碰男华经海贸多大学 公司理财 realised at the appropriate time. The information already provided by the management team needs to be examined carefully Key issues include: the extent to which the forecast revenue figures are in line with expected growth within the industry the assumption that sales can be increased significantly compared to previous years - the likely impact of changes in technology,the markets or the industry on forecast results the likelihood of maintaining a similar operating profit margin to previous years given the increased level of investment and sales that are predicted the extent to which the proposed investment plans are adequate to support the expected level of sales (10 marks) (c)The attributes that a management team should possess include: a good track record in delivering results a balance of skills and experience necessary to undertake the venture an ability to work successfully as a team a commitment to the venture,including a willingness to make a significant financial commitment an ability to work with the venture capitalist 一 a willingness to accept the typical deal structures offered by venture capitalists the ability to pursue clearly-stated goals but also to maintain flexibility a set of realistic expectations about likely future outcomes.(5 marks) (d)The evaluation of the investment proposal should include: a discussion of the calculations undertaken a discussion of the key assumptions underpinning the calculations identification of the key areas where additional information is required identification of key areas where the venture capitalist may wish to make changes or require improvements(e.g.the proposed equity split and relative contributions of the venture capitalist and management team)(5 marks) 第9页共9页公司理财 realised at the appropriate time. The information already provided by the management team needs to be examined carefully. Key issues include: – the extent to which the forecast revenue figures are in line with expected growth within the industry – the assumption that sales can be increased significantly compared to previous years – the likely impact of changes in technology, the markets or the industry on forecast results – the likelihood of maintaining a similar operating profit margin to previous years given the increased level of investment and sales that are predicted – the extent to which the proposed investment plans are adequate to support the expected level of sales (10 marks) (c) The attributes that a management team should possess include: – a good track record in delivering results – a balance of skills and experience necessary to undertake the venture – an ability to work successfully as a team – a commitment to the venture, including a willingness to make a significant financial commitment – an ability to work with the venture capitalist – a willingness to accept the typical deal structures offered by venture capitalists – the ability to pursue clearly-stated goals but also to maintain flexibility – a set of realistic expectations about likely future outcomes. (5 marks) (d) The evaluation of the investment proposal should include: – a discussion of the calculations undertaken – a discussion of the key assumptions underpinning the calculations – identification of the key areas where additional information is required – identification of key areas where the venture capitalist may wish to make changes or require improvements (e.g. the proposed equity split and relative contributions of the venture capitalist and management team) (5 marks) 第 9 页 共 9 页