Study On The Selection And Management Of Venture Capital Z For Invested Enterprises

Venture capital fund,as an important form of equity fund,whose development is focused on by all walks of people.Since the 1980 s,the concept and system of venture capital fund was introduced into China,and its development presented a good trend.However,it is difficult for the relevant theories,policies and operation management system of venture capital funds to keep up with the explosive growth of the number and scale of funds,and periodic mismatches and maladjustments have begun to appear.In "double hard" setting of hard raising and hard exiting,venture capital fund industry is facing periodic structural adjustment.The market will increasingly favor companies with successful investment cases,while fund companies that try to rely on explosive capital growth for income are destined to be forgotten by the market.Therefore,we hope to take Fund Z as an example to give some reference and suggestions to other fund companies in the industry,and hope that they can strengthen their control over the investment stage and post-investment management.This paper takes the investment in Company A in 2016 of Fund Z as the research object,analyzes its effectiveness from investment screening to post-investment management,points out the existing problems and puts forward Suggestions for improvement.This paper mainly focuses on the order of "raise — investment — post investment — withdrawal" in the fund operation process,and mainly analyzes the investment and the two stages after investment of Fund Z.In the investment stage,the process of Fund Z in screening investment targets and evaluating the eight dimensions of the invested enterprises are discussed,and the process of screening Company A is sorted out.In the post-investment stage,the case analysis method is adopted.Taking the investment target Company A of Fund Z as an example,the financial data and operation data of the company from 2016 to 2018 are selected.We analyzed the post-investment performance of Company A from the aspects of sales revenue,cash consumption rate,operating costs,product research and development,consumer factors and founding team.Finally,this paper puts forward constructive opinions and suggestions from the screening process and post-investment management process of Fund Z.