【作者】 尹航；

【导师】 傅毓维；

【作者基本信息】 哈尔滨工程大学 ， 管理科学与工程， 2007， 博士

【摘要】 在经济全球化的国际背景下，高新技术产业已经成为各国经济发展的主要推动力。大力发展高新技术产业，其核心在于不断提供具有广阔前景空间的应用技术和具有高附加值的产品，其实质在于提高高新技术成果转化成功率。目前，科技成果转化投入不足的现状严重延缓了我国高新技术成果产业化的进程；着眼于从根本上解决这一难题，突破高新技术产业发展的融资瓶颈已经成为当务之急。当前中国风险投资业的快速发展有力促进了高新技术成果的转化，然而投入高新技术领域的风险资本同庞大的高新技术成果转化资金需求相比，仍然存在较大差距。这一瓶颈问题的形成固然受到风险资本总量规模和投资规模有限等因素的影响，但更为深层次、实质性的原因在于缺乏科学的、操作性强的基于高新技术成果转化的风险投资项目评价体系。本论文以科技成果转化、风险投资和项目评价等理论为研究基础，针对当前我国高新技术成果转化的融资难题，将风险资本引入高新技术领域，提出了高新技术产业与风险投资的共轭双驱动分析机理、构建了基于高新技术成果转化的风险投资项目评价体系。首先，论文评述了国内外对高科技成果转化、风险投资项目评价体系的研究现状和动态，并阐述了高科技成果转化、风险投资和项目评价等相关理论，为本文奠定了坚实的写作基础。深入分析高新技术产业的特征、融资特性以及风险投资的功能作用；借助自然科学中共轭的概念，阐释其经济内涵和评价准则，确立高新技术产业和风险投资业的共轭关系，提出了高新技术产业和风险投资的共轭双驱动机理。其次，论文从风险投资机构分析、风险资本分析、风险资本投向分析以及风险资本的退出和收益分析四个方面评述了当前中国风险投资业的发展现状和存在的主要问题；结合基于高新技术成果转化的风险投资项目的评价特点，阐述了建立评价体系的总体原则，从系统学的视角出发，构建了包括风险项目实施企业经营绩效分析、风险项目管理团队运营能力分析、风险项目技术经济可行性分析和风险项目综合风险分析四个评价子系统在内的基于高新技术成果转化的风险投资项目总体评价框架体系。对四个评价子系统进行深入分析并开展如下研究内容：①从投入产出视角出发，分析实施企业经营绩效的相对效率，构建评价指标体系，建立基于混合DEA方法的评价模型并开展实证研究。②重视项目管理团队的素质，本着“科学性和现实操作性”原则，引入粗糙集信息熵理论，建立基于熵值法确权的项目管理团队运营能力评价模型，通过问卷调查得到的反馈信息，确定评价指标和权重，并收集实证数据演示具体运算过程。③结合高新技术成果转化类风险投资项目的特点，着眼于对科技成果水平、项目内部资源、项目外部支撑环境和项目商业化前景等四个方面的考核；以此为研究视角构建评价指标体系，提出应用BP神经网络方法评价基于高新技术成果转化的风险投资项目技术经济可行性并开展实证研究。④从成果风险、环境风险、财务风险、技术风险、市场风险、管理风险和协同风险等七个视角开展分析，使用因子分析模型选择关键性指标，将繁复的指标体系凝炼为几个具有实际经济含义的综合变量以开展有效分析和实证评价研究。最后，兼顾考核风险项目的实施载体经营绩效、实施团队运营能力、项目自身技术经济可行性以及项目的综合风险等四个方面，应用灰色聚类分析模型开展实证分析，系统地、全局地评价基于高新技术成果转化的风险项目总体投资价值；并借助简要的蛛网模型分析风险项目运营过程中的改进方向和优化方法，为投资决策提供必要的参考建议。更多还原

【Abstract】 At present, high-tech industry has come into being tremendous impetus for economic growth in a large number of countries. It is essential focus for the developing of high-tech industry that providing capacious applied foreground and additional valuable product so as to improve successful rate of outcome. The scarcity of investing fund of high-tech outcome’s transformation has delayed the rapid development of high technology industrialization. With a view to figure out the scarcity of investing fund of technological outcome’s transformation, it is urgent affairs that break through financial bottle-neck of high-tech development. At present, rapid development of venture capital effectively accelerates the procedure of high-tech outcome industrialization in china. Nevertheless, there is a large gap between venture capital which is invested in high-tech industry and massive requisite fund of technological outcome’s transformation. The bottle-neck arises from limited scale of venture capital, especially caused by the scarcity of scientific, practical evaluation system of venture capital investing project.Under this background, on the basis of high-tech outcome’s transformation, venture capital and project evaluation theories, this article introduces venture capital into high-tech area, advances conjugated double driving principle between venture capital and high-tech industry and constructs evaluation system of venture capital investing project based on high-tech outcome’s transformation. The research of whole article is expanded as following several aspects.Firstly, this article makes comments on researchful status and development, expounds high-tech outcome’s transformation, venture capital and project evaluation correlative theories. These researches lay a foundation of composition basis for this article. This article analyzes financing characteristics of high-tech industry and function of venture capital. In virtue of conjugated concept in natural science, this article elucidates economic connotation and evaluation principle, validates conjugated relation between high-tech industry and venture capital. Through deeply analyzing inner, outer essential relation and operational mechanism between venture capital and high-tech industry, conjugated double driving principle is advanced.Secondly, according to statistic data, this article makes comments on developing status and existent primary difficult problems of venture capital in china. According to evaluation characteristics of venture capital investing project based on high-teeh outcome’s transformation, this article expounds holistic principle of constructing evaluation system. From systemic view, this article constructs holistic framework of evaluation system including four evaluation subsystems such as operational performance of risky enterprises, operational ability of venture capital managing group, technology economic feasibility of venture capital project and comprehensive risk of venture capital project analysis. After deeply analyzing the comprehensive evaluating system, this article acquires such research results as follows: (1) From input-output view, this article works over relative validity of implementary enterprise’s operational performance, constructs evaluation indexes system and establishes evaluation model based on mixed DEA method and carry out empirical analysis. Implemental carders can be filtered in priority through acquiring judging coefficient of risky enterprise’s operational performance. (2) According to scientific and practical principle, this article attaches importance to managing group diathesis of venture capital investing project, introduces rough set information entropy theory and constructs evaluation model on operational ability of managing group based on weighting entropy method. Through acquiring reactive information from questionnaire, this article confirms evaluation indexes and indexes weight, collects empirical data and demonstrates idiographic operational procedure.(3) According to characteristics of venture capital investing project based on technological outcome’s transformation, aiming at assessing four aspects such as the level of technological outcome, inner resource of project, sustaining circumstance of project and commercial foreground, this article constructs evaluation system and applies BP neural network method to evaluate technology economic feasibility of venture capital investing project. (4) From seven views such as outcome’s risk, environment risk, financing risk, technological risk, marketable risk, management risk and cooperative risk to analyze, this article applies factor analysis method to select critical indexes and complex index system can be abstracted into several comprehensive variables with practical economic meaning and the empirical analysis is carried out through factor analysis method.Lastly, given attention to four aspects such as operational performance of implemental carriers analysis, operational ability of implemental group, technology economic feasibility evaluation of venture project and comprehensive risk analysis of venture project, this article applies grey clustering analysis model to empirical analysis and evaluates holistic investing value of venture project based on technological outcome’s transformation by the numbers. With the assistance of the application of brief cobweb model, this article analyzes improving orientation and optimizing method so as to provide necessary referenced suggestions for decision-makers.更多还原