风险投资的决策因素及模型研究
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摘要
风险投资作为一种智能资本,代表着资金、知识及思想的结合体,其对投资项目进行投资的过程,凝结着其自身独有的智慧,风险投资自成立到发展至今,其发挥的作用,已远超出其原来的范畴,其活动的触角,也已深入到清洁能源、通讯、生物制药、航空航天等领域,通过其孵化成功的技术,已为社会起到了举足轻重的作用。经济的迅速发展、金融的高度发达与市场的完美融合以及投资的丰厚利润,为风险投资的进一步发展创造了更为广阔的空间,而且各国相继出台的加强风险投资发展的具体扶持政策,这更加促进了风险投资业的繁荣与发展。风险投资有其自身独有的属性,其投资的过程面临着诸多风险,这使得风险投资的决策过程受制于多种因素的影响和制约,如何对投资项目作出准确、恰当的评判,对投资项目的最终成功与否起着决定性的作用,因此风险投资的项目决策因素及模型的研究就显得尤为重要。
现阶段,关于风险投资的研究已经成为国内外研究的热点。理论的创新与实践的探索极大的推动了风险投资的完善和发展,但目前关于风险投资决策的研究多以应用性方法为主,较为琐碎,缺乏整体性,因此,本文基于博弈论的视角,对风险投资的决策进行了较为系统的研究。第一,构建了风险投资的决策概念模型,将风险投资的决策分为四个维度:目标筛选维度、投资时机决策维度、股权决策维度及参与方式决策维度。第二,对风险投资的技术创新项目筛选决策和普通项目筛选决策进行了研究,深入分析了其中的影响因素、内在的运行机理及决策演化过程。第三,以企业技术创新的发展周期为脉络,运用动态演化博弈理论,分别研究了成长期、创建期、成长期及成熟期四阶段内,风险投资的投资时机决策过程,分析了其中风险投资决策的运作机理,并对其中的影响因素进行了研究。
第四,对风险投资的持股比例及投资金额对企业的实收资本、企业销售收入、利润、员工人数的影响进行了系统的研究,以为风险投资的股权决策提供参考。第五,对风险投资的资源投入方式进行了研究,系统解释了风险投资对筛选的项目投入多种资源的机理,在此基础上,分析了风险投资对企业进行监督的影响因素及决策过程,以为现实中风险投资的监督决策提供参考。
本文的创新在于构建了风险投资的决策概念模型,从目标筛选、投资时机决策、股权决策、参与方式决策四维度对其运作过程及机理进行了系统的研究。
Venture capital as an intelligent investment, on behalf of the funds and acombination of knowledge and ideas,coagulates a unique wisdom of its own in itsinvestment process.Since venture capital develops so far from its establishment,itsrole has far beyond its original scope.the tentacles of its activities deepen into cleanenergy,telecommunications,pharmaceutical,aerospace and other fields.Incubator hasplayed a pivotal role in society through its successful technology.With the rapideconomic development and highly developed financial market,the perfect integration,investment in huge profits for the further development of venture capital creates awider space.The country have been introduced strengthen risk investment in thedevelopment of specific support policies,which to some extent,gives more promotioneffect to the venture capital industry,its prosperity and development.
Venture capital has its own unique attributes.As its investment process faces manyrisks,the decision-making process of venture capital is subject to a variety of factorsand constraints.Hence making an accurate investment projects and appropriateevaluation plays a decisive role in the success of its final investment projects.So thedecision-making of venture capital is particularly important in the investment project.
At this stage,the research on venture capital has become a research focus at homeand abroad.Theory and Practice of innovation greatly promoted its improvement anddevelopment,but the research on decision-making of venture capital is oriented,trivialand lack of integrity.Therefore, based on Game Theory,the paper made a systematicstudy on the decision-making of venture capital.Firstly,the study constructed aconceptual lmodel of decision-making of venture capital.The decision-Making ofventure capitalis divided into three dimensions:objectived ecision-making latitude,equity participation in decision-making and decision-making latitude andlongitude.Secondly,the venture capital decision-making technological innovationproject selection and general project selection decisions were investigated,and anin-depth analysis of the factors influencing in the intrinsic evolution of operationalmechanisms and its decision-making were made.Thirdly,technological innovation andthe development cycle for the context,the use of dynamic evolutionary game theory,the study of the growth,creation,growth and maturity of the four-stage wereinvestigated,and decision-making process of venture capital investment,including riskanalysis of the investment decision making and the operation of its mechanism isstudied.Fourthly,a systematic study of the shareholding ratio of venture capital andinvestment amounts paid-up capital of enterprises,corporate sales,profits,number ofemployees is made as a decision-making reference of equity investment.Fifthly,theresearch conducted the way of resources input in risk investment,and systematicallyexplains the risks of investment in the project selection mechanism of a variety ofresources.Based on this,the study analysised the impact of the factors to monitorventure capital companies and its decision-making process,as are ference for thesupervision of decision-making of risk investment in reality.
