风险投资PRESENTATION.pptVIP

* Productivity is the ratio of output and input . Productivity growth quantifies the degree of each innovation . Productivity growth divided into two parts : Labor productivity growth and Total factor productivity (TFP) growth Because of the limitation of Labor productivity growth ,it is not clear if the production process as a whole is becoming more efficient when labor productivity is growing Measurement of TFP requires measuring not only labor input but also other inputs . * * The dictionary definition of innovation –introduce something new .It means that something new has been neither tried nor proven yet. Furthermore ,something new is often supported by the most advanced technology only understood by experts in the filed. Therefore, * Value-adding investors are those who provide not only financial resources to their portfolio firms but also other types of services to enhance the value of the firms. * 1,so they can monitor new ventures better and can lessen the moral hazard problem 2,as a result,the asymmetric information problem also becomes less important 1,Because the expertise know well about the intellectual property and industy scale so they will sell it at a reasonable price and maximizing the liquidity 2 to make up this,they specialize themselves and developing a network with scientic experts.they always specializer in a small group of industries which they have been investing 2,the number of new firms should rise because the presence of venture capital will improve expected return to entry Chapter 14venture capital and innovation Members: 范睿玺070715755 张祺越070713352 李红霞070713329 李彬欣070715005 张静梅070711432 Introduction The hypothesis : Venture Capital ? Innovation spillover effects Economic Growth Definition of Theoretical work-----smart money Empirical wo