【摘要】：風(fēng)險(xiǎn)投資及其相關(guān)問(wèn)題的研究是近年來(lái)財(cái)務(wù)管理領(lǐng)域研究的熱點(diǎn)問(wèn)題之一。在我國(guó),風(fēng)險(xiǎn)投資為創(chuàng)新性高新技術(shù)企業(yè)及其業(yè)務(wù)開展做出了重要貢獻(xiàn)。如果風(fēng)險(xiǎn)投資業(yè)運(yùn)行順利,將有利于高新技術(shù)企業(yè)的技術(shù)研發(fā)和高新技術(shù)產(chǎn)業(yè)健康快速的發(fā)展。在風(fēng)險(xiǎn)投資機(jī)構(gòu)選擇具體的投資項(xiàng)目時(shí),最主要的環(huán)節(jié)是依據(jù)評(píng)價(jià)指標(biāo)對(duì)項(xiàng)目進(jìn)行評(píng)價(jià),決定投資與否。從本質(zhì)上說(shuō),風(fēng)險(xiǎn)投資選擇項(xiàng)目的過(guò)程是將社會(huì)資本有效地引導(dǎo)至最佳收益企業(yè)的過(guò)程,而項(xiàng)目選擇時(shí)的評(píng)價(jià)指標(biāo)及其選用等問(wèn)題即是本課題的主要研究?jī)?nèi)容。 本論文研究我國(guó)風(fēng)險(xiǎn)投資家對(duì)項(xiàng)目評(píng)價(jià)指標(biāo)的選用及排序問(wèn)題。論文在認(rèn)真分析了我國(guó)風(fēng)險(xiǎn)投資發(fā)展歷程和相關(guān)課題的研究基礎(chǔ)上,對(duì)風(fēng)險(xiǎn)投資項(xiàng)目評(píng)價(jià)指標(biāo)體系進(jìn)行了深入研究。依據(jù)理論和訪談結(jié)果的分析與討論,提出我國(guó)風(fēng)險(xiǎn)投資家在進(jìn)行項(xiàng)目選擇時(shí)的指標(biāo)體系。該模型包括五項(xiàng)一層指標(biāo),每一項(xiàng)一層指標(biāo)包括四項(xiàng)二層指標(biāo)。五項(xiàng)一層指標(biāo)分別為：管理團(tuán)隊(duì)、技術(shù)與產(chǎn)品、市場(chǎng)與競(jìng)爭(zhēng)環(huán)境、財(cái)務(wù)評(píng)估和項(xiàng)目交易過(guò)程相關(guān)指標(biāo)。在建立的指標(biāo)體系的基礎(chǔ)上,分別以初創(chuàng)期和成熟期數(shù)據(jù)為采集對(duì)象,進(jìn)行了較大數(shù)量的基于問(wèn)卷調(diào)查的數(shù)據(jù)采集。以層次分析法(Analytical Hierarchy Process)和模糊層次分析法作為主要工具進(jìn)行數(shù)據(jù)分析,得到我國(guó)風(fēng)險(xiǎn)投資家在決策時(shí)選用的項(xiàng)目評(píng)價(jià)指標(biāo)的重要性排序結(jié)果。 經(jīng)過(guò)可靠的數(shù)據(jù)分析,結(jié)果表明,對(duì)于初創(chuàng)期和成熟期的企業(yè)和項(xiàng)目選擇,風(fēng)險(xiǎn)投資家均認(rèn)為管理團(tuán)隊(duì)為首要指標(biāo)。對(duì)于初創(chuàng)期企業(yè),風(fēng)險(xiǎn)投資家認(rèn)為第二重要的指標(biāo)是技術(shù)與產(chǎn)品,而該指標(biāo)對(duì)成熟期企業(yè)是相對(duì)最不重要的指標(biāo)。項(xiàng)目交易過(guò)程相關(guān)指標(biāo)對(duì)初創(chuàng)期企業(yè)相對(duì)最不重要,而對(duì)于成熟期企業(yè)是第三重要的指標(biāo)。財(cái)務(wù)評(píng)估指標(biāo)對(duì)成熟期企業(yè)是第二重要的指標(biāo),對(duì)初創(chuàng)期企業(yè)是第三重要的指標(biāo),這體現(xiàn)了資本的逐利本質(zhì)。對(duì)于初創(chuàng)期和成熟期企業(yè),市場(chǎng)與競(jìng)爭(zhēng)環(huán)境指標(biāo)均排在第四位。 本論文的創(chuàng)新之處主要體現(xiàn)在理論模型建立和數(shù)量分析方法應(yīng)用兩方面。理論模型建立的創(chuàng)新之處主要有：(1)采用半結(jié)構(gòu)式訪談方式建立基礎(chǔ)理論模型；(2)多種分析方法的引入及方法間的比較；(3)基于風(fēng)險(xiǎn)企業(yè)不同發(fā)展階段的理論模型動(dòng)態(tài)調(diào)整研究。數(shù)量分析方法應(yīng)用方面的創(chuàng)新之處主要有：(1)運(yùn)用層次分析法對(duì)專家組的評(píng)價(jià)結(jié)果進(jìn)行數(shù)量分析；(2)將模糊層次分析法引入到風(fēng)險(xiǎn)投資項(xiàng)目評(píng)價(jià)指標(biāo)的研究中；(3)將模糊數(shù)學(xué)的模糊層次分析法與一般的層次分析法作比較性研究；(4)在一個(gè)問(wèn)題的研究中,如果采用不同的數(shù)量研究方法得到的結(jié)果相同,這可作為對(duì)研究結(jié)果的可靠性分析。 目前,針對(duì)風(fēng)險(xiǎn)投資,尤其是項(xiàng)目評(píng)價(jià)指標(biāo)選用的研究還屬于起步階段�？梢灶A(yù)見,在我國(guó)風(fēng)險(xiǎn)投資領(lǐng)域今后的研究與實(shí)踐中,經(jīng)典數(shù)學(xué)方法以及模糊理論、灰色理論等諸多非經(jīng)典方法將得到廣泛而深入的應(yīng)用。整體上說(shuō),風(fēng)險(xiǎn)投資是一個(gè)典型的系統(tǒng)工程。在今后的研究中,應(yīng)當(dāng)建立全過(guò)程的、動(dòng)態(tài)的和可控的系統(tǒng)理論模型,為我國(guó)風(fēng)險(xiǎn)投資家的相關(guān)決策起到更為有效的支撐作用。
[Abstract]:The research of venture capital and its related problems is one of the hot issues in the field of financial management in recent years. In our country, venture capital has made an important contribution to the innovative high-tech enterprise and its business. If the operation of the venture investment industry is smooth, it will be in favor of the rapid development of the technology R & D and the healthy and rapid development of the high and new technology industry. When the venture capital institution selects a specific investment project, the most important link is to evaluate the project according to the evaluation index, and decide whether to invest or not. In essence, the process of venture capital selection project is to effectively guide the social capital to the process of the best income enterprise, and the evaluation index and the selection of the project choice are the main research contents of the subject. This paper studies the selection and sequencing of the project evaluation index of the venture