【正文】 first selection. Minimum investment scale is from resource (is management time mainly) cost decided, from carry out risk assessment and arrangement capital put in and monitor the operation of enterprise the management cost of process requirement decide. It is expected that profit must exceed expense. This is just a lot of risk capital organizations do not consider two hundreds and fifty thousands dollars following investment reason. Make investment biggest scale is usually from may get the amount of capital decide. For the fund of less scale, will all capital input quantities lose paratively enterprise, Meet to face greater risk。 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 develops the prior option of stageThe risk level between risk projects is not identical each, normally。 biggest risk and uncertainty exist in the stage of initial stage of enterprise development, is original capital with start the risk capital investment mortality of capital higher. Opposite, have determined, the possibility of business and its failure is less, especially in enterprise have developed bee a great organization, have determined proper product scope possess good customer foundation especially. If the financing of risk project will not produce excessive financial risk because of high lever role, so, for big business management layer purchase the investment of business undertake risk relative lower.Some risk capital organizations make investment especially in risk higher project。 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。 makes make investment in different stage proper expansionism.2 Repayment and the risk of investmentThe investment strategy of risk capitalist should be aimed investment portfolio with realized risk and the proper balance of profit.Every risk capital organization should pawn have a reason for following condition, know distinctly: on the one hand for do not travel together the support of field risk enterprise, it will bear investment portfolio present size and investment scale (investment portfolio in the number of different risk enterprise), the stage of as well as business development。 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。Second: enterprise or manager need risk capital amount。Third: risk capital fund may now offer risk capital amount, or new fund can raise risk capital quantity。Fourth: pete between the risk capitalist of support risk project intense level, or the specific type of risk, purchase as management level or media risk business etc. Financing structure and expected profitThe financing structure of risk project need to be considered, let entrepreneur and management group team hold the major net asset share of enterprise, at the same time, will again let risk capitalist get greater repayment when enterprise operation succeeds.3 Investment protectRisk capitalist usually protects its investment through offering consulting the way of aspect to manager: observe possibility occur risk signal, in problem bee more serious before home with avoid。 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