【作者】 郭江明；

【导师】 刘思峰；

【作者基本信息】 南京航空航天大学 ， 管理科学与工程， 2007， 博士

【摘要】 创业投资的发展完成了高新技术产业化最为关键、最难完成的一个环节，使其成为高新技术产业化的助推器。完善的创业投资体系建设是高新技术产业发展的重要保证。但由于技术创新和技术转化过程中的技术风险、人的风险以及信息不对称等诸多因素导致的高风险，使创业投资失败的几率也非常大，因此对创业投资风险管理的研究愈发重要。本文不仅对创业投资项目立项评估、项目综合评估方法和模型、项目实施过程评估及实施后评估、创业投资的风险特性等方面进行了理论分析研究，并用案例研究来加以实证，而且分析了创业投资涉及的诸多风险，并提出了风险控制和预警的对策。根据作者十余年来对创业投资的实践探索，通过理论分析与案例实证相结合的研究方法，对创业投资作了系统研究，特别是对创业投资项目各个阶段的评估和风险管理进行了更深入的探讨。作者用亲历过的投资案例，验证了所建立的各个阶段的评估指标体系及引入的评估方法的可操作性及有效性，从而为今后提高创业投资项目成功率、有效控制创业投资过程中的项目管理风险，提供了理论参考框架和方法论的指导。本文主要创新点有：（1）根据创业投资理论，结合作者多年的创业投资实践经验，设计出了一套涵盖面较广、可操作性较强的创业投资项目评估指标体系，作者用亲历的实际投资案例对其进行了检验。结果表明，该指标体系的有效性和可操作性都较强。（2）把改进的灰关联法引入进来，使得创业投资项目立项评估方法与模型更加丰富，也给项目立项评估实践提供了一个有力工具。（3）运用供应链的思想，设计出了一套可操作性较强的创业投资项目实施过程评估及后评估指标体系，在主成分分析法对其进行约简的基础上，用基于中心点的三角白化权函数评估模型对项目实施过程及实施后进行了效果评估。作者用亲历的实际投资案例分别对其进行了检验，结果表明，这两套评估指标体系及基于中心点的三角白化权函数评估模对创业投资项目实施过程及实施后评估是科学的、适用的。（4）作者通过对我国创业投资行业和自身实践经验的理论概括，提出了创业投资项目投资管理中的风险预警信号判断及其防范和控制的对策，对指导创业投资机构提高投资成功率，有重要的借鉴作用。更多还原

【Abstract】 Venture capital constitutes the toughest，most important loop of high-tech industrychain，acting as an engine that finishes the final part of the industrialization of high-techtransformation. A well-developed venture capital system is an important secure tohigh-tech industry. The high risks caused by technology，personnel，and asymmetry ofinformation in the process of technology innovation and transformation may lead tohigher failure rate of venture capital. It can’t be overemphasized to conduct researches onthe risk management for venture capital management. The article not only theoreticallyelaborates the organizational forms，risk characters, portfolio evaluation methods andmodels，exit mechanism and operating mechanism， and substantiates with large amountof cases，but also explores all kinds of risks confronted with venture capital investmentand elicits risk control and management counter-measures.According to the author of more than ten years, the practice of venture capital toexplore, through theoretical analysis and empirical case study of a combination ofmethods, made a systematic study of venture capital, especially venture capital projectsin various stages of assessment and risk management conducted a more in-depthexplored. The authors used invested in some of the cases, validate the various stages ofthe establishment of evaluation index system and evaluation method introduced in theoperability and effectiveness, to improve the success rate of venture capital andeffectively control the risks involved in venture capital has done a some of the work, butalso for others to engage in venture capital as a reference. Some of the creating points ofthe paper include：（1）According to venture capital theory, combined with the author many years ofventure capital experience to design a set of broader coverage, operability strong venturecapital project evaluation index system and using principal component analysis carriedout for its reduction.（2）An improved gray associated with the introduction of France came in to makeventure investment project evaluation methods and models enrich the practice of projectevaluation also provides a powerful tool.（3）The use of supply chain thinking to design a set of workable strong venturecapital project implementation process evaluation and post-evaluation index system, andusing principal component analysis carried out for its reduction, and use the focal pointof the triangle-based whitening weight function evaluation model of the projectimplementation process and implementation of an assessment.（4）The author summarizes China’s overall venture capital and practical experiencein a theoretical way，and puts forward methods on how to recognize the pre-alarmingsignal of risk and count measures of management and control，which is meaningful toimprove the success rate of venture capital investment.更多还原