发展我国创业投资的运作模式研究

【作者】 高昂；

【导师】 张道宏；

【作者基本信息】 西安理工大学 ， 技术经济与管理， 2000， 硕士

【摘要】 创业投资是一种全新的金融工具，它以其特有的高风险、高回报和促进高新技术成果迅速产业化的显赫作用，为世界各国政府所瞩目。中国作为发展中国家，加快发展创业投资已时不我待。 本文首先从创业投资的含义界定和特征分析入手，明晰了创业投资的内涵，并对创业投资在我国的发展历程与现状进行了系统的总结和分析。通过对日本、欧洲、美国和台湾地区创业投资的发展和国外创业投资机构投资中国企业行为的研究，得出完善资本市场以打通创业投资退出渠道、允许保险基金进入创业投资领域，拓宽资金来源渠道、重视保护知识产权，进一步完善技术市场等启示。在此基础上，着重研究了我国创业投资机构的运作模式和创业资本的投放运作模式。通过组织结构的对比分析，提出了以有限责任公司为主，结合有限合伙制试点的复合组织运作模式；通过创业投资家与企业家之间连接合同的对比分析，得出可转换优先股份合同是最合理的连接方式；通过对创业资本供给方进行分析，得出证券公司、大中型企业等将成为创业资本供给主体，并对他们涉足创业投资的模式进行了创造性的探索。进而，论文就阻碍我国创业投资发展的观念误区、法律政策环境、信息服务网络环境、文化环境等因素进行了深入剖析，着重研究了税收环境和资本市场环境对创业投资的制约，提出了相应的对策。最后，结合国家西部大开发战略的实施和西安中小科技企业发展的客观实际，分析了西安高新区科技风险投资公司、创业服务中心和企业等进行创业投资的实践与探索，就创业投资如何在西安快速发展提出了若干建议。 根据高新技术项目投资评估决策的特点，论文运用层次分析法和模糊识别相结合的方法，构建了创业投资多目标综合评价数学模型，对创业投资项目的评价问题进行了有益的探索。模型结合创业投资实际运作情况，具有一定的参考价值。更多还原

【Abstract】 As a new financial tool, venture capital is influential in the world for it’s highrisk and high return, it’s illustrious role in accelerating the development of high-tech industry and in promoting the growth of economy. As a developing county,China has no choice but to make strenuous effort to expand it’s high-tech industry,it brooks no delay for China to accelerate the growth of venture capital withdrawing on the experience of other countries and standing by the objective realityof contrary. The thesis firstly introduces the features of venture capital, gives a cleardefinition to it, and the developing course of venture capital is analyzedsystematically. Subsequently, illuminating remarks are drawn from research on thedeveloping experience of venture capital in Japan, Europe, the United States,Taiwan and the investment action of foreign venture capital organization. Afterthese, emphasis is laid on the choice of venture capital organization’s operatingmodel and investing model of venture capital suppliers. Then the thesis goesdeeply into the analysis of factors that hinder the development of venture capital,focus it’s attention on the tax environment and stock market environment, and putsforward some countermeasures. At last, combining with the carrying out ofcountry’s western developing strategy and the reality of small and middleenterprises in Xi’an, the practice of venture capital in Xi’an is analyzed fromVenture capital company, the international incubator and enterprises respectively,and some advice on how to develop venture capital rapidly is presented.According to the characteristics of investment to high-tech item, the venturecapital evaluation model is established with the application of fuzzy programmingand AHP method. This model can be used to settle the problem of how to evaluatethe item before investing, it accords well with the actual operating situation ofventure capital, and has a certain reference value.更多还原