J],Journal of Business Venturing,1998,13:441-446
[2]Arshad M.Khan.Entrepreneur characteristics and the prediction of new venture success.Journal of Management Science,1986,14(5):565 -372
[3]Barney,Jay B.;Busenitz,Lowell W.;Fiet,James O.;Moesel,Douglas D..New venture teams' assessment of learning assistance from venture capital firms.Journal of Business Venturing.Volume:11,Issue:4,July,1996,pp.257-272
[4]Basch A.Why do venture capitalist should different types of equity securities[M],Department of Economics University of Tubingen,2000.
[5]Bergemann,Dirk;Hege,Ulrich.Venture capital financing,moral hazard,and learning.Journal of Banking & Finance.Volume:22,Issue:6-8,August,1998,pp.703-735
[6]Bernard S.Black and Ronald J.Gilson.Venture capital and the structure of capital markets:banks versus stock markets.Journal of Financial Economics,1998,47: 243-277
[7]Bropby D J. Venture capital investment Proceedings [M], Babson Research Conference. 1981,246-280
[8] Bygrave W D., Timmons J A. An empitical model for the flows of venture capital[J], Frontiers of Entrepreneurship Research,1985,2:105-117
[9] Bygrave W. D, Timmons A. Venture capital at the cross roads [M],Boston: Harvard Business School Press, 1992.163-165
[10]Cochrane, John H.. The risk and return of venture capital. Journal of Financial Economics Volume: 75, Issue: 1, January, 2005, pp. 3-52
[11]Cumming, Douglas J.; Macintosh, Jeffrey G.. Venture capital investment duration in Canada and the United States. Journal of Multinational Financial Management Volume: 11, Issue: 4-5, December, 2001, pp. 445-463
[12] Ernst Maug, Johannes Kemper. How Fundamental are Fundamental Values? Valuation Methods and their Impact on the Performance of German Venture Capitalists In golf Dittmann, European Financial Management Volume 10, Issue 4, Page 609-638, Dec 2004
[13]Gompers P. A.. Opitmal investment, monitoring, and the staging of venture capital. Journal of Finance, 1995,50:1461-1489
[14]Gompers, P. A. and Lemer, J. The use of covenants: An empirial analysis of venture partnership agreements. Journal of Law and Economics, 1996, 50 (10):1463-1498
[15]Gompers, P. A.. Understanding in the venture capitalist industry. Journal of Financial Economics, 1996,42 (9): 133-156
[16]Gompers, P. A. and Brav, A.. Myth or realiry? The long-run underperformance of initial public oferings: evidence from venture and nonventure-capital-backed companies. Journal of Finance, 1997,52: 1791-1821
[17]Gompers, P. A. and Lerner, J.. Venture capital distribution: short-run and long-run reactions. Journal of Finance, 1998,53:2161-6184
[18]Gompersp, Lerner. Money chasing deals? The impact of fund in flows on private equity valuations [J], journal of Financial Economics, 2000, 55(1):281-325
[19] Gordon C. Murray. Evolution and change: An analysis of the first decade of the UK venture capitalist industry. Journal of Business Finance & Accounting, 1995,22(8): 177-199
