Question 2: What does venture capital mean? First, the definition of venture capital
Venture capital refers to an investment method in which professional financiers invest in emerging, fast-growing unlisted companies (mainly high-tech companies) with great competitive potential, provide financiers with long-term equity capital and value-added services on the basis of taking huge risks, foster the rapid growth of enterprises, and recover their investment through listing, mergers and acquisitions or other equity transfer methods several years later and obtain high investment returns.
Investment target: emerging, rapid growth and great competitive potential.
Capital attribute: equity capital (medium and long-term investment)
Investment purpose: pursuing high return (financial investment)
Second, the basic characteristics of venture capital
1 is an equity investment.
Venture capital is not loan capital, but equity capital; Its focus is not on the current profit and loss of investors, but on their development prospects and asset appreciation, so as to achieve the purpose of divesting capital and obtaining high returns through listing or sale. Therefore, a clear property right relationship is a necessary prerequisite for venture capital intervention.
This is an unsecured and high-risk investment.
Venture capital is mainly used to support high-tech enterprises or high-tech products that have just started or have not yet started. On the one hand, without fixed assets or funds as collateral and guarantee for loans, it is impossible to obtain funds from traditional financing channels, so we can only open up new channels; On the other hand, there are great risks in technology, management, market and policy. Even in developed countries, the success rate of high-tech enterprises is only 20% ~ 30%, but because of the high return rate of successful projects, it can still attract a group of investors to speculate.
3. It is a medium-and long-term investment with less liquidity.
Venture capital is often invested in venture enterprises at the initial stage, and it usually takes 3-8 years to gain income by reducing capital. During this period, it is necessary to continuously increase capital for promising enterprises. Because of its low liquidity, some people call it "sluggish funds".
This is a highly specialized and programmed portfolio.
Because venture capital mainly invests in high-tech industries, the investment risk is high, so venture capital managers are required to have high professional standards, be highly specialized and procedural in project selection, carefully organize, arrange and select, and lock in investment risks as much as possible.
In order to spread risks, venture capital usually invests in a project group with more than 10, and uses the high return of successful projects to make up for the losses of failed projects and gain profits.
This is an investment in which investors actively participate.
Venture capital and high-tech constitute two wheels to promote venture capital, and both are indispensable. When venture capitalists (companies) inject capital into venture enterprises, in order to reduce investment risks, they must intervene in the management of enterprises, provide suggestions, participate in the decision-making of major issues, and even fire the company manager when necessary, take over the company personally, and try their best to help enterprises succeed.
6. It is a financial investment that pursues excess returns.
Venture capital is an investment behavior with the main purpose of pursuing excess profit return. Investors don't take gaining a strong competitive position in a certain industry as the ultimate goal, but take it as a means to achieve excess returns, so venture capital has a strong financial investment attribute.
Three, the four elements of venture capital
1 venture capital
Venture capital refers to a kind of capital provided by professional investors, which is used to invest in emerging enterprises with rapid growth and great appreciation potential. Under normal circumstances, because the financial situation of the invested enterprise cannot meet the demand of investors to withdraw funds in a short period of time, it is impossible to obtain the required funds from traditional financing channels such as bank loans. At this time, venture capital enters these enterprises by buying equity, providing loans or both.
China, USA.
Annuity foreign fund
Insurance companies and industrial companies (mainly listed companies)
Industrial companies, venture capital companies (strong background)
Individuals and families
Funds and non-bank financial institutions
investment bank
Non-bank financial institutions
Foreign fund
2. Venture capitalists
Venture capitalist is the operator of venture capital and the central link in the process of venture capital. Its job functions are: identifying and discovering opportunities; Screening investment projects; Decide on investment; Promote the rapid growth and exit of venture enterprises. Funds are screened by venture capital companies, flow to venture enterprises, and then return to ............................................................................................................................................................ & gt
Question 3: What's the difference between wind and fund companies? A fund company, namely a securities investment fund management company, refers to an enterprise legal person established in China with the approval of the China Securities Regulatory Commission and engaged in the management of securities investment funds. The board of directors of the company is the highest authority of the fund company.
The promoters of fund companies are institutions engaged in securities business, securities investment consulting, trust asset management or other financial asset management. People usually refer to funds mainly as securities investment funds. There are three main analysis methods of securities investment: basic analysis, technical analysis and evolution analysis, in which the basic analysis is mainly applied to the selection of investment objects, while the technical analysis and evolution analysis are mainly applied to the temporal and spatial judgment of specific investment operations as an important supplement to improve the effectiveness and reliability of investment analysis.
Wind * * * Company, namely venture capital company, is a special venture fund (or venture capital), which effectively invests the funds in charge in high-tech enterprises with rich profit potential, and obtains capital return through the listing or merger of the latter.
