【作者】 刘蕾；

【导师】 高长元；

【作者基本信息】 哈尔滨理工大学 ， 管理科学与工程， 2011， 博士

【摘要】 为了缓解高技术企业融资困难、充分利用高技术虚拟产业集群(Hi-TechVirtual Industry Cluster，以下简称HTVIC)的资源优势、促进集群成员间的投融资合作，本文从HTVIC的含义及演化入手，将虚拟集群界定为一种基于成员关系网的跨地域的集群组织形式。在此内涵界定的基础上，分别对集群融资主体基于生命周期的资金需求、高技术企业融资渠道以及投资方预期收益的影响因素进行了分析，并结合虚拟集群的社会关系网特征和高技术企业融资的需求特征，提出了HTVIC投融资的主要特征。接下来，在充分考虑了虚拟集群的关系网优势及互助模式的特点的基础上，从理论和现实需求的不同角度，分别对互助投融资模式在HTVIC中应用的可行性进行了分析。本文HTVIC互助投融资模式设计为运行基础和流程设计、风险防范和信任保障三个部分。其中，运行是互助投融资模式的核心，主要包括信息共享、成员动态信用评级和运行的具体流程设计等几个方面的内容。本文认为信息共享是互助投融资模式运行的基础保证，动态信用评级是在信息共享的基础上实现的。运作流程分别从总体运作流程和互助投融资基金的运行流程两方面进行设计。互助投融资模式虽然具有降低成员投融资交易费用、提高投融资合作效率的积极作用，但高技术领域投融资所固有的高风险性，加之其基于成员关系网和互惠互利基础的集群设立原则，使得HTVIC互助投融资风险不容忽视。鉴于以上分析，本文在对HTVIC互助投融资风险管理部分，首先对集群内高技术企业不同生命周期的风险因素以及集群投资方主要投资风险进行了分析。并对互助投融资风险因素从不同角度进行分析，继而识别出主要投融资风险。由于互助投融资模式下，企业间可能会相互提供连带责任担保，这就使得HTVIC互助投融资违约风险，不再单纯的表现为融资企业自身的预期违约行为可能造成的损失，而更多的表现为一种联合违约风险。因此本文在对融资企业违约风险影响因素分析的基础上，进一步分析了当融资企业违约的同时、连带企业也违约的连带违约风险，并为互助投融资违约风险的防范设计具体的措施。HTVIC成员间的相互信任不仅是对互助投融资模式顺利运行的保障，同时也能够有效防范投融资风险的出现。这部分的研究首先分析了成员间信任的形成方式和过程，并在对投融资合作的信任策略进行了进化博弈分析的基础上，提出了HTVIC互助投融资信任的保障策略。最后，为验证互助投融资模式对集群投融资活动的促进作用，本文选取了一个以高技术制造业为核心的高技术虚拟产业集群，对本文设计的互助投融资模式中的信息共享、动态信用评级、风险管理及互助投融资基金的运作等主要内容进行了实证研究，并得到了互助模式可以有效降低高技术企业融资成本的结论。更多还原

【Abstract】 In order to release the investing and financing predicament of hi-techindustry, make full use of the advantages of Hi-Tech Virtual Industry Cluster(HTVIC) and improve the financing cooperations of cluster members, byanalyzing the evolvement of HTVIC, this thesis defines virtual cluster as acluster that engages cooperation relations from more than one area. Based on thedefinition, the fund demand, financing channel and the factors that influence theexpected revenue of investors in different life cycles are analyzed. The traits ofHTVIC investing and financing are explained combining with the social networkcharacteristic of HTVIC and the fianancing demand of hi-tech enterprises. Whendeciding the financing mode, the relationships in HTVIC and the features ofmutual aid are considered. From the perspective of theory and reality, thefeasibility of mutual aid financing is analyzed. The framework, main contentsand functions for mutual aid financing are designed.This thesis divides the mutual aid investing and financing mode withinHTVIC into three parts, namely, operational mode, risk prevention mode andtrust guarantee mode. Operational mechanism is the core part and basis of mutualaid financing, including information sharing, dynamic credit rating and specificprocedures. Information sharing acts as the basis of mutual aid financing. Creditrating also depends on information sharing. The design of operational procedureis divided into overall design and the funds’ operational procedure design.Mutual aid financing can decrease the financing cost and improve financingefficiency. However, hi-tech enterprises are known for their high risks, Besides,the industry is based on social network and mutual beneficial principle, whichmake the financing risks in HTVIC indispensable. Based on the analysis,before identifying the risks in mutual aid financing, this thesis analyzes the risk factors in different stages of enterprises’ life cycle and the investment risks ofinvestors. From different aspects, the risks of financing (violation risk) areidentified. In mutual aid financing, there are guarantee relationships betweenenterprises, which makes violation risks a combination risk rather than theviolation risk for financing enterprises. Thus, based on the analysis of the factorsthat influence the risk of fianancing enterprise, the joint and several risk areanalyzed, cooresponding risk avoiding measures are provided.Trust plays an important role in gurantee the operation of the mode andpreventing financing risks. The study on trust begins with trust establishment, onconducting evolutionary game analysis, trust guarantee measure for HTVIC areput forward.Finally, a manufacture centered HTVIC is chosen to testify the improvementthe mutual aid financing mode. The information sharing mechanism, credit ratingmechanism and the operations of mutual aid financing fund are analyzed. Wereach the conclusion that mutual aid can effectively decrease the financing costof hi-tech enterprises.更多还原