风险投资项目评价指标体系设计

【作者】 王世波；

【导师】 王世良；

【作者基本信息】 浙江大学 ， 技术经济与管理， 2003， 硕士

【摘要】 风险投资是指专门的投资机构通过一定的方式向各类机构和个人筹集风险资本，然后将所筹集到的资本以权益投资的形式投入到具有高度不确定性的企业或项目，并参与所投企业或项目的管理，以期实现项目的高成长率并最终通过出售股权取得高额资本收益的一种投资方式。 项目评估决策是任何投资活动的一个必不可少的环节，对于风险投资来说尤为重要。因此，风险投资项目评价的理论和方法也一直是近年来国内外所共同关注的一个重要的研究课题。 本文在分析了风险投资项目特点基础上，介绍了风险投资项目的评价和项目评价指标体系。首先，在借鉴了现有研究成果的同时，结合对国内风险投资机构的调查、访谈，从风险企业家、风险企业自身、外界市场环境因素三个大的方面得到一个初步的指标体系。然后针对初步的指标体系，在国内的风险投资机构中进行问卷调查，对调查的结果进行统计、分析，根据分析结果对指标体系进行修正，得出最终的指标体系。最后，对得出的指标体系利用层次分析法构建模型，并分别对处于不同阶段的风险项目进行指标重要性对比，得出在不同阶段各指标的权重。 为了验证了该模型的可行性和实践中的可操作性，利用本次研究结果对两个实证项目进行评分验证，将评价结果和实际操作的结果相比较，得到了一致的结果，从实证角度验证了本次研究成果的有效性。更多还原

【Abstract】 The venture capital is a mode of investment, which is the special department of investment collect the capital from the fund or personal by some way, then invest the capita] into the industry with high variability in the kind of equity, and the investor take part in the management of the enterprise, at last the department of investment transfer the equity and get high lucre.The evaluation of project is an important procedure in any investment, it is more important to venture capital. So how to evaluate the venture capital project is the focus paid attention to by many expert and scholar at home and abroad in recent time.This paper introduces venture capital project evaluation and the index system of venture capital project evaluation on the base of analyzing the characteristic of venture capital project. Firstly, we investigate and interview some venture capital department on the base of study in existence. We received an elementary index system that includes three factor of the enterpriser of venture capital the enterprise of venture capital and the environment of market. Then, to aim at elementary index system we investigate the venture capital department at home by questionnaire. We modify the elementary index system on the base of the analysis of the statistics of questionnaire. Finally, we set up a model to analyze the venture capital project by using the Analytic Hierarchy Process (short for AHP), and get different weight to venture capital in different phase. To verify whether the model is feasible and exercisable or not, we evaluate two practical casus using this index system, and get the same result as practical evaluation. It verifies that the index system is efficacious.更多还原