[20] Hogan J T. A study of the salient factors involved in venture capital investment decisions in technology based ventures [M], The Union Institute. 1992
[21] Howard Van Auken. A Model of Community-Based Venture Capital Formation To Fund Early-Stage Technology-Based Firms. Journal of Small Business Management, Volume 40, Issue 4, Page 287-301, Oct 2002
[22] Ian H Langford. An Existential Approach to Risk Perception. Risk Analysis, Volume 22, Issue 1, Page 101-120, Feb 2002
[23] Jane K. Morris and Susan Isenstein. Pratt's guide to venture capital sources. 13th .ed. Needham, MA: Venture Economics, Inc, 1989
[24]Jeng L. A. and Wells P. C. The determinants of venture capital founding: evidence across countries. Journal of Corporate Finance, 2000,(6): 241289
[25] John A. Doukas, Halit Gonenc. Long term Performance of New Equity Issuers, Venture Capital and Reputation of Investment Bankers, Economic Notes, Volume 34, Issue 1, Page 1-34, Feb 2005
[26] Joshua Lerner.The syndication of venture capital investment. Financial Management. 1994,23: 1627
[27] Joshua Lerner. Venture capitalists and oversight of private firms. Journal of Finance, 1995,L(1):301-318
[28] Kaplans, Stromberg P. Financial Contracting theory meets the real world: an empirical analysis of venture capital contracts [M],The Center for Research in Security Prices Working Paper No. 513, Graduate School of Business, University of Chicago, 2000
[29] Lerner J. Venture capitalists and the oversight of private firms[J], Journal of Finance,1995,30(1):301-317
[30] Lerner, Joshua. "Angel" financing and public policy: An overview. Journal of Banking & Finance Volume: 22, Issue: 6-8, August, 1998, pp. 773-783
[31] Lloyd Steier and Royston Greenwood. Venture capitalist relationships in the deal structuring and post-investment stages of new firm. Journal of Management Studies, 1995,32(3):337-357
[32]Macmillan I C., Zemann L. Criteria distinguishing successful from unsuccessful ventures in the venture screening process[J], Journal of business venturing. 1987, spring: 123-137
[33]Masako Ueda. Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation. The Journal of Finance, Volume 59, Issue 2, Page 601-621, Apr 2004
[34]Michael Schefczyk, Torsten J Gerpott. Management Support for Portfolio Companies of Venture Capital Firms: An Empirical Study of German Venture Capital Investments. British Journal of Management, Volume 12, Issue 3, Page 201-216, Sep 2001
[35] Mike Wright, Sarika Pruthi, Andy Lockett. International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, Volume 7, Issue 3, Page 135-165, Sep 2005
[36] Mills, Roger W.; Chen, Gordon. Evaluating International Joint Ventures Using Strategic Value Analysis. Long Range Planning Volume: 29, Issue: 4, August, 1996, pp. 552-561,446-447
[37]Olusegun Omole, T.A. Borisade, Ahmad Muhammad. Risk impacts on the economic performance of oil and gas projects in Nigeria. OPEC Review, Volume 28, Issue 4, Page 247-274, Dec 2004
