中国转型经济环境下创投企业的投资管理过程及风险控制方法研究

【作者】 谢琼；

【导师】 司春林；

【作者基本信息】 复旦大学 ， 工商管理， 2009， 硕士

【摘要】 纵观发达国家产业发展的过程,我们可以发现,创业投资在促进科技创新和产业发展方面具有不可替代的作用。最近十年,中国的资本市场蓬勃发展,国际资本纷纷涌入,本土资本也纷纷崛起。2000年以来,国内成立了许多内资背景的创投公司。但是一场席卷全球的经济危机,使得中国的VC、PE市场从火热的市场状况中平静下来,开始反思其中的风险并寻找更加理智成熟的投资道路。创业投资多年来屡向世人展示奇迹,一旦投资成功,平均回报率高于30%,有时其回报率有时高达10倍以上,远远超过了金融市场平均回报率。但高收益总是与一定的高风险相对应。如技术风险、市场风险、管理风险和环境风险。尤其在中国,创业投资还面临很多的特殊风险,主要来源于中国正处于一个经济转型的阶段。在计划体制向市场经济的转型过程中,各项的有关创业投资的法规政策尚不健全;资金来源渠道狭窄。因此,对创业投资进行风险管理研究,尤其是对具体项目的投资过程风险控制的种种手段进行深入的分析和剖析,在当前全球金融危机的形式下具有重大的理论和实践意义。本文把管理学,财务和法律等方面知识理论应用到创投企业的投资管理过程的事前,事中和事后的风险识别和风险控制研究中,并且通过实践案例进行应用分析。最后,在结论中对当前全球性金融危机下给创业投资带来的风险进行叙述和分析,并且对中国创投行业未来的发展提出建议。更多还原

【Abstract】 From the developed countries’ industrial history, we can discover that the venture capital has played a vital role in the scientific innovation and the industrial development. Since 2000, there have been many local venture capitals in China and the market reached an extreme top in 2007. But in 2008, the economic crisis let Chinese VC and PE calm down and push them to reconsider risks in the whole investment process and to seek how to control the risk maturely.The whole VC industry usually has high investment return with over 30%. But it also faces high risks which come from the market, technology, management and other factors. VC industry faces some especial risks in China, because China just transfers its economy from planned system to free market system. As a result, it lacks of complete laws and policies to support VC development. In such background, it is very necessary and important to do some research about risk analysis and controls in the whole investment process.The author tries to apply the law, finance and management theories in the VC whole investment processes. What’s more, the author will use some practice cases to illustrator how to identify the risks and control them. In the end, the author would analyze the finance storm influence on Chinese VC industry and give some suggestions about the industry development.更多还原