麦肯锡风险投资VentureCapital–IndustryOverviewandEconomics.pdf

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1、PROPRIETARYVentureCapital–IndustryOverviewandEconomicsFIRESTER,JONATHAN–NY/NYANSLINGER,PATRICIA–NY/NYMarch5,1997ThisreportcontainsinformationthatisconfidentialandproprietarytoMcKinsey&CompanyandissolelyfortheuseofMcKinsey&Companypersonnel.Nopartofitmaybeused,circulated,quoted,or

2、reproducedfordistributionoutsideMcKinsey&Company.Ifyouarenottheintendedrecipientofthisreport,youareherebynotifiedthattheuse,circulation,quoting,orreproducingofthisreportisstrictlyprohibitedandmaybeunlawful.1.Venturecapitalindustryoverview2.Segmentationofventurecapitalfirms3.Forc

3、esatworkandbestpractices4.Economicsofaventurecapitalfirm5.Maindatasources1Thedifferenttypesofprivateequitycanbeorganizedaccordingtowheretheyapplyinacompany'slifecycle.Venturecapitalreferstoearlyandexpansion-stagefinancing.VENTURECAPITALFINANCINGSTAGESEarlystageExpansionTurnaroun

4、dSecondThirdManagementSeedStartupFirstStageBridgeStageWorkoutStageStageBuyoutDescription&•Relatively•Financing•Financing•Workingcapital•Fundsprovided•Financingfora•Fundsprovided•FinancingValueAddedsmallamountprovidedtoprovidedtofortheinitialforthemajorcompanytoenableprovidedtoao

5、fcapitalcompaniesforcompaniesthatexpansionofagrowthofaexpectingtogooperatingcompanyataprovidedtoanuseinproducthaveexpendedcompanythatiscompanywhosepublicwithinsixmanagementtotimeofentrepreneurtodevelopmenttheirinitialproducingandsalesaretotwelveacquireaoperationalorproveaandinit

6、ialcapitalandshippingbutincreasingandmonthsproductlineorfinancialdifficultyconceptmarketingrequirefundsformaynotyetbethatisbusinesswiththeintentionsalesandshowingaprofitbreak-evenorofturningthemanufacturingprofitablecompanyaroundComments•Mayinvolve•Companies•Fundsarefor•Oftenbri

7、dgeproductmayhavebeenexpansion,financingisdevelopment,inbusinessamarketing,etc.structuredsobutrarelyshorttimethatitcanbeinitiallyrepaidfromproceedsofanIPOSource:VentureEconomicsInvestorServicesAnnualReview;Pratt'sGuidetoVentureCapital2VenturecapitaldevelopedintheU.S.inthelate194

8、0s.Theindustryhasmaturedandiscurrentlyinthemids