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在对美国和德国的创业投资的调查研究中,对照美国的研究结果,向德国的创业投资家调查了以下两个问题:1)在评估一项投资的时候创业投资家更看重创业者什么?2)根据一项创业投资计划,他们怎样与创业企业合作。调查结果显示,在创业的早期阶段和扩张阶段,德国创业投资家评估一项商业计划时,比较关注创业企业的发展潜力。他们强调,创业者所表现出的领导才能和对市场的熟悉程度是决定创业投资的必要条件。晚期阶段的创业投资家与早期阶段的创业投资家相比,不太容易和创业者成为亲密伙伴;他们对创业企业所提供的管理帮助也比较少。创业投资公司的规模在很大程度上影响创业投资的某些投资特征。与美国的研究结果相似,大规模的创业投资公司和小规模的创业投资公司运作的差异主要在于平均投资规模。在德国,随着创业投资公司规模的扩大,其投资的地域范围也在扩大。至于投资过程,当创业投资公司是主要投资者时,投资公司的规模与其所花费的评估和沟通时间(从开始与创业者接洽到进行融资之间)负相关。融资的准备时间与创业投资公司的员工数之间的关系,小规模的创业投资公司更有效率。
In a survey of venture capital in the United States and Germany, the following two questions have been investigated against German venture capitalists against the findings of the United States: 1) What do venture capitalists value when they evaluate an investment? 2) How they work with startups under a venture capital program. The results of the survey show that in the early stages of entrepreneurship and expansion, German venture capitalists are more concerned about the development potential of startups when evaluating a business plan. They emphasize that the entrepreneurial leadership demonstrated and familiarity with the market is a necessary condition for venture capital. The late-stage venture capitalists are less likely to be intimate partners with entrepreneurs than early-stage venture capitalists; they also provide less management assistance to startups. The size of venture capital firms to a large extent affect some of the investment characteristics of venture capital. Similar to the findings of the United States, the difference between the operation of large-scale venture capital firms and small-scale venture capital firms lies mainly in the average size of investment. In Germany, as venture capital firms expand in size, the geographical reach of their investments is also expanding. As for the investment process, when a VC firm is a major investor, the size of an investment firm is inversely related to the amount of time it takes to evaluate and communicate (from the time it is approached by the entrepreneur to finance). The relationship between the preparation time for financing and the number of venture capital firms is more efficient for small-scale venture capital firms.