本文選題：創(chuàng)業(yè)投資產(chǎn)業(yè)鏈 + VC和PE共生系統(tǒng)�。� 參考：《東華大學(xué)》2013年碩士論文

【摘要】：近年來(lái),無(wú)論是天使投資、VC或PE都在我國(guó)發(fā)展迅速。從天使投資、VC和PE所偏好的投資階段來(lái)看,它們形成了一條投資創(chuàng)新企業(yè)的產(chǎn)業(yè)鏈,即創(chuàng)業(yè)投資產(chǎn)業(yè)鏈。其中,迅猛發(fā)展的VC和PE更已成為我國(guó)產(chǎn)業(yè)投資的主力軍之一。不過(guò),在我國(guó)創(chuàng)業(yè)投資行業(yè)火熱的背后,也存在著令人擔(dān)憂的問題。如VC投資的PE化趨勢(shì)、PE機(jī)構(gòu)過(guò)分看重項(xiàng)目短期上市、VC和PE對(duì)個(gè)別行業(yè)情有獨(dú)鐘等等。 我國(guó)正處在經(jīng)濟(jì)結(jié)構(gòu)戰(zhàn)略性調(diào)整的重大轉(zhuǎn)折時(shí)期,想要發(fā)展創(chuàng)新型經(jīng)濟(jì),就迫切需要理清我國(guó)創(chuàng)業(yè)投資產(chǎn)業(yè)鏈的發(fā)展?fàn)顩r。對(duì)其中VC和PE的共生發(fā)展?fàn)顩r進(jìn)行科學(xué)判斷,才能找到它們和諧發(fā)展的最佳途徑,同時(shí)政府才能夠提高各種鼓勵(lì)政策的有效性�；诖�,論文選擇了從共生的新角度來(lái)系統(tǒng)地研究創(chuàng)業(yè)投資產(chǎn)業(yè)鏈中VC和PE的共生發(fā)展?fàn)顩r,并建立了相應(yīng)的評(píng)價(jià)體系,期望能夠引導(dǎo)VC和PE達(dá)到最佳共生狀態(tài)。 首先,通過(guò)對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行梳理綜述后,論文定義創(chuàng)業(yè)投資產(chǎn)業(yè)鏈的內(nèi)涵為以創(chuàng)業(yè)投資資本為運(yùn)作對(duì)象、以追求創(chuàng)業(yè)投資資本增值為目標(biāo)、對(duì)創(chuàng)新企業(yè)由種子期到成熟期的不同發(fā)展階段進(jìn)行投資運(yùn)作的創(chuàng)業(yè)投資資本運(yùn)作者依據(jù)一定邏輯關(guān)系和時(shí)空布局所形成的,前后聯(lián)接、相互依賴的鏈條式關(guān)聯(lián)組織。緊接著,對(duì)創(chuàng)業(yè)投資產(chǎn)業(yè)鏈中VC和PE的共生系統(tǒng)所包含的共生單元、共生模式、共生環(huán)境以及共生發(fā)展路徑進(jìn)行了詳細(xì)闡述,為后續(xù)評(píng)價(jià)體系的構(gòu)建提供了理論依據(jù)。 其次,論文通過(guò)介紹我國(guó)創(chuàng)業(yè)投資產(chǎn)業(yè)鏈的發(fā)展現(xiàn)狀,發(fā)現(xiàn)了我國(guó)VC和PE共生發(fā)展中存在的四大問題,說(shuō)明建立VC和PE的共生發(fā)展?fàn)顩r評(píng)價(jià)體系的必要性。因而,構(gòu)造了一個(gè)包含2個(gè)一級(jí)指標(biāo),6個(gè)二級(jí)指標(biāo)和21個(gè)三級(jí)指標(biāo)的VC和PE共生發(fā)展?fàn)顩r評(píng)價(jià)指標(biāo)的基本框架。再結(jié)合專家訪談,應(yīng)用層次分析法確定了各評(píng)價(jià)指標(biāo)的權(quán)重,也闡述了創(chuàng)業(yè)投資產(chǎn)業(yè)鏈中VC和PE共生發(fā)展?fàn)顩r評(píng)價(jià)的模糊綜合評(píng)判的詳細(xì)步驟。 最后,論文以上海市VC和PE的共生發(fā)展為應(yīng)用案例,采用問卷形式收集了專家組的評(píng)價(jià)意見,然后運(yùn)用所建立的評(píng)價(jià)模型對(duì)上海市VC和PE的共生發(fā)展?fàn)顩r進(jìn)行了評(píng)價(jià),得到的評(píng)價(jià)結(jié)果是上海市VC和PE的共生發(fā)展?fàn)顩r屬于“一般”水平。評(píng)價(jià)結(jié)果基本符合實(shí)際情況,也證明了評(píng)價(jià)模型的可行性和有效性。再?gòu)亩ㄐ缘慕嵌群?jiǎn)要分析了上海市VC和PE的共生發(fā)展?fàn)顩r,得出目前上海市VC和PE的共生關(guān)系介于間接共生和連續(xù)共生之間,也屬于非對(duì)稱互惠共生模式。因此,從優(yōu)化創(chuàng)業(yè)投資產(chǎn)業(yè)鏈和完善共生環(huán)境兩個(gè)方面提出了促進(jìn)上海市VC和PE和諧發(fā)展的相關(guān)政策建議。
[Abstract]:In recent years, whether angel investment VC or PE are rapidly developing in China. According to the investment stages preferred by angel investment VC and PE, they form an industrial chain of innovative enterprises, that is, venture capital industry chain. Among them, the rapid development of VC and PE has become one of the main force of industrial investment in China. However, in China's venture capital industry behind the hot, there are also worrying problems. Such as VC PE investment trend PE institutions too much value projects short-term listing VC and PE to individual industries and so on. China is at the turning point of strategic adjustment of economic structure. To develop innovative economy, it is urgent to clarify the development of industrial chain of venture capital in China. Only