Venture capital companies are similar to investment companies, except that their customers are start-ups rather than big companies. Inexperienced young companies, in addition to capital, often need pertinent advice. In this regard, venture capital companies can provide.
Question 4: What does an investment company mean? An investment company is a kind of financial intermediary, which concentrates the funds of individual investors and invests them in many securities or other assets. "Asset concentration" is the core meaning behind securities investment companies. In the investment portfolio established by the investment company, each investor has the right to claim the investment portfolio in proportion to the investment amount. These investment companies provide a mechanism for small investors: they can organize themselves to obtain the benefits of large-scale investment.
Investment companies have achieved the following important functions for investors:
1, record preservation and management. Investment companies regularly issue management reports to record the distribution of capital gains, dividends, investments and principal redemption; At the same time, they can reinvest interest and dividend income for investors.
2. Diversity and separability. Through the concentration of assets, investment companies enable investors to hold a part of many securities. Individual investors can't operate like big investors, but investment companies enable them to achieve this.
3. Expert management. Most (but not all) investment companies have full-time securities analysts and securities managers to operate securities in order to obtain the best investment results.
4. The transaction cost is low. Because investment companies conduct large transactions, they can save a lot of money on brokerage fees and commissions.
Question 5: What do investment companies do? Let me give you a simple and popular answer, so that you can understand it easily: first of all, investment companies are rich, they are rich, and they are looking for projects that can make money all over the world. If you start a company, or your company needs to develop and doesn't have enough funds, you can find an investment company, which will visit you at home. If your company has a bright future, they will give you money, for example, 5 million for you to develop, but they will take 50% of your company's shares. When your company becomes strong, they will earn tens of millions or even hundreds of millions. You will develop, and they will also get equity in the company. This is a win-win situation. It's that simple. First, investment companies make money. If they see that your project has no prospects and does not make money, they will naturally not invest. They have money to invest in order to make money. It's just that some of their projects invest millions, and some may invest hundreds of millions, depending on the profit. That's basically it, I think you should understand,
Question 6: What is venture capital? Judging from the investment behavior, it is well known that venture capital is an investment process in which capital is invested in the research and development of high-tech and its products with the risk of failure, aiming at promoting the commercialization and industrialization of high-tech achievements as soon as possible, so as to obtain high capital gains. From the perspective of operation mode, it refers to the process of investment in high-tech enterprises with special potential by investment intermediaries under the management of professional talents, and it is also an investment mode to coordinate the relationship between venture capitalists, technical experts and investors, enjoy the benefits and bear the risks. At present, the well-known companies are: Lenovo Investment Co., Ltd. (a well-known domestic capital) in the investment fields: software industry, IT service, semiconductor chip network facilities, network industry, telecommunications, Zhejiang Zheshang Venture Capital Co., Ltd. (private enterprises) in the investment fields: outstanding small and medium-sized enterprises concerned with (but not limited to) major changes in electronic information, environmental protection, medicine and chemical industry, new energy, culture and education, biotechnology, new media and other industries and traditional industries. Today Capital, established in 2005, is an international investment fund focusing on growth enterprises in China. At present, the first phase of the fund's management funds exceeds 280 million US dollars, mainly from famous investment institutions such as the British * * * Fund and the World Bank. Now, the capital has invested in projects including China enterprises such as I want Diamond Net, Tudou Net and Kungfu.
Question 7: What does venture capital mean? Can you put it in a more common way? What pays more is loans and usury.
Venture capital is investment. Generally speaking, if you invest in a high-tech enterprise, when your enterprise is raised, listed or acquired, the investor will quit and sell its shares.
For example, venture capital is like raising chickens. If you have good quality chickens, I will give you money and even help you with other things besides raising them yourself. But these chickens are mine, and I will share some of the money I earn. You can raise chickens and sell eggs or broilers, but I will invest money until the chickens grow up and then quit and find other chickens.
Question 8: What does angel round financing mean? 10 how to distinguish angel investment, A round investment and B round investment?
Angel investment: there may be only one concept in the seed stage, and nothing has started, or the product has not been produced at the beginning of operation, or the product has not been sold on a large scale. Water at this time, the seeds will grow, and you are an angel.
Seeds will grow up, and there are still many risks in the process of growth, which need more care.
Therefore, venture capital has the name of venture capital, and after the A round, it is the B round.
If you like, you can also have wheels C, D, E, F and G.
Of course, the names A, B, C, D and E are just a common saying.
If you like, you can also ask rats, cows, tigers, rabbits, dragons, snakes, horses and sheep to invest.
Or the first round, the second round, the third round.
At the end of the road to listing, there are still people who want a ride, called mezzanine capital, mezzanine investment and Pre-IPO capital;
After listing, you can also raise funds to privatize the company, which is called acquisition capital.
