【作者】 夏泽亮；

【导师】 杨青；

【作者基本信息】 武汉理工大学 ， 技术经济及管理， 2004， 硕士

【摘要】 风险投资作为一种创新性的金融工具，对高新技术产业化起着非常重要的推动作用，是高新技术产业化的驱动器。在欧美发达国家，风险投资业已成为高科技公司发展过程中最有力的融资渠道之一，以风险投资为背景的高科技企业也成为国民经济中极为重要的组成部分，它所具有的独特的科技创新能力和活力是推动整个社会科技创新发展的重要力量，对经济产生了深刻的影响，推动了高科技成果的转化，对产业结构的优化起了不可忽视的关键作用。 风险投资项目的评估在风险投资的运作过程中是至关重要的一个环节，而风险企业治理机制与风险企业的成败更是密切相关。本文在对国内外评估决策方法研究进展进行分析、评价的基础上，结合我国的实际，指出现行评估决策方法存在的不足：评估经验不足，水平低下，没有形成独立的体系；不同评估方法的结果存在较大的差异性，没有给出综合权衡效益和风险的确定性评估结果。针对以上的不足，本文对现行评估决策理论与方法进行局限性分析，并将风险投资项目与传统投资项目对比，根据中国的实际，对风险投资作了明确的定义，阐述了其投资过程，以及风险投资的价值、功能风险投资家的作用，并进一步阐述了风险投资评价的意义和程序。随后提出了风险投资评价指标体系，包括风险投资综合评估指标体系的原则、具体内容、指标评价考虑因素、综合评分方法以及指标间权重的分配方法，然后给出风险投资综合评估模型。建立了风险投资初期全面、科学、适用的风险投资项目综合评估体系，将兼容不同综合评价方法的数学优化模型运用到风险投资项目评估决策中，最后得出风险投资项目在不同发展阶段所适用的评估决策方法。同时对风险企业治理机制作了初步的探讨和阐述，从风险企业治理机制的核心思想出发，就企业家人力资本的激励、资本结构的影响、股份的状态依存特性及分阶段投资、风险企业的相机治理机制和管理渗透及控制权分配六个重要方面对风险企业治理机制进行研究，并分别对这六个方面的内容及方法做了阐述。以期对我国风险投资有一定现实意义。更多还原

【Abstract】 Venture capital is playing very important impetus to new and high technology industrialization as a kind of innovative financial instrument, it is a driver of new and high technology industrialization. In the American-European developed country, venture capital has already become one of the most effective financing channels in Hi-Tech company’s evolution, the high-tech enterprise taking venture investment as background becomes the extremely important component in national economy too, the unique scientific and technological innovation ability and vigor that it has the important strength of promoting the development of whole social scientific and technical innovation, have a deep impact on economy , has promoted the transformation of the High-Tech result, have played the key effect that can’t be ignored to the optimization of the industrial structure.Investment project evaluation is very important in the course of venture capital. The success or failure of the venture capital enterprise and the manage mechanism of venture enterprise is closely related especially. On the base of analyzing the research of evaluation decision method in national or international, connecting with practice of our country, this paper puts forward the defects in currently evaluation decision methods: experience of evaluation is insufficient and lever of evaluation is low besides, without independent structure; results of evaluation may be not true and it doesn’t give the decision-maker the determinate conclusion. From the defects above, the paper analyzes the limit of currently evaluation decision method and theory, and contrasts venture investment project to traditional investment project. According to the reality of China, have done the clear definition to venture capital, has explained its investment course, and the value of venture capital, function of the venture investor of the function, and has explained the meaning and procedure appraised in venture capital further. Have put forward the evaluation index system of venture capital afterwards, including the principle of the comprehensive assessment index system of venture capital, concrete content, index appraise consideration, grade method and distribution method of weight among the index synthetically, then provide the comprehensive assessment model of venture capital. The paper builds a comprehensive,scientific and appropriate evaluated system for venture capital project. This system uses mathematics patters, which comprises various comprehensive evaluated methods, to evaluation of venture capital. As result, there are different evaluated methods corresponding to different stages of venture capital, managed the mechanism and did preliminary discussion and exposition to the investment enterprise of the risk at the same time, from venture enterprise core of mechanism think and want to set out, encouragement of the manpower capital of the entrepreneur, influence of the structure of the capital, the state of the share depends on the characteristic and makes the investment stage by stage, control mechanism of venture enterprise and management permeate and control power assignment six important respect to research venture enterprise mechanism, and has explained the content and method of these six respects separately. Expect that there are certain realistic meanings to the venture capital of our country.更多还原