【作者】 李珏；

【导师】 杨青；

【作者基本信息】 武汉理工大学 ， 管理科学与工程， 2006， 博士

【摘要】 全文以风险资本投资运动过程分析为基础，按风险项目筛选评价——风险项目价值挖掘——风险项目定价——风险项目培育评价——风险项目退出评价的主线来展开研究工作。全文总体上可分为六大部分： (1) 风险投资全过程评价的理论基础 在总结前人研究成果的基础上，对风险投资的定义进行了界定，分析了风险投资的特点与投资阶段，同时在描述了风险投资过程的基础上，建立了风险投资全过程评价体系，探讨了评价体系的主要研究内容与作用，归纳和总结了评价的基本原理和方法，并对各阶段评价之间的关系进行了分析。 (2) 风险项目筛选评价 分析了风险项目筛选的基础、评价程序以及项目来源对筛选评价的影响，总结和提炼了风险项目的初步筛选标准和一般筛选标准，在此基础上建立了风险项目的筛选评价模型，并对筛选标准与筛选评价进行了实证分析。 (3) 风险项目价值挖掘 分析了风险项目价值挖掘的特点和价值挖掘的机理，构建了全面考察影响风险企业潜在收益和预期风险因素的指标体系，探讨了对风险项目价值主要影响因素的价值挖掘方法体系，在此基础上运用多目标模糊决策方法建立了价值挖掘满意度模型，并对评价指标体系与分析方法、项目评价进行了实证分析。 (4) 风险项目定价 总结和分析了传统定价方法及其局限性，在探讨了风险投资的实物期权特征的基础上，运用实物期权理论构建了风险投资的多阶段复合期权定价模型，同时运用博弈理论对实物期权定价模型进行了扩展。 (5) 风险项目培育评价 分析了风险企业的成长机理，总结了风险企业的培育手段与培育管理的目的，研究了风险企业的培育管理程序，在此基础上构建了由培育目标评价和成长性评价构成的风险项目培育的综合评价体系，并对风险项目培育以及培育评价进行了实证分析。 (6) 风险项目退出评价 在对风险投资退出机制进行分析的基础上，研究了退出成本、退出收益、退出条件与风险企业家的合作意愿等影响退出决策的因素，建立了风险投资退出决策评价的实物期权模型。更多还原

【Abstract】 Based on the analysis of venture capital investing operation process, the main-line of this paper is what can be demonstrated as following: evaluation of screening ventures—ventures value digging—pricing ventures—evaluation of fostering ventures—evaluation of exiting ventures. The paper mostly includes six parts.1. The theoretical base of evaluating system for the whole process of venture capital. Based on summing up existing researches, the phrase "venture capital" is defined, its characteristics and investing phase are analyzed. And grounded on describing venture capital investing process, the evaluating system for the whole process of venture capital is established, which consists of the content and effects of evaluating system, rationales and methods of evaluating system, the relationships between each evaluating process.2. Evaluation of screening ventures. The foundation and evaluation process of screening, and influence of deal flowing on screening evaluation are discussed. Based on analysis of preparatory screening criterions and general screening criterions, the evaluation model is established. Furthermore, demonstration analysis is introduced.3. Ventures value digging. Firstly, characteristics and principle of ventures value digging are probed. Secondly, the evaluation index system is designed according to factors affecting potential benefit and expectation risk. Thirdly, the methods of ventures value digging is discussed. Fourthly, value digging satisfaction index model is set up based on multi-goal fuzzy decision-making technique. Lastly, demonstration analysis is introduced.4. Pricing ventures. Traditional pricing methods and its localization are summed up. An multi-stage compound real option model is established to price ventures based on discussing real option characteristics of venture capital investing. And game theory is introduced to expanding real option pricing model.5. Evaluation of fostering ventures. Based on analyzing growing-up mechanism of ventures and discussing fostering management, the integrated evaluation system of fostering ventures is set up, which includes fostering target evaluation and growing up trait evaluation. And demonstration analysis is introduced.6. Evaluation of exiting ventures. Based on the discussion of venture capital exiting mechanism, the real option model of evaluating exiting ventures is set up, which is in terms of the influence of exiting cost, exiting benefit, exiting conditions and cooperation of venture entrepreneur on exiting decision-making.更多还原