[38] Paul Gompers and Jos Lerner. An analysis of compensation in the US venture capital partnership. Journal of Financial Economics, 1999,51:3-44
[39] Paul R, Garvey P. R, Lansdowne Z. F. Risk matrix: an approach for identifying, assessing, and ranking program risks [J]. Air Force Journal of Logistics. 1998. (25): 16-19
[40] Philippe Jorion. Risk management lessons from Long-Term Capital Management. European Financial Management, Volume 6, Issue 3, Page 277-300, Sep 2000
[41]R. C. Sweeting. UK venture capital funds and founding of new technology-based business: process and relationship. Journal of Management Studies, 1995,32(3)
[42]Ried Vance H, and Hisrich Robert D. Toward a Model of Venture Capital Investment Decision Making. Financial Management. Vol.23. Autumn 1994: 28-37
[43] Roberts B.B. The benefits of integrated quantitative risk management[R].The 12thAnnual International Symposium of theInternational Council on Systems Engineering, Melbourne, Australia, July .2001
[44] Roberts B. B. Integrated risk management: results and lessons-learned [A]. Proceedings of Risk Management Symposium Sponsored by the USAF, SMC and the Aerospace Corporation[C]. February. 1999
[45] Roberts Edward B. High Stakes for High-Tech Entrepreneurs: Understanding Venture Capital Decision Making. Sloan Management Review. Vol.32. Winter 1991:9-20
[46] Robinson, Kenneth Charles. An examination of the influence of industry structure on eight alternative measures of new venture performance for high potential independent new ventures. Journal of Business Venturing. Volume: 14, Issue: 2, March, 1999, pp. 165-187
[47]Sahlman,W.A.The structure and governance of venture capital organization. Journal of Financial Economics, 1990, (27): 473-521
[48] Shepherd, Dean A.; Ettenson, Richard; Crouch, Andrew. New venture strategy and profitability: A venture capitalist's assessment. Journal of Business Venturing. Volume: 15, Issue: 5-6, September - November, 2000, pp. 449-467
[49] Sherman Andrew J. How Venture Funds Can Work for You. Management Review. Vol. 79. May 1990: 44-47
[50]Smitham Peter. Down the Venture Capital Route. Accountancy. Vol. 106. Oct. 1990:74-77
[51] Suhejla Hoti, Michael McAleer. An Empirical Assessment of Country Risk Ratings and Associated Models. Journal of Economic Surveys, Volume 18, Issue 4, Page 539-588, Sep 2004
[52] Sweeting R. C. UK Venture Capital Funds and the Funding of New Technology- Based Businesses. Process and Relationships. Journal of Management Studies. Vol.28.Nov 1991:601-622
[53] Trester Jefery.J.. Venture capital contracting under asymmetric information. Journal of Banking&Finance, 1999,22-675-699
[54] Tuukka J Seppa, Tomi Laamanen. Valuation of venture capital investments: empirical evidence. R and D Management, Volume 31, Issue 2, Page 215-230, Apr 2001
