本文選題：風(fēng)險投資　切入點：創(chuàng)始人　出處：《西南大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：風(fēng)險投資在當(dāng)今的社會經(jīng)濟發(fā)展中發(fā)揮著舉足輕重的作用,不僅能幫助中小企業(yè)順利渡過早期資金短缺階段,還能促進科學(xué)實驗技術(shù)的市場轉(zhuǎn)化,同時資本的力量還能推動中國特色社會主義市場經(jīng)濟的不斷完善。但是其投資決策仍沒有形成一套科學(xué)高效的機制及方法。故本文以此作為出發(fā)點進行撰寫。自從上世紀80年,我國開始出現(xiàn)風(fēng)險投資,至今已有30余年。這期間風(fēng)險投資在我國的發(fā)展突飛猛進。但因為風(fēng)險投資是一項風(fēng)險極大、投資階段很多、投資領(lǐng)域很寬,投資決策很復(fù)雜的工作。故根據(jù)投資對象的發(fā)展階段和所屬領(lǐng)域,目前國內(nèi)的風(fēng)險投資基金劃分為各種類別。經(jīng)作者分析比較,在種子期和天使期的項目,創(chuàng)始人這個因素在整個投資決策中至關(guān)重要,是從古至今對“人”的評估都是一件難度極高的事情,因此很難進行量化考核與評估。為完成本研究,筆者在重慶易一天使投資有限公司工作一年,通過認真研究該公司的投資方法,并以國內(nèi)外數(shù)十家知名風(fēng)險投資機構(gòu)的投資標(biāo)準作為驗證,以期構(gòu)建完善的投資評估體系。經(jīng)研究發(fā)現(xiàn)重慶易一天使投資有限公司的投資標(biāo)準基本完善,可以作為風(fēng)險投資的基本評估標(biāo)準。重慶易一天使投資有限公司的這一套投資標(biāo)準是從商業(yè)本質(zhì)推導(dǎo)建立起來的,所以從表面上看六個標(biāo)準中有五個標(biāo)準是對“事”的評估,只有一個標(biāo)準是評估“人”的。但是在筆者看來這些“事”都是基于“人”,故作者將重慶易一天使投資有限公司的投資標(biāo)準總結(jié)為“人的內(nèi)因”和“人的外因”這兩個標(biāo)準。但是通過研究可知,實際上可以完全滿足所有標(biāo)準的早期項目幾乎沒有,所有項目只能部分程度得達到部分標(biāo)準。但經(jīng)過實際檢驗,不能完全達到所有標(biāo)準的項目也可以成功。所以研究的重點就是“達到標(biāo)準什么程度的項目是可以投資的?”為了解決這一問題,首先需要將風(fēng)險投資標(biāo)準進行融合。經(jīng)研究發(fā)現(xiàn),在信息融合領(lǐng)域使用的主要數(shù)學(xué)工具或方法有貝葉斯方法、證據(jù)理論、模糊理論和神經(jīng)網(wǎng)絡(luò)等。本文通過分析對比發(fā)現(xiàn)在此問題上使用層次分析法和模糊理論較為合適。在風(fēng)險投資領(lǐng)域,對人的評估很多時候是感性、模糊的。所以在對投資標(biāo)準進行融合的時候使用的模糊數(shù)的方法對數(shù)據(jù)進行處理,使得數(shù)據(jù)處理更加接近真實情況,得出更精準的數(shù)據(jù)。因為本方法主要應(yīng)用于天使投資領(lǐng)域的項目評估及投資決策,在業(yè)內(nèi)一個天使項目如果可以進入到A輪,那說明該項目的天使投資基本上算是成功的。所以,筆者利用之前在創(chuàng)投圈的一些渠道對數(shù)十個已經(jīng)獲得A輪的項目及創(chuàng)始人進行評測,以實際案例作為本文依據(jù)。經(jīng)分析,對數(shù)十個已經(jīng)進入A輪的項目創(chuàng)始人評測得分均在一個合理區(qū)間內(nèi)(7,8)。所以今后用同樣的方法對天使期的項目進行評測,如果評測結(jié)果低于7,則不能通過投資決策。本文通過研究獲得一套切實可行的投資系統(tǒng),可以對天使期的創(chuàng)業(yè)項目針對創(chuàng)始人進行投資決策評估。此系統(tǒng)在整個風(fēng)險投資基金中作為基礎(chǔ)決策支持。主要是幫助基金中低層投資經(jīng)理快速、精準判斷項目。為基金的“投資決策會”提供決策依據(jù)。
[Abstract]:The risk investment in our social economic development plays an important role, not only can help SMEs smoothly through the early stage of shortage of funds, but also to promote the scientific experiment technology market transformation, at the same time, the power of capital can promote the China characteristics of the continuous improvement of socialist market economy. But the investment decision is still not formed a set of scientific and effective mechanism and method. This paper takes it as a starting point for writing. Since 80 years of the last century, our country began to venture capital, venture capital has been more than 30 years. The rapid development in China during this period. But because of the risk of investment is a risky investment stage, many investment field is very wide, the investment decision is very complex the work. So according to the development stage and belongs to the field of investment, the current domestic risk investment fund is divided into various categories. The author analysis Relatively, in seed and angel of the project, the founder of factors is extremely important in the investment decision-making, is the evaluation of the "people" since ancient times is a very difficult thing, so it is difficult to make quantitative assessment and evaluation. For the completion of this study, the author in Chongqing Yi an angel Investment Co. Ltd. a year through careful