【作者】 马辉；

【导师】 杨青；

【作者基本信息】 武汉理工大学 ， 技术经济及管理学， 2002， 硕士

【摘要】 本文通过对风险投资的运作过程及机理进行综合的研究与分析，建立了风险投资项目的综合评价模型和投资组合模型，并对投资决策过程中的三种决策方式——立即投资决策、延迟投资决策、终止投资决策进行了深入探讨，旨在为风险投资公司的运作、投资决策和管理实践提供一定的指导理论和方法。 本文按照风险投资的运作过程和投资决策分析两大部分来构造整体研究框架。首先，阐述了风险投资的概念，剖析了风险投资的特点，并指出了风险投资的地位和作用。接着，对风险投资的运作过程进行了细致研究，包括风险投资公司从筹集资金和选择项目开始，到注入资金并参与风险企业的管理，直至风险资本的撤出。研究的重点是风险投资公司融入风险企业如何共同参与管理。此外，本部分内容对风险投资项目的评估也作了定性陈述。 风险投资的投资决策分析是本文的重中之重，本部分内容对风险投资过程中的三种投资决策方式进行了深入研究：(1)立即投资决策。在坚持科学性原则与可行性原则相结合的基础上，通过建立综合评价模型和投资组合模型以对风险投资项目进行评价和选择。(2)延迟投资决策。风险投资的高风险性、决策的可滞后性以及着眼于未来的高收益性与期权是相似的，所以可运用期权定价理论对风险投资项目的投资决策进行分析。(3)终止投资决策。通过对风险投资项目的进展进行跟踪预警，利用搜集到的来自于市场、技术等方面的信息，严密监测财务、技术、组织方面的发展动向，对一些前景黯淡的项目做出及时准确的判断并及时地终止投资可以避免更大的损失。更多还原

【Abstract】 A synthetical evaluation model and a portfolio model were established by researches and analyses of the operational process and mechanism about Venture Capital, and three kinds of method of the Venture Capital decision-making were discussed in this paper to provide some theories and methods for the operation and management practice of Venture Capital company.This thesis was mainly constructed by two segments: the operational process and the analyses of decision-making about Venture Capital. Firstly, the conception of Venture Capital was expounded, the characteristics of Venture Capital were analyzed and the status of Venture Capital was pointed out. Then, the operational process of Venture Capital was studied in detail, including the start of raising money and selecting project, the infusion of the fund, the participation of the management of invested enterprise and the withdrawal of Venture Capital. The participation of the management of invested enterprise about Venture Capital company was the emphasis of this research. Moreover, the evaluation of the Venture Capital project was qualitatively presented in this segment.The analysis of investment decision-making about Venture Capital was the most central segment in this paper, and three kinds of investment decision-making method were well studied: (1) the immediate investment decision-making. The Venture Capital projects were evaluated and selected by establishing the synthetical evaluation model and the portfolio model on the basis of the combination of scientific principle and feasibility principle. (2) the deferred investment decision-making. Venture Capital was similar to the option in many fields, such as many risks, the deferred decision-making and the attention of the future benefits. (3) the termination investment decision-making. The progress of the Venture Capital project was traced, the information of market and technology was collected, and the developing directions of financing, technology and organization were monitored strictly, so more losses could be avoided by precise estimation and terminating the project in time for some projects with terrible prospects.E更多还原