[55] Tyebjee Tyzoon T, and Albert V Bruno, A model of venture capitalist investment activity. Management Science. Vol. 30. No.9. September 1984: 1051-1066
[56] Wang, Susheng; Zhou, Hailan. Staged financing in venture capital: moral hazard and risks. Journal of Corporate Finance Volume: 10, Issue: 1, January, 2004, pp. 131-155
[57] Wright M. and Robbie K.. Venture capital and private equity: a review and synthesis. Journal of Business Finance & Accounting, 1998, 25(5)&(6):0306-686X
[58] Wright M, Robbie K. Venture capitalists, Unquoted equity investment. appraisal and the role of accounting in formation [J],Accounting and Business Research, 1996,26(2):153-168
[59]Yoshikawa, Toru; Phan, Phillip H.; Linton, Jonathan. The relationship between governance structure and risk management approaches in Japanese venture capital firms, Journal of Business Venturing Volume: 19, Issue: 6, November, 2004, pp. 831-849
[60]Zacharkis A. L. and Dean A. shepherd. The nature of information and overconfidence on venture capitalists' decision making. Journal of Business Venturing, 2000,6(5):311-332
[61]Zacharkis A. L., Meryer, G. D. and Decastro, J. O.. differing perceptions of new venture failure: A matched exploratory study of venture capitalists and entrepreneurs. Journal of Small Business Management, 37(3): 1-14
[62]Zacharakis, Andrew L; Meyer, G.Dale. The potential of actuarial decision models: Can they improve the venture capital investment decision? Journal of Business Venturing Volume: 15, Issue: 4, July, 2000, pp. 323-346
[63]Zacharakis, Andrew L; Meyer, G. Dale. A lack of insight: do venture capitalists really understand their own decision process? Journal of Business Venturing Volume: 13, Issue: 1, January, 1998, pp. 57-76
[64]Ziber Bob. How Venture Capital Works. Harvard Business Review. Nov-Dec.1998: 131-139
[2]蔡莉,熊文.我国风险资本市场的特殊性分析[J].科学学与科学技术管理,2003.7:91-94
[3]曹红辉,彭作刚.创业投资-知识经济时代的创业新概念[M].中国城市出版社,1999
[4]曹兴亮,张明泉.如何建立风险投资项目的风险预警预控系统[J],价值工程,2006.1:115-117
[5]陈春花,赵曙明.高成长企业的组织与文化创新[M],北京:中信出版社,2004
[6]陈德棉.高技术投资风险预测和评价的理论和方法[J],预测,1998,1:26-28
[7]逮春明.制约我国风险投资业发展的因素分析[J],中国软科学,2001.11:30-34
[8]戴克敏等.浅析我国高新技术投资风险形成机制[J].中国软科学,2000.3:45-48
[9]党兴华,黄正超,赵巧艳.基于风险矩阵的风险投资项目风险评估[J],科技进步与对策,2006.1:140-143
[10]邓富民等.AHP分析法在风险投资项目评估中的应用研究[J],电子科技大学学报(社科版),2002.2:25-27
[11]范柏乃.国际风险投资理论研究综述[J],浙江金融,2000.9:12-14
[12]范柏乃等.中国风险企业成长性评价指标体系研究[J],科研管理,2001.1:112-116
[13]傅家骥等.技术创新-中国企业发展之路[M],企业管理出版社,1992
[14]高辉,李慧民.敏感性-概率分析在项目风险评估中的应用[J].西安建筑科技大学学报,2003.12:376-378
[15]高志前.高新技术产业风险投资[M],北京:经济科学出版社,1996
[16]郭斌.我国产业风险投资体系的参与者及其定位问题研究[1],中国软科学,2001.4:41-45
[17]郭红芳,曾向阳.风险分析方法研究[J],计算机工程,2001.3:131-132
[18]郭励弘等.发展规律与风险投资[M],中国发展出版社,2000
[19]葛敏.国内风险投资发展问题讨论综述[J],北方经贸,2002.11:57-59
[20]郭鹰.风险投资中系统风险的确定[J],科研管理,1999.9:96-99
[21]韩光军.风险投资项目的投资决策研究[D],华南理工大学硕士学位论文,19991201
[22]韩静轩,马力.高新技术项目投资风险的分析与测度[J].哈尔滨工业大学学报,2001.6:300-303
[23]韩树荣.我国风险投资的风险管理研究[J],生产力研究,2003.3:129-131
[24]韩晓,何明等.基于灰色关联度的科研项目风险评价方法[J],北京理工大学学报,2002.12:778-781
