【作者】 张楠；

【导师】 陈秉正；

【作者基本信息】 清华大学 ， 工商管理， 2004， 硕士

【摘要】 论文主要以实证方法研究风险投资企业如何在其业务活动中实施风险管理。论文分为两大部分。第一部分是对风险投资企业实施风险管理的一般描述,这部分中将概述VC业务各环节所面临的风险、风险引起的成本以及对风险管理的一般策略。第二部分较详细地讨论了风险投资各主要业务环节(投资交易、投资后管理、退出套现)中的风险及相关管理策略。其中,1、对于投资交易风险和代理风险,分析了投资前尽职调查通过缩小信息不对称从而降低风险方面的作用,以及投资契约通过企业价值再分配从而降低风险方面的作用。2、对于被投企业的现金头寸风险,论文以P公司为实例,在行业特征分析的基础上建立了关于该企业现金头寸的随机模型,分析该企业经营活动中各随机因素的相互作用下现金头寸发生波动的程度,并以此说明深入的行业研究和投资交易前的尽职调查能使投资人制定更合理的投资计划从而降低破产风险。3、对于股票流动性风险,论文分析了投资契约在风险转嫁方面的作用。更多还原

【Abstract】 This paper discuss how venture capital firms carry out risk management in their business practice.The paper is organized as follows. In part one, we give a general description of the risk management in the business process of venture capital, including the risks, the cost caused by the risks and the universal management strategy.In part two, we discuss in detail the risks in main business processes of venture capital and the corresponding management strategy. In this part:1. the paper analyzes the effect of due diligence on reducing transactional risk and the moral hazard of agent by decreasing the asymmetry of information and the effect of the investment contract on reducing those risks by redistributing the business value.2. the paper set up a stochastic model on the basis of analysis of industry feature and try to find out the degree of fluctuation of the cash position of the portfolio company under the influence of stochastic factors. The paper suggests that the industry analysis and due diligence make investor work out better investment plan to decrease the insolvency risk.3. the paper analyzes the effect of investment contract on shifting the liquidity risk of the stock.更多还原