【作者】 盛希诺；

【导师】 薛澜；

【作者基本信息】 清华大学 ， 管理科学与工程， 2004， 硕士

【摘要】 风险投资作为一种新兴的投资行业,它在各国的国民经济发展,特别是高科技产业发展和创造新的就业机会方面都起到了非常重大的作用。在我国,风险投资行业经过几个阶段的发展,已经进入了初步调整、理性投资的阶段。主要方法:论文采用实证的方法,利用科技部2003年对于中国风险投资事业发展情况进行普查所收集的数据,借鉴国外相关研究成果,对我国的风险投资机构的投资及管理行为规律和特点进行归纳和总结。对于原始数据,按照投资项目所处的阶段、风险投资机构的管理经验、风险投资机构的规模和风险投资机构主要资本来源构成情况进行分类,讨论并检验不同类型风险投资机构之间存在着明显的决策因素偏好和投资以及管理行为的差异。同时结合对于风险投资的地域集中性,宏观政策规范和支持进行分析,讨论其风险投资事业发展的影响。本文共进行了三个典型案例的研究,通过对于案例的研究,进一步从事实上说明不同风险投资机构之间行为存在的差异。通过研究,得出以下结论:1、不同的阶段偏好下,风险投资机构在投资决策过程中偏重不同的决策依据;2、在管理能力、资本能力、项目识别能力以及其他方面能力的差异,导致了最终各类风险投资机构在投资决策和投资后管理行为上的不同偏好和不同特征;3、不同的地区和宏观政策环境也对风险投资机构的投资及相关行为产生了重大影响。另外,将我国的风险投资机构归纳为5个类型,分别是:倾向于早期项目、管理经验偏弱、较少参与风险企业管理、规模中等的政府控股、国有独资企业控股的风险投资机构;倾向于中后期项目、管理经验中等、管理参与度中等、规模较大的上市公司控股的风险投资机构;无明显阶段偏好、管理经验中等、实行松散型管理、规模较小的金融机构控股的风险投资机构;偏好早期项目、管理经验强、管理参与度两极分化、规模较大的外资风险投资机构;偏好早期项目、管理经验强、管理参与度中等、规模很小的民间风险投资机构。同时,针对研究结论提出相应的政策建议。本文利用大量的实证数据对我国风险投资机构的行为进行了归类,丰富和充实了我国对于风险投资的研究成果。更多还原

【Abstract】 Venture capital is a rising investment industry. It plays an important role in economic development of countries, especially in developing of high-tech industry and creating new job opportunities. The venture capital industry in China has experienced several stages of development; it is now entering the stage of adjustment and becomes more rational in investing. The paper makes an empirical research on the base of the database of “The Research of Development Situation of Venture Capital Industry 2003”. Four sorts of hypotheses (about investment stage preference, management experience and ability of VC firms, capital scale of VC firms and the source and structure of venture capital) are made, based on previous studies in this filed. The goal is to summarize the characteristics and decision-making rules of the venture capital firms’ investment and post-investment management activities. Hypotheses are tested, and the conclusion is reached that there do exist differences among venture capital firms’ behaviors. At the same time, the paper analyzes and summarizes the influences that regional centrality and public policy impose on the behaviors of venrue capital firms. Three venture capital firms were visited and analyzed as cases. The result shows that there do exist differences among behaviors of venture capital firms.The result of the research: three conclusions are made: 1. Venture capital firms will pay attention to different decision-making rules under different stage preferences; 2.The differences of mangement ability, capital scale and source, and discernment of projects lead to different stage preferences; 3. Regional centrality and public policy have great effects on the behaviors of venture capital firms. The VC frims in China can be devided into five categories, they are: 1. VCs who have few management experiences, medium capital scale, mainly government controlled, prefer early-stage projects, participate little in firm management. 2. VCs who have medium management experiences, large scales, mainly owned by listed companies, prefer late-stage projects, participate in management more. 3. VCs who have medium management experiences, small scale, mainly owned by financial institutions or banks, almost participate no management, and have no stage preference. 4. VCs who <WP=4>have lots of management experiences, large scale, mainly owned by foreign capitals, and prefer early-stage projects. 5. VCs who have lots of management experiences, small scale, mainly owned by civil enterprises, prefer early stage projects, participate more in management. This conclusion fills up the blank of venture capital research in the field of behavior research.更多还原