[25]何峥,陈德棉.早高科技企业融资困境分析研究[J],科学学与科学技术管理,2004.1:128-132
[26]黄本笑,彭玉梅.运用网络分析法选择R&D项目[J],科学学与科学技术管理,2003.2:5-7
[27]黄欣.国际投资项目评价决策支持系统的综合指标体系设计[J],重庆邮电学院学报,2000.6:55-61
[28]吉宏伟,蒋顺文.中国大陆风险投资的投资时机研究[J],经济与社会发展,2003.6:47-49
[29]姜宝军.金融投资风险与收益的数理本质探悉[J],国际金融研究,1998.10:51-53
[30]金永红,奚玉芹.风险投资循环中的风险控制研究[J],工业技术经济,2006.5:P133-136
[31]金朝光,林焰,纪卓尚。基于模糊集理论事件树分析方法在风险分析中应用[J],大连理工大学学报,2003.1:97-100
[32]金怒江.风险投资项目筛选的战略性思考[J],科学学与科学技术管理,2004.3:141-144
[33]孔淑红.风险投资与融资[M],北京:对外经济贸易大学出版社,2002
[34]劳剑东等.风险企业评估模型的初步研究[J],科学管理研究,2000.4:63-65
[35]雷家.高新技术创业管理[M],北京:机械工业出版社,2001
[36]李爱民等.我国创业投资事业发展的宏观态势分析[J],中国软科学,2001.11:34-36
[37]李长智.风险投资的风险评估方法研究[J],财经问题研究,2002.10:42-44
[38]李长智.风险投资公司风险来源分析及对策研究[J],经济师,2003.4:38-39
[39]李登峰.模糊多目标多人决策与对策[M],北京:国防工业出版社,2003
[40]李国麟,吴若陶.风险投资与科技企业[M],北京:中国经济出版社,2000
[41]李厚德.信息不对称理论在风险投资领域的应用综述[J],外国经济与管 理,2002.1:56-58
[42]李建华.高技术产业化风险投资的风险评估与防范[J],管理现代化,1994.6:64-66
[43]李世雁,何又春.高科技投入中技术风险分析[J],科学学与科学技术管理,2001.7:28-29
[44]李伟,刘春波.投资项目风险评估中动态情景模拟[J],工业技术经济,2003.5:113-114
[45]李姚矿,陈德棉,张玉臣.信息不对称情况下风险投资家的项目评价和管理研究[J],2002.1:44-47
[46]刘必金.风险投资与管理[M],武汉:武汉大学出版社,1999
[47]刘柏文,潘勇辉.我国风险投资公司发展的障碍因素分析及其对策[J],科学学与科学技术管理,1999.2:21-22
[48]刘德学,樊治平.风险投资运作机制与决策分析[M],沈阳:东北大学出版社,2002
[49]刘德学,樊治平.风险投资非系统风险的模糊评价方法[J],科技进步与对策,2002.2:113-115
[50]刘国靖,张蕾.基于风险矩阵的商业银行信贷项目风险评估[J],财经研究,2004.2:34-40
[51]刘怀高,王爱平.应用模糊Borda数分析法综合评价大气污染控制工程[J],甘肃环境研究与监测,1994.7:17-19
[52]刘景江,郑刚.国外R&D项目测度与评价研究述评[J],科研管理,2001.6:9-14
[53]刘曼红.风险投资:创新与金融[M],中国人民大学出版社,2001
[54]刘思峰等.风险投资评价的一种新方法[J],中国管理科学,2001.2:22-26
[55]刘希宋,曹霞,李大震.风险投资及投资风险评价.中国软科学[J],2000 3:42-46
[56]刘震宇.中国企业技术积累与跨国化[M],上海:华东理工大学出版社,2005
[57]刘志迎.风险投资理论研究综述[J],中国科技产业,2001.12:43-45
[58]卢琼,魏黎.风险投资所面临的系统风险及其防范[J],科技创业月刊,2005.12:39-40
[59]卢有杰,卢家仪.项目风险管理[M],清华大学出版社,1998
[60]骆秦丽.层次分析法在风险投资项目选择中的应用[J],技术经济,2000.4:64-66
[61]马赞军.风险投资中的委托代理风险及其公司治理[J],科技与管理,2006.5:P85-88
[62]毛荐其,霍保世.技术创新风险与评估[J],数量经济技术经济研究,2002.2:28-31
[63]毛蕴诗等.中国优秀企业成长与能力演进-基于案例的研究[M],北京:中国财政经济出版社,2005
[64]乔俊杰.风险投资项目选择的关键因素分析[J],湖北民族学院学报,2004.3:47-49
[65]潘雄峰.基于主成份分析方法的风险投资项目评估模型[J],科技进步与对策,2004.3:21-23
[66]彭寿康.资本资产定价模型和风险项目评价[J],预测,2000.1:63-65
[67]芮明杰.现代企业持续发展理论与策略[M],北京:清华大学出版社,2004
[68]闰彦.投资项目风险衡量的探讨[J],工业技术经济,2003.1:105-107
[69]施建军等.试论我国目前风险投资的风险性[J],数量经济技术经济研究,2001.4:43-45
[70]苏永江,李湛.观念型风险投资项目的具体评价[J],科研管理,2001.7:46-51
[71]孙秋鹏,于超银.高科技风险投资项目风险评价体系[J],软科学,2001.15:18-22
[72]谈毅.风险投资家的代理风险表现与控制机制[J],科研管理,2000.6:46-49
[73]唐炎钊.我国高科技风险投资综合评估指标体系设计[J],科技进步与对策,2003.11:155-157
[74]唐炎钊.国外风险投资综合评估理论和方法概述[J],科技进步与对策,2003.8:129-131
[75]陶用之.高技术产业风险投资定量评估的初步研究[J],数量经济技术经济研究,1999.9:53-56
[76]托马斯·彼得斯等.寻求优势-美国最成功公司的经验[M],北京:中国财政经济出版社,1984
[77]汪克夷,董连胜.项目投资决策风险的分析与评价[J],中国软科学,2003.1:141-144
[78]王冰岩.论高技术风险企业与风险投资的动作与管理[D],青岛海洋大学硕士学位论文,19990801
[79]王洪波,宋国良.风险预警机制-在躁动和阵痛下风险创业投资机构必备的生存工具[M],北京:经济管理出版社,2002
[80]王世波,王世良.高新技术项目风险投资评价模型设计[J],企业经济,2006.9:26-28
[81]王双正,陈立文.风险投资与经济增长关系研究[1],科学管理研究,2003.4:110-112
[82]王松奇.中国创业投资体系的现状、问题与前景[J],中国科技产业,2001.12:17-20
[83]王松奇等.中国创业投资体系研究[J],财贸经济,1999.1:19-21
[84]王晓玲,李晓娜,李永清.风险投资公司的风险分析与防范[J],科技情报开发与经济,2006.6:172-174
