风险投资中的风险控制策略研究
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摘要
风险投资方式自二战后孕育成形以来，一直对美国乃至世界经济发挥着极其深远的影响。美国的风险投资成果斐然，以色列、台湾地区、爱尔兰等同样成就卓著。正是在这样的背景之下，以1998年成思危的“一号提案”为契机，中国开始关注风险投资并逐渐兴起了热潮。然而，中国的风险投资在巨大的热情背后，更多的是盲目和无序。为此，我们有必要对风险投资中存在的风险及其控制策略进行全面的考察与研究，以便更好地利用业已被美国等发达国家证明了的投资创新模式，在新世纪之初为我国的经济腾飞插上翅膀。
本文通过对风险投资的涵义、运行机制、主要投资风险以及风险控制一般理论的分析，从风险投资的主、客体两种不同角度出发，根据风险投资的不同阶段分别探讨了风险投资机构和风险企业在风险投资过程中控制风险的策略和方法。从风险投资机构这一投资主体的角度来看，分别从风险投资机构选择对风险企业的介入模式阶段；对具体风险企业的评估阶段；与风险企业关系的构建阶段；风险投资注入后的监管阶段；最后到风险投资的退出阶段，对风险投资机构在整个风险投资过程中的各个不同阶段，探讨了其相应的风险控制策略和模式选择方法。而从风险企业这一风险投资客体的角度来看，根据契约理论中的经营者选择问题理论，主要是要规避风险企业潜在的“退出风险”以及来自风险投资家的“道德风险”，规避的方法有二：通过合同保护企业家的利益和充分运用外界的力量与先进的网络工具。
Venture Capital (VC) has given great impact to the economics of U.S.A and the world since it's founding after the Second World War. The achievement of risk investment of U.S.A. is marked, Israel, Taiwan, Irish etc. equally achieves distinguishedly. Just under such a background, regarding "the first motion "of Cheng Siwei of 1998 as the opportunity, China begins to pay close attention to VC and upsurge has risen gradually. However, the VC of China is mostly blind and unordered behind enormous enthusiasm. Therefore, it's necessary for us to investigate and study comprehensively the venture that exists in VC and their control strategy, in order to take advantage of innovative model of investing which has been proved by those advanced nations such as U.S.A. etc. to serve the rapid development of our nation's economy in the early period of the new era.
This text analyses the meaning, operating mechanism, main investment risk and risk-control general theory of Venture Capital, and approaches the strategies and methods that the institution of VC and venture enterprise control the risk in the course of venture investment separately according to different stages of VC from the subject and object of VC different angles. From the viewpoint of the VC institution, discusses the corresponding tactics of venture control and select model according to the each different stages in the course of VC separately from the stage of choosing the involvement mode to venture enterprises, to the stage of assessment to concrete venture enterprises, to the stage of constructing the relation with venture enterprises, to the stage of supervision after venture capital is poured into, and to the stage of VC withdrawing finally. And from the viewpoint of venture enterprise, the venture control question is mainly how to evade the potential "withdrawing risk" of itself and the "moral ris
k" from VC investors. The evading methods are two: one is to protect the entrepreneurs' interests by the contracts, and the other is to fully use external strength and advanced network tool.
本文通过对风险投资的涵义、运行机制、主要投资风险以及风险控制一般理论的分析，从风险投资的主、客体两种不同角度出发，根据风险投资的不同阶段分别探讨了风险投资机构和风险企业在风险投资过程中控制风险的策略和方法。从风险投资机构这一投资主体的角度来看，分别从风险投资机构选择对风险企业的介入模式阶段；对具体风险企业的评估阶段；与风险企业关系的构建阶段；风险投资注入后的监管阶段；最后到风险投资的退出阶段，对风险投资机构在整个风险投资过程中的各个不同阶段，探讨了其相应的风险控制策略和模式选择方法。而从风险企业这一风险投资客体的角度来看，根据契约理论中的经营者选择问题理论，主要是要规避风险企业潜在的“退出风险”以及来自风险投资家的“道德风险”，规避的方法有二：通过合同保护企业家的利益和充分运用外界的力量与先进的网络工具。
Venture Capital (VC) has given great impact to the economics of U.S.A and the world since it's founding after the Second World War. The achievement of risk investment of U.S.A. is marked, Israel, Taiwan, Irish etc. equally achieves distinguishedly. Just under such a background, regarding "the first motion "of Cheng Siwei of 1998 as the opportunity, China begins to pay close attention to VC and upsurge has risen gradually. However, the VC of China is mostly blind and unordered behind enormous enthusiasm. Therefore, it's necessary for us to investigate and study comprehensively the venture that exists in VC and their control strategy, in order to take advantage of innovative model of investing which has been proved by those advanced nations such as U.S.A. etc. to serve the rapid development of our nation's economy in the early period of the new era.
