基于企业价值的风险投资后续管理研究

【作者】 范秀岩；

【导师】 李延喜；

【作者基本信息】 大连理工大学 ， 会计学， 2005， 硕士

【摘要】 风险投资不同于一般投资的主要特点在于它的成长性,风险投资家在投资后要对创业企业进行后续管理,利用自身的管理与资金优势与创业企业的技术优势加以结合与集成,使低价值的并且未来不确定的创业企业成长为高价值的、成熟的成功企业。 风险投资后续管理是在风险投资运作的辅育经营阶段,通过与创业企业家进行有效沟通,协助创业企业经营管理和战略规划,并为其提供风险投资家所拥有的社会资源网络等一系列增值服务,最终实现创业企业的价值增值。风险投资后续管理的主要内容有:对创业企业进行监管、设立控制机制以保护投资,以及投入企业的除资金外的增值服务。风险投资家通过参加创业企业董事会、审查经营报告、接触高层管理人员等方式参与后续管理。风险投资家在投入后续管理时受与创业企业合作的时间、风险投资家的经验、企业所处阶段、投资比例以及投资效果等因素的影响。为了给风险投资家科学地进行后续管理提供依据,本文建立了基于企业价值的风险投资后续管理实施模型。在模型中首先建立了风险评估指标体系,由外显指标和动因指标两大类指标构成,其中外显指标包括价值指标和运营指标,动因指标包括运营动因指标和非运营动因指标。针对这一指标体系进行的问卷调查和实地访谈证实所设计的指标也能有效地反映风险投资后续管理工作中遇到的问题。本文选取了一个案例说明模型的建立,建立的步骤为:选取外显指标、确定外显指标的分值与权重,最后推导出动因指标的分值。风险投资家可根据外显及动因指标确定对应的后续管理措施。 本文认为,在风险投资后续管理领域,可以从后续管理的评价方向做进一步的研究。例如:如何评价后续管理对创业企业价值的影响、后续管理的价值等等。并且,在建立后续管理的实施模型时,也可以结合企业的内外部环境进行研究。更多还原

【Abstract】 The difference between venture capital and others is that it can grow up. Venture capital investors apply post-investment management to the enterprise. They integrate their management and capital with enterprise’s advantage in technology that makes it grows up from a low-value enterprise to a high-value and mature one.Post-investment management of venture capital is the investor communicates with the enterpriser to help them manage and offers them social recourses and such value-added services in assisting organization stage. The contents of management conclude custody, setting up control mechanism to protect investment and value-added services. Venture capital investors will attend board meeting, inspect working report and touch with high-level managers. The way of post-investment management is affected by how long the investor has cooperated with the enterpriser, experiences of the investor, stage of the enterprise and proportion and effect of the investment. In order to offering scientific post-investment management, this paper establishes a value-based model. In this model, a risk-evaluating system is founded, combined with two kinds of indexes, apparent index and movement index. Apparent index ’concludes value index and management index, while movement index concludes management movement index and non- management movement index. An investigation aiming to this system was made to prove these indexes reflect problems in post-investment management. This paper also selects a case to introduce how to establish the model. The process is: firstly, select apparent indexes; then calculate the number and weight of them; at last, understand the number of movement indexes. Venture capital investors can apply post-investment management according to them.In domain of post-investment management, researchers can make further research in post-investment management evaluation, such as how to evaluate effects of post-investment management, the value of post-investment management, and so on. Besides, when establishing an applying model of post-investment management, researches can be made linking with inside and outside environment of the enterprise.更多还原