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?Abstract? In the last 30 years the rate of Chinese economic growth has been almost miraculous, averaging 8% growth in Gross Domestic Product (GDP) per annum, particularly within the SME section, which mainly grew from entrepreneurial venture, accounts 98% of total number of enterprises, 58% of total GDP, provides 75% of total employment. The world economy now faced great challenges, and so as China. Our government greatly encourages entrepreneurship and venture enterprise, therefore, entrepreneurial financing became a crucial problem to be studied and researched.This paper is based on theoretical discussion and practical case study. Firstly, it defined the entrepreneurial finance related concepts and illustrated the venture life cycle theory. Secondly, it discussed the related financing theory, selection of financing channels and entrepreneurial financing planning on venture life cycle approach. Joint those fundamental theories and principles with real case study, we furthered the research in a practical perspective. This paper, from an entrepreneur viewpoint, comprehensively discussed entrepreneurial finance and its practice in China, provided some valuable reference and guideline for an entrepreneurial venture.Through the research in this paper, we found that entrepreneurial venture has obvious features of high risk and high potential return, entrepreneurial financing has many obstacles in terms of valuation, information asymmetry, moral hazard and so on. The valuation of venture was considered as a subject between science and arts, quantitive models usually do not work well, in practice, quality models and even the venture capitalists? instinct and experience played a very important role. Based on life cycle approach, this paper studied how to plan entrepreneurial financing in different life cycle stage, in terms of balancing short-term and long-term fund needs, optimizing the financing cost, trade off the benefit and loss by different contractual terms and conditions arrangement. Finally, the author provided some suggestions and outlook in macro landscape perspective, including the credit system, finance market, venture investment, GEM and so on. This paper, from entrepreneur?s and practical perspective, intend to provide theoretical and practical viewpoints assisting development of entrepreneur venture in China.
Title: A Brief Study of Entrepreneurial Finance on Venture Life CycleCategory: Management economics
Filename: A Brief Study of Entrepreneurial Finance on Venture Life Cycle.pdf
Pages: 184
Price: US$40.00
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Source: http://www.economics-papers.com/?p=64584
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