A Researchon Criterion of Investment Evaluation for Venture Business and Venture Capital

本研究提出了风险投资的投资评价标准，即投资于风险企业以创造风险企业的价值。本文采用问卷调查的方式，对日本风险投资公司的财务主管进行了实证调查。在本次调查中，我们重点关注了4个地区，主要结果如下。(1)关于风险投资的审计准则，我们发现风险投资将“商业计划”作为最重要的条款。这一结果与以往风险投资将“经理禀赋”视为最重要因素的调查结果不同，这意味着风险投资认识企业实质最重要的新趋势已经出现。（ii）在估值方法上，我们发现风险资本积极使用新的估值方法，如“风险投资法”、“自由现金流贴现”、“EBITDA倍数”、“实物期权”。（三）在退出策略上，风险资本愿意使用“上市”。（四）在管理参与方面，风险资本在规定的时间派遣必要的管理人员。

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.