【作者】 潘洪刚；

【导师】 王礼力；

【作者基本信息】 西北农林科技大学 ， 农业技术经济与项目管理， 2008， 博士

【摘要】 创业投资是适应现代科技发展需要而在高度发达的市场经济体制内诞生的一种投融资制度创新，它在促进科技成果向现实生产力转化方面具有重要的作用。我国从上个世纪80年代中期开始引入创业投资，经过20多年的发展也已经出具规模，并在多个产业内发挥着其应有的作用。但是，创业投资在促进我国农业高科技成果转化方面却作用甚微。据农业部科技司统计，中国每年有6000多项农业科技成果问世，但转化为现实生产力的只有30％～40％，与发达国家的70％～80％相差甚远。究其原因，最为重要的是因为我国农业高科技创业投资在发展过程中面临的风险太大，过高的风险限制了农业高科技创业投资的发展。因此，本文选择农业高科技创业投资风险作为研究对象，采用规范研究与实证研究相结合、微观分析与宏观分析相结合、以及动态分析与静态分析相结合的方法，对农业高科技创业投资运作过程中各参与主体所面对的主要风险进行了系统研究，旨在探索农业高科技创业投资风险的控制和分担机制。本文以农业高科技创业投资风险的承担主体为主线将论文整体分为八个部分进行论述和研究：第一章为导论，主要阐述本文的选题依据、研究目的与意义、研究思路与方法，同时对国内外关于风险、风险管理、创业投资、农业经济管理的研究现状进行了梳理和评价，从而为本研究的开展拉开序幕。第二章是关于农业高科技创业投资风险的一些基本理论。在本章中，首先对风险、风险管理、创业投资、农业高科技及其产业化、农业高科技创业投资等一些基本概念进行了界定，以便为后文的演绎奠定基础；然后，对风险管理的一般程序、农业创业投资的运作流程、农业高科技产业化的一般规律等内容进行了总结；最后对农业高科技创业投资的参与主体和一般风险因素进行了简要分析。第三章是国内外农业高科技创业投资风险管理的比较与借鉴。创业投资对于我国来说是强制性制度变迁，借鉴国外的先进经验无疑具有重要的现实意义。本章对美国、日本、西欧、以及我国台湾地区农业发展的条件、技术选择和农业高科技创业投资风险管理的一些经验和教训进行了归纳和总结，在此基础上得出四条基本结论，即认识国情或区情是农业高科技创业投资风险管理的前提；适当的组织形式是防范和控制风险的有力保证；农业高科技产业化离不开政府的大力支持；农业高科技产业化需要政府积极参与风险分担。第四章是农业高科技创业投资者面临的风险及其管理。本章首先对我国农业高科技创业投资的发展规模、资金来源结构、投资强度、行业分布、阶段分布、地区分布和退出路径等情况进行了概括，然后分析了农业高科技创业投资者的构成及其各自的投资特点，认为农业高科技创业投资者在农业高科技创业投资循环中所面临的主要风险为宏观环境风险、逆向选择风险和道德风险，为了控制和防范这些风险，投资者应该慎重选择投资对象，在决定投资前严格选择创业投资家，签订投资协议后设置对创业投资家进行激励与约束的机制。第五章是农业高科技创业投资中企业面临的风险及其管理。在本章中，首先对农业高科技创业投资循环中所涉及到的两个重要企业主体进行了分析，然后对他们各自所面临的主要风险进行了归纳和总结，在此基础上提出了一系列风险管理策略。特别是在对农业高科技创业投资企业的风险管理策略中，鉴于我国目前地区经济发展的不平衡性，创业投资企业需要对农业高科技创业企业的成长性和成长环境进行综合考察才能准确评估其投资价值，从而降低自己的风险。第六章是农业高科技创业投资中农户面临的风险及其管理。农户虽然不直接参与农业高科技创业投资的循环，但是，一般来说农户却是农业高科技创业投资的一个重要风险承担主体。我国农户众多，农户内部相互之间的风险偏好和对待不确定性的态度具有很大的差异性。在参与农业高科技创业投资的过程中，为了防范和控制自己所面临的风险，农户应该借助农业保险、积极参加农业专业合作组织和努力提高自身的文化素质与技能。第七章是政府在农业高科技创业投资风险管理中的作用。政府无疑是农业高科技创业投资的一个特殊参与主体。本章首先对政府在农业高科技创业投资风险管理中的职能进行了界定，并对政府在农业高科技创业投资风险管理中的作用进行了定位，认为政府在农业高科技创业投资风险管理中应该充分发挥自身的政策供给、风险分担和监督作用。第八章是结论和对策与建议。通过研究发现，我国农业高科技创业投资之所以发展缓慢，不仅仅是因为各个微观参与主体本身的风险管理技能还有待于进一步提高，更重要的是因为宏观环境欠佳。因此，为了降低农业高科技创业投资循环的整体风险，处于宏观层面的政府应该努力优化投资环境、大力培养创业投资家和创业企业家、加快建立并完善中介服务体系、以及提高农业劳动力的整体素质。更多还原

