| Budget Amount *help |
¥2,270,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥270,000)
Fiscal Year 2007: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2006: ¥1,100,000 (Direct Cost: ¥1,100,000)
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| Research Abstract |
This research demonstrates criteria of investment evaluation for venture capital, which invest to venture businesses to creating venture firm's value. We carried out an empirical survey using questionnaires, by asking the financial officers of venture capital firms in Japan. In this survey, we focused on 4 territories, main results are the following. (i) On the criteria of audit for investing to ventures, we find that venture capitals take account of "business plans" as most important term. This result is different form previous survey, that venture capitals take account of "manager's endowments" as most important one, this means a new current that venture capitals recognize the substance of business is most important has appeared. (ii) On the valuation methods, we find that venture capitals use new valuation methods aggressively, such as "venture capital methods", "discounted free cash flow", "EBITDA multiple", "real option". (iii) On the exit strategy, venture capitals are willing to use "going public". (iv) On the management participation, venture capitals dispatch necessary managers in required timing.
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