study, method of investment of the company, and dozens of well-known domestic and foreign venture capital investment as the standard verification, constructing perfect investment evaluation system in order. The study found that Chongqing Yi an angel investment limited investment standard is perfect, can be used as a basic evaluation criteria for this set of venture capital investment. Chongqing Yi an angel investment standard Investment Company Limited is established from the commercial nature of the derivation, so on the surface of six standard five of the standards for the evaluation of the "thing", only A standard is the evaluation of "people". But in my opinion these "things" are based on "people", so the author will Chongqing an angel investment limited investment criteria summed up as "the internal" and "external" two standards. But the study shows, in fact can fully meet early in the project all the standard almost no, only part of the project to all part of the standard. But after the actual test, can not fully meet all the criteria the project can be successful. So the focus of the study is to what extent the standard items can be invested? "In order to solve this problem, first of all need to be the fusion of venture investment. The study found that a Bayesian method in the main mathematical tools or methods used in the field of information fusion, evidence theory, fuzzy theory and neural network based. This issue of comparative analysis found on the use of AHP and fuzzy theory is more appropriate. In the field of risk assessment of investment, people are often emotional, fuzzy. So data in the method of fuzzy number using fusion when on the investment criteria for processing, the data processing is more close to the actual situation, it is more accurate the data. Because this method is mainly used in the field of angel investment project evaluation and investment decision in the industry, a project if the angel can enter into the A round, that the project is basically angel investment success. Therefore, the author uses some channels of venture capital circles before the logarithm ten have been obtained and the founder of the project A round of evaluation, based on the actual cases as the basis. Through the analysis, log ten has entered the A round of the project founder evaluation scores were at a reasonable interval (7,8). So in the future in the same way to the angel of the project evaluation, the evaluation results if less than 7, not by the investment decision. We obtain a set of feasible investment system through the research of angel of the business project for the founder of investment evaluation. This system as a basis for decision-making in the venture investment fund support mainly to help fund low level investment managers quickly, accurately determine the project. For the fund's investment decision will provide the basis for decision making.

【學(xué)位授予單位】：西南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.48

【參考文獻】

相關(guān)期刊論文 前3條

1 蘭繼斌;徐揚;霍良安;劉家忠;;模糊層次分析法權(quán)重研究[J];系統(tǒng)工程理論與實踐;2006年09期

2 張吉軍;模糊層次分析法(FAHP)[J];模糊系統(tǒng)與數(shù)學(xué);2000年02期

3 楊曉帆;陳廷槐;;人工神經(jīng)網(wǎng)絡(luò)固有的優(yōu)點和缺點[J];計算機科學(xué);1994年02期

相關(guān)博士學(xué)位論文 前1條

1 張淼;我國風(fēng)險投資的決策方法研究[D];吉林大學(xué);2008年

，

本文編號：1629974