The innovation of this paper is to construct a conceptual model of decision-makingof venture capital.The paper from objective decision making,equity decision-makingand participation in decision-making,these three dimensional manner made a systematicstudy on the decision-making process and its operation mechanism of venturecapital.
现阶段,关于风险投资的研究已经成为国内外研究的热点。理论的创新与实践的探索极大的推动了风险投资的完善和发展,但目前关于风险投资决策的研究多以应用性方法为主,较为琐碎,缺乏整体性,因此,本文基于博弈论的视角,对风险投资的决策进行了较为系统的研究。第一,构建了风险投资的决策概念模型,将风险投资的决策分为四个维度:目标筛选维度、投资时机决策维度、股权决策维度及参与方式决策维度。第二,对风险投资的技术创新项目筛选决策和普通项目筛选决策进行了研究,深入分析了其中的影响因素、内在的运行机理及决策演化过程。第三,以企业技术创新的发展周期为脉络,运用动态演化博弈理论,分别研究了成长期、创建期、成长期及成熟期四阶段内,风险投资的投资时机决策过程,分析了其中风险投资决策的运作机理,并对其中的影响因素进行了研究。
第四,对风险投资的持股比例及投资金额对企业的实收资本、企业销售收入、利润、员工人数的影响进行了系统的研究,以为风险投资的股权决策提供参考。第五,对风险投资的资源投入方式进行了研究,系统解释了风险投资对筛选的项目投入多种资源的机理,在此基础上,分析了风险投资对企业进行监督的影响因素及决策过程,以为现实中风险投资的监督决策提供参考。
本文的创新在于构建了风险投资的决策概念模型,从目标筛选、投资时机决策、股权决策、参与方式决策四维度对其运作过程及机理进行了系统的研究。
Venture capital as an intelligent investment, on behalf of the funds and acombination of knowledge and ideas,coagulates a unique wisdom of its own in itsinvestment process.Since venture capital develops so far from its establishment,itsrole has far beyond its original scope.the tentacles of its activities deepen into cleanenergy,telecommunications,pharmaceutical,aerospace and other fields.Incubator hasplayed a pivotal role in society through its successful technology.With the rapideconomic development and highly developed financial market,the perfect integration,investment in huge profits for the further development of venture capital creates awider space.The country have been introduced strengthen risk investment in thedevelopment of specific support policies,which to some extent,gives more promotioneffect to the venture capital industry,its prosperity and development.
Venture capital has its own unique attributes.As its investment process faces manyrisks,the decision-making process of venture capital is subject to a variety of factorsand constraints.Hence making an accurate investment projects and appropriateevaluation plays a decisive role in the success of its final investment projects.So thedecision-making of venture capital is particularly important in the investment project.
At this stage,the research on venture capital has become a research focus at homeand abroad.Theory and Practice of innovation greatly promoted its improvement anddevelopment,but the research on decision-making of venture capital is oriented,trivialand lack of integrity.Therefore, based on Game Theory,the paper made a systematicstudy on the decision-making of venture capital.Firstly,the study constructed aconceptual lmodel of decision-making of venture capital.The decision-Making ofventure capitalis divided into three dimensions:objectived ecision-making latitude,equity participation in decision-making and decision-making latitude andlongitude.Secondly,the venture capital decision-making technological innovationproject selection and general project selection decisions were investigated,and anin-depth analysis of the factors influencing in the intrinsic evolution of operationalmechanisms and its decision-making were made.Thirdly,technological innovation andthe development cycle for the context,the use of dynamic evolutionary game theory,the study of the growth,creation,growth and maturity of the four-stage wereinvestigated,and decision-making process of venture capital investment,including riskanalysis of the investment decision making and the operation of its mechanism isstudied.Fourthly,a systematic study of the shareholding ratio of venture capital andinvestment amounts paid-up capital of enterprises,corporate sales,profits,number ofemployees is made as a decision-making reference of equity investment.Fifthly,theresearch conducted the way of resources input in risk investment,and systematicallyexplains the risks of investment in the project selection mechanism of a variety ofresources.Based on this,the study analysised the impact of the factors to monitorventure capital companies and its decision-making process,as are ference for thesupervision of decision-making of risk investment in reality.
The innovation of this paper is to construct a conceptual model of decision-makingof venture capital.The paper from objective decision making,equity decision-makingand participation in decision-making,these three dimensional manner made a systematicstudy on the decision-making process and its operation mechanism of venturecapital.
引文
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