[85]王晓敏,胡毓达.群体决策的模糊Borda数规则[J],系统工程理论方法应用,2003.3:14-19
[86]王亚民.风险投资项目ECV评估指标与决策模型研究[J],科学学与科学技术管理,2002.12:34-36
[87]王益,许小松.风险资本市场的理论与实践[M],北京:中国经济出版社,2000
[88]王迎军.高科技企业技术风险的识别与防范[J],科学管理研究,1998.1:17-19
[89]王永妍,吴斌.风险投资中的道德风险及防范:研究综述及展望[J],现代管理科学,2006.4:114-115
[90]王中亮.高成长企业的形成条件及其风险防范[J],现代财经,2006.7:44-49
[91]王卓甫.工程项目风险管理-原理、方法与应用[M],北京:中国水利水电出版社,2002
[92]魏灿秋.高技术风险投资的风险转移机理及风险投资合作模型研究[J],四川大学学报,1998.2:62-65
[93]魏星等.风险投资项目决策中的风险综合评价[J],中国软科学,2004.2:29-32
[94]翁亮.风险投资的风险识别、评估与管理[J],技术经济与管理研究,2002.4:59-60
[95]肖芸茹.论不确定条件下的风险决策[J],南开经济研究,2003.1:34-37
[96]谢群,员晓哲.风险投资项目评估决策体系的研究述评[J],科技管理研究,2006.8:182-185
[97]谢科范.技术创新风险管理[M],河北科学技术出版社,1999
[98]谢科范,袁明鹏,彭华涛.企业风险管理[M],武汉:武汉理工大学出版社,2004
[99]谢胜强等.风险投资项目的风险分布与风险控制的最优化管理研究[J],安徽大学学报,2003.3:13-19
[100]熊文,蔡莉,高山.中国上市公司风险投资行为的系统分析[J],工业技术经 济,2003.1:122-124
[101]修振海,王龙伟.风险投资周[M],北京:经济科学出版社,2002
[102]徐晋,綦振法.风险投资的风险指标体系及模糊综合评价模型[J],山东理工大学学报(自然科学版),2003.4:44-47
[103]徐绪松等.高技术项目投资风险模糊综合评价模型[J],数量经济技术经济研究,2000.1:41-44
[104]许庆瑞,郑刚.研究与开发绩效评价在中国:实践与趋势[J],科研管理,2002.1:46-53
[105]许晓东,赵勇,岳超源.用Borda法求解AHP中的群决策问题[J],华中理工大学学报,1999.8:39-41
[106]许星.风险投资项目评估指标研究[D],上海财经大学硕士学位论文,20021201
[107]杨华,彭庆荣.风险投资项目的风险测定与决策[J],武汉水利水电大学学报社会科学报,2000.3:24-27
[108]尹国俊.产权缺失与我国风险资本发展的路径[J],科学学与科学技术管理,2003.9:89-92
[109]尹淑娅.风险投资中的创业企业价值评估模型及其应用[J],中国软科学,1999.6:37-40
[110]余颖等.战略并购:管理风险的三大原则[M],北京:经济科学出版社,2004
[111]俞自由等,风险投资理论与实践[M],上海财经大学出版社,2001
[112]赵国忻.国内风险投资问题的研究进展[J],中国软科学,2000.1:27-29
[113]赵恒峰,邱莞花等.风险因子的模糊综合评判法[J],系统工程理论与实践,1997.7:39-42
[114]赵尚志,张宪.高科技风险投资价值分析[J],价值工程,1999.5:21-23
[115]赵振武,唐万生,宁玉富.基于模糊模拟的AHP在风险投资项目评价中的应用[J],模糊系统与数学,2006.4:128-133
[116]张宝贵,刘东.美国风险投资业的风险规避机制及启示[J],经济纵横,2006.9:59-61
[117]张春英.高新技术风险投资项目评估指标体系探讨[J],技术经济与管理研究,2001.6:44-45
[118]张桂新,蒋景.项目风险评估方法探讨[J],技术经济,2006.3:80-82
[119]张国富,孙金华.高科技风险投资中的风险防范与控制[J],北京大学学报(哲学社会科学版),2001.5:69-74
[120]张景安,风险企业与风险投资[M],中国金融出版社,2000版,第69
[121]张景安.技术创新与风险投资[M],中国发展出版社,2000
[122]张玉利,徐海林.企业成长管理九讲[M],天津:天津人民出版社,2003
[123]郑美华.风险投资的风险识别及评价[J],煤炭经济研究,2001.10:56-59
[124]钟声.论风险投资的风险管理[D],东北财经大学硕士学位论文,2002
[125]周欢等.风险投资的多目标模糊决策分析[J],武汉水利水电大学学报社会科学版,2000.5:22-24
[126]周明伟.风险投资的风险分析[J],南京理工大学学报,2004.2:21-23
[127]朱启超,匡兴华,沈永平.凡险矩阵方法及应用述评[J],中国工程科学,2003.1:44-47
[128]庄恩岳,王明珠.风险投资与案例评析[M],中国审计出版社,1999
[129]邹辉文等.风险投资项目的终选方法和评估指标[J],科研管理,2002.9:104-109
[130]邹辉文等.高新科技项目风险投资的风险分布研究[J],预测,2002.4:44-48
[1]Amitr,Branderj,Zottc.Why do venture capital firms exist? Theory and Canadian Evidence[J],Journal of Business Venturing,1998,13:441-446
[2]Arshad M.Khan.Entrepreneur characteristics and the prediction of new venture success.Journal of Management Science,1986,14(5):565 -372
[3]Barney,Jay B.;Busenitz,Lowell W.;Fiet,James O.;Moesel,Douglas D..New venture teams' assessment of learning assistance from venture capital firms.Journal of Business Venturing.Volume:11,Issue:4,July,1996,pp.257-272
[4]Basch A.Why do venture capitalist should different types of equity securities[M],Department of Economics University of Tubingen,2000.