【Abstract】 Venture capital is an innivation in the high-developed market-oriented economicmachanism with the purpose to meet the development of modern science and technology,which plays an important role in promoting the transformation from scientific andtechnological achievements to actual productivity. Venture capital is introduced from abroadin our country in 1980’s,developed enough after 20 years of development, and is playing itsimportant role in many industries. But, the role of venture capital is not obvious in promotingthe transformation from agricultural scientific andtechnological achievements to actualproductivity. Acording to the statistics of Scientific and Technologic Department of theAgricultural Ministry, about 6000 agricultural high-tech achievements are innivated in Chinaevery year. But only 30% to 40% of them are transformed, which is far from the proportion ofthe developed countries which is about 70% to 80%. One of the most important reasons is thatthe risk is too high in the operation of agricultural high-tech venture capital in our country,which is retarding the development of agricultural high-tech venture capital. Therefore, thisthesis studies the major risk factors faced by the parties in the operation of agriculturalhigh-tech venture capital with the risk of agricultural high-tech venture capital as the researchtopic, the combination of standard with empirilism, micro with macro and dynamics withstatics as the research methods, in order to explorate the risk-controling-and-sharingmachinism.This thesis is composed of enght chapters according to the risk-sharing parties in theagricultural high-tech venture capital:Chapter One is introduction, including research backgroud, research prupose andsignificance, research outline and methods. And also, this chapter introduces and analysizesthe situation of researchs about risk, risk management, venture capital, and agriculturaleconomic management at home and abroad, which is the preface of this thesis.Chapter Two is about some basic theories of venture capital. In this chapter, the basicdefinitions about risk, risk management, venture capital, agricultural high-tech and itsindustrilization, and agricultural high-tech venture capital are demarcated first. Then, thegenearl procedure of risk management, the operation of agricultural high-tech venture capital,the general law of agricultural high-tech industrilization are introduces. And finially, theparties and the risk factors involved in agricultural high-tech venture capital are analysed briefly.Chapter Three is about the comparing and reference of risk management of agriculturalhigh-tech venture capital at home and abroad. It is important to refer to the advancedexperiences of the developed countries since the introduction of venture capital from abroad ismandatory system change in our country. This chapter summrizes the conditions ofagriculture, the options of technology, the experiences and lessons of risk management ofagricultural high-tech venture capital from the United State of America, West Europ, and theTaiwai Region of our country, on which four basic conclusions are drew, ie, the situation ofthe country or the region is the basis to manage the risk of agricultural high-tech venturecapital, appropriate organization is necessary in order to control and prevent risk, theagricultural high-tech industrilization needs strong support from the government, and theagricultural high-tech industrilization needs the government to take an active part in therisk-sharing.Chapter Four is about the risks faced by the investors and theire management inagricultural high-tech venture capital. This chapter first makes a summary about thedevelopment scale of the agricultural high-tech venture capital, the structure of capitalresources, the investment intensity, the industrial distribution, the stage distribution, thegeographical distribution and the devestment methods. And then it analysizes the investorsinvolved in agricultural high-tech venture capital and their investing fentures respectivelywith the conclusion that the major risks faced by the investros in agricultural high-techventure capital are risk of macro-environment, the risk of adverse selection, and the risk ofmoral hazard. In order to control and prevent these risks, investors should invest carefully,select agents cautiously before investment, and incent and constrain the agents after signingthe investment contract.Chapter Five is about the risks faced by the enterprises in agricultural high-tech venturecapital and their management. In this chapter, the two important enterprises involved inagricultural high-tech venture capital are introduced. Then the risks faced by them areanalysized respectively, and a series of risk management strategies are introduces accordingly.Especially, the real value of a venture firm should be based on its growth ang its environmentat the same time, for the unbalance of the regional economic development in our country.Chapter Six is about the risks faced by households involved in agricultural high-techventure capital and their management. Although the households don’t take directly part in theoperation of agricultural high-tech venture capital, they are an important risk-sharing party.There are millions of households in our country. They have different risk preferences andattitudes. In order to prevent and control the risks, the households shoule resort to agricultural insurance, take an active part in agricultural and professional cooperation organizations, andtry their best to improve themselves.Chapter Seven is about the role of government of the risk management in agriculturalhigh-tech venture capital. Government is undoubtly a special party in agricultural high-techventure capital. This chapter first demarcates the function of government and then makes itsrole clear. The gevernment should supply policies, shoule share risk and should supervise theother parties in agricultural high-tech venture capital.Chapter Eight is the conclusions and the suggestions. It obviously comes to theconclusion that the slow development of agricultural high-tech venture capital in our countryis not only due to the low ability to prevent and control the risks they face, but also to themacro-environment which is not good engough. Therefore, the government should try its bestto make the macro-environment better, to cultivate more and competent ventrue capitalist andenterpreneurs, and to perfect the intermediary service system so as to reduce the total risk ofagricultural high-tech venture capital.更多还原