本文選題：風(fēng)險(xiǎn)投資　切入點(diǎn)：投資階段　出處：《華南理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：在當(dāng)今經(jīng)濟(jì)全球面臨金融危機(jī)的大背景下，轉(zhuǎn)型中的中國(guó)面臨更加嚴(yán)峻的考驗(yàn)——制造業(yè)態(tài)落后，世界工廠發(fā)生轉(zhuǎn)移，環(huán)境污染加劇，能源資源緊張，食品安全問題……這一系列問題背后都折射出亞洲巨人正站在社會(huì)轉(zhuǎn)型升級(jí)的拐點(diǎn)處。其中，經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型的重任則落在了新一代信息技術(shù)、能源技術(shù)、新材料、生物工程等戰(zhàn)略新興產(chǎn)業(yè)的培育上，產(chǎn)業(yè)結(jié)構(gòu)的轉(zhuǎn)型升級(jí)依賴于企業(yè)的轉(zhuǎn)型升級(jí)，，因此，如何培育一批高新技術(shù)企業(yè)從而推動(dòng)產(chǎn)業(yè)結(jié)構(gòu)轉(zhuǎn)型進(jìn)而推進(jìn)經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型升級(jí)成為未來中國(guó)經(jīng)濟(jì)的熱點(diǎn)。而由于中國(guó)資本市場(chǎng)發(fā)展時(shí)間不長(zhǎng)，金融體系對(duì)培育高新技術(shù)企業(yè)的力度不夠，許多高新技術(shù)項(xiàng)目由于資金、資源問題往往死于早期甚至僅僅停留在實(shí)驗(yàn)室層面�，F(xiàn)代風(fēng)險(xiǎn)投資是一種高風(fēng)險(xiǎn)高回報(bào)的股權(quán)投資方式，它專注于高新技術(shù)項(xiàng)目，幫助培育高新技術(shù)成功孵化，成為高新技術(shù)項(xiàng)目的救星。理論與實(shí)踐表明，風(fēng)險(xiǎn)投資對(duì)企業(yè)技術(shù)創(chuàng)新績(jī)效、企業(yè)績(jī)效等都有顯著的促進(jìn)作用。 本文以此切入，在以往文獻(xiàn)研究基礎(chǔ)上探討風(fēng)險(xiǎn)投資與企業(yè)技術(shù)商業(yè)化的關(guān)聯(lián)性與作用機(jī)制，并以技術(shù)商業(yè)化潛力作為評(píng)價(jià)指標(biāo)，分資金、增值服務(wù)、風(fēng)險(xiǎn)投資契約和投資階段四個(gè)維度探討風(fēng)險(xiǎn)投資與技術(shù)商業(yè)化的定量關(guān)系。本研究還嘗試將風(fēng)險(xiǎn)投資投資階段分組，深入對(duì)比各階段下風(fēng)險(xiǎn)投資投入資金、增值服務(wù)與風(fēng)險(xiǎn)契約對(duì)技術(shù)商業(yè)化潛力影響的強(qiáng)弱關(guān)系。實(shí)證結(jié)果表明，風(fēng)險(xiǎn)投資在企業(yè)早期進(jìn)入比在中后期進(jìn)入對(duì)企業(yè)技術(shù)商業(yè)化潛力的作用更顯著，且該作用是正向的；在早期階段進(jìn)入的風(fēng)險(xiǎn)投資各項(xiàng)要素對(duì)技術(shù)商業(yè)化潛力的作用與中后期進(jìn)入的相比是有顯著差異的。最后，本文針對(duì)研究結(jié)果提出了對(duì)發(fā)展資本市場(chǎng)及政府引導(dǎo)基金的建議。
[Abstract]:In the background of today's global economy is facing the financial crisis, in the transition of Chinese face more severe test - making format behind the world factory shift, environmental pollution, energy shortage, food safety issues. This reflects a series of problems behind the Asian giant is standing at the turning point in the social transformation and upgrading. The task of economic restructuring, it falls on a new generation of information technology, energy technology, new materials, bio engineering and cultivation of strategic emerging industries, the transformation and upgrading of industrial structure depends on the transformation and upgrading of enterprises, therefore, how to foster a number of high-tech enterprises to promote industrial restructuring and promote economic restructuring China upgraded to become the economic focus of the future. But due to the development of the capital market is not a long time Chinese efforts, the financial system of the cultivation of high-tech enterprises is not enough, a lot of new and high technology Operation project due to funding, resources often died of early even only in the laboratory level. Modern risk investment is a high risk and high return of equity investment, it focus on high-tech projects, help cultivate high-tech hatch and become a high-tech project lifesaver. Theory and practice show that the investment risk of enterprise technological innovation the performance of enterprise performance has a significant role in promoting.
This cut, the relationship and mechanism of risk investment and enterprise technology commercialization based on previous literature, and the potential of technology commercialization as the evaluation index, money, value-added services, to explore the quantitative relationship between venture capital and technology commercialization of the four dimensions of venture capital contract and investment stage. This study also try the investment stage of venture capital group, venture capital investment in each stage of in-depth comparison, influence of value-added services and risk of contract technology commercial potential strength relations. The empirical results show that venture capital investment in the enterprise than in the late early entry into the commercial potential of the enterprise more prominent role, and the effect is positive the effect of entering; in the early stages of the investment risk of the elements of the potential for the commercialization of technology and in the late entry is compared with significant differences. Finally, the The paper puts forward some suggestions on the development of the capital market and the government guidance fund.

【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】：2014
【分類號(hào)】：F273.1;F275;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前7條

1 黃魯成;王吉武;盧文光;;基于ANP的新技術(shù)產(chǎn)業(yè)化潛力評(píng)價(jià)研究[J];科學(xué)學(xué)與科學(xué)技術(shù)管理;2007年04期

2 項(xiàng)喜章;論風(fēng)險(xiǎn)投資后管理[J];探索;2002年04期

3 俞以平,李琦;風(fēng)險(xiǎn)投資中委托代理問題的研究[J];石油化工技術(shù)經(jīng)濟(jì);2002年01期

4 聶祖榮;高校成果轉(zhuǎn)化模式[J];中國(guó)高�？萍寂c產(chǎn)業(yè)化;2002年11期

5 談毅,馮宗憲;高新技術(shù)風(fēng)險(xiǎn)投資過程中監(jiān)控模式設(shè)計(jì)[J];中國(guó)軟科學(xué);2000年02期

6 宋逢明,陳濤濤;高科技投資項(xiàng)目評(píng)價(jià)指標(biāo)體系的研究[J];中國(guó)軟科學(xué);1999年01期

7 茍燕楠;董靜;;風(fēng)險(xiǎn)投資進(jìn)入時(shí)機(jī)對(duì)企業(yè)技術(shù)創(chuàng)新的影響研究[J];中國(guó)軟科學(xué);2013年03期

相關(guān)博士學(xué)位論文 前1條

1 盧文光;新興技術(shù)產(chǎn)業(yè)化潛力評(píng)價(jià)及其成長(zhǎng)性研究[D];北京工業(yè)大學(xué);2008年

本文編號(hào)：1601198