【作者】 张丽平；

【导师】 郑家祥；

【作者基本信息】 电子科技大学 ， 管理科学与工程， 2002， 硕士

【摘要】 在知识经济时代，经济发展以高新技术产业为核心和第一支柱，它的发展直接决定经济的发展，因此形成高新技术产业的高科技企业的发展成为人们关注的焦点。 风险投资作为一种金融中介，在高科技企业的资金及管理方面起着非常重要的作用，资金与技术的结合促进了公司的发展，从而提高了社会的经济实力。但是由于没有标准或合理的价值评估方法和步骤，从而阻碍了风险投资与高科技企业的结合，特别是对于那些创业期的高科技企业，无法准确界定自身的价值。 论文在阐述风险投资的基本知识及其与高科技企业关系的基础上，分析了高科技企业进行价值评估的方法选择，提出了对创业期高科技企业进行定性及定量评估的观点，并根据自己的社会实践提出了利用修改后的Tyebjee-Bruno模型进行创业期高科技企业价值的定性分析。在对创业期高科技企业价值进行定量价值评估时，用实物期权定价方法对被投资项目进行价值评价，并用实际案例进行分析，同时将人力资源作为创业期高科技企业价值的一部分加以考虑，得到了创业期高科技企业价值的线性函数。从而为风险投资与创业期高科技企业更快、更好的结合提供了一个参考标准，并且也有利于风险投资的微观方面理论研究发展。更多还原

【Abstract】 During the new economic era, new high-tech industries have become the core of the development of global economy. Because their developments decide the social economy’ progress, people pay more attention to high-tech companies than ever before.As a financial medium, Venture Capital plays an important role on start up high-tech. Companies, especially on capital and management. The bondage of capital and technology promotes high-tech companies’ growing, furthermore promotes the whole economic situation of the society. However, without standard or rational methods and procedures, the coalescence of them could not come true, at least the efficiency could sank down.On the base of describing the underlining knowledge of Venture Capital and its relation with high-tech, industry, the paper analyzes how to choose the accurate methods when we evaluate the high-tech company’s value, puts forward the qualitative and quantitative opinion of evaluating start-up high-tech company, and presents the qualitative company’s value analysis using the revised Tyebjee-Bruno model according to my own social practice, utilizes the real option method to evaluate the invested project when we evaluate the start-up high-tech company’s value, and considers human resource as an important part of company’s value, finds the linearity function of company’s value. In this paper, we provide a reference standard in order to make them coalesce better, and hope it could be helpful for the development of Venture Capital’s microcosmic theory.更多还原