【作者】 魏娟；

【导师】 范德成；

【作者基本信息】 哈尔滨工程大学 ， 管理科学与工程， 2004， 硕士

【摘要】 在知识经济时代，高技术产业成为一个国家竞争的主要源泉，但由于高技术产业投资具有特殊性，决定了一种新的投资方式——风险投资的出现。风险投资体系是最行之有效的高技术成果市场化、产业化的支撑系统。风险投资作为一种科学技术和金融相结合的新型投资机制和投资方式，目前还缺乏科学的运行机制。 本文以风险投资公司的运作流程为指导，从风险投资公司的组织形式和投资过程来具体阐述风险投资公司的运作机制。首先介绍风险投资公司的组织形式，比较公司制、子公司制和有限合伙制之间的区别，阐述我国风险投资公司组织结构上存在的缺陷，指出有限合伙制是我国风险投资公司发展的目标模式；然后根据风险投资公司的投资流程，把风险投资公司的微观运作机制分为四个部分：筹资机制、投资评估决策机制、风险监控机制和退出机制。从理论和实践出发，建立一个切实可行的风险投资项目评价指标体系，运用层次分析和模式识别相结合的方法确定评价指标的权重，并运用模糊综合评价法对项目的可行性进行综合评估；通过全面分析风险投资中存在的风险，提出风险投资公司监控的必要性和监控模式；最后在比较不同退出方式的基础上，结合我国的实际情况，提出目前情况下我国风险资本的退出方式。更多还原

【Abstract】 In the intellectual economic times, the high-tech industry becomes a main source of national competition, but owing to the investment particularities ofhigh-tech industry, which has brought out a new kind of investment way --theoccurrence of venture capital. The system of venture capital(VC) is the most effectual support system of high-tech achievements marketization and industrialization. As a new; kind of invest mechanism and way of the combination of science technology and finance, VC still lacks scientific operation mechanism at present.Regarding the operation flow of VC company as guide, this paper explained the operation mechanism of VC company in detail from the organization form and the operation flow. First, through a comparison analysis of VC organization forms, explained the defect existing on the institution of VC company of our country, the author pointed out that limited tied up company was a workable form of VC company of our country. Second, according to the operation flow of company, it divided the micro-operation mechanism of the company into four parts: VC funds raising mechanism, project evaluation and decision-making mechanism, venture control mechanism and retreat mechanism. Then it set up a feasible evaluation index system of VC on the base of theory and practice, and applied Analytic Hierarcy Process (AHP) and pattern recognition to determine the weight of each appraisal index, adopted fuzzy analysis method to appraise risk of VC project. Through analyzing risk of VC company generally, it put forward the necessities and modes of risk control. Finally, after comparing the different retreating ways, it put forward the retreating ways of VC company according the present situations of our country.更多还原