下面为大家整理一篇优秀的paper代写范文- Risk prevention for high-tech start-ups in the United States and Japan,供大家参考学习,这篇论文讨论了美日高科技创业企业风险防范。一般来说,高科技创业企业处于创立期或成长期,不确定因素很多,会面临很多风险。由于美国和日本两国社会制度、组织和文化背景的差异,两国创业企业在创业过程中往往面临的主要风险也不相同。虽然两国创业企业都将竞争对手、低销售业绩、资金缺乏、负现金流看作是具有影响力的风险,但日本创业家倾向于更多地将技术风险、人力或组织风险及全球化风险看作影响创业成功的主要障碍。而硅谷创业家则明显更关注市场和资金风险。
Generally speaking, high-tech start-ups are in the initial stage or growth stage, with many uncertainties, and they are faced with five kinds of risks: technology, market, capital, globalization risk, human resource or organizational risk. Due to the differences in social systems, organizations and cultural backgrounds of the United States and Japan, the main risks that startups in the two countries often face are also different. Although both countries' startups regard competitors, low sales performance, lack of capital and negative cash flow as influential risks, Japanese entrepreneurs tend to regard technical risks, human or organizational risks and global risks as major obstacles to entrepreneurial success. Silicon valley entrepreneurs are clearly more focused on markets and capital risks.
With the help of venture capitalists, American enterprises effectively guard against entrepreneurial risks. In consideration of their own interests, American venture capital companies should not only strictly review the feasibility of projects before investment, but more importantly participate in the supervision and management of start-ups and provide value-added services to make up for the deficiency of management knowledge and practice of most entrepreneurs. Its help to venture enterprises is all-around. It not only provides various consulting services for risk enterprises, helps establish scientific management system, but also helps to find and even directly provide excellent management talents. Japan due to the risk of venture enterprises risk investment is a risky loans, investment subject more for big Banks, big companies, risk investment Banks belong to the company's total capital account for 75% of the whole industry, so Japan venture capitalist is not actively involved in and support the enterprise risk management, support activities listed on the stock is limited, financial management, etc.
American enterprises pay attention to the form of cooperative risk enterprises to guard against technical risk. American companies focus on close collaboration with universities and research institutions. In the past 10 years, the research and development costs directly provided by American companies to universities have increased by 2.6 times. Meanwhile, they have kept close relations with universities by providing equipment, retraining of researchers, personnel exchanges, joint academic seminars and joint professional journals, and obtained the latest scientific research results.
Japanese enterprises attach great importance to personnel training to prevent human risk. Japanese companies have always attached great importance to the training of entrepreneurial talents and provided special funds for the training of enterprise management. Entrepreneurship management has become a major in universities. There are entrepreneurship management majors in undergraduate and graduate schools of seven universities including law and administration university, waseda university and kobe university, and there are also regular entrepreneurship management lectures. Surprisingly, some primary and secondary schools in Japan are also starting businesses education. The United States attaches great importance to the encouragement of talents and the implementation of options and equity incentives for key employees, which not only makes employees' income linked to the future development of the enterprise, but also provides them with a better career development platform. At the same time, these high-tech enterprises also pay attention to strengthening the "quality" of enterprise owners/managers and pay attention to employee training and re-education.
Companies in both countries attach importance to the ipr protection system and guard against market risks. The high and new technology research and development is costly, and the technology and market risk are high. Meanwhile, the high and new technology industry has great technology spillover, and the innovation results are easy to be acquired or imitated by other manufacturers. This is bound to seriously affect the enthusiasm of venture investors and greatly hinder the development of start-ups. Therefore, since the 1980s, most countries have promoted the development of start-ups by strengthening the protection of intellectual property rights.
The active support and help of the government played a huge role in the rapid development and growth of American and Japanese risk enterprises. In terms of measures to support the development of entrepreneurial enterprises, the two countries have a lot in common, but their priorities are different. The main means of the United States is financial assistance and government procurement, and Japan attaches great importance to promoting unity among related units.