capital home in China In this paper, on the basis of careful analysis of the development of venture capital and related subjects, this paper makes an in-depth research on the evaluation index system of venture capital project. Based on the analysis and discussion of the results of the theory and interview, the paper puts forward the index body of the venture capital's home in the project selection. The model includes five indicators, each of which includes four two-layer fingers The five indicators are: management team, technology and product, market and competitive environment, financial evaluation and project transaction process related finger On the basis of the establishment of the index system, the data of the first time and the mature period are taken as the acquisition target, and the data collection based on the questionnaire is carried out. Data analysis is carried out by the Analytical Hierarchy Process and the Fuzzy Analytic Hierarchy Process (AHP) as the main tool, and the importance of the project evaluation index selected by the venture capitalist at the time of decision-making is obtained. Based on the reliable data analysis, the results show that the venture capitalist is the leader of the management team for the enterprise and project selection of the initial stage and the mature stage. For the first-time enterprise, the venture capitalist thinks the second important index is the technology and the product, and the index is relatively least important to the mature enterprise The index of the project course of dealing is the least important to the first-time enterprise, and it is the third important to the mature enterprise The index of financial evaluation is the second important index for mature enterprise, and it is the third important index for the first-time enterprise, which reflects the one-by-one of the capital. in that early and mature stage, the market and competition environment index are all in the same line. The innovation of this thesis is mainly embodied in the establishment and quantitative analysis of the theoretical model. Two aspects are applied: (1) the basic theory model is established by means of semi-structured interview; (2) the comparison between the introduction of various analytical methods and the method; and (3) the theoretical model based on the different development stages of the risk enterprises. The innovation of quantitative analysis method is mainly as follows: (1) the quantitative analysis of the evaluation results of the expert group is carried out by using the analytic hierarchy process; (2) the fuzzy analytic hierarchy process is introduced into the evaluation of the venture capital project. In the study of the subject matter, (3) the fuzzy analytic hierarchy process of the fuzzy mathematics is compared with the general analytic hierarchy process, and (4) In the research of a problem, if the results obtained by using the different quantitative methods are the same, this can be used as the result of the study. Reliability analysis. At present, the research on the selection of venture capital, especially the project evaluation index It also belongs to the initial stage. It can be predicted that many non-classical methods such as the classical mathematical method and the fuzzy theory and the grey theory will be widely used in the future research and practice in the venture capital field of our country Extensive and in-depth application. Overall, venture capital is a In the future research, the whole process, the dynamic and the controllable system theory model should be set up to make the relevant decision of the venture capital home more
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.48;F282;F224

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本文編號(hào)：2396794