【作者】 姜向阳；

【导师】 王宝荣；

【作者基本信息】 广西大学 ， 工商管理， 2005， 硕士

【摘要】 风险投资一般是指风险投资家把资金投向新生的、发展迅速的,同时蕴藏着较大风险的创新性技术企业的一种投资行为。风险投资最大的特点在于其高收益性和高风险性。正是由于高风险的存在,我们进行风险投资时必须对其做出科学评估。 由于风险投资的对象大多数情况下是高新技术企业,在我国高科技术企业成立的时间一般都不长,经营信息少,缺乏历史数据,我们在进行评估时过多地预测性和推断会使结果误差很大,缺乏可信度。另外由于行业差别大,高新技术企业少,实施评估时很难找到行业、技术、规模、环境和市场都相当的可比公司,这无疑增添了我们对风险项目评估的难度,需要我们创新新的评估方法。本文旨在以风险投资项目的运作过程为顺序,将风险投资评估分为项目事前评估,项目运作评估和项目退出评估三个相互联系、相互依赖、动态的基本过程,根据中国实际情况,建立一套较为实用的评估方法,以解决风险投资家在面临一个新风险项目时能决定投资与否意向;在项目实施过程中评估出项目运作过程的风险,确保项目的成功;科学选择最佳退出时机和退出方式,以利于风险投资家获得最大回报;为推动我国风险投资的发展尽点菲薄之力。更多还原

【Abstract】 Venture capital investment generally means a kind of investment behavior in which venture investor invests capital in innovative technological enterprise that is new developing rapidly and of high risk at the same time. The biggest characteristic of venture capital investment lies in its high profit and high risk. Just because of high risk, we must make scientific assessment while carrying on venture investment.Because most targets of venture investment are new high-tech enterprises that have generally set up for not long in our country and lack operation information and historical data, we predict and infer too much while assessing so that result has much error and lack credibility. Because industries have heavy difference and new high-tech enterprises have a few in addition, it is very difficult to find comparable enterprises equivalent to industry, technology, scale, environment and market when assessing. This undoubtedly adds the degree of difficulty when assessing venture project, so it is necessary to innovate assessment approach. Venture investment project assessment, according to operation process of project, are divided into three dynamic basic processes that interconnect each other and interdepend. The three processes are project assessing in advance, project assessing in operation and project assessing in quitting. This paper aims at establishing a set of practical assessment approaches according to China reality, in order to help venture capital investor resolve how to select a new venture project while facing it, how to更多还原