中国风险投资发展研究
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摘要
风险投资,或称为风险资本、创业资本,是指以股权、准股权或具有附带条件的债权形式投资于新颖、未经试用技术项目或未来具有高度不确定性的项目,并愿意为所投资的项目或企业提供管理或经营服务,期望通过项目的高成长率并最终以某种方式出售产权以取得高额中长期收益的一种投资方式。风险投资是当今世界高科技发展的助推器,但在中国尚处于起步阶段。为加速我国高新技术产业化,完善中小企业投融资体系,促进资本市场和我国国民经济健康、稳定、持续发展,本论文对中国风险投资的发展进行了深入系统的研究。
论文首先对风险投资的相关基本理论进行了综述;对美国、日本及欧洲发达国家风险投资业发展进行了全面的分析比较:对我国风险投资业的发展现状进行了系统的分析,从理论和实践的结合上,为我国风险投资发展研究奠定了坚实的基础。
论文进而按照治理机制→运行模式→退出机制→发展评价及对策的逻辑,对我国风险投资发展进行深入研究。论文深刻分析了风险投资的治理机制,剖析了有限合伙制风险投资公司产生的原因及其治理的约束激励机制,建立风险资本家与风险企业家之间的控制权分配和转移模型;分析有限合伙制风险投资公司治理结构,提出我国选择有限合伙制组织形式的法律法规约束及思路。
继之,论文对风险投资的运行要素与发展过程进行分析,建立了风险投资发展运行要素结构模式和运行状态的函数模型;分析了风险投资的运作机制和交易机制;构建BP神经网络评价模型对风险投资的投资风险评价。从而,为我国风险投资的运行与发展提供了模式借鉴。
再者,论文对风险投资退出机制进行深入分析,系统地论证其退出动因、功能及创业板市场建设与风险投资的互动关系,从为中小型高科技企业提供融资渠道、完善风险投资退出机制、推进我国风险投资业管理体系完善诸方面,剖析了创业板市场建设对于风险投资发展的作用和机理。
最后,论文运用模糊综合评价方法对我国风险投资业发展水平进行评价和实证分析。运用灰色预测方法对我国风险投资业的发展规模进行了预测,
Venture investment which refers to a type of investing pattern is also called venture capital or fund for work of innovation. Under this investing way the investors put their capital to the projects which are either quite original, never applied to probation or with high indefinite as long as the future is concerned in the forms of stock holding rights and permits or share hold with additional conditions. These investors are willing to provide managing or operation service for the projects or enterprises, by which they will obtain a long-term interest as long as the project can reach a high growing rate and the investors can sell the property rights in some way. In the modern world venture investment, as the incentive for the development of high -tech is still in its initial phase in China. In order to speed up the industrializing process of our new and high technology, consummate the investing systems of small and medium-sized companies, promote the capital market and the healthy、 stable、 sustainable development of the risky investment in China. This thesis conducts an in-depty and systematic research on the venture capital in China.Starting with a comprehensive illustration, a comprehensive comparison among the venture investing development in US、 Japan and European countries is made; a systematic analyses on the present developing conditions of venture investment in China is made theatrically and practically, which the author lays a profound basis for the study of the development of the venture capital in China.The author makes a further research based on the logic: governing mechanism→running pattern→withdraw mechanism→developing analyses and strategies. In the thesis the author makes a thorough study on the governing mechanism in venture investing industry, dissects the reasons for the appearance of partnership venture invest Co.Ltd & venture enterprisers; the managing structure in that type of enterprise and the related law and regulations are also
discussed in this paper.On the basis of the research on the running key elements &development, the author builds up the model of running elements structure & the running condition function, as well as the selecting &evaluating pattern; make a study on the running & trading mechanism; sets up a BP nerve network analyzing model to analyze the venture in the investment. Hence. It offers a pattern reference for the operation of Chinese venture capital.Further more, the withdraw mechanism of venture investment is comprehensively analyzed in the paper together with its motive, reasons and function. The interactive relationship between market construction featured by pioneering work and the market construction on the venture invest development. From the aspects of offering capital attracting irrigating for small & medium sized enterprises, consummating the withdraw mechanism and the managing system in the venture capital.Finally making use of the rank-ordered and blurred comprehensive analyzing method, the author analyzes the developing level of Chinese risky investment industry. The future developing scale is also predicted with the method of gray forecast. Above all these, the author researches to the systematic strategic propositions for the development of the venture capital industry in China.
