【正文】 一般來講，風(fēng)險(xiǎn)資本組織不關(guān)心接受其投資的企業(yè)的管理和運(yùn)作。風(fēng)險(xiǎn)項(xiàng)目的融資結(jié)構(gòu)需要考慮讓企業(yè)家和管理團(tuán)隊(duì)持有企業(yè)的主要凈資產(chǎn)份額，同時(shí)，又要讓風(fēng)險(xiǎn)資本家在企業(yè)經(jīng)營成功時(shí)獲得較大的回報(bào)。有些業(yè)務(wù)的發(fā)展前景好于其他業(yè)務(wù)，更容易成功。因此，對(duì)于任何企業(yè)來講，在未來3—7年的時(shí)間內(nèi)，預(yù)期利潤的高低都將在很大程度上有賴于整體經(jīng)濟(jì)的表現(xiàn)。在經(jīng)濟(jì)衰退時(shí)期，商業(yè)活動(dòng)減少，銷售量下降，企業(yè)力爭通過減少支出來維持利潤。風(fēng)險(xiǎn)資本貸款的利潤，包括名義利潤和實(shí)際利潤，都受利潤水平的影響。通貨膨脹率、利率、投資基金的可獲得性、投資機(jī)會(huì)的地域差異等，都會(huì)影響所需的投資回報(bào)率。所要求的投資回報(bào)率因不同國家的市場(chǎng)而異。2投資的風(fēng)險(xiǎn)與回報(bào)風(fēng)險(xiǎn)資本家的投資戰(zhàn)略應(yīng)當(dāng)瞄準(zhǔn)投資組合，以實(shí)現(xiàn)風(fēng)險(xiǎn)與收益的適當(dāng)平衡。風(fēng)險(xiǎn)資本家更愿意為那些有經(jīng)驗(yàn)的管理者提供資助，它們有好的辦法，能在現(xiàn)有業(yè)務(wù)中找到有盈利潛力的新業(yè)務(wù)。大多數(shù)風(fēng)險(xiǎn)資本家都盡量避免向初創(chuàng)企業(yè)進(jìn)行投資，或?qū)︼L(fēng)險(xiǎn)資本金量進(jìn)行限制，因?yàn)檫@類企業(yè)的風(fēng)險(xiǎn)很高。假如風(fēng)險(xiǎn)項(xiàng)目的融資不會(huì)由于高杠桿作用而產(chǎn)生過量的財(cái)務(wù)風(fēng)險(xiǎn)，那么，對(duì)大企業(yè)管理層收購業(yè)務(wù)的投資，所承擔(dān)的風(fēng)險(xiǎn)相對(duì)較低。作為原始資金和啟動(dòng)資金的風(fēng)險(xiǎn)資本投資失敗率較高。風(fēng)險(xiǎn)資本家在進(jìn)行投資組合時(shí)，應(yīng)當(dāng)盡量將其投資規(guī)模拓寬，這樣，個(gè)別企業(yè)經(jīng)營失敗的損失可以由其他企業(yè)的利潤彌補(bǔ)。對(duì)于規(guī)模較小的基金，將全部資金投入數(shù)量較少的企業(yè)，會(huì)面臨較大的風(fēng)險(xiǎn)。這正是許多風(fēng)險(xiǎn)資本組織不考慮25萬美元以下的投資的原因。最小的投資規(guī)模是由資源（主要是管理時(shí)間）成本決定的，即由進(jìn)行風(fēng)險(xiǎn)評(píng)估、安排資金投放和監(jiān)測(cè)企業(yè)的經(jīng)營過程所需的管理成本決定的。有些組織專門投資于高科技行業(yè)，而有些組織則被規(guī)定不得進(jìn)入這種行業(yè)。例如政府出資的組織，可能會(huì)拒絕向不能滿足政府關(guān)于投資新業(yè)務(wù)開發(fā)標(biāo)準(zhǔn)的行業(yè)投資。因此，他們能在最熟悉的行業(yè)中形成投資優(yōu)勢(shì)。將投資集中于一些特定的領(lǐng)域，有幾個(gè)原因：第一：投資管理人員的專業(yè)技術(shù)和經(jīng)驗(yàn)。有些組織愿意在很多領(lǐng)域進(jìn)行投資，而拒絕只投資于一個(gè)特定的行業(yè)。1投資戰(zhàn)略概述許多風(fēng)險(xiǎn)資本家愿意考慮向不同的行業(yè)或業(yè)務(wù)領(lǐng)域投資。對(duì)于獨(dú)立的風(fēng)險(xiǎn)資本基金，投資戰(zhàn)略能夠幫助潛在的投資者理解其投資的風(fēng)險(xiǎn)類型；然后，投資者可以在做出投資決策前對(duì)風(fēng)險(xiǎn)和潛在的收益進(jìn)行評(píng)估。制訂投資戰(zhàn)略有兩個(gè)目的：投資戰(zhàn)略能集中管理層的精力并指明尋找投資項(xiàng)目的方向。 realize (sell) make investment profit。 take the initiative investor encouragement of business management carry out regular dialogue to it.However, this kind of difference is relative. Risk capitalist may regard self as active investor, insist style person to however, this kind of difference is relative. Risk capitalist may regard self as active investor, insist style person to enter the board of directors of enterprise. However, if send director do not participate in operation fully, occupy more less important position merely, its investment is the investment of awkwardness actually. Enter the board of directors of enterprise. However, if send director do not participate in operation fully, occupy more less important position merely, its investment is the investment of awkwardness actually.4 Risk capital repaymentsRisk capital organization hopes to be able to get satisfactory repayment for its shareholder, parent pany and the investor of fund. The continued existence of risk capital market depend on in succeed the achievement of risk project. Risk capitalist can tolerate the failure of individual business, but most important is its overall investment repayment will be higher repayment high. Have no investor will not offer more capital again, the supply of capital will dry up gradually.The major ine source of risk capitalist has 4 aspects: the dividend of the investment of capital stock。 