本文選題：高新技術(shù)企業(yè)　切入點(diǎn)：風(fēng)險(xiǎn)投資　出處：《華南理工大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：在當(dāng)今全球經(jīng)濟(jì)面臨金融危機(jī)的大背景下，，中國(guó)經(jīng)濟(jì)的發(fā)展正面臨著嚴(yán)峻的“轉(zhuǎn)型”難題，而高新技術(shù)就成為了我國(guó)當(dāng)今社會(huì)經(jīng)濟(jì)轉(zhuǎn)型和可持續(xù)發(fā)展的重要支柱。由于高新技術(shù)企業(yè)具有高投入和高風(fēng)險(xiǎn)的特性，其必須依賴風(fēng)險(xiǎn)投資資本的“助力”才能飛速發(fā)展。于此同時(shí)，高新技術(shù)企業(yè)高成長(zhǎng)的特性也吸引了大量的風(fēng)險(xiǎn)投資資本，特別是在有中國(guó)“納斯達(dá)克”之稱的創(chuàng)業(yè)板成功啟動(dòng)之后，投向高新技術(shù)企業(yè)的風(fēng)險(xiǎn)投資資本已經(jīng)占我國(guó)所有風(fēng)險(xiǎn)投資資本總量的80%以上。 如何運(yùn)用行之有效的科學(xué)的方法評(píng)價(jià)高新技術(shù)企業(yè)風(fēng)險(xiǎn)投資項(xiàng)目的優(yōu)劣成為當(dāng)今我國(guó)風(fēng)險(xiǎn)投資領(lǐng)域急需解決的問題。因此，本文通過(guò)對(duì)高新技術(shù)風(fēng)險(xiǎn)投資項(xiàng)目的特點(diǎn)進(jìn)行深入分析，研究其有關(guān)決策模型并對(duì)模型進(jìn)行運(yùn)用，對(duì)加快我國(guó)高新技術(shù)風(fēng)險(xiǎn)投資的發(fā)展具有十分重要理論和實(shí)際意義。 本文在對(duì)國(guó)內(nèi)外研究現(xiàn)狀進(jìn)行大量的充分的研究基礎(chǔ)上，通過(guò)深入分析高新技術(shù)企業(yè)風(fēng)險(xiǎn)投資項(xiàng)目的特點(diǎn)和風(fēng)險(xiǎn)投資項(xiàng)目投資決策過(guò)程，同時(shí)深入剖析不同發(fā)展階段高新技術(shù)企業(yè)風(fēng)險(xiǎn)投資項(xiàng)目的特征后提出種子期與初創(chuàng)期、成長(zhǎng)期與擴(kuò)張期的高新技術(shù)企業(yè)風(fēng)險(xiǎn)投資項(xiàng)目評(píng)價(jià)指標(biāo)體系。為了對(duì)評(píng)價(jià)指標(biāo)體系進(jìn)行優(yōu)化，本文通過(guò)設(shè)計(jì)調(diào)查問卷并向風(fēng)險(xiǎn)投資者發(fā)放得到相關(guān)調(diào)查數(shù)據(jù)，并利用數(shù)理統(tǒng)計(jì)方法和二元語(yǔ)義得到優(yōu)化后的評(píng)價(jià)指標(biāo)體系。 本文利用近年來(lái)決策領(lǐng)域研究的熱點(diǎn)基于二元語(yǔ)義語(yǔ)言信息的評(píng)價(jià)方法對(duì)優(yōu)化后的高新技術(shù)企業(yè)風(fēng)險(xiǎn)投資項(xiàng)目評(píng)價(jià)體系進(jìn)行評(píng)價(jià)，并從二元語(yǔ)義加權(quán)平均算子、二元語(yǔ)義T-OWA算子以及二元語(yǔ)義與灰色理論相結(jié)合這三個(gè)不同的方面對(duì)二元語(yǔ)義評(píng)價(jià)方法進(jìn)行深入研究，并提出采用先驗(yàn)權(quán)重和后驗(yàn)權(quán)重的方式得到?jīng)Q策者權(quán)重信息，具有較強(qiáng)的創(chuàng)新性。 最后，本文結(jié)合高新技術(shù)企業(yè)風(fēng)險(xiǎn)投資的實(shí)際案例對(duì)該指標(biāo)體系與評(píng)價(jià)模型進(jìn)行檢驗(yàn)，表明本指標(biāo)體系與評(píng)價(jià)模型能夠比較全面、綜合的反映出高新技術(shù)企業(yè)的優(yōu)劣勢(shì)，具有信息量大，易于分析與比較，操作性強(qiáng)等特點(diǎn)。
[Abstract]:In the background of today's global economy is facing a financial crisis, Chinese economic development is facing a serious problem of "transformation", and high technology has become an important pillar of China's current social and economic transformation and sustainable development. Due to the characteristics of high-tech enterprises with high cost and high risk, it must rely on venture capital the "power" to the rapid development. At the same time, the high-tech enterprises and high growth characteristics but also attract a large number of venture capital, especially in the gem launch success China "NASDAQ" said later, to high-tech enterprises, venture capital has accounted for more than all of China's venture capital total 80%.
How to use risk investment project evaluation methods of scientific effective high-tech enterprises has become the urgent need of our country risk investment problem. Therefore, this paper through the analysis of characteristics of high tech risk investment project, the related research on the decision-making model and the model application, has a very important theoretical and practical significance for accelerate the development of high tech risk investment in our country.
This article on the current status of the full research foundation, through in-depth analysis of the investment decision of venture capital project of high-tech enterprises and venture capital projects, and in-depth analysis of characteristics of risk investment projects in different stages of development of high-tech enterprises put forward after the seed stage and start-up stage, the evaluation index system of high-tech venture investment project technology enterprise growth and expansion stage. In order to optimize the evaluation index system, this paper designs questionnaire and risk to investors get related survey data, and using the method of mathematical statistics and two tuple is obtained after the optimization of the evaluation index system.
The recent hot research field based on decision evaluation system to evaluate the two tuple linguistic information of high-tech enterprises after optimizing the risk of investment projects, and weighted from two yuan to two yuan of semantic semantic average operator, T-OWA operator and two tuple grey theory and in-depth study combined with the evaluation of the two tuple methods of the three different aspects, and puts forward the prior weight and posterior weights of the obtained weights of decision-makers, with a strong innovation.
Finally, combining with the actual case of venture capital in high tech enterprises to test the index system and evaluation model, shows that the index system and evaluation model to a more comprehensive and comprehensive reflect the high-tech enterprises of the advantages and disadvantages of the large amount of information, easy to analysis and comparison, the characteristics of strong operability.

【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.48;F276.44

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