【作者】 彭卫民；

【导师】 武振业；

【作者基本信息】 西南交通大学 ， 管理科学与工程， 2006， 硕士

【摘要】 作为资本市场培育高新技术产业的一种创新的制度安排，风险资本市场是适应高新技术产业发展特点，在技术创新和金融创新相互作用过程中逐步形成的一种创新的资本市场形态，并在高新技术企业的发展和国民经济产业结构调整中呈现出愈加重要的作用。因此，探讨风险资本市场中投资者实际风险投资行为选择，以更好适应我国风险资本市场发展的特征和要求，具有积极、有益的意义。 论文在吸收和借鉴国内外风险投资领域众多研究成果的基础上，从风险资本市场运作中投资者行为研究这一角度出发，运用投资学、金融经济学、信息经济学、代理经济学和博弈论、产业组织理论等多个学科的理论和方法，研究了影响投资者风险投资行为的相关因素，投资者在风险投资活动中的具体操作考虑，并结合我国风险资本市场发展实际，就投资者的行为选择进行了初步探讨。 在具体研究内容方面，文章从风险资本市场的界定和运作特征入手，结合风险资本市场中资本的需求和运作特征，初步论述了风险资本市场运作中投资者相关风险投资行为特征。之后，在投资者风险投资行为影响因素分析中，基于行为金融理论和投资者期望效用，分析和探讨了风险投资过程中投资者风险投资收益水平、决策风险偏好和风险规避，以及风险资本投入风险企业技术创新的时机与规模。在风险资本市场投资者风险投资行为选择分析中，针对信息不对称和委托代理行为选择，阶段性投融资决策行为选择，风险企业融资中的资本结构安排等问题，探讨了包括控制权——剩余索取权的股权、期权配置关系，代理成本和外部股权及索取权的关系，相应投资工具配置机理和分阶段度量行为，阶段性投资中的股权比例安排等一系列问题；同时，对投资退出行为的有效性和可转换证券工具使用对风险投资退出的影响作了探讨。论文最后联系我国风险资本市场发展中投资者行为选择实际，分析了我国风险资本市场发展中资金总体供给状况、风险企业投融资状况和风险投资退出现状对投资者风险投资行为选择趋势的影响；通过我国资本市场中主板和中小企业板市场高科技中小企业投资收益分析，从实证分析的角度探讨了影响投资者风险投资行为的因素；同时，结合目前我国风险资本市场运作中宏观市场环境的影响，对投更多还原

【Abstract】 As an innovative system arrangement in the capital market to cultivate high technology industries, the venture capital market is a innovative form of capital market which has established itself gradually in the process of mutual functions between the technical innovation and the financial innovation. It adapts itself to the characteristics of high technology industries’ development and it has vital significance to the high technology industries’ development and national industrial structural adjustment. Therefore, it is positive and beneficial to discuss about the behavior choice of the investor in the process of venture investment in order to adapts to the characteristics and the request of the venture capital market of China.Based on a series of researches in the field of venture investment at home and abroad, started from the perspective of the investor’s behavior of operation in the venture capital market, this thesis studies the related factors influencing the investor’s behavior in venture investment and their specific operational consideration in the venture investment activity from many perspectives such as investments, financial economics, information economics, agent economics, the gambling theory, the theory of industrial organization and so on. Furthermore, this thesis also makes an initial discussion on the investor’s behavior in the development of our national venture capital market.Beginning with an outline of operation in the venture capital market, description of the characteristics and function of the venture capital market, and an analysis of characteristics of participants and capital operation in the venture capital market, this thesis has a preliminary discussion on the related characteristics of investors’ behavior in venture investment. Afterwards, with the help of the analysis of the factors influencing the behavior in venture investment, it goes on discussing and analyzing the investor’s expectation in the process of venture investment and his investment preference, his grasp of opportunity cost in the process of decision-making, his utilization of the option of venture enterprises, and the opportunity and scale of technical innovation after the venture capital has been更多还原