我国风险投资问题的研究

【作者】 丁江贤；

【导师】 黄毓和；

【作者基本信息】 南京理工大学 ， 会计学， 2003， 硕士

【摘要】 风险投资是一项新事物，国外许多案例表明风险投资对经济发展有重大的推动作用。我国风险投资业刚刚起步，蕴藏着巨大的发展潜力。这就迫切要求我国经济专家和学者对这一领域进行深刻研究，寻求适合我国风险投资发展的道路。文章首先对风险投资基本理论知识进行扼要阐述。接着在文章的核心部分，就风险投资的融资环节、项目评价和投资退出展开具体论述。在融资方面，从融资的特殊性着手，结合我国当前融资存在的问题及对策，重点指出将民间资本引入风险投资的潜在作用；由于风险投资存在高风险，项目评价部分对风险投资项目的风险和收益进行评价分析，然后论述了风险投资项目的几种评价指标评价；结合国外投资退出经验，文章提出IPO、出售、并购和破产清算等四种风险投资退出方式，并分析其在我国的适用性，指出并购是我国目前最合适的退出路径。文章最后一部分，就政府在风险投资发展中的定位及其对上述环节的支持作用进行简要阐述。更多还原

【Abstract】 Venture Capital (VC) is one thing newly-emerging . It is shown by a lot of successes that VC can promote the process of hi-tech industrialization rapidly in foreign country. VC in China has just begun, furthermore, gigantic potency will come into being in the developing of VC. All these require deeply Chinese economists and specialists to research this realm, and find a way to the developing of Chinese VC. In this article, the author elaborates the basic theory of VC firstly. Then in the core part of the article, the author discusses fund-collecting, evaluation of investment item and withdrawing mechanism in sequence. In the fund-collecting aspect, following the particularity of it and the problems during the developing process, the author appoints the potential function that the popular capital will be introduced to VC. In view of high risk of VC, the author specially presents two methods of evaluation of investment item. Following the advanced experience of foreign countries, the author recommends four withdrawing methods, such as initial pubic offering (IPO), sell, mergers & acquisitions(M&A) and clear account of bankruptcy. In the last part of the article, the author introduces the political support of the government on developing of VC in China.更多还原