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风险投资的项目评价和决策研究
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国民经济学
风险投资风险投资
    中国理论界对风险投资的项目评价和决策的研究是从1998年的政协一号提案开始的。当前对于风险投资的项目评价和决策的研究内容普遍偏重于对项目评价和决策的方法的研究,对项目评价和决策的另外一个重要方面——项目评价和决策的信息基础——的研究很少。同时,在对风险投资的项目评价和决策方法的研究中存在将项目评价等同为投资决策、对风险投资的定义不同导致评价对象不同的问题;在对决策方法的研究中,存在决策依据不明确的问题,以风险值大小作为判断投资与否的根据,忽略了决策主体、权益价格和权益比例、合同制约对投资决策的影响。
    针对以上问题,本文从风险投资公司微观运作的角度,对风险投资的概念和特征进行了分析,并在总结风险投资的运作流程和核心运行机制的基础上,结合国内外风险投资的项目评价和决策的研究成果,进行了以下的研究与创新:
    1、对风险投资的项目评价和风险投资决策的概念进行了阐述。对风险投资的项目评价和决策体系的构成进行了研究,提出构成风险投资的项目评价和决策体系的两个子系统分别是:风险投资的项目评价和决策的信息基础和风险投资的项目评价和决策方法。
    2、风险投资的项目评价和决策的信息基础分为主动信息和被动信息。基于项目评价和决策的信息基础的重要性,提出了提高信息有效性的四种手段,分别是:信息范围和内容明确化、建立多元信息获取渠道、建立信息资源共享仓库、建立信息评判机制。
    3、建立了以创业家及管理团队、项目特性、企业能力为一级指标的涵盖3级指标体系的风险投资的项目评价模型,并运用AHP构权法、比例标度值体系和绝对指标评分法对该模型进行了定量研究。
    4、建立了以风险投资公司的能力特征、风险企业投资价值、合同要素、权益价格和权益比例为决策依据的风险投资决策模型。 [英文摘要]:     From the year of 1998, the research to project evaluation and decision-making of venture capital is commenced in PR China. In the present, people lay particular stress on the research to methodological of project evaluation and decision-making of venture capital. As a contrast, the research to information basis, the other important aspect of project evaluation and decision-making of venture capital, is nearly nothing. Moreover, some disadvantages still exist in the research to methodological of project evaluation and decision-making of venture capital. The first disadvantage is people regard evaluation as decision-making. The second disadvantage is evaluation object is not the same in different research for different people define venture capital differently. The third disadvantage is that decision-making basis is not clear in the research to decision-making methodological. Some people made risk value as the only decision-making basis. Decision-making party, equity price and equity proportion and contract restriction are always ignored in the research to decision-making methodological.
    This paper analyses concept and character of venture capital and summarizes operation process and core operation mechanism of venture capital. On the basis of the above and research conclusion of project evaluation and decision-making of venture capital from inside and outside of PR China, this paper researches as follows:
    A.       Expound the concept of project evaluation of venture capital and concept of decision-making of venture capital. Research on the component of the system of project evaluation and decision-making of venture capital. The system of project evaluation and decision-making of venture capital is making of information basis and methodological.
    B.       Information basis of project evaluation and decision-making of venture capital is including passive information and initiative information. In the reason of the importance of the information basis, the validity of the information needs to be advanced. The paper gives 4 means to improve the validity of the information basis, they are: formulate information scale and contents,establish multiple information channels, establish information resources sharing storage, establish information judgment mechanism.
    C.       Establish project evaluation model of venture capital. The model contains 3 levels of index. The 1st level indexes are entrepreneur and management team, project characteristic and corporation abilities. The paper fixes quantify in the method of AHP, proportion scale value system and absolute index grade.
    D.       Establish decision-making model of venture capital. By the model, venture capital firm makes decision pursuant to abilities of venture capital firm, investment value of venture, contract elements and equity price and equity proportion. [参考文献]:     [1] 姜树梅. 风险投资运作[M]. 大连:东北财经大学出版社,2001
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