make suggestion based on experience, help enterprise in sale strategy, product development, financial plan and management system and such aspect make the decision of success.Normally, risk capital organization do not care for accept the enterprise of its investment manage with running. Suppose management troops here is petitive, have the operation of ability conducted enterprise plan. However, risk capitalist usual requirement in board of directors have a seat. The director that they entrust is non conducted director, is according to it in take off such as condition have dealings with other enterprises experience, offer suggestion for financing and the operation of enterprise, develop connection the dangerous capitalist of business management of soft breeze link role. Such as, if enterprise is considering a new operation develops planned。Third: risk capital fund may now offer risk capital amount, or new fund can raise risk capital quantity。 is on the other hand undertake the expected profit of risk requirement.The investments return rate that will be begged is different because of the market of different country. Such as, in political risk higher country, investor will beg invest in return rate than in economy developed, political steady national return rate is the region discrepancy etc. of sex and investment opportunity high. Inflation rate, interest rate and investment fund may get, metropolis influence need invest in return rate. Economic condition and expected profitIt is expected that profit can get the influence of economic condition. The profit of risk capital loan, include nominal profit and real profit, get the influence of profit level. The profit of the investment of capital stock change is mercial period affect. In recession period, mercial campaign decreasing, sales volume drop, enterprise works hard for through decreasing pay maintain profit. In economic improvement period the rising of sales volume, profit increases prospect value. Therefore, for any enterprise, in do not e to 3 — the time of 7 years, expected profit difference in degree will depend on greatly in the expression of overall economy. Investment opportunity and expected profitManage the expected profit of risk project, since the particularity quality of different business risk is different. Have business develop prospect is better than other business and more easy success. Therefore, risk capitalist expect investment profit is from following factor decide:First: may make investment risk project, optional investment opportunity and the condition of its expected profit。 some make investment especially in risk lower project. The most risk capitalists avoid as far as possible to newly established enterprise make investment, or restrict for risk capital golden quantity, is high very much because of the risk of this kind of enterprise.If risk is relatively lower, newly established enterprise would attract more support. Risk capitalist would be more those have the manager of experience offer financial aid, they have method, can find in existing business have the new business of profit potential.Risk capitalist is willing its investment distribution in different stage to seek better investment balance。 the failure of few enterprises can endanger the overall profit of fund. Risk capitalist in carry out investment portfolio, should as far as possible will its investment scale widen, such individual enterprise operation fail lose may remedy from the profit of other enterprises. Business develop