风险投资运行机制研究

【作者】 曾俊霞；

【导师】 赵德武；

【作者基本信息】 西南财经大学 ， 会计学， 2001， 硕士

【摘要】 仿佛是一夜之间，知识经济的热浪已经向我们迎面扑来！二十一世纪是知识经济的时代，中国应当以何种姿态迎接知识经济的挑战是我们每个国人都关注的问题。知识经济是建立在知识和信息的生产、分配、使用之上的经济，是不同于以往的农业经济、工业经济的一种崭新的经济形态，技术创新、科技进步成为这个时代的最强音，而具有高智力、高效益、高成长性特征的高科技产业成为新经济时代的支柱产业，大力发展高科技企业是一个国家提高综合竞争力的必经之路。但是高科技企业所具有的高投入、高风险性使它不能通过传统的融资渠道获得所需要的资金，此时风险投资的出现消除了制约高科技企业发展的资金“瓶颈”，将资本、管理和高科技有机地融为一体，在释放高新技术所具有的高风险的同时获得高收益，从而推动各国经济的持续发展，美国近年来所出现的“新经济”现象向世人展示了风险投资的巨大魅力。正因为如此，全世界范围内掀起了一轮风险投资的热潮，中国也不例外，自1998年3月的“一号提案”后风险投资备受瞩目，各种探讨风险投资的学术论文日益涌现。正是在这种背景下，激发了我研究风险投资的兴趣，期望能对我国风险投资事业的发展尽一份微薄之力。本文在一般阐述风险投资的涵义、特点和历史演进的基础上，运用经济学理论和方法，对风险投资的本质、功能和动因进行了理论解读，在此基础上比较全面地分析了风险投资的运行机制及其机理，最后从我国风险投资的现实出发，对我国风险投资运行机制的建立提出了初步构想和相关的政策性建议。全文共分四章第一章 风险投资概述这一章主要是对风险投资的定义、特点和历史演进进行了一般阐述<WP=3>和分析。首先作者在综合分析了国际上最具代表性的几种风险投资定义的基础上，指出要充分认识风险投资应当从三方面来把握：（1）风险投资是一种新型的投资方式，是以融资为前提的投资与融资的结合；（2）风险投资的对象是特有的一类具有高风险、高收益、高发展潜力特点的企业，即通常所说的高新技术企业；（3）风险投资是一种财务活动，风险资本的筹集、投出、增值和退出的过程构成了风险投资的全过程。在此基础上，作者提出了对风险投资的定义：风险投资就是风险投资机构从投资者处筹集风险资本，然后在承担高风险的基础上向风险企业提供股权投资和增值服务，最后退出风险企业并获得高额投资回报的一种集资金、技术、管理和创新精神于一体的新型投资模式，是金融与高科技密切结合的一种创新投资工具，也是一种以控制风险和提高资本运作效率为特征的资本运营方式。从上述对风险投资定义的描述中，概括出风险投资的三个特点：（1）风险投资实现了金融与高科技的结合；（2）风险投资具有高风险、高收益性；（3）风险投资具有长期性和较强的参与性。最后作者对风险投资的历史演进作了一般性介绍并归纳出风险投资的发展趋势，为本文最后部分提出建立我国风险投资运行机制的构想作铺垫。第二章 风险投资的经济学思考这一章主要运用经济学的理论和方法，对风险投资的本质、功能和动因进行理论解读。作者首先运用制度经济学的原理，对风险投资的本质进行了分析，指出风险投资实质是一种制度安排，它的出现是传统投融资体制发生制度变迁的结果。传统投融资体制与知识经济的制度背景不相适应导致了制度非均衡的出现，服务于知识经济的潜在制度需求的产生要求相应的制度供给出现以满足这种制度需求，当安排一项新制度的成本小于其潜在的制度收益时，传统投融资体制发生制度变迁成为必然的选择。此时风险投资的出现弥补了传统投融资体制在高科技企业融资方面的缺位，将资本、管理和技术有机地融为一起，最终实现了资金有效率的转换和参与各方利益的最大化。接着作者从信息经济学的角度<WP=4>对风险投资的功能和动因进行了分析，指出风险投资的最终目标是实现风险资本的最优配置，但是在一般投资者和风险企业家之间由于信息不对称将导致“逆向选择”和“道德风险”的出现，作者对此进行了举例说明。风险投资通过引入风险投资机构这一特殊的金融中介，有效地解决了风险资本从投资者向需求者转化过程中信息严重不对称的问题。但仅有风险投资机构是不够的，风险投资所提供的运行机制，尤其是其中的激励约束机制，有效地解决了由于风险投资机构的介入而增加的投资者与风险投资机构之间的信息不对称，保障了风险投资的顺利运行，使风险投资成为一个完整的体系。第三章 风险投资的运行机制本章是全文的重点，作者对风险投资的运行机制及机理进行了分析和阐述。首先对风险投资运行机制的涵义和构成进行了一般阐述，通常所说的机制主要是用来反映了解某一有机体内各部分的构成、功能以及相互关系的总称，意味着对某一事物的认识从现象的描述到本质的说明。运行机制则是有机体内在机制中的一种，它侧重于对运行过程进行调节和控制，是确保运行过程顺利完成并实现其运行目标的机制。运行机制的内容主要包括构成运行机制的各个部分的性质、功能以及这些部分之间的相互关系。风险投资的运行机制就是从风险资本的运作这个角度切入风险投资活动，由风险资本运作过程的各个更多还原