This text analyses the meaning, operating mechanism, main investment risk and risk-control general theory of Venture Capital, and approaches the strategies and methods that the institution of VC and venture enterprise control the risk in the course of venture investment separately according to different stages of VC from the subject and object of VC different angles. From the viewpoint of the VC institution, discusses the corresponding tactics of venture control and select model according to the each different stages in the course of VC separately from the stage of choosing the involvement mode to venture enterprises, to the stage of assessment to concrete venture enterprises, to the stage of constructing the relation with venture enterprises, to the stage of supervision after venture capital is poured into, and to the stage of VC withdrawing finally. And from the viewpoint of venture enterprise, the venture control question is mainly how to evade the potential "withdrawing risk" of itself and the "moral ris
k" from VC investors. The evading methods are two: one is to protect the entrepreneurs' interests by the contracts, and the other is to fully use external strength and advanced network tool.
引文
[1] 柯迪．风险投资与二板市场．北京：中国金融出版社，2000
[2] William D. Bygrave, Jeffry A. Timmons. VENTURE CAPITAL AT THE CROSSROADS. Boston: HARVARD BUSINESS SCHOOL PRESS, 1992
[3] Richard L. Manweller. Funding Your High-tech Venture. Silicon Valley: The Osis Press / PSI Research, 1997
[4] Darryl J Cooke. Venture Capital: Law and Practice. London: LLM, 1996
[5] 成思危．科技风险投资论文集．北京：民主与建设出版社，1997
[6] 中国社会科学院金融研究中心课题组．建立科技风险投资体系实施方案．1998
[7] 刘曼红．风险投资：创新与金融．北京：中国人民大学出版社，1999
[8] 盛立军．风险投资：操作、机制与策略．上海：上海远东出版社，1999
[9] 吴艳鹏．创业板市场．北京：中国民航出版社，1999
[10] 张景安，赵玉海，梁桂．新世纪风险投资系列丛书．北京：中国金融出版社，2000
[11] George W. Fenn, Nellie Liang, Stephen Prowse. The Economics of the Private Equity Market. N.Y.: Federal Reserve Bulletin, Board of Governors of the Federal Reserve System, 1995
[12] Oliver Pfirrmann, Udo Wapperfeld, Joshna Lerner. Venture Capital and New Technology Based firms: an US - Germany Comparison. Heidelberg: Physica-Verlg, 1997
[13] OECD Research Committee. Financing Innovation and the Role of Venture Capital & County Case: Study of Venture Capital and Innovation. In: OECD Working Paper. 1995
[14] Barry,Christopher B., Chris J.Muscarella. The Role of Venture Capital in the Creation of Public Companies. Journal of Financial Economics, 1997, vol. 27: 136
[15] 王忠明．中小企业创业．北京：经济科学出版社，2000
[16] 陈峥嵘．旧事重提：创业板是主板的附庸还是对手．中国证券期货，2002，8：64-68
[17] Paul Gompers, Josh Lerner. Venture Capital Distributions: Short-Run and Long-Run Reactions. In:.NBER working paper No. 6906. Boston: 1997
[18] Andrew J. Rosman, Hugh M. O' Nell. Comparing the information acquisition strategies of venture capital and commercial lender: a computer-based experiment, Journal of Business Venturing, 8: 443-460