Provide various preferential tax credit policies to guard against capital risks. The U.S. tax code has a preferential tax rate for high-tech investments, stipulating that 25% of the proceeds of r&d expenditures that exceed the average cost of the previous three years are exempt from tax. In the United States, more than 20 state governments and some municipal authorities of big cities directly provide risk funds for development projects. For example, the municipal government of Chicago set up a local science fund to subsidize high-tech enterprises. In view of the poor credit of small and medium-sized enterprises in the high-tech field, the Japanese government has set up a special credit guarantee institution directly funded by the government: credit guarantee association. In addition to establishing various financial public libraries to provide funds for venture enterprises, venture capital companies have been set up in the ministry of trade and industry to provide bank loan guarantee for risky enterprises accounting for 80% of the total loans. The government has set up a new technology development enterprise group under the science and technology department to provide interest-free loans for five years for some high and new technology and high-risk projects. If the project is successfully returned, it can be exempted from repayment if it fails.
Execute government to order, guard against market risk. As early as 1933, the United States enacted the purchase of American products act, which stipulated that certain high-tech products needed by the government must first purchase domestic products. In the mid-1960s, all the integrated circuit products and 40% of the semiconductor devices manufactured in the United States were purchased by the department of defense. From 1992 to 1994, the United States government procured us computer products and related products worth $9 billion. With government orders, companies can also use bank loans to solve the problem of insufficient development funds. The growth of American high-tech businesses has been driven by direct orders from the U.S. department of defense.
Establish risk management and risk investment institutions to guard against operational risks. In order to plan, regulate, guide, coordinate, serve and manage the development of venture enterprises from a macro perspective, the federal government and state governments of the United States have special venture capital institutions and risk enterprise management agencies. These institutions not only provide direct financial support for high-tech development projects, but also advise venture enterprises on technology, information and overseas market development. Japanese government not only set up a dedicated business management institutions and risk investment institutions, but also support to set up a batch of official quasi-government nature of the risk by service enterprises as the object's consulting company, providing for the business enterprise risk from the establishment, operation to the exit, and operation in the process of talent, capital, technology and information services, and charge the appropriate fee.
Provide a good environment for venture capital exit and guard against the psychological risk of investors. The purpose of venture capital is not to gain long-term control of venture enterprises or gain profits, but to get high returns from equity appreciation through the withdrawal of venture capital. From the previous experience, the best way to exit is through listing. As the high-tech enterprises invested by venture capital often fail to meet the conditions of listing on the main board in the initial stage of development, many countries provide the second board market for the exit of venture capital in order to promote the development of venture enterprises. The United States has a famous NASDAQ, not only the United States domestic high-tech enterprises can be listed here, but also attracted the world's high-tech enterprises to list here. The second board market was established in Osaka, Tokyo and Nagoya, but it was 20 years later than the United States.
We will encourage close cooperation with universities and research institutions to guard against technical risks. Countries around the world have adopted various encouragement policies to promote close collaboration between universities, research institutes and start-ups. Japan encourages the teaching and research personnel of institutions of higher learning to set up high-tech enterprises based on schools, and combine teaching, research and production organically. The us government encourages the combination of universities and scientific research institutions with entrepreneurial enterprises as the core to realize the organic combination of scientific research and production and promote the development of entrepreneurial enterprises.
Risk of high-tech enterprise development time is not long in our country, many aspects is still in the exploratory stage, not only the enterprise itself to figure out a set of suitable for the industry, different development stage of the enterprise risk prevention measures, national and local has not formed the corresponding perfect mechanism and supporting environment, high-tech enterprises face the risk from both inside and outside two aspects, it is necessary to draw lessons from foreign advanced experience.