【Abstract】 When the world steps into an intellectual economy age, science and technology devote more and more to the society. Facing the challenge of country’s comprehensive power, each nation sets the example of the success of America and takes high technology industry as a strategic emphasis. Venture Capital plays a very important role in the strategic. It is a hot topic how to develop the Venture Capital industry. But at first we should understand the thing. The purpose of this paper is to analyze the essentials and operation mechanism of Venture Capital and draw some conclusion of promotion this industry on the basis of the practice of Venture Capital in China.This paper is made up of four chapters.Chapter One is the summary of Venture Capital. From the analysis of the literature about Venture Capital, I conclude three characteristics of Venture Capital: (1) Venture Capital is the combination of financing and investment. (2) The target of Venture Capital is the high technology firm with the potential of high grows. (3) Venture Capital is an entire financial process including three stages: financing, investment and exit of Venture Capital. On the basis of the characteristics, I define the Venture Capital as that: Venture Capital is a new investment model, which combine the fund, technology and innovation spirits and realize the risk- transfer and profit-gain.Chapter Two is the analysis in the point of economics. At first, the Institution Economics is used to explain that the Venture Capital is a result of institution transition. In the intellectual economic age, venture firm is the main body of technology innovation. But the technology is immaterial, which make it difficult for the venture firm to raise fund from the traditional financial intermediate, such as bank and investment bank. This situation hinder the process of transforming the technology into product power, which <WP=8>means the new institution demand. The institution supply is Venture Capital, which act as the financial intermediate for the venture firm and realize the combination of finance and technology. In the other point, I point out that it is very important for Venture Capital to design a operation mechanism to cope with the situation of information asymmetry in the process of financing and investment. Venture Capital firm is a special institution to solve this problem of "moral hazards" and "adverse choice". All these depend on the mechanism of incentive and constraint by the contract devise between the fund supplier and Venture Capital firm. The information economics is a good way to explain that. Chapter Three puts emphasis on the operation mechanism of Venture Capital. It is a main part of this paper. The definition of operation mechanism is at the first step. It means the essential of a thing. The mechanism of Venture Capital is made up of four mechanism, which guarantee the operation of Venture Capital.(1) the mechanism of financing. It includes three parts: the source of fund and the method of financing.(2)the mechanism of investment. The important points are that the evaluation of investment target, the method of grading investment and a series of special investment tool (connotative option characteristic) (3) the mechanism of exit, which is the most important one. The purpose of Venture Capital is not control a firm but gain the extra profit by the exit. There are four main way to exit: going public, sale, repurchase and bankruptcy. It depends on the fact of high technology firm for Venture Capital firm to chose the best exit way. (4) the mechanism of incentive and constraint. The two sets of contract arrangement generate the double principle-agent relation, which results in a double-level mechanism of incentive and constraint. The author analyzes the issue from the angles of average investors vs. Venture Capital firm and high-tech venture entrepreneur vs. Business novice. It concludes that the former relation needs limited partnership to construct the mechanism of incentive and constraint, while the latter needs convertible preferred更多还原