[19] Joseph Rosenstern, The board and strategy: venture capital and high technology, Journal of Business Venturing, 3:159-170
[20] 张极井．项目融资．北京：中信出版社，1997
[21] 袁道之，白莉．创造企业神话—风险投资运作要点及案例．北京：经济日报出版社，1999
[22] 张本照，万伦来．美国风险投资的运作模式及其对中国的启示．世界经济，2002，5：52-54
[23] James C. Van Home, Jone M. Wachowicz, Jr. FUNDAMENTALS OF FUNDANCIAL MANAGEMENT, TENTH EDITION. New York: Prentice Hall INC, 1998
[24] David Hertz. Risk Analysis in Capital Investment. Harvard Business Review 42, 1964, 1-2:95-106
[25] 黄汉权．风险投资与创业．北京：中国人民大学出版社，2001
[26] Cormac Butler．风险值概论．上海：上海财经大学出版社，2002
[27] 博迪，亚历克斯，凯恩，艾伦．J．马库斯．投资学．第二版(原书第五版)．北京：机械工业出版社，2002
[28] 王春峰．金融市场风险管理．天津：天津大学出版社，2001
[29] Michael Peltz. High-tech' s Premier Venture Capitalist. Institutional Investor, 1996, 6:89-98
[30] 张良，邓高．我国企业风险投资介入模式的比较选择，经济师，2003，5：62
[31] 李光．创业与投资策划，北京：中国青年出版社，1995
[32] Richard D. Irwin, J. A. Timmons, et al. New Venture Creation. Homewood: IL, 1990
[33] 赵辉．论人力资本理论和知识经济的关系．经济问题探索，2000，6：26
[34] 李宝山．新经济、新规则、新对策，世界经济文汇，2000年特刊：12
[35] 王汇群．面向新世纪的人力资源管理．世界管理论坛第四届东方管理论坛，2000：267
[36] 马斌．人力资本：企业的核心资源．新经济，2000：23-25
[37] 郭仲伟．风险分析与决策．北京：机械工业出版社，1987
[38] Margret M. Blair. Ownership and Control. Washington D.C.: The Brookings Institution, 1995
[39] 曹国利．经营者持股与现代企业制度的激励约束机制的建立．世界管理论坛第四届东方管理论坛，2000：239
[40] D.J. Brophy. Venture Capital Research. The Art and Science of Entrepreneurship, 1986,10:120
[41] 郑子云，司徒永富．企业风险管理．香港：商务印书馆，2002
[42] 詹姆斯．B．阿科波尔，罗恩．舒尔兹．公开上市．北京：中国人民大学出版社，2002
[43] 大卫．史文森．机构投资与基金管理的创新．北京：中国人民大学出版社，2002
[44] 欧阳卫民．产业投资基金．北京：经济科学出版社，1997
[45] 王国刚．设立“创业板” 中应注意解决的几个认识问题．国际金融研究，2000，10：70-73
[46] 胡继之、许小松．资本市场与高科技产业的培育——从国际对比中看我国的对策．深圳：深圳证券交易所，深证综研字第0004号，1998．7．27
[47] 张维迎．博弈论与信息经济学．上海：上海三联书店，上海人民出版社．1999
[48] 米什金．货币金融学．第四版．北京：中国人民大学出版社．2000
[49] Silvia. B. Sagari, Venture Capital: Lessons from the Developed World for Developing Market. Washington. D. C.: World Bank, International Finance Corporation. 1992
[50] Stephen Prowse. Angel investors and the market for angel investment. Journal of Banking & Finance, 22,1998:785-792
[2] William D. Bygrave, Jeffry A. Timmons. VENTURE CAPITAL AT THE CROSSROADS. Boston: HARVARD BUSINESS SCHOOL PRESS, 1992
[3] Richard L. Manweller. Funding Your High-tech Venture. Silicon Valley: The Osis Press / PSI Research, 1997
[4] Darryl J Cooke. Venture Capital: Law and Practice. London: LLM, 1996
[5] 成思危．科技风险投资论文集．北京：民主与建设出版社，1997
[6] 中国社会科学院金融研究中心课题组．建立科技风险投资体系实施方案．1998
[7] 刘曼红．风险投资：创新与金融．北京：中国人民大学出版社，1999
[8] 盛立军．风险投资：操作、机制与策略．上海：上海远东出版社，1999
[9] 吴艳鹏．创业板市场．北京：中国民航出版社，1999
[10] 张景安，赵玉海，梁桂．新世纪风险投资系列丛书．北京：中国金融出版社，2000
[11] George W. Fenn, Nellie Liang, Stephen Prowse. The Economics of the Private Equity Market. N.Y.: Federal Reserve Bulletin, Board of Governors of the Federal Reserve System, 1995
[12] Oliver Pfirrmann, Udo Wapperfeld, Joshna Lerner. Venture Capital and New Technology Based firms: an US - Germany Comparison. Heidelberg: Physica-Verlg, 1997