Wait a minute.
The different names of these different stages are just conventions. Because the time is not very long, I am not so knowledgeable.
Some names have multiple meanings. Of course, it is not difficult for us to understand their essence.
It's in CPA
Buy and buy
Buy In is talking about the acquisition of companies by external forces.
Buy-out said that the internal management bought the company, so it called manager buy-out, the so-called MBO also.
But it is not the same thing as the above-mentioned buyout of capital.
The management may ask for help from some funds, which may be special acquisition funds, may not be, or may be, but it is not called buying funds by itself.
Understand the essence.
Question 9: Where does the venture capital money come from? What kind of person gave it to you? With what? Faced with risks, when we enter the futures market and conduct futures trading, it is necessary to further analyze the risk points in each operation link of futures trading in order to improve our own quality, standardize trading behavior and minimize risks.
For investors engaged in futures trading, there are mainly brokerage risks; Liquidity risk; The risk of forced liquidation; Delivery risk; Market risk.
1. Brokerage entrustment risk. That is, the risks arising from the futures brokerage company's selection of customers and the establishment of entrustment.
When choosing a futures brokerage company, the customer shall make a comparative selection of the scale, credit standing and operating conditions of the futures brokerage company, and sign a futures brokerage commission contract with the company after determining the best choice.
For example, in the early 1990s, the early system of the futures market was not perfect, and investors' legal awareness and self-protection awareness were not strong. Quot A typical example is that customers of Jinzhongfu Futures Company sued the company for fraud.
Therefore, when investors are preparing to enter the futures market, they must make careful investigations, make careful decisions, and choose companies with strength and credibility. It is very important to sign a futures brokerage commission contract with the company, and you must not rush into the market just by gentleman's agreement.
2. Liquidity risk. That is, due to poor market liquidity, it is difficult to conduct fast, timely and convenient transactions in futures trading.
This kind of risk is particularly prominent when customers open positions and level positions. For example, when opening a position, it is difficult for traders to enter the market at the ideal time and price, and it is difficult to operate as expected, and the hedger cannot establish the best hedging portfolio; When closing positions, it is difficult to close positions through hedging, especially when futures prices show a continuous unilateral trend, or near delivery, which reduces market liquidity, making traders unable to close positions in time and causing heavy losses.
For example, on a certain day in September 2000, when the copper price was 19700 yuan/ton, a customer planned to short 5 lots (25 tons) of copper. However, because the market is generally worried that the copper price is too high, it is difficult for customers to realize their investment plans. Similarly, when there is a big market, sometimes futures prices will run continuously in one direction, which makes it difficult to close positions. These are all caused by liquidity risk.
Therefore, in order to avoid liquidity risk, it is important for customers to pay attention to market capacity, study the main composition of long and short sides, and avoid entering the unilateral market dominated by unilateral strength.
3. The risk of forced liquidation. Futures trading shall be carried out by futures exchanges and futures brokerage companies on a daily basis. In the settlement stage, because the company has to settle the traders' profits and losses according to the settlement results provided by the exchange every day, when the futures price fluctuates greatly and the margin cannot be replenished within the specified time, the traders may face the risk of being forced to close their positions.
In addition to the forced liquidation caused by insufficient margin, when the total position of brokers entrusted by customers exceeds a certain amount * * *, it will also lead to the forced liquidation of brokers, which will further affect the forced liquidation of customers.
Therefore, when trading, customers should always pay attention to their financial situation to prevent forced liquidation due to insufficient margin and bring huge losses to themselves.
4. Delivery risk. Futures contracts are time-limited. When the contract expires, all open contracts must be delivered in kind. Therefore, customers who are not ready for delivery should close their positions in time before the contract expires, so as not to bear the delivery responsibility.
This is a special point of the futures market compared with other investment markets. New investors should pay special attention to this link and try not to hold the contract in their hands until it is close to delivery, so as not to be forced to close the position.
5. Market risk. In futures trading, the biggest risk for customers comes from the fluctuation of market prices. This price fluctuation brings the risk of trading profit and loss to customers. Because of the leverage principle, this kind of risk is magnified, and investors should always pay attention to prevention.
At least everyone knows the risks of futures. Futures is a high-risk investment, so what are its risks? On the one hand, futures are made of 5%-8% 100% goods, and the risks are unlimited. There is a time limit for futures to be delivered at maturity. Unlike stocks that are not doing well, hedging may come back in a few years, but futures are not. The third factor that leads to the high risk of futures is the unpredictability of futures itself. I think many people have been doing futures for many years, but they are not particularly clear about this. So can I find the law of futures through analysis? I don't think futures itself can find a rule ... >>