【作者】 潘立；

【导师】 席升阳；

【作者基本信息】 河南科技大学 ， 企业管理， 2008， 硕士

【摘要】 在世界新科技革命推动下,知识在社会经济发展中的作用日益凸显,国民财富的增长和人类生活的改善越来越依靠知识的积累和创新。科技竞争成为国际间综合国力竞争的焦点。当今时代,谁占据知识和科技创新的制高点,谁就掌握了国际话语权。长久以来,我国经济增长严重依赖资源投入,技术变革对经济增长的相对贡献率远低于发达国家的平均水平。作为一种新的金融制度安排,创业投资在促进技术、服务创新中发挥了重要作用,被称为“经济增长的发动机”。因此,深化对创业投资的相关研究有助提升我国科技创新能力,推进“创新型国家”战略。本文重点推进两方面的研究。一是基于我国国情探讨创业投资理论体系创新的可能性空间;二是在创业投资理论体系拓展的基础上,运用新技术探讨创业投资的资本资产定价的新方法。全文分五章展开。首先,介绍本文的研究背景、研究价值、文献综述和创新点。其次,论文在剖析当前困扰我国创业投资的诸多问题的基础上,给出适合我国国情的创业投资新理论框架,进而分析创业投资的特征、运作机制,并列举了创业投资理论拓展的可行方向。在新创业投资理论框架下,本文给出了两种相互印证、互为补充的创业投资资本资产定价方法。一是运用实物期权方法研究创业投资资本资产定价的单期模型,并推广到适应N期决策的一般模型。二是运用基于实数编码的加速遗传算法优化投影寻踪方法的最优投影方向的算法,并将其运用于创业投资的资本资产定价研究中。最后,我们客观总结本研究的成果与不足,并提出了未来研究的可行拓展方向。更多还原

【Abstract】 In the world of new technology revolution, the knowledge is playing an increasingly prominent role in the promotion of economic and social progress. The growth of national wealth and the improvement of human life increasingly depend on the accumulation of knowledge and innovation. International competition in science and technology become the focus of competition in comprehensive national strength. In contemporary times, the who’s knowledge and science and technology innovation dominated will be able to seize the initiative in development. For a long time, China’s economic growth has been heavily relying on the input of resource; technological change on the relative contribution of the economic growth rate was far lower than the average level of developed countries. Arranged as one new monetary system, venture capital plays a very important role in promoting technological change and it is known as“the engine of economic growth”. Therefore, deepening the study of venture capital helps to enhance China’s scientific and technological innovation capability, and promote the building process of China’s“innovation-oriented country”strategy.This article focuses on two aspects. First, based on China’s national conditions, this article discusses the possible space of the innovation of the venture capital’s theoretical system. Secondly, based on the development of the venture capital’s theory system, this article utilizes the new technical to discuss the new method of the capital asset pricing of the venture capital.Based on analysis of the key problem in China’s venture capital in the current, this thesis develops the theory system of the venture capital which is suitable for China’s national conditions. Then this thesis analyzes the characteristics of venture capital and the operational mechanism of venture capital, and provides the examples of the expansion theory.This thesis is made up of 5 chapters altogether. First of all, the 1st chapter introduces the research background, research value, literature review and the innovation. Secondly, under the framework of the new definition of venture capital, two kinds of venture capital asset pricing methods which complementing each other are given. First, the method of real options is used to study venture capital asset pricing model of a single period, and extended to the general model of venture capital decision-making of the N periods. The second method applies the projection pursuit cluster model based on the real-coding-based accelerating genetic algorithms to the capital asset pricing of the venture capital. Finally, we sum up the conclusions and the insufficient of this study, and discuss the viable research directions of the venture capital in the future.更多还原