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本文结合纯粹创业投资公司的投资目标和专业技能,分析他们成为创业企业种子期主要投资主体并进而成为创业投资辛迪加领投者的原因,及其在创业投资辛迪加建立过程中的重要作用。文章首先通过对纯粹创业投资公司、私募股权投资公司、公司创业投资、投资银行在投资目的方面的差异揭示了纯粹创业投资公司成为种子期主要投资主体的原因;然后结合其在建立嵌入性社会关系方面的专业技能优势,详细论述了纯粹创业投资公司在种子期实施不确定性管理的原因和步骤;最后简要介绍了作为领投者,纯粹创业投资公司所拥有的权利和需要履行的义务,并根据上述分析提出了对纯粹创业投资公司和非纯粹创业投资公司的启示。
Based on the investment objectives and professional skills of pure VCs, this paper analyzes the reasons why they become the main investors in the seed stage of VCs, and then becomes the leading investors in the venture capital syndication and their important role in the establishment of venture capital syndication. The article first reveals the reasons why pure VC firms have become the main investment entities in the seed stage through the differences in investment purposes between pure VC firms, private equity firms, corporate VCs and investment banks. Then, And discusses the reasons and steps of implementing pure indemnity management in the seed stage. In the end, it briefly introduces the rights owned by neo-venture investment companies and the obligations they need to fulfill. Based on the above analysis, we propose the enlightenment to pure venture capital firms and non-pure venture capital firms.