【作者】 秦彩萍；

【导师】 马飞；

【作者基本信息】 吉林大学 ， 企业管理， 2004， 硕士

【摘要】 基于目前我国风险投资公司在投资决策中存在大量主观决策、缺少科学合理的投资决策体系的现状、国内有关风险投资决策体系的理论研究又相对滞后，国外的研究又不完全适用于我国风险投资的客观实际，本着为中国风险投资公司寻找和解决适于其应用的中国的风险投资决策体系的宗旨，本论文在大量阅读国内外相关文献和实地调研基础上，以经济学、管理学、投资学、市场学等较成熟理论为依据，在系统的理论分析、现状分析以及与国外相关地区的风险投资公司现行投资决策体系进行比较分析的基础上来探讨我国风险投资公司现行投资决策体系的特点和问题所在，并结合我国国情提出了适于我国风险投资公司的投资决策体系的系统设计方案。本论文共分五章，各章的内容如下：第一章：绪论。该章主要介绍本文论题的背景和意义、国内外相关文献的简要述评、本文的研究思路和研究方法以及本文的基本结构框架，并对本文涉及的一些基本概念进行了辨析与界定。第二章：风险投资公司投资决策程序设计。本章从风险投资自身发展所要求的快速决策、“经济”决策和正确有效决策出发，依据一般理论、借鉴前人研究成果，结合我国具体国情和风险投资在中国的实际发展状况，提出了包括项目取得、项目的初步筛选、项目的进一步筛选、风险项目预期风险与收益评估、风险投资预期收益评估、公司投资决策委员会终评决策和构建契约七个决策阶段的投资决策流程。 <WP=89>第三章：风险投资公司投资决策指标体系设计。本章根据各决策阶段的不同决策目标，风险企业的不同发展阶段，分别进行了相应的指标体系的研究和设计。本章首先提出，风险投资公司应根据风险企业的不同发展阶段分别设计相应的评价指标以及应根据不同决策阶段的决策目标分别设计相应的评价指标的基本设计思想。接下来，本章从经济学、管理学、投资学、市场学等较成熟理论出发，借鉴国内外研究成果、结合我国国情以及中国风险投资发展现状，提出了基于一般理论的投资决策评价指标体系。该体系包括对风险企业的产品、风险企业所面对的市场、风险企业家（团队）、风险企业财务状况、风险企业所处的投资环境、风险投资公司（家）获利要求、风险投资公司投资政策和商业计划书的评价8个方面共25个具体指标。然后，在基于一般理论的投资决策评价指标体系的基础上，根据风险投资公司不同决策阶段的决策目标，风险企业的不同发展阶段，将基于一般理论的投资决策评价指标进行有机组合，提出了基于决策过程的，可以分别适用于对早期和后期的风险企业进行评价的投资决策评价指标体系。第四章：风险投资公司投资决策评价方法研究。本章主要根据不同决策阶段要解决的实际评估问题，进行了相关决策方法的选择适用研究。从风险投资决策的高不确定性考虑，从风险投资公司投资决策评价指标体系的多因素、多指标、多层次的特点考虑，从风险投资评价指标多定性，少定量的特点考虑，结合不同决策阶段的决策目标和相应的指标体系，本文提出，层次分析法是较适用于风险投资项目评估的定量分析方法。并对该方法的基本原理与一般操作步骤作了简单介绍。另外，给出了风险投资公司预期收益水平的计算办法并对风险企业的估价方法作了简单的比较选择研究。最后得出，自由现金流法仍是目前较适合我国风险投资公司对风险企业进行估价的方法。至此，完成了适于我国风险投资公司的投资决策体系的构建。第五章：应用研究。本章选取了一家风险投资公司，对所建投资决策体系进行了部分实际应用验证。验证的结果反映出，本文所提出的投资决策体系基本上能够全面反映风险投资公司在各个评估阶段对风险企业考察的重点，并能<WP=90>在最后得出项目优劣顺序，因此，在实际中是适用的，可行的。结论与展望：归纳了全文的结论，并对未来的研究方向进行了展望。提出，在风险投资公司投资决策过程中，对风险投资家的积极作为的研究；对分行业的投资决策指标体系的设计以及对风险投资公司投资决策定量方法的研究将是作者下一步的研究方向。更多还原

【Abstract】 According to current situation that our country venture capital companies of our country makes more decision due to large quantity subjective decision, in need of reasonable investment in science decision the present condition, domestic of the system concerning venture capital investment decision the theories of the system studies the fall behind, the research of the abroad is applicable to and incompletely our country the venture capital invest objective actual, be in the light of to invest for the Chinese venture capital company looks for to reach agreement to definitely be suitable for its applied Chinese venture capital investment decision the aim of the system, this thesis in large quantity reading the domestic and international and related cultural heritage with on-the-spot investigation foundation, with economics, management learn, investment learn, the market learns mature theories are basis, the theories in system analyzes, present condition analysis and with related region in abroad of venture capital investment company current investment decision system proceed the analytic foundation comes up to inquiry into our country venture capital investment company current investment decision system of characteristics with problem place, <WP=92>combine to join together our country the state of the nation puts forward to be suitable for our country the investment that venture capital invest the company decision system of system design project.This thesis is divided into five contents for, each lies totally as follows:Chapter 1:Introduction.That is main to introduce this text talks about a backgrounds to textual research way of thinking with study method and textual and basic construction frames with the synopsis of the meaning, domestic and international and related cultural heritage, and the some basic concept that involve proceeds to differentiate and analyze to this text with definition.Chapter 2: Venture capital investment company investment decision procedure design. for from the venture capital investing the fast decision," economy" that oneself request when developing making policy with right valid decision setting out, basis generally theories, drawing lessons from people of the past studying result.Chapter 3:Venture capital investment company investment decision index sign system design. The venture capital business enterprise that base on the stage in different development of the total characteristics is different, a venture capital for facing too different and objective fact and from the venture capital the decision target that invest the stage in different decision in company sets out, the stage in a different development for first putting forward venture capital investing company should according to venture capital business enterprise distinguishes the homologous evaluation in design index sign and should according to stage in different decision of the basic design that <WP=93>decision target distinguish the homologous evaluation in design index sign thought.Connect down, this chapter is from the economics, the management learns, the investment learn, the market learns the mature theories in etc. sets out, drawing lessons from the domestic and international research result and join together our country state of the nation and Chinese venture capital investment development present condition, put forward according to general theoretical investment decision evaluation index sign system. Finally, in according to generally theoretical investment decision evaluating the foundation of the index sign system, invest the decision target of the stage in different decision in company according to the venture capital, will base on general theoretical investment decision evaluation index sign proceed the organism combines, putting forward according to make policy the investment of the process decision evaluation index sign system.That system aims at the stage in different development of the venture capital business enterprise, can be applicable to proceed the evaluation with the in the late venture capit更多还原