【正文】
luences can be studied by establishing a microeconomic 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 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) w 風(fēng)險(xiǎn)投資 一、風(fēng)險(xiǎn)投資內(nèi)涵 是指投資者以風(fēng)險(xiǎn)資本的形式對尚在發(fā)展初期,具有潛在風(fēng)險(xiǎn)的企業(yè)進(jìn)行投資的過程。D expenditures. An enhanced 35% refundable tax credit of available to certain (. small) Canadiancontrolled private corporations (CCPCS). Because the CCPC rules require a minimum of 50% Canadian ownership in the pany performing Ramp。w Venture capital Venture Capital Venture 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 investor 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 capital found. Any of these would occur with the intention of buying out the venture capitalists. Venture capitalists typically expect a 2050% annual return on their investment at the time they are brought out. Venture capitalists typically invest in high growth panies with the potential to generate revenues of $20MM in any one pany, 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 capital With few exceptions, private equity in the first half of the 20th century was the domain of wealthy individuals and families. The Vanderbilt’s, Whitneys, Rockefellers and Warburgs were notable investors in private panies 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 Rockefeller family had vast holdings in a variety of panies. Early venture capital One of the first steps toward a professionallymanaged venture capital industry was the passage of the Small Business Investment Act of 1958. The 1958 Act officially allowed w the . Small Business Administration (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 panies. As a result, venture capital came to be almost synonymous with technology finance. Stage of venture capital (1)Initial/Seed A relatively small amount of capital provided to an investor or entrepr