by scientifically judging the symbiotic development of VC and PE can they find the best way to develop harmoniously and the government can improve the effectiveness of various encouragement policies. Based on this, the paper chooses to systematically study the symbiotic development of VC and PE in the industrial chain of venture capital from a new perspective of symbiosis, and establishes a corresponding evaluation system, hoping to guide VC and PE to achieve the best symbiotic state. First of all, after combing and summarizing the relevant literature at home and abroad, the paper defines the connotation of venture capital industry chain as the operation object of venture capital, and aims at pursuing the increment of venture capital. On the basis of certain logical relationship and space-time layout, the venture capital operators who operate the venture capital in different stages of development from seed stage to mature stage are connected with each other and depend on each other. Then, the symbiotic unit, symbiotic model, symbiotic environment and symbiotic development path of VC and PE symbiotic system in the industrial chain of venture capital are elaborated in detail, which provides the theoretical basis for the construction of the follow-up evaluation system. Secondly, the paper introduces the current situation of venture capital industry chain in China, finds four problems in the co-development of VC and PE, and explains the necessity of establishing the evaluation system of VC and PE symbiotic development. Therefore, a basic framework for evaluating the symbiotic development of VC and PE with two primary indexes, six secondary indexes and 21 third-order indexes is constructed. Combined with expert interviews, the weight of each evaluation index is determined by AHP, and the detailed steps of fuzzy comprehensive evaluation of VC and PE symbiotic development evaluation in venture capital industry chain are also expounded. Finally, taking the symbiotic development of VC and PE in Shanghai as an application case, the paper collects the evaluation opinions of the expert group in the form of questionnaire, and then evaluates the symbiotic development of VC and PE in Shanghai by using the established evaluation model. The result is that the symbiotic development of VC and PE in Shanghai belongs to "general" level. The evaluation results basically accord with the actual situation, and also prove the feasibility and validity of the evaluation model. From the qualitative point of view, this paper briefly analyzes the symbiotic development of VC and PE in Shanghai, and draws the conclusion that the symbiotic relationship between VC and PE in Shanghai is between indirect symbiosis and continuous symbiosis, and belongs to asymmetric reciprocal symbiosis mode. Therefore, from the aspects of optimizing the industrial chain of venture capital and perfecting the symbiotic environment, this paper puts forward some relevant policy suggestions to promote the harmonious development of VC and PE in Shanghai