【作者】 李少平；

【导师】 杨秀苔；

【作者基本信息】 重庆大学 ， 技术经济及管理， 2003， 硕士

【摘要】 知识经济时代，高新技术产业已逐渐成为经济发展的第一支柱和核心力量，高新技术产业的发展决定了经济的发展。作为高新技术企业发展推进器的风险投资更是倍受世人青睐。影响风险投资能否成功和风险投资业的一个重要因素就是风险投资的风险，本文将从风险投资公司的角度出发，对风险投资的风险进行研究。文章首先对风险投资的概念、发展、要素、特征、阶段和功能等作了介绍和分析，利用熊彼得的经济发展理论指出风险投资是一种高风险下的金融制度创新。文章对相关风险理论进行叙述后，对风险投资风险进行界定，对其特征进行仔细分析，提出风险投资的风险原理。在重点研究风险投资的风险阶段后，对风险投资中由于信息不对称带来的逆向选择与道德风险作了分析。文章就影响风险投资项日的定性风险因素展开了深入的讨论，认为风险投资风险因素由技术系统的内在缺陷、行为主体、退出的机制潜力和对环境威胁的抵制能力四部分组成，以此为基础，设计出了风险投资的风险因素指标体系。本文应用模糊数学的有关原理，给出了风险投资风险的模糊综合评判模型。根据这个模型，设计出评判语意量化的梯形模糊数，将Yage R. R提出的顺序加权OWA算子引入模糊集合中，提出Fuzzy OWA算子，并根据OWA算子的顺序特征，通过模糊数排序后，建立风险投资风险的Fuzzy OWA测度模型。在风险测度的基础上，介绍了风险投资的风险决策方法。针对如何防范风险投资的风险，提出了一些对策和办法，并对风险投资过程的风险防范，以及风险投资公司对风险企业的风险控制作了研究，最后提出风险防范建议。更多还原

【Abstract】 In the era of knowledge-driven economy, high-tech industry has become the first support and main power to economy development, and the development of high-tech industry is most determining the development of economy. The Venture Capital (VC), which is the propeller to the high-tech enterprises, is favor by the people day after day. A major factor to getting success in VC is its risks. This text researched the risks of VC from the point of the VC Company.At the first, VC’s concept, development, essential factors, feature, courses and functions had been introduced concisely. Studied of the Schumpeter J.A. economics development theory, pointed out that VC is an innovation of financial system. After depiction of the corresponding risk theory, definted the risk of VC, and analyzed the risk properties, then brought forward the risk principles. Used a new model to study the risk phase carefully, analyzed the adverse selection and the morality hazard, which bring out by the information dissymmetry in VC. In this paper, the risk factors of VC were discussed in-depth. Basic of the former researcher’s work, found out the risk factors indexes, and designed the factors indexes system. Used the fuzzy mathematics theory, presented the fuzzy comprehensive judgment model of the risk in VC. According to this model, designed the linguistic echelon fuzzy numbers, and introduced the Ordered Weight Averaging (OWA) operator to the fuzzy aggregate, got the fuzzy OWA operator. After the comparison of the fuzzy numbers, set up the risk fuzzy owa measure method of VC. Basic of the risk measure, introduced the risk decision ways in VC. In accordance to avoid the risks, some countermeasures and methods were brought forward. By the VC Company, studied about how to avoidant the risks in the invest process and how to control the risks in the risk company. Finally, Got some suggestions to avoid the VC risks.更多还原