【作者】 汪冠群；

【导师】 余学斌；

【作者基本信息】 武汉科技大学 ， 企业管理， 2003， 硕士

【摘要】 风险投资作为一种新型投融资机制，对我国高新技术产业化起到了推动器的作用。风险投资业在我国发展时间不长，在实践环节存在着一些问题。其中在风险投资项目评估方面，存在着投资决策过程模糊、评估方法陈旧、投资收益低等问题。本文以风险投资项目评估的内容作为研究对象，具体包括项目评估指标设计、项目评估方法体系、项目定价这三个方面。笔者在对已有研究成果进行理论分析的基础上，结合对真实风险投资项目评估过程的调查研究，对风险投资项目评估中存在的若干问题进行了分析，并提出了相关的政策建议。 全文内容安排如下： 第一章阐述了高新技术产业投资的特点，以及风险投资的涵义、特征、运作模式和对高新技术产业化所起的作用，在此基础上提出了本论文的研究主题。 第二章是对风险投资项目评估指标设计、评估方法体系、项目定价这三方面的研究文献的批评性回顾，这三方面的内容是相互联系、相互影响的，它们共同构成了风险投资项目评估的基本内容。 在第三章，笔者首先对现有研究中存在的问题进行分析，运用战略管理理论对风险投资运作模式进行了分析，在此基础上提出了理论分析与案例分析相结合的分析框架，对风险投资项目评估的内容展开研究。得出以下结论： Ⅰ 首先讨论了风险投资公司的投资战略，提出了风险投资项目战略空间选择模型。 Ⅱ 运用文献分析方法，提出核心评估体系，并对评估指标阶段性和核心指标的运用情况进行了实证分析。 Ⅲ 对典型评估方法的特点进行归纳分析，并将评估指标和评估方法进行结合研究，对典型定价方法进行理论分析和实证研究，最后提出了多评估方法综合运用策略。 第四章对全文内容进行总结，并展望有关风险投资项目评估的研究前景。更多还原

【Abstract】 Venture capital (VC) is a new investment style comparing with other traditional finance investment styles. In china today, it is acting as a role of ’propeller’ in the process of industrialization of high and new technology. However VC has developed in China for less than two decades, there are some problems and ticklers in practical field of VC. Among these questions, some are related with the activity of VC projects evaluation including fuzziness of the decision making process, timeworn evaluation methods, and low investment return. This paper focuses on the content of evaluation of VC projects which can be subdivided three parts -evaluation indices system, evaluation methods system and the projects pricing model. Author uses research document analysis method and real VC projects cases investigation to analyze some existing questions. At the base of the research and analysis above, author brings up some advices of policy about VC projects evaluation practice. The content of this paper is arranged as below:In the first chapter, the paper illuminates the characteristics of investment of hi-tech projects the definition, characteristics and operation model of VC and the function of VC in the process of high and new technology industrialization. In the end, author points out the theme of the paper.The second chapter is the critical literature review about evaluation indices system, evaluation methods system and the projects pricing model of VC projects. These three parts interact and interrelate one another. They compose the basic content of VC projects evaluation together.In the third chapter, the author firstly point out the existing deficiency of the present research and analyze the practical operation model of VC according to the corporation strategy management theory. Secondly, the author sets forth the total analysis frame of the paper. Then the author discusses some viewpoint about content of VC projects evaluation. Concrete conclusions include:I On the basis of research on the investment strategy of VC company and the aims of VC company , a strategic room choosing model of VC projects is brought up.II Thought the method of research documents analysis , a core evaluation index system is brought up. Then, the author carries out a empirical research on the evaluation effect of core evaluation index and the staged usage of evaluation indices.IIIAfter classifying the evaluation methods and generalizing the characteristics of the typical evaluation methods of VC projects. The author carries out a conjoined research between evaluation index and evaluation methods of VC projects .At the end of this chapter, author brings up some advices about combined usage tactics of multi evaluation methods.The last chapter summarizes the content above and prospects the future of the research on the VC projects evaluation.更多还原