Formation and optimizing venture investment portfolio

Venture investment is one of the key factor of innovation economy development, because they are the main source of financing for startup-projects, within which a lot of radical R&D are carried out. In spite of the readiness for high level of risk, venture capitalists are also interested in finding some rational balance between profitability and risk. The research provides the algorithm of formation and optimizing venture investment portfolio, taken into account the specificity of innovative sector. The proposed methodology can be interested for venture capitalists not only in the contest of making choice of proper object of investment, but also in context of risks diversification

Keywords: venture investments, investment portfolio, project evaluation, commercialization of intellectual property, strategic management

References

  1. Research of Russian Market of Venture Investments 2019. Venture Barometer-2019. https://drive.google.com/file/d/1dlb5AGazaFPh14hOvvjngmhIUwRSUHZZ/view.
  2. Federal law on appraisal activity from 19.12.2022.
  3. I. Fisher. The theory of interest. NY.: The Macmillan company, 1930.
  4. B. Graham, D. Dodd. Securities Analysis. 3rd Edition. Moscow: Wiliams, 2016.
  5. H. Markowitz. Portfolio selection//The Journal of Finance, March 1952. P. 77-91.
  6. W. Sharpe. Capital Asset Prices: A Theory of Market Equlibrium under Conditions of Risk//The Journal of Finance, September 1964. P. 425-442.
  7. E. A. Spiridonova. Business Valuation: textbook for high school. 2nd edition. Moscow: Urait, 2020.
  8. F. Modigliani, M. Miller. Corporate Income Taxes and the Cost of Capital//American Economic Review, June 1963. P. 433-443.
  9. W. Sharpe, G. Alexander, J. Bailey. Investments. 10th edition. Moscow: Infra-М, 2018.
  10. J. Tobin. Liquidity Preference as Behavior Towards Risk//The Review of Economic Studies, February 1958. P. 65-86.
  11. F. Black, M. Scholes. The Pricing of Options and Corporate Liabilities//The Journal of Political Economy, May 1973. P. 637-654.
  12. A. Ross. The Arbitrage Theory of Capital Asset Pricing//The Journal of Economic Theory, May 1976. P. 341-360.
  13. E. Fama. Foundations of finance. NY.: Basic books, 1976.

Authors