[13] OECD Research Committee. Financing Innovation and the Role of Venture Capital & County Case: Study of Venture Capital and Innovation. In: OECD Working Paper. 1995
[14] Barry,Christopher B., Chris J.Muscarella. The Role of Venture Capital in the Creation of Public Companies. Journal of Financial Economics, 1997, vol. 27: 136
[15] 王忠明．中小企业创业．北京：经济科学出版社，2000
[16] 陈峥嵘．旧事重提：创业板是主板的附庸还是对手．中国证券期货，2002，8：64-68
[17] Paul Gompers, Josh Lerner. Venture Capital Distributions: Short-Run and Long-Run Reactions. In:.NBER working paper No. 6906. Boston: 1997
[18] Andrew J. Rosman, Hugh M. O' Nell. Comparing the information acquisition strategies of venture capital and commercial lender: a computer-based experiment, Journal of Business Venturing, 8: 443-460
[19] Joseph Rosenstern, The board and strategy: venture capital and high technology, Journal of Business Venturing, 3:159-170
[20] 张极井．项目融资．北京：中信出版社，1997
[21] 袁道之，白莉．创造企业神话—风险投资运作要点及案例．北京：经济日报出版社，1999
[22] 张本照，万伦来．美国风险投资的运作模式及其对中国的启示．世界经济，2002，5：52-54
[23] James C. Van Home, Jone M. Wachowicz, Jr. FUNDAMENTALS OF FUNDANCIAL MANAGEMENT, TENTH EDITION. New York: Prentice Hall INC, 1998
[24] David Hertz. Risk Analysis in Capital Investment. Harvard Business Review 42, 1964, 1-2:95-106
[25] 黄汉权．风险投资与创业．北京：中国人民大学出版社，2001
[26] Cormac Butler．风险值概论．上海：上海财经大学出版社，2002
[27] 博迪，亚历克斯，凯恩，艾伦．J．马库斯．投资学．第二版(原书第五版)．北京：机械工业出版社，2002
[28] 王春峰．金融市场风险管理．天津：天津大学出版社，2001
[29] Michael Peltz. High-tech' s Premier Venture Capitalist. Institutional Investor, 1996, 6:89-98
[30] 张良，邓高．我国企业风险投资介入模式的比较选择，经济师，2003，5：62
[31] 李光．创业与投资策划，北京：中国青年出版社，1995
[32] Richard D. Irwin, J. A. Timmons, et al. New Venture Creation. Homewood: IL, 1990
[33] 赵辉．论人力资本理论和知识经济的关系．经济问题探索，2000，6：26
[34] 李宝山．新经济、新规则、新对策，世界经济文汇，2000年特刊：12
[35] 王汇群．面向新世纪的人力资源管理．世界管理论坛第四届东方管理论坛，2000：267
[36] 马斌．人力资本：企业的核心资源．新经济，2000：23-25
[37] 郭仲伟．风险分析与决策．北京：机械工业出版社，1987
[38] Margret M. Blair. Ownership and Control. Washington D.C.: The Brookings Institution, 1995
[39] 曹国利．经营者持股与现代企业制度的激励约束机制的建立．世界管理论坛第四届东方管理论坛，2000：239
[40] D.J. Brophy. Venture Capital Research. The Art and Science of Entrepreneurship, 1986,10:120
[41] 郑子云，司徒永富．企业风险管理．香港：商务印书馆，2002
[42] 詹姆斯．B．阿科波尔，罗恩．舒尔兹．公开上市．北京：中国人民大学出版社，2002
[43] 大卫．史文森．机构投资与基金管理的创新．北京：中国人民大学出版社，2002
[44] 欧阳卫民．产业投资基金．北京：经济科学出版社，1997
[45] 王国刚．设立“创业板” 中应注意解决的几个认识问题．国际金融研究，2000，10：70-73
[46] 胡继之、许小松．资本市场与高科技产业的培育——从国际对比中看我国的对策．深圳：深圳证券交易所，深证综研字第0004号，1998．7．27
[47] 张维迎．博弈论与信息经济学．上海：上海三联书店，上海人民出版社．1999
[48] 米什金．货币金融学．第四版．北京：中国人民大学出版社．2000
[49] Silvia. B. Sagari, Venture Capital: Lessons from the Developed World for Developing Market. Washington. D. C.: World Bank, International Finance Corporation. 1992
[50] Stephen Prowse. Angel investors and the market for angel investment. Journal of Banking & Finance, 22,1998:785-792