發(fā)布時(shí)間：2019-04-17 19:55

【摘要】：公司風(fēng)險(xiǎn)投資（Corporate Venture Capital,簡稱CVC)是指具有明確主營業(yè)務(wù)的非金融類企業(yè)以風(fēng)險(xiǎn)資本的形式在內(nèi)部或外部進(jìn)行的投資。公司風(fēng)險(xiǎn)投資于20世紀(jì)60年代出現(xiàn)在美國，之后在各國快速發(fā)展，目前已經(jīng)成為世界風(fēng)險(xiǎn)投資的重要組成部分。從我國的發(fā)展?fàn)顩r來看，雖然我國公司風(fēng)險(xiǎn)投資起步較晚，但發(fā)展速度很快，從近幾年的《中國風(fēng)險(xiǎn)投資年鑒》可以看到，公司風(fēng)險(xiǎn)投資已經(jīng)成為我國風(fēng)險(xiǎn)投資的主要力量之一。 本文以公司風(fēng)險(xiǎn)投資的直接投資和委托投資為研究焦點(diǎn)，結(jié)合各國公司風(fēng)險(xiǎn)投資的發(fā)展情況以及專家學(xué)者的研究成果，從財(cái)務(wù)回報(bào)和戰(zhàn)略回報(bào)兩大方面對(duì)公司風(fēng)險(xiǎn)投資對(duì)公司的價(jià)值提升途徑進(jìn)行了深入詳細(xì)的分析，研究其對(duì)公司的價(jià)值創(chuàng)造方式；之后從公司、被投資企業(yè)及外界影響等方面探討了可能影響公司風(fēng)險(xiǎn)投資價(jià)值創(chuàng)造的風(fēng)險(xiǎn)來源，最后對(duì)公司風(fēng)險(xiǎn)投資的風(fēng)險(xiǎn)控制問題進(jìn)行了研究。 本文首先對(duì)公司風(fēng)險(xiǎn)投資的特征進(jìn)行分析，在分析的過程中以普通風(fēng)險(xiǎn)投資作為比較對(duì)象來進(jìn)行闡述。以此為出發(fā)點(diǎn)，從財(cái)務(wù)回報(bào)和戰(zhàn)略回報(bào)兩個(gè)方面探索了公司風(fēng)險(xiǎn)投資對(duì)公司的價(jià)值提升途徑、投資方式及投資優(yōu)勢(shì)等。接著，從公司、企業(yè)及外界因素等多個(gè)方面對(duì)可能降低公司風(fēng)險(xiǎn)投資價(jià)值創(chuàng)造的風(fēng)險(xiǎn)因素進(jìn)行了分析。最后從對(duì)被投資企業(yè)的流程再造，完善風(fēng)險(xiǎn)控制機(jī)制和對(duì)經(jīng)理人的激勵(lì)機(jī)制三個(gè)方面對(duì)其風(fēng)險(xiǎn)控制問題進(jìn)行了探討，闡述了對(duì)被投資企業(yè)的再造流程，說明了預(yù)警的思路，建立了預(yù)警指標(biāo)體系，并建立模型對(duì)經(jīng)理人的激勵(lì)問題進(jìn)行了分析，，指出分段激勵(lì)和聲譽(yù)激勵(lì)對(duì)經(jīng)理人的重要影響，為公司風(fēng)險(xiǎn)投資健康發(fā)展和投資效益的提高提供參考。
[Abstract]:(Corporate Venture Capital, (CVC) refers to the investment of non-financial enterprises in the form of venture capital in the form of internal or external venture capital. Corporate venture capital appeared in the United States in 1960's, then developed rapidly in various countries, and has become an important part of venture capital in the world. Judging from the development situation of our country, although the venture capital of our company starts late, but the speed of development is very fast, we can see from the China Venture Capital Yearbook in recent years. Corporate venture capital has become one of the main forces of venture capital in China. This paper focuses on the direct investment and entrustment investment of corporate venture capital, combined with the development of venture capital of various countries and the research results of experts and scholars. From the two aspects of financial return and strategic return, this paper makes a thorough and detailed analysis of the ways to enhance the value of corporate venture capital to the company, and studies the way of value creation of the venture capital to the company. Then it discusses the sources of risk which may affect the value creation of venture capital from the aspects of company, invested enterprise and external influence. Finally, the paper studies the risk control of venture capital. In this paper, the characteristics of venture capital are analyzed firstly, and the common venture capital is used as the object of comparison in the course of the analysis. Taking this as the starting point, this paper explores the ways, investment methods and investment advantages of venture capital to the company from the aspects of financial return and strategic return. Then, this paper analyzes the risk factors which may reduce the value creation of venture capital from the aspects of company, enterprise and external factors. Finally, the paper discusses the risk control of the invested enterprise from three aspects: the process reengineering of the invested enterprise, the perfection of the risk control mechanism and the incentive mechanism of the manager, expounds the reengineering process of the invested enterprise, and explains the train of thought of early warning. The early warning index system is established and the model is established to analyze the incentive problem of managers. It is pointed out that the important influence of segmented incentive and reputation incentive on managers provides a reference for the healthy development of venture capital and the improvement of investment benefit in a company.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.48;F272