We will establish a diversified financing and insurance system to effectively prevent operational risks. High-tech enterprises to reduce operating risk, must make full use of a variety of external investment, implement diversification, such not only can reduce each of the investors and the risk level, an operator can also make the enterprise is not subject to a one or a few venture capitalists, strengthening enterprises in the overall level of risk tolerance. Therefore, diversified financing channels should be established to utilize a variety of capital, including government investment or financing, venture capitalist venture capital, bank loans, and financing in the securities market. At the same time, we should make full use of the insurance to minimize the possible losses to the enterprise.
Establish technical risk monitoring system to guard against technical risk of high-tech enterprises. Establish a technology risk monitoring system, collect industrial technology policies and economic and technological laws and regulations related to enterprises, and systematically collect related development research trends and information of scientific and technological achievements. Through systematic analysis of this information, potential technical risk factors can be found and countermeasures can be taken timely.
Establish effective internal incentive mechanism to prevent and manage risks. High-quality entrepreneurial management team and effective internal incentive mechanism are the guarantee of the success of entrepreneurial enterprises. On the one hand, it is necessary to strengthen the training of business management to form a high-quality start-up team; on the other hand, it is necessary to implement option and equity incentives for key employees, create a policy environment of "matching benefits and risks", and establish a distribution mechanism and management system that is in line with the characteristics of high-tech industry and takes protecting intellectual property as the core.
Give full play to the role of the government and establish a good environment for the development of entrepreneurial enterprises. Judging from the current situation, China's venture capital is still state-oriented and government-oriented. Although the venture capital institutions established by the ministries and commissions of the state and local government departments adopt various operational forms, such as providing credit guarantee, interest-free loan, discount loan and direct investment, they all show a common feature, that is, investment has obvious policy nature. In fact, venture capital is a kind of business behavior, and the government should not act as the subject of venture capital. The role of the government should be positioned to provide a favorable development environment for start-ups, such as the formulation of relevant policies and laws, personnel training, capital market construction and other aspects. In other words, it should give full play to the role of the state in "formulating policies, creating environment, strengthening supervision and controlling risks". In the process of developing venture capital, Japan's emphasis on financial support and neglect of supporting environmental construction has had many negative consequences.
Similar to Japan, China's current financial structure is also dominated by indirect finance. Over 90% of idle funds of urban and rural residents are concentrated in Banks. Under the condition of underdeveloped capital market, if the huge funds of Banks can be fully utilized, the development of venture investment has a stable and reliable source of funds. Therefore, we can learn from the practices of the United States and Japan to establish the national credit guarantee fund, improve and implement the guidelines on the establishment of the credit guarantee system for small and medium-sized enterprises issued by the state economic and trade commission, provide a certain proportion of guarantee for the risk loan of high-tech industry, and relieve the worries of Banks.
Based on the development of China's current capital market and the experience of foreign countries, we should adopt a step-by-step development strategy for the exit channels of China's venture capital. At the same time, encourage qualified venture enterprises to list in the overseas gem market such as NASDAQ; Then, under the premise of strengthening supervision, the counter trading market was restored. Finally, the establishment and improvement of China's second board market.
Most of China's high-tech enterprises are founded by scientific and technological personnel. However, the experience of developed countries shows that the proportion of venture enterprises founded by economic, business and legal personnel is the largest, and such personnel have advantages in operation and management. China should also formulate policies to encourage such personnel to establish high-tech enterprises and risk enterprises. In addition, by drawing on the experience of the United States and Japan, the entrepreneurship management major can be set up in universities to cultivate a large number of professional entrepreneurship talents who have received the entrepreneurship management specialty education.
Enterprises and enterprises or scientific research units should give play to their advantages, jointly research and develop, jointly produce and sell products, and cooperate with each other to share risks and achievements. By means of cooperative development, commissioned development, merger and acquisition and primary development, the company can not only make up for its own technical defects, but also reduce the risk of technological development, carry out continuous technological innovation and maintain the leading technology.
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