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Abstract
Venture capital has historically implied high rates of return, but its performance has also varied greatly. Actually, the principles of evaluating such a new-knowledge venture investments deeply predetermine the performance of venture capital. It is the fact that the study is to achieve the following goals:
Does it significantly differ the principles of evaluation over different growth-stages on which new-knowledge companies are?
Will the experience and scale of management on venture fund account for the principles of evaluation over different growth-stages on which new-knowledge companies are ?
To analyze the correlation between the rates of return and the principles of evaluation over different growth-stages on which new-knowledge companies are.
To build up a reasonable set of evaluating principles for new-knowledge companies.
To obtain the effectively statistical data, firstly, the research is to set up a one-by-one questionnaire for each of representing venture fund companies in Taiwan. The empirical evidences from the analysis of ANOVA and MULTI-ANOVA on such questionnaire show that
The priority of four traditional principles of evaluation is ordered as product-technology, marketing, team of work, financing aspects.
The evaluation principles on product-technology are emphasized mostly over the earlier of growth stages on which new-knowledge companies are.
The marketing and financing aspects are gaining emphasis along the late of growth stages on which new-knowledge companies are.
The evaluating principles for target of growth of new-knowledge companies will be emphasize mostly without regard to the growth stages; the importance of other principles will vary with the different growth stages.
Given the extent (low, middle, high) to experience of management, the level of emphasis on the product-technology does not greatly vary with different growth stages; the others have significant difference.
The scale of management results that the emphasis of evaluating principles for new-knowledge companies varies greatly with different growth stages.
The above results support “the more emphasis on the evaluating principles, the higher rates of return”. Relatively speaking, the scale and the experience of management are positively proportion to the high rates of return on venture investments.
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