TY - GEN
T1 - Venture firms value analysis
T2 - ICEBE 2005: IEEE International Conference on e-Business Engineering
AU - An, Shi
AU - Wang, Jian
AU - Zhao, Zebin
AU - He, Lin
PY - 2005
Y1 - 2005
N2 - The high risk and asymmetric information in venture investment make the allocation of control rights in venture firms a key to the success of that venture investment. Unlike previous studies, this paper defines the control right as the discrete variables in the zone of [0, 1]. In order to correctly evaluate investment opportunities and reasonably display the characteristics of phased investment, this paper analyzes the value of venture firms by using real options for different control rights allocation tactics. Regarded firm value as a restraint conditions, a decision-making model is established for quantative study on relationships between venture firm value and allocation of control rights. This paper not only provides the basis for venture capitalists and entrepreneurs to allocate control rights at venture firms and make decisions on investment, but also put forwards an evaluating method for venture firm value under different control rights allocation tactics. Computational experience demonstrates the solution process of the control rights allocation model presented in this paper.
AB - The high risk and asymmetric information in venture investment make the allocation of control rights in venture firms a key to the success of that venture investment. Unlike previous studies, this paper defines the control right as the discrete variables in the zone of [0, 1]. In order to correctly evaluate investment opportunities and reasonably display the characteristics of phased investment, this paper analyzes the value of venture firms by using real options for different control rights allocation tactics. Regarded firm value as a restraint conditions, a decision-making model is established for quantative study on relationships between venture firm value and allocation of control rights. This paper not only provides the basis for venture capitalists and entrepreneurs to allocate control rights at venture firms and make decisions on investment, but also put forwards an evaluating method for venture firm value under different control rights allocation tactics. Computational experience demonstrates the solution process of the control rights allocation model presented in this paper.
UR - https://www.scopus.com/pages/publications/33845474517
U2 - 10.1109/ICEBE.2005.126
DO - 10.1109/ICEBE.2005.126
M3 - 会议稿件
AN - SCOPUS:33845474517
SN - 0769524303
SN - 9780769524306
T3 - Proceedings - ICEBE 2005: IEEE International Conference on e-Business Engineering
SP - 714
EP - 721
BT - Proceedings - ICEBE 2005
Y2 - 18 October 2005 through 21 October 2005
ER -