【作者】 肖建；

【导师】 郭耀煌；

【作者基本信息】 西南交通大学 ， 管理科学与工程， 2010， 博士

【摘要】 风险投资是通过投资于未上市中小成长企业尤其是中小高科技企业股权,并注入适当的经营管理,以期通过企业的快速成长而带来股权的增值退出获取高额回报的投资行为。风险投资自1985年引入中国尤其是1989年的“一号提案”之后,逐步起步和发展,至今已取得了长足的进步,目前每年风险投资的洽谈和投资案例多不胜数,然而每一个风险投资与创业企业的合作洽谈到最后实施投资,都必然要经历个相互的交流、谈判和决策的过程,在这个过程中,风险投资机构必须面对和解决一个现实的问题,即创业企业是否具有投资价值,风险投资机构又应该以多大的代价获得创业企业的股权,即对创业企业的价值确认问题。本文从风险投资的基本概念出发,在现有的国内外理论界和实业界对风险投资的研究成果基础上,结合笔者在风险投资领域长期工作的实际经验,对风险投资过程中的科技创业项目的价值评估进行了深入的研究。本文首先通过风险投资的行为过程的特性和内在机理分析,以及通过将风险投资与证券投资、产业投资、其他衍生工具投资等投资行为的比较,创新的揭示了风险投资作为发现价值型投资的本质特征,并分析了风险投资发现企业价值的构成要素,从而提出了经典的资产定价方法针对风险投资价值评估所存在的局限性以及对风险投资价值评估新方法的需求；其次通过对风险投资的主要投资对象——科技创业企业的经济学特性、成长机制和内在规律的分析研究,揭示了科技创业企业在发展和成长中所面临的各种不确定风险因素,提出了风险投资所要发掘的科技创业企业价值构成的动态描述,即科技创业企业不同于其他企业的价值内涵及其动态变动特性,从而明确了本文对科技创业企业进行价值评估的多阶段、动态理念；紧接着,本文通过对目前的主要价值评估理论和方法的分析比较,以及充分考虑到风险投资行为的实物期权特征和实物期权方法针对科技创业风险投资项目价值评估的各种独特优势,明确了本文的价值评估模型的主导基础理论——实物期权理论；最后,本文以实物期权理论为依托,引入实物期权的概念并充分结合科技创业企业的发展阶段特性和风险投资针对科技创业企业发展阶段的分阶段投资的行为过程特性,建立了从风险投资机构的角度对科技创业企业进行价值评估的多阶段、动态的价值评估数学模型,并根据这个思路,分阶段的进行了相关的数学推导,从而更清晰地展示了风险投资对科技创业企业进行价值评估的完整分析过程。文章末尾对本模型的应用条件以及实物期权理论的应用难点进行了评判和说明,也对本模型的后续研究提出了展望。更多还原

【Abstract】 Venture capital investment is the investment behavior that obtains high returns from the value-added capital withdraws of share rights brought by rapid growth of the enterprises invested, through investing in the small & medium-sized growing enterprises which are unlisted, especially the share rights of high-tech enterprises, and through implanting appropriate management.Since 1985, venture capital investment has been introduced into China, particularly since 1989’s First Proposal, it gradually got started and developed; as yet, it has achieved remarkable progress. Currently, many negotiation and investment cases of venture capital are carried out every year; however, each investment process, from the cooperative negotiation between a venture capital firm and a start-up enterprise to the final investment implementation, inevitably goes through a process of mutual communication, negotiation, and decision making. During this process, venture capital firms must face and resolve one realistic problem:whether the start-up enterprises have investment values and how costly to obtain their share rights, that is, how to confirm the values of those enterprises.This thesis starts from the basic concepts of venture capital investment, bases on venture-capital research results from the existing domestic and foreign theory circle and business community, integrates with the author’s long-term practical experiences in the field of venture capital, and researches on value evaluation of technological entrepreneurship projects during the venture capital investment process. Firstly, through analyzing the behavioral characteristics and internal mechanism of venture capital, this thesis innovatively discloses the essential characteristics of venture capital that is conducted as a type of value-discovery investment and analyzes the constituent factors required by venture capital to discover values of enterprises. Secondly, through analyzing and researching on the growing mechanism and internal system of the start-up technology enterprises, this thesis expresses the dynamic description of the start-up technology enterprises’ value components that venture capital needs to discover (that is, the value connotation and dynamic-changing characteristics of start-up technology enterprises that differ from other enterprises), in order to define multi-stage and dynamic concepts of value-evaluation about start-up technology enterprises. Finally, through analyzing and comparing the present value-evaluation theories and methods, this thesis chooses real option theory as a support, introduces concepts of real option integrated with the growing-stage characteristics of start-up technology enterprises and behavioral-process characteristics of venture capital, establishes a mathematical mode that supports venture capital from its point of view to evaluate values of the start-up technology enterprises and to perform mathematical inference based on this thought, in order to clearly represent the entire analyzing process that venture capital evaluates values of the start-up technology enterprises.更多还原