The Operational model of venture capital is an investment behavior related to the regional technological status, market environment, and government policies and regulations. To determine which model is suitable for your country (or region), you must first understand the characteristics of the venture company, and how the risk enterprise and venture capital development in your country or region. Second, we must also understand how other countries (especially countries with developed venture capital) work and whether there are feasible international practices. In this section, we only introduce some situations that can be used for reference without making any conclusions.

I. What are the characteristics of venture enterprises? The venture companies that research and develop high-tech products generally have the following characteristics:

The founder of the company is a technology-savvy science and technology person. They first had research results and then wanted to establish new companies to develop new products. However, these people often lack start-up capital. Their initial development work is often conducted in the “home workshop”. The working conditions are very poor and very hard.

Need to find capital partners. That is, the combination of intellectual capital and money capital can develop "market products." Many high and new technologies, due to lack of support from "seed" funds, or being put on the shelf, have retreated halfway.

At the beginning, venture companies were mostly initiated by small-scale venture companies, and most of them were initiated by individuals or teams of scientific and technological personnel. However, most of these people have worked in large research institutes or large companies. In general, large companies have no direct relationship to new ideas in the industry. They often prefer to let the inventor find a way out or help it establish a new company. However, for new technologies that are directly competitive with the industry, they are willing to develop their own. At this time, the development funds are generally supported by the surplus of the company's other products, without having to resort to the government or society. Therefore, the precarious new enterprises that lack development funds are mostly small businesses. Destruction is fast and growth is fast.

Once venture companies have been successfully developed and gained widespread market recognition, they will grow at high speed. For example, Apple, Intel, and Microsort are all typical of high-speed growth. However, most risky companies die quickly due to technical or market reasons. According to statistics from the United States, about 70% of venture companies will fail. However, the failure is rarely promoted by the media. Successful people generally make investors have high returns, and losers leave investors behind. Therefore, most venture capital companies must adopt risk sharing and risk reduction practices. For example, in the form of portfolio investment, the funds are distributed to multiple venture companies (so-called “not to put all eggs in one basket”), and in the case of joint investment, multiple venture capital companies jointly invest in one venture enterprise. To spread the risk.

The market is the environment for the growth of venture companies. High-tech products are like “fish” and the market is like “water”. If the fish gets water, it can grow at high speed. On the contrary, it will quickly disappear. The frequency fruit machine developed by the frequency fruit company, has been widely accepted by the market, and the small factory that makes it "2 people + 1 garage" has developed into a big factory; but is also a branch of the frequency fruit company to develop a disk recorder, Without the widespread acceptance of the market, this branch had to be closed.

Second, why the high-tech venture capital caused widespread concern in countries around the world On February 5, 1999, the French "Le Figaro" published an article titled "What is the mystery of the US economic miracle?", pointing out that: From 1992 to 1998 recently During the past eight years, due to the well-functioning venture capital system, many high-tech bases in the United States have developed rapidly. Silicon Valley is just one of them. High-tech industries have also been extremely fast in Denver, Chicago, Austin, San Diego, and Washington. development of. In these eight years, an average of more than 2 million jobs can be created each year. The increase in wealth in recent years is equivalent to the entire German GDP. Within a year of 1995, the U.S. Congress passed more than 200 bills related to the development of new and high technologies, and a considerable part of them involved venture capital investment in SMEs. Some people believe that the use of social funds to support the establishment of small venture companies to develop new products has become the core of the U.S. economic development. Venture companies have become the cradle of new industries. The French venture capital industry was also stimulated by the successful paradigm of American venture companies and developed in the 1980s.

III. Where does venture capital come from? In countries or regions where venture capital industry is developed, venture capital has formed a developed market (one or two boards). Therefore, the main sources of venture capital are government funds and private equity. Venture capital firm.

