本文選題：天使投資 + 項目篩選　； 參考：《西安理工大學》2017年碩士論文

【摘要】：中小企業(yè)創(chuàng)立和發(fā)展需要資金支持,資金缺乏就成為了企業(yè)建立和發(fā)展的瓶頸。由此,風險投資機構(gòu)逐漸興起,為創(chuàng)業(yè)企業(yè)提供了新的融資渠道。近些年,有學者發(fā)現(xiàn)中小企業(yè)在創(chuàng)業(yè)初期通過尋找風險投資尋求幫助能得到作用是很有限的,這是因為風險投資將更多地資金投在企業(yè)發(fā)展后期,而對企業(yè)初期發(fā)展來說,天使投資是相對理想的投資方式。但正是由于天使投資的投資期限早,所面臨的風險高,因此天使投資人不僅需要預測未來收益,也必須對存在風險進行估計和判斷。事實上,為了規(guī)避高風險,必須從項目篩選階段開始�；诖�,本文研究了天使投資人項目選擇的關(guān)鍵因素,力求建立客觀的影響因素體系。本文首先借鑒國外文獻對天使投資人項目篩選的研究成果,結(jié)合中國活躍天使投資人投資案例,選取天使投資人項目選擇的影響因素。進而通過問卷調(diào)查的方法了解投資人選擇項目時對各因素的重視程度。通過探索性因子分析和驗證性因子分析的方法將所有因素進行降維處理,提取出7個公因子,再根據(jù)提取的公因子與投資效果評價之間做回歸分析,確定相關(guān)因素對天使投資項目選擇影響程度。各影響因素的影響力從高到低依次為:創(chuàng)業(yè)者綜合能力、創(chuàng)業(yè)者素質(zhì)、項目特征、公司架構(gòu)、產(chǎn)品特征、市場特征以及產(chǎn)品發(fā)展階段。此外,根據(jù)問卷中對被調(diào)查者行業(yè)偏好的調(diào)查結(jié)果,運用單因素方差分析法確定不同行業(yè)偏好的天使投資人在項目選擇因素上是否存在顯著差異,研究發(fā)現(xiàn)不同行業(yè)偏好的投資者對影響因素的重視程度有所差異。最后,根據(jù)因子分析和回歸分析的結(jié)果,針對天使投資人提出了注重創(chuàng)業(yè)者能力和品質(zhì)、選擇完善的企業(yè)管理與背景構(gòu)成、判斷項目發(fā)展?jié)摿�、了解產(chǎn)品發(fā)展階段、根據(jù)自身偏好和能力評價項目特征的投資策略建議。本文研究一方面實證分析了影響天使投資人項目選擇的因素和天使對各影響因素的重視程度,并據(jù)此確定天使投資人投資策略;另一方面天使投資人可以對比自己的投資決策,調(diào)整改進自己的投資過程,降低投資決策的盲目性和投資風險,提高天使投資市場效率,推動中國天使投資市場的進一步發(fā)展。
[Abstract]:The establishment and development of small and medium-sized enterprises need financial support, and the lack of funds becomes the bottleneck of the establishment and development of enterprises. From this, venture capital organization rises gradually, provided new financing channel for venture enterprise. In recent years, some scholars have found that it is very limited for small and medium-sized enterprises to seek help from venture capital in the initial stage of business, which is because venture capital will invest more funds in the later stage of enterprise development, but for the initial development of enterprises, Angel investment is a relatively ideal way to invest. But it is because of the early investment term and the high risk that angel investors not only need to predict the future income but also must estimate and judge the risk. In fact, in order to avoid high risks, you must start at the project screening stage. Based on this, this paper studies the key factors of angel investor project selection, and tries to establish an objective impact factor system. This paper first draws lessons from the research results of angel investor project selection in foreign literature, and selects the influencing factors of angel investor project selection in combination with the case of active angel investor investment in China. And then through the method of questionnaire to understand the investor selection of the project to the importance of each factor. By means of exploratory factor analysis and confirmatory factor analysis, all factors are reduced and seven common factors are extracted, and then regression analysis is made according to the common factors extracted and the evaluation of investment effect. Determine the impact of related factors on angel investment project selection. The influencing factors from high to low are: entrepreneur's comprehensive ability, entrepreneur's quality, project characteristic, company structure, product characteristic, market characteristic and product development stage. In addition, according to the survey results of the respondents' industry preference in the questionnaire, the single-factor variance analysis was used to determine whether there were significant differences in the project selection factors among angel investors in different industry preferences. It is found that investors in different industries pay different attention to influencing factors. Finally, according to the results of factor analysis and regression analysis, the angel investors put forward to pay attention to the ability and quality of entrepreneurs, select perfect enterprise management and background composition, judge the development potential of the project, understand the stage of product development. To evaluate the investment strategy according to their own preferences and ability to evaluate the characteristics of the project. On the one hand, this paper empirically analyzes the factors that affect the choice of angel investors' projects and the degree of attention that angels attach to each factor, and then determines the investment strategy of angel investors; on the other hand, angel investors can compare their investment decisions. We should adjust and improve our own investment process, reduce the blindness and investment risk of investment decision, improve the efficiency of angel investment market, and promote the further development of Chinese angel investment market.
【學位授予單位】：西安理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.48

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