论文首先对风险投资的相关基本理论进行了综述;对美国、日本及欧洲发达国家风险投资业发展进行了全面的分析比较:对我国风险投资业的发展现状进行了系统的分析,从理论和实践的结合上,为我国风险投资发展研究奠定了坚实的基础。
论文进而按照治理机制→运行模式→退出机制→发展评价及对策的逻辑,对我国风险投资发展进行深入研究。论文深刻分析了风险投资的治理机制,剖析了有限合伙制风险投资公司产生的原因及其治理的约束激励机制,建立风险资本家与风险企业家之间的控制权分配和转移模型;分析有限合伙制风险投资公司治理结构,提出我国选择有限合伙制组织形式的法律法规约束及思路。
继之,论文对风险投资的运行要素与发展过程进行分析,建立了风险投资发展运行要素结构模式和运行状态的函数模型;分析了风险投资的运作机制和交易机制;构建BP神经网络评价模型对风险投资的投资风险评价。从而,为我国风险投资的运行与发展提供了模式借鉴。
再者,论文对风险投资退出机制进行深入分析,系统地论证其退出动因、功能及创业板市场建设与风险投资的互动关系,从为中小型高科技企业提供融资渠道、完善风险投资退出机制、推进我国风险投资业管理体系完善诸方面,剖析了创业板市场建设对于风险投资发展的作用和机理。
最后,论文运用模糊综合评价方法对我国风险投资业发展水平进行评价和实证分析。运用灰色预测方法对我国风险投资业的发展规模进行了预测,
Venture investment which refers to a type of investing pattern is also called venture capital or fund for work of innovation. Under this investing way the investors put their capital to the projects which are either quite original, never applied to probation or with high indefinite as long as the future is concerned in the forms of stock holding rights and permits or share hold with additional conditions. These investors are willing to provide managing or operation service for the projects or enterprises, by which they will obtain a long-term interest as long as the project can reach a high growing rate and the investors can sell the property rights in some way. In the modern world venture investment, as the incentive for the development of high -tech is still in its initial phase in China. In order to speed up the industrializing process of our new and high technology, consummate the investing systems of small and medium-sized companies, promote the capital market and the healthy、 stable、 sustainable development of the risky investment in China. This thesis conducts an in-depty and systematic research on the venture capital in China.Starting with a comprehensive illustration, a comprehensive comparison among the venture investing development in US、 Japan and European countries is made; a systematic analyses on the present developing conditions of venture investment in China is made theatrically and practically, which the author lays a profound basis for the study of the development of the venture capital in China.The author makes a further research based on the logic: governing mechanism→running pattern→withdraw mechanism→developing analyses and strategies. In the thesis the author makes a thorough study on the governing mechanism in venture investing industry, dissects the reasons for the appearance of partnership venture invest Co.Ltd & venture enterprisers; the managing structure in that type of enterprise and the related law and regulations are also
discussed in this paper.On the basis of the research on the running key elements &development, the author builds up the model of running elements structure & the running condition function, as well as the selecting &evaluating pattern; make a study on the running & trading mechanism; sets up a BP nerve network analyzing model to analyze the venture in the investment. Hence. It offers a pattern reference for the operation of Chinese venture capital.Further more, the withdraw mechanism of venture investment is comprehensively analyzed in the paper together with its motive, reasons and function. The interactive relationship between market construction featured by pioneering work and the market construction on the venture invest development. From the aspects of offering capital attracting irrigating for small & medium sized enterprises, consummating the withdraw mechanism and the managing system in the venture capital.Finally making use of the rank-ordered and blurred comprehensive analyzing method, the author analyzes the developing level of Chinese risky investment industry. The future developing scale is also predicted with the method of gray forecast. Above all these, the author researches to the systematic strategic propositions for the development of the venture capital industry in China.
引文
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