However, in developing countries, in areas where the venture capital industry is underdeveloped, venture capital relies mainly on government or bank funds guaranteed by the government. The government has formulated some kind of preferential policies to subsidize the inventors of high-tech, or to provide low-interest loan guarantees for the development of technology and market development. For loans to high-tech industry developers, some countries have even stipulated: "If the development fails, the loan can not be returned; if successful ..." (of course, the demand is high). The practice in Shenzhen represents an example of the importance attached to the high-tech industry in economically active regions in developing countries. Here, the "Shenzhen Special Zone Daily" published on February 6, 1999 published "What is the secret of Shenzhen's high-tech industry for eight consecutive years of rapid growth?" The article about the situation in Shenzhen. The article points out that the output value of the high-tech industry in Shenzhen has increased rapidly at an average annual rate of 50% from 1992 to 1998, and the output value in 1998 has reached 65.5 billion yuan, accounting for 39.64% of the city's total industrial output value. The secret is that the "troika" is well-matched and said in a professional language, that is, "the venture capital support system plays an optimized function." Shenzhen people used a popular phrase to describe: "Government nursery, business planting trees, bank watering." The “Government Seedlings Raising” is mainly embodied in “Some Regulations of Shenzhen Municipality on Further Supporting the Development of High-tech Industries” (Article 22) and the “Guarantee Companies” established by the Shenzhen Municipal Government (with more than 1 billion guarantee funds). In order to protect the intellectual property rights of high-tech developers, Shenzhen Municipality has also enacted an ordinance entitled "Protecting Technical Secrets of Enterprises in Shenzhen Special Economic Zone."

"Enterprise planting trees" refers to the new high-tech enterprises have the policy support and get the "seed funds" to start development, with the main energy, with a high degree of enthusiasm, do everything possible to make technology development successful.

"Bank watering" refers to the bank's promotion of government policies, the bank's actual progress in the development of new and high technology, and the actual demand for funds, to provide loans in real time. If the technology is successfully developed and the market prospects are good, and when a large amount of funds is needed, several "bank syndicates" in Shenzhen will adopt a joint loan approach. Obviously, in this "troika," the government has played a leading role.

By the end of 1998, a total of more than 20 national-level "863 projects" and hundreds of "Torch Plan Projects" had blossomed in Shenzhen. Among them, there have been several projects that have grown into “big money” large companies. They have already separated from the “nanny” and used their own funds to support their own high-tech development. Now, in Shenzhen, “a company with several research and development institutions investing more than one billion yuan in research and development funds” is no longer news.

In China, the "Zhongguancun Development Zone" is a Chinese-style "Silicon Valley." Many seedlings raised in the Silicon Valley are transplanted to Shenzhen to produce flowering results. There are also many examples. Shenzhen’s own scientific and technological power is weak, but it has the support of many large and small Silicon Valleys across the country. Moreover, Shenzhen's “climate climate” can protect the smooth growth of transplanting.

4. How the circulation of risk capital is circulated and how the capital's efficiency is used The secret of the efficiency of capital utilization lies in circulation. “Circulation is the river that generates wealth.” If venture capital is “collapsed” for a long time and cannot be returned in a few companies, then new and increasing How more high-tech products can get blood transfusion! Here, we should briefly discuss several stages of development and characteristics of venture capital operation in the process of high-tech industry development, and the conditions that enable a virtuous circle of venture capital flow.

The operation of venture capital and the development process of the high-tech industry invested are basically synchronized. From the perspective of capital operation, it can be divided into five stages: seed period, import period, growth period, maturity period, and recession period.

Seed period is the period of scientific research and experimentation. Only a few people with high quality are required, and there is little investment. The main part is “putting in the head”. In terms of the increase or decrease in the amount of funds, there is only input and no output, but the input of the head is There may be a wealth of output, and the technical feasibility is already visible at the end of the seed period.

During the lead-in period, trial production is required, many hardware (equipment) are needed, capital investment is significantly increased compared to the seed period, and is process technology feasible? Is it possible to achieve low cost and high quality? Can the function and price of the product be coordinated? And so on, all can see. This is the most important over-expiration period for industrialization. The introduction period is generally less investment and more output, but also need to spend money for market research or publicity.

Growth period is the period when both production and sales are accelerating. It is the so-called “rising sun rising period” and is the decisive stage for the industrialization of high and new technology. It is the “fate test” stage for business operators and needs to expand production. Capital investment, at this stage, whether venture capitalists are willing to invest heavily depends mainly on market prospects and the quality of managers. The "fate test" passed into maturity.

During the maturity period, there is no risk. Venture capital has become risk-free capital with high returns. Stocks can be placed on the stock market, which is the best time for venture capitalists to “divest” their capital. A capital of RMB 100,000 can potentially be used to obtain 1 million yuan in cash to compensate for losses on other failed projects.