[5]Bergemann,Dirk;Hege,Ulrich.Venture capital financing,moral hazard,and learning.Journal of Banking & Finance.Volume:22,Issue:6-8,August,1998,pp.703-735
[6]Bernard S.Black and Ronald J.Gilson.Venture capital and the structure of capital markets:banks versus stock markets.Journal of Financial Economics,1998,47: 243-277
[7]Bropby D J. Venture capital investment Proceedings [M], Babson Research Conference. 1981,246-280
[8] Bygrave W D., Timmons J A. An empitical model for the flows of venture capital[J], Frontiers of Entrepreneurship Research,1985,2:105-117
[9] Bygrave W. D, Timmons A. Venture capital at the cross roads [M],Boston: Harvard Business School Press, 1992.163-165
[10]Cochrane, John H.. The risk and return of venture capital. Journal of Financial Economics Volume: 75, Issue: 1, January, 2005, pp. 3-52
[11]Cumming, Douglas J.; Macintosh, Jeffrey G.. Venture capital investment duration in Canada and the United States. Journal of Multinational Financial Management Volume: 11, Issue: 4-5, December, 2001, pp. 445-463
[12] Ernst Maug, Johannes Kemper. How Fundamental are Fundamental Values? Valuation Methods and their Impact on the Performance of German Venture Capitalists In golf Dittmann, European Financial Management Volume 10, Issue 4, Page 609-638, Dec 2004
[13]Gompers P. A.. Opitmal investment, monitoring, and the staging of venture capital. Journal of Finance, 1995,50:1461-1489
[14]Gompers, P. A. and Lemer, J. The use of covenants: An empirial analysis of venture partnership agreements. Journal of Law and Economics, 1996, 50 (10):1463-1498
[15]Gompers, P. A.. Understanding in the venture capitalist industry. Journal of Financial Economics, 1996,42 (9): 133-156
[16]Gompers, P. A. and Brav, A.. Myth or realiry? The long-run underperformance of initial public oferings: evidence from venture and nonventure-capital-backed companies. Journal of Finance, 1997,52: 1791-1821
[17]Gompers, P. A. and Lerner, J.. Venture capital distribution: short-run and long-run reactions. Journal of Finance, 1998,53:2161-6184
[18]Gompersp, Lerner. Money chasing deals? The impact of fund in flows on private equity valuations [J], journal of Financial Economics, 2000, 55(1):281-325
[19] Gordon C. Murray. Evolution and change: An analysis of the first decade of the UK venture capitalist industry. Journal of Business Finance & Accounting, 1995,22(8): 177-199
[20] Hogan J T. A study of the salient factors involved in venture capital investment decisions in technology based ventures [M], The Union Institute. 1992
[21] Howard Van Auken. A Model of Community-Based Venture Capital Formation To Fund Early-Stage Technology-Based Firms. Journal of Small Business Management, Volume 40, Issue 4, Page 287-301, Oct 2002
[22] Ian H Langford. An Existential Approach to Risk Perception. Risk Analysis, Volume 22, Issue 1, Page 101-120, Feb 2002
[23] Jane K. Morris and Susan Isenstein. Pratt's guide to venture capital sources. 13th .ed. Needham, MA: Venture Economics, Inc, 1989
[24]Jeng L. A. and Wells P. C. The determinants of venture capital founding: evidence across countries. Journal of Corporate Finance, 2000,(6): 241289
[25] John A. Doukas, Halit Gonenc. Long term Performance of New Equity Issuers, Venture Capital and Reputation of Investment Bankers, Economic Notes, Volume 34, Issue 1, Page 1-34, Feb 2005
[26] Joshua Lerner.The syndication of venture capital investment. Financial Management. 1994,23: 1627
[27] Joshua Lerner. Venture capitalists and oversight of private firms. Journal of Finance, 1995,L(1):301-318
[28] Kaplans, Stromberg P. Financial Contracting theory meets the real world: an empirical analysis of venture capital contracts [M],The Center for Research in Security Prices Working Paper No. 513, Graduate School of Business, University of Chicago, 2000
[29] Lerner J. Venture capitalists and the oversight of private firms[J], Journal of Finance,1995,30(1):301-317
[30] Lerner, Joshua. "Angel" financing and public policy: An overview. Journal of Banking & Finance Volume: 22, Issue: 6-8, August, 1998, pp. 773-783
[31] Lloyd Steier and Royston Greenwood. Venture capitalist relationships in the deal structuring and post-investment stages of new firm. Journal of Management Studies, 1995,32(3):337-357
[32]Macmillan I C., Zemann L. Criteria distinguishing successful from unsuccessful ventures in the venture screening process[J], Journal of business venturing. 1987, spring: 123-137
[33]Masako Ueda. Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation. The Journal of Finance, Volume 59, Issue 2, Page 601-621, Apr 2004
[34]Michael Schefczyk, Torsten J Gerpott. Management Support for Portfolio Companies of Venture Capital Firms: An Empirical Study of German Venture Capital Investments. British Journal of Management, Volume 12, Issue 3, Page 201-216, Sep 2001
[35] Mike Wright, Sarika Pruthi, Andy Lockett. International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, Volume 7, Issue 3, Page 135-165, Sep 2005