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王玉玲;;基于聲譽(yù)的不完全契約的實(shí)施[J];北方經(jīng)濟(jì);2007年12期

2 徐晉;王愛民;陳宏民;;考慮聲譽(yù)效應(yīng)的風(fēng)險(xiǎn)投資控制權(quán)激勵(lì)機(jī)制[J];管理工程學(xué)報(bào);2007年03期

3 劉偉;袁凱;;一種基于可轉(zhuǎn)換債權(quán)的創(chuàng)業(yè)投資模式設(shè)計(jì)[J];技術(shù)經(jīng)濟(jì);2009年11期

4 胡金玉;夏若江;;公司風(fēng)險(xiǎn)投資——培育企業(yè)核心競爭力的新途徑[J];科技管理研究;2007年07期

5 劉建香;;技術(shù)購買與公司風(fēng)險(xiǎn)投資——大企業(yè)從外部獲取技術(shù)創(chuàng)新源的兩種方式之比較[J];科技管理研究;2008年09期

6 童敏;;基于公司風(fēng)險(xiǎn)投資的外部創(chuàng)新戰(zhàn)略研究[J];科技進(jìn)步與對(duì)策;2009年08期

7 陳軍;美國公司風(fēng)險(xiǎn)投資分析——發(fā)展、特點(diǎn)及運(yùn)作機(jī)理[J];改革;2001年01期

8 崔遠(yuǎn)淼,吳國新;美國公司風(fēng)險(xiǎn)投資分析及對(duì)我國的啟示[J];生產(chǎn)力研究;2005年05期

9 李欣;公司創(chuàng)業(yè)投資動(dòng)機(jī)及其模式探析[J];特區(qū)經(jīng)濟(jì);2005年05期

10 叢海濤,唐元虎;公司風(fēng)險(xiǎn)投資對(duì)核心競爭力的作用機(jī)理研究[J];研究與發(fā)展管理;2003年04期

相關(guān)碩士學(xué)位論文 前3條

1 黃達(dá);公司創(chuàng)業(yè)投資信息披露困境的解決及其對(duì)創(chuàng)業(yè)投資市場(chǎng)效率的改進(jìn)[D];復(fù)旦大學(xué);2008年

2 李靜;CVC風(fēng)險(xiǎn)投資公司治理方案研究[D];蘭州大學(xué);2009年

3 劉松;公司風(fēng)險(xiǎn)投資中的雙邊道德風(fēng)險(xiǎn)及治理研究[D];中國科學(xué)技術(shù)大學(xué);2009年

本文編號(hào)：2459753