Credit risk characteristics and management of high-tech venture capital industry

This paper primarily deals with credit risk characteristics and management methods of high-tech venture capital industry. First, the thesis analyzes origin of credit risk in venture capital industry and emphasizes that credit risk virtually exists. Second, the discussion of venture-backed company's credit risk characteristics in different stage has been expanded. Third, we offer the risk management experience from the other fields, which can be used for reference, after comparison on venture capital industry and other fields. Fourth, we provide that credit risk management is a dynamic management and it runs through the entire process. Eventually, the authors affirm the macro-policy's function in the development of venture capital industry.