论文标题:企业风险投资研究
Study on Risk Investment of an Enterprise
论文作者 霍学文
论文导师 陈武；王立民,论文学位 硕士,论文专业 石油与天然气工程
论文单位 西南石油学院,点击次数 104,论文页数 62页File Size3378k
2004-04-01论文网 http://www.lw23.com/lunwen_985788542/ 风险;投资;组织形式;法制
risk ; investment; organizational form; legal system
风险投资作为向高技术企业提供融资的一种形式，起源于20世纪50年代，是伴随着新技术革命的兴起而发展起来的。尽管科技成果转化具有收益与风险的对称性，但由于风险、信息不对称问题的普遍存在，使传统确保投资安全为原则的投资方式难以涉足高技术成果商品化过程，风险成为阻碍社会技术进步的一大障碍。风险投资则反其道而行之，以风险喜好的态度积极参与高技术产业化。 企业风险投资研究采用横向与纵向结合的研究方法。横向上比较研究国内外有关企业风险投资的理论与方法，分别从风险投资的主要表现、发展风险投资的主要障碍因素、风险投资的不确定分析、风险投资与创业板市场、风险投资业政府行为研究、风险投资的退出通道及规划、风险投资的组织形式及相关法律制度研究等方面进行深入的分析研究。 风险投资的不确定分析，通过两个方面深化通货紧缩时期不确定条件下的投资分析：(1) 描述在负向随机冲击下厂商关于未来通货紧缩率的预期形成机制：(2) 描述厂商关于产量预期的形成机制，并进而用所建立的模型分析。 风险投资的退出通道及规划，分别初始公开招股(IPO)，股权回购，项目并购退出，公司清算四个方面进行了论述。 风险投资的组织形式及相关法律制度研究，分别从有限合伙制风险投资组织，公司制风险投资组织，信托基金制风险投资组织，三种风险投资组织形式的比较分析，通过理论和实践都已证明，有限合伙制是风险投资组织中将激励机制和约束机制完美结合的组织形式。
As offer a kind of form of financing risk investment to high-tech enterprises, Originated from the fifties of the 20th century, developed with the rise of new technical revolution. Though transformation of scientific and technical result with income and risk symmetry, because risk,, information asymmetry issue general to exist, Make tradition guarantee invest in safe for to difficult to set foot in the high technological achievement commercialized course investment way have principle, The risk becomes a great obstacle of hindering the social technological progress. Risk investment act in a diametrically opposite way, participate in high-tech industrialization in order to the attitude that the risk is fond of actively.Enterprise risk investment studies and adopts horizontally with the vertical research that combine Horizontal to go to and study domestic and international about the theory and method of risk investment of enterprises relatively, Main behavior from risk investment separately, Develop the main obstacle factor of risk investment, Uncertain analysis of risk investment, Risk investment and market for the second board on the country"s stock, Government"s behavior of risk investment industry is studied, Risk investment withdraw from passway and plan, organizational form and relevant legal system of risk investment study goes on deep analysis and research.Risk investment uncertain to analyses, deepen deflation period investment analysis of sure terms through two respect: (1) Describe and shoulder to impact go to manufacturer expectancy of deflation rate form the mechanism about future at random; (2) Describe that the manufacturer about the output anticipated forming, and then analyses withdrawing from the passway and planning of risk investment the models set up, Differentiate initial to raise capital by floating shares and put out publicly, stock right buy-back, project merge withdraw, The company clears four respects to describe .Organizational form and relevant legal system of risk investment study, from limited to make risk investment organization in partnership separately, Company make risk investment organization, trust fund make risk investment organization, three risk investment comparative analysis of organizational form, Prove already through theory and practice, limited to make it is risk investment that organize lieutenant general incentive mechanism and perfect organizational form that combine of the tied mechanism in partnership.
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