风险投资中的风险控制策略研究

【作者】 张良；

【导师】 陈雪飞；

【作者基本信息】 湖南大学 ， 金融学， 2003， 硕士

【摘要】 风险投资方式自二战后孕育成形以来，一直对美国乃至世界经济发挥着极其深远的影响。美国的风险投资成果斐然，以色列、台湾地区、爱尔兰等同样成就卓著。正是在这样的背景之下，以1998年成思危的“一号提案”为契机，中国开始关注风险投资并逐渐兴起了热潮。然而，中国的风险投资在巨大的热情背后，更多的是盲目和无序。为此，我们有必要对风险投资中存在的风险及其控制策略进行全面的考察与研究，以便更好地利用业已被美国等发达国家证明了的投资创新模式，在新世纪之初为我国的经济腾飞插上翅膀。 本文通过对风险投资的涵义、运行机制、主要投资风险以及风险控制一般理论的分析，从风险投资的主、客体两种不同角度出发，根据风险投资的不同阶段分别探讨了风险投资机构和风险企业在风险投资过程中控制风险的策略和方法。从风险投资机构这一投资主体的角度来看，分别从风险投资机构选择对风险企业的介入模式阶段；对具体风险企业的评估阶段；与风险企业关系的构建阶段；风险投资注入后的监管阶段；最后到风险投资的退出阶段，对风险投资机构在整个风险投资过程中的各个不同阶段，探讨了其相应的风险控制策略和模式选择方法。而从风险企业这一风险投资客体的角度来看，根据契约理论中的经营者选择问题理论，主要是要规避风险企业潜在的“退出风险”以及来自风险投资家的“道德风险”，规避的方法有二：通过合同保护企业家的利益和充分运用外界的力量与先进的网络工具。更多还原

【Abstract】 Venture Capital (VC) has given great impact to the economics of U.S.A and the world since it’s founding after the Second World War. The achievement of risk investment of U.S.A. is marked, Israel, Taiwan, Irish etc. equally achieves distinguishedly. Just under such a background, regarding "the first motion "of Cheng Siwei of 1998 as the opportunity, China begins to pay close attention to VC and upsurge has risen gradually. However, the VC of China is mostly blind and unordered behind enormous enthusiasm. Therefore, it’s necessary for us to investigate and study comprehensively the venture that exists in VC and their control strategy, in order to take advantage of innovative model of investing which has been proved by those advanced nations such as U.S.A. etc. to serve the rapid development of our nation’s economy in the early period of the new era.This text analyses the meaning, operating mechanism, main investment risk and risk-control general theory of Venture Capital, and approaches the strategies and methods that the institution of VC and venture enterprise control the risk in the course of venture investment separately according to different stages of VC from the subject and object of VC different angles. From the viewpoint of the VC institution, discusses the corresponding tactics of venture control and select model according to the each different stages in the course of VC separately from the stage of choosing the involvement mode to venture enterprises, to the stage of assessment to concrete venture enterprises, to the stage of constructing the relation with venture enterprises, to the stage of supervision after venture capital is poured into, and to the stage of VC withdrawing finally. And from the viewpoint of venture enterprise, the venture control question is mainly how to evade the potential "withdrawing risk" of itself and the "moral risk" from VC investors. The evading methods are two: one is to protect the entrepreneurs’ interests by the contracts, and the other is to fully use external strength and advanced network tool.更多还原