【摘要】：創(chuàng)業(yè)投資的興起與發(fā)展帶來了美國乃至全球經(jīng)濟(jì)的大繁榮和科技的大發(fā)展，并逐漸引起了社會(huì)的廣泛重視。目前創(chuàng)業(yè)投資主要采用創(chuàng)投基金的組織形式，作為新興金融創(chuàng)新產(chǎn)品，，其創(chuàng)新性和不確定性使創(chuàng)業(yè)投資機(jī)構(gòu)面臨很多潛在危機(jī)，其中一個(gè)重要且直接的威脅就是基金運(yùn)行中的財(cái)務(wù)風(fēng)險(xiǎn)，財(cái)務(wù)風(fēng)險(xiǎn)貫穿于創(chuàng)投基金運(yùn)行的融資、投資管理和退出的過程中。如果對(duì)財(cái)務(wù)風(fēng)險(xiǎn)管理不善，就會(huì)影響投資運(yùn)行的實(shí)際效果，甚至導(dǎo)致失敗。因此，站在創(chuàng)業(yè)投資者的角度，應(yīng)充分分析基金運(yùn)行中可能存在的風(fēng)險(xiǎn)因素，采取全面的控制措施，減小財(cái)務(wù)風(fēng)險(xiǎn)，實(shí)現(xiàn)投資收益。 本文采用案例形式對(duì)創(chuàng)投基金運(yùn)行中的財(cái)務(wù)風(fēng)險(xiǎn)控制問題進(jìn)行研究。文章首先系統(tǒng)地闡述了創(chuàng)投基金運(yùn)行中財(cái)務(wù)風(fēng)險(xiǎn)控制的基本理論，接著結(jié)合M公司創(chuàng)投基金運(yùn)行的實(shí)際情況，從融資、投資和退出三個(gè)階段詳細(xì)分析其所面臨的財(cái)務(wù)風(fēng)險(xiǎn)以及已采取的相關(guān)控制措施，經(jīng)分析發(fā)現(xiàn)M公司在創(chuàng)投基金運(yùn)行中存在融資制度不完善、融資渠道有限、投資項(xiàng)目估值不科學(xué)、投資工具單一以及退出時(shí)機(jī)和渠道選擇等方面問題。針對(duì)這些問題，本文提出了相關(guān)改進(jìn)措施，主要包括建立創(chuàng)業(yè)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)預(yù)警機(jī)制；采用基于期權(quán)定價(jià)理論解決投資選擇和投資初始規(guī)模的決策問題；強(qiáng)化創(chuàng)業(yè)投資基金運(yùn)行過程不同階段的財(cái)務(wù)風(fēng)險(xiǎn)控制；完善創(chuàng)業(yè)投資財(cái)務(wù)風(fēng)險(xiǎn)控制的相機(jī)治理機(jī)制；充分發(fā)揮政府在稅收、法律、資本等方面的輔助作用。M公司創(chuàng)投基金運(yùn)行中財(cái)務(wù)風(fēng)險(xiǎn)的控制措施和改進(jìn)方法具有普遍的應(yīng)用意義，其他創(chuàng)業(yè)投資機(jī)構(gòu)可以根據(jù)自身情況加以借鑒。
[Abstract]:The rise and development of venture capital has brought the prosperity of American and global economy and the development of science and technology, and has gradually aroused the widespread attention of the society. At present, venture capital mainly adopts the organizational form of venture capital fund. As a new financial innovation product, its innovation and uncertainty make venture capital organizations face many potential crises. One of the important and direct threats is the financial risk in the operation of the fund, which runs through the process of financing, investment management and withdrawal of the venture capital fund. If the financial risk is not well managed, it will affect the actual effect of investment operation and even lead to failure. Therefore, from the point of view of venture capital, we should fully analyze the possible risk factors in fund operation, take comprehensive control measures to reduce financial risk and realize investment returns. This paper studies the financial risk control in the operation of venture capital fund by case study. In this paper, the basic theory of financial risk control in the operation of venture capital funds is systematically expounded, and then, combining with the actual situation of the operation of venture capital funds of M Company, the paper starts with the theory of financing. In the three stages of investment and withdrawal, the financial risk and related control measures are analyzed in detail. It is found that M company has imperfect financing system and limited financing channels in the operation of venture capital fund. The investment project valuation is not scientific, the investment tool is single, the exit time and channel choice and so on. Aiming at these problems, this paper puts forward the relevant improvement measures, including establishing the early-warning mechanism of the financial risk of the venture enterprise, adopting the option pricing theory to solve the problem of investment choice and the decision of the initial investment scale. Strengthen the financial risk control of venture capital fund in different stages of operation, perfect the camera governance mechanism of venture capital financial risk control, give full play to the government in tax, law, The controlling measures and improving methods of financial risk in the operation of venture capital fund of M company have universal application meaning, and other venture capital institutions can use for reference according to their own situation.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.48

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 王曦;優(yōu)化A創(chuàng)投公司項(xiàng)目投資風(fēng)險(xiǎn)控制體系的研究[D];蘇州大學(xué);2013年

本文編號(hào)：2179913