[36] Mills, Roger W.; Chen, Gordon. Evaluating International Joint Ventures Using Strategic Value Analysis. Long Range Planning Volume: 29, Issue: 4, August, 1996, pp. 552-561,446-447
[37]Olusegun Omole, T.A. Borisade, Ahmad Muhammad. Risk impacts on the economic performance of oil and gas projects in Nigeria. OPEC Review, Volume 28, Issue 4, Page 247-274, Dec 2004
[38] Paul Gompers and Jos Lerner. An analysis of compensation in the US venture capital partnership. Journal of Financial Economics, 1999,51:3-44
[39] Paul R, Garvey P. R, Lansdowne Z. F. Risk matrix: an approach for identifying, assessing, and ranking program risks [J]. Air Force Journal of Logistics. 1998. (25): 16-19
[40] Philippe Jorion. Risk management lessons from Long-Term Capital Management. European Financial Management, Volume 6, Issue 3, Page 277-300, Sep 2000
[41]R. C. Sweeting. UK venture capital funds and founding of new technology-based business: process and relationship. Journal of Management Studies, 1995,32(3)
[42]Ried Vance H, and Hisrich Robert D. Toward a Model of Venture Capital Investment Decision Making. Financial Management. Vol.23. Autumn 1994: 28-37
[43] Roberts B.B. The benefits of integrated quantitative risk management[R].The 12thAnnual International Symposium of theInternational Council on Systems Engineering, Melbourne, Australia, July .2001
[44] Roberts B. B. Integrated risk management: results and lessons-learned [A]. Proceedings of Risk Management Symposium Sponsored by the USAF, SMC and the Aerospace Corporation[C]. February. 1999
[45] Roberts Edward B. High Stakes for High-Tech Entrepreneurs: Understanding Venture Capital Decision Making. Sloan Management Review. Vol.32. Winter 1991:9-20
[46] Robinson, Kenneth Charles. An examination of the influence of industry structure on eight alternative measures of new venture performance for high potential independent new ventures. Journal of Business Venturing. Volume: 14, Issue: 2, March, 1999, pp. 165-187
[47]Sahlman,W.A.The structure and governance of venture capital organization. Journal of Financial Economics, 1990, (27): 473-521
[48] Shepherd, Dean A.; Ettenson, Richard; Crouch, Andrew. New venture strategy and profitability: A venture capitalist's assessment. Journal of Business Venturing. Volume: 15, Issue: 5-6, September - November, 2000, pp. 449-467
[49] Sherman Andrew J. How Venture Funds Can Work for You. Management Review. Vol. 79. May 1990: 44-47
[50]Smitham Peter. Down the Venture Capital Route. Accountancy. Vol. 106. Oct. 1990:74-77
[51] Suhejla Hoti, Michael McAleer. An Empirical Assessment of Country Risk Ratings and Associated Models. Journal of Economic Surveys, Volume 18, Issue 4, Page 539-588, Sep 2004
[52] Sweeting R. C. UK Venture Capital Funds and the Funding of New Technology- Based Businesses. Process and Relationships. Journal of Management Studies. Vol.28.Nov 1991:601-622
[53] Trester Jefery.J.. Venture capital contracting under asymmetric information. Journal of Banking&Finance, 1999,22-675-699
[54] Tuukka J Seppa, Tomi Laamanen. Valuation of venture capital investments: empirical evidence. R and D Management, Volume 31, Issue 2, Page 215-230, Apr 2001
[55] Tyebjee Tyzoon T, and Albert V Bruno, A model of venture capitalist investment activity. Management Science. Vol. 30. No.9. September 1984: 1051-1066
[56] Wang, Susheng; Zhou, Hailan. Staged financing in venture capital: moral hazard and risks. Journal of Corporate Finance Volume: 10, Issue: 1, January, 2004, pp. 131-155
[57] Wright M. and Robbie K.. Venture capital and private equity: a review and synthesis. Journal of Business Finance & Accounting, 1998, 25(5)&(6):0306-686X
[58] Wright M, Robbie K. Venture capitalists, Unquoted equity investment. appraisal and the role of accounting in formation [J],Accounting and Business Research, 1996,26(2):153-168
[59]Yoshikawa, Toru; Phan, Phillip H.; Linton, Jonathan. The relationship between governance structure and risk management approaches in Japanese venture capital firms, Journal of Business Venturing Volume: 19, Issue: 6, November, 2004, pp. 831-849
[60]Zacharkis A. L. and Dean A. shepherd. The nature of information and overconfidence on venture capitalists' decision making. Journal of Business Venturing, 2000,6(5):311-332
[61]Zacharkis A. L., Meryer, G. D. and Decastro, J. O.. differing perceptions of new venture failure: A matched exploratory study of venture capitalists and entrepreneurs. Journal of Small Business Management, 37(3): 1-14
[62]Zacharakis, Andrew L; Meyer, G.Dale. The potential of actuarial decision models: Can they improve the venture capital investment decision? Journal of Business Venturing Volume: 15, Issue: 4, July, 2000, pp. 323-346
[63]Zacharakis, Andrew L; Meyer, G. Dale. A lack of insight: do venture capitalists really understand their own decision process? Journal of Business Venturing Volume: 13, Issue: 1, January, 1998, pp. 57-76
[64]Ziber Bob. How Venture Capital Works. Harvard Business Review. Nov-Dec.1998: 131-139