V. Organizational Model of Venture Capital How to organize venture capital investment in high-tech industries. Countries in the world will determine their own organizational model based on their “national conditions” and with reference to the successful experiences of other countries.

Some people think that there are three successful models in the world: (1) the American model with private venture capital companies for small businesses as the main body; (2) the Japanese model with large companies and large banks as the main body (group internal investment as the main body) (3) Western European model based on the state risk investment behavior.

Shenzhen's “government nursery, corporate tree planting, and bank watering” model is roughly a mixture of (3) and (2) above. There are no private venture capital companies in Shenzhen.

The American model requires two kinds of necessary conditions: technological development and capital market development. The courage to take risks and the clean social atmosphere are also one of the conditions for the implementation of the American model.

In the above three successful modes of organization, there are roughly the following:

(a) Small-scale enterprise investment companies. This is the first investment company in the United States to provide loans specifically for small businesses. In the United States, such companies can obtain low-interest loans from the government’s “Small Business Administration” and then re-lend these funds to small businesses (including venture companies that develop high-tech).

According to the regulations of the US Small Business Administration: Small-scale investment companies are private companies (private loans can be obtained from the government), and the founding capital can not be less than 500,000 US dollars. The capital of small-scale investment companies investing in a venture company cannot exceed the total number of investment companies. 20% of capital; it must not exceed 49% of the total investment of the venture.

(B) Cooperative venture investment companies. There are about 250 such companies in the United States, and are investment companies that are funded by private capital and specifically provide funds to venture companies. It cannot obtain preferential loans from the government, but it can partly participate in the investment plan formulated by the “Small Business Administration”. This is a partnership-style, non-shareholding company. Its partners are divided into two types: one is the "basic partner" (ie, the venture capital company's operator). They assume unlimited liability to the company. The remaining partners are "general partners" and only have limited liability to the company. The rights and obligations of various partners are regulated by the “Articles of Association”.

(3) Joint venture risk investment companies. Such companies operate exclusively in joint-stock companies, and the shareholders may be private individuals, corporate legal persons, banks, and business units. The company's managers may be shareholders or venture capital experts hired by the board of directors. In the United States, (1), (2), (3), and class companies account for more than 70% of the total venture capital in the country.

(4) Risk investment companies within large groups or venture capital departments within large companies. This kind of organization model has all over the world. In Japan, it is the main force of venture capital.

Inside a large group of venture capital companies, the sources of venture capital are the banks of the Group or the financial companies of the Group, and other members of the Group may also participate in shares. In addition to the Group’s new development projects, venture capital of such investment companies can also invest in projects outside the Group.

The risk investment department (unlawful people) within a large company cannot generally invest overseas and can only invest in the company's new development projects. The source of venture capital is mainly the company's development fund or technology development funds. National Venture Capital Company.

In western Europe, Japan, and many developing countries, there are venture capital companies of this state-owned nature, such as the UK’s “Technology Group”, France’s “Technology Innovation Investment Company” and the “New Technology Development Corporation” under the Japan Science and Technology Agency. "And so on, are all state-owned venture capital companies with independent legal personality.

Some countries, in addition to setting up state-owned capital venture capital companies, also set up another "guarantee company" or "guarantee fund" that encourages banks to lend to risk companies and which the government guarantees in some form. For example, in France, a "risk investment guarantee company" is provided with a one-billion-franc insurance fund by the government; Japan's inter-provincial economy has set up a "risk investment management department." When banks invest in high-tech ventures, 80% of the investment can be used by it. guarantee.

6. Policy-based "risk investment plan."

This is a common practice for the developed and developing countries to support the research and development of high-tech industries. In 1953, the U.S. government established the "Small Business Administration." In 1977, the U.S. National Science Foundation implemented a "Small Business Innovation Research Program" that supported high-tech companies. In 1982, the National Assembly passed the "Small Business Development Law." Under the impetus of the SBA's various programs (such as the "Guarantee Development Company Plan", "Micro-loan Program", and "Export Promotion Plan"), the U.S. economy has achieved long-term and stable development. Inspired by the successful experience of the United States, after the 1980s, governments of various countries (such as Germany, France, Japan, etc.) attached great importance to the support of high-tech SMEs. Use it as an important measure to revitalize the economy.

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