论文标题:高技术风险投资的评价与决策研究
Study on the Evaluation and Decision-making of High Technology Venture Capital
论文作者 张修社
论文导师 唐小我,论文学位 硕士,论文专业 工商管理
论文单位 电子科技大学,点击次数 76,论文页数 68页File Size2874k
2002-03-01论文网 http://www.lw23.com/lunwen_455984442/ 风险投资;项目评价;分期投资决策;动态监控
Venture Capital,Project Evaluation,Staged Investment Decision,Dynamic Monitoring
风险投资是一种高风险的投资行为，受到社会各界越来越多的关注。在我国，如何建立一套适合我国国情的风险投资项目评价、决策及动态监控体系对于提高风险投资项目的质量、降低投资风险有着重要的意义。本文依据理论与实际相结合的原则，对我国风险投资的项目评价、分期投资决策和投资后风险投资家的管理参与和动态监控进行了研究。 首先，从我国风险投资运行的实际出发，系统分析了影响风险投资项目的环境、管理、市场、技术和财务五大因素，确定了风险投资项目的评价指标体系，建立了具有实用价值的项目综合评价体系，制订了风险投资流程图。其次，结合风险投资分期投入的特征，研究了项目评价之后的分期投资决策问题，并引入了实物期权方法。接下来，本文研究了风险资本投入后的项目监控问题，指出动态监控的内容包括对象监测、管理帮助、逆境识别、逆境诊断、危机管理等五部分；制定了阶段性动态监控流程图，并对风险投资项目进行阶段性评估。最后通过一个实例对本文的理论方法进行应用。
Venture Capital is an investment behavior with high risk and has been paid more attention from allover the world. How to establish a system of venture capital evaluation, investment decision-making, and dynamic monitoring in China has an important role on improving the quality of venture capital and reducing investment risk. Combining theories and practices, this paper has a study on the venture capital"s evaluation, staged investment decision-making and the dynamic post-investment monitoring by venture capitalist.Firstly, Based on the venture capital"s practices in China, five important factors which influence venture capital project are analyzed in this paper: environment, management, market, technology and finance, and an evaluation system of venture capital and it"s flow chart for practice are set up. Secondly, this paper brings forward a staged investment decision model by introducing the Real Option method, in which the feathers of "staged" are considered. Then, this paper has a study on the venture capital"s dynamic monitoring and points out that target supervising, management assistant, adversity recognization,adversity diagnosis and crisis management are included in this post-investment monitoring system. A staged dynamic monitoring frame used for evaluating the venture-backed project is designed. Finally a case is analyzed by using the theories and methods mentioned in this paper, and in the last section some conclusions are drawn.
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