本文選題：天使投資組織 + 天使投資俱樂部　； 參考：《上海交通大學(xué)》2013年碩士論文

【摘要】：“天使投資”是指具有一定資本積累的個人對早期的初創(chuàng)企業(yè)進行權(quán)益資本投資的一種資本運作模式。天使投資有效填補了初創(chuàng)企業(yè)在獲得朋友和家人的資助與獲得風(fēng)險投資機構(gòu)的投資階段之間的資金空缺，對一個國家的科技創(chuàng)新經(jīng)濟起到重要的推動作用。在歐美國家，天使投資已經(jīng)成為創(chuàng)業(yè)企業(yè)的重要資本來源之一。2011年，美國活躍天使投資人接近32萬人，天使投資總規(guī)模為225億美元，共投資了6.6萬多家企業(yè)。 天使投資組織是個人天使投資活動發(fā)展到一定階段的產(chǎn)物。天使投資組織的出現(xiàn)為天使投資人和創(chuàng)業(yè)者之間搭建了合作的平臺，提升了天使投資行為的專業(yè)性和規(guī)范性，增強了天使投資人群體的影響力，從而進一步推動了天使投資的發(fā)展。在美國，常見的天使投資組織類型有天使投資俱樂部和天使投資協(xié)會、天使投資機構(gòu)和基金、與孵化器相結(jié)合的天使投資、以及網(wǎng)絡(luò)融資平臺等。經(jīng)過二十多年的發(fā)展，這些天使投資組織已經(jīng)成為美國天使投資活動的主流組織形式，并進入了相對成熟的發(fā)展階段。 在我國，天使投資的發(fā)展才剛剛起步，天使投資組織的建設(shè)也處于萌芽階段，運作和管理模式仍在摸索過程中。諸如投資環(huán)境不健全、信息溝通渠道狹窄、投資者專業(yè)能力欠缺等多方面因素都成為我國天使投資組織發(fā)展所面臨的障礙。本文通過分析天使投資組織在美國的成熟發(fā)展經(jīng)驗以及我國天使投資組織的發(fā)展現(xiàn)狀和運作模式，探究我國天使投資組織遇到的問題和解決對策，以期對天使投資在中國的發(fā)展起到一定的推動作用。 本論文分為四個部分： 第一部分論述了本文的研究背景，介紹了國內(nèi)外學(xué)者在“天使投資”和“天使投資組織”領(lǐng)域的相關(guān)研究成果。對于文中所使用的“天使投資組織”概念進行了界定。同時，，對本文的研究內(nèi)容和所使用的研究方法進行了說明。 第二部分是對天使投資、天使投資組織的綜述，并總結(jié)美國發(fā)展天使投資組織的成功經(jīng)驗。本文從美國天使投資組織提供的服務(wù)內(nèi)容、機構(gòu)化的運作方式、與孵化器的結(jié)合、眾籌模式的新嘗試、各級政府制定的激勵性政策等多個角度探究美國天使投資組織發(fā)展的規(guī)律以及經(jīng)驗。 第三部分是對我國以及上海市的天使投資組織的發(fā)展現(xiàn)狀分析。本文在對我國的天使投資人特點進行分析的基礎(chǔ)上，探討國內(nèi)天使投資組織的特征和運作模式，進而分析我國發(fā)展天使投資組織遇到的問題并提出對策建議。本文進一步針對上海市天使投資組織的發(fā)展環(huán)境進行了討論，并分析當?shù)貎蓚�天使投資組織案例的運作模式和經(jīng)驗，最后對上海市未來的天使投資組織發(fā)展作出展望。 第四部分是論文的結(jié)論部分。基于上述各章的分析，本部分總結(jié)了在我國現(xiàn)有國情下發(fā)展天使投資組織的主要挑戰(zhàn)和對策，對我國天使投資組織未來的正規(guī)化、成熟化發(fā)展進行了展望。
[Abstract]:"Angel investment" refers to a capital operation mode in which individuals with certain capital accumulation invest equity capital in early start-up enterprises. Angel investment can effectively fill the gap between getting friends and family and investing in venture capital institutions, which plays an important role in promoting the economy of science and technology innovation in a country. Angels have become an important source of capital for startups in Europe and the United States. In 2011, nearly 320000 active angel investors in the United States, with a total investment of $22.5 billion, invested more than 66000 businesses. The angel investment organization is the individual angel investment activity develops to the certain stage the product. The emergence of angel investment organizations has set up a platform for cooperation between angel investors and entrepreneurs, enhanced the professionalism and standardization of angel investment behavior, and enhanced the influence of angel investors. This further promoted the development of angel investment. In the United States, common types of angel investment organizations include angel investment clubs and angel investment associations, angel investment institutions and funds, angel investments combined with incubators, and online financing platforms. After more than 20 years of development, these angel investment organizations have become the mainstream organization form of angel investment activities in the United States, and have entered a relatively mature stage of development. In China, the development of angel investment is just beginning, the construction of angel investment organization is also in the embryonic stage, and the operation and management mode is still in the process of exploration. Many factors, such as imperfect investment environment, narrow channels of information communication and lack of professional ability of investors, have become obstacles to the development of angel investment organizations in China. By analyzing the mature development experience of angel investment organization in the United States and the present situation and operation mode of angel investment organization in our country, this paper probes into the problems encountered by angel investment organization in China and the countermeasures to solve it. With a view to angel investment in China to play a role in promoting the development. This thesis is divided into four parts: The first part discusses the research background of this paper and introduces the related research results of domestic and foreign scholars in the field of angel investment and angel investment organization. The concept of angel investment organization is defined in this paper. At the same time, the research contents and methods used in this paper are explained. The second part is a summary of angel investment and angel investment organization, and summarizes the successful experience of developing angel investment organization in America. This paper is based on the service provided by Angel Investment Organization of the United States, the mode of institutional operation, the combination with incubator, and the new attempt of crowdfunding model. The incentive policies made by governments at all levels explore the laws and experiences of the development of angel investment organizations in the United States. The third part analyzes the present situation of angel investment organization in Shanghai and China. Based on the analysis of the characteristics of angel investors in China, this paper probes into the characteristics and operating modes of domestic angel investment organizations, and then analyzes the problems encountered in the development of angel investment organizations in China and puts forward some countermeasures and suggestions. This paper further discusses the development environment of Shanghai Angel Investment Organization, analyzes the operation mode and experience of two local angel investment organization cases, and finally makes a prospect for the future development of angel investment organization in Shanghai. The fourth part is the conclusion of the paper. Based on the analysis of the above chapters, this part summarizes the main challenges and countermeasures of developing angel investment organization under the current situation of our country, and looks forward to the regularization and mature development of angel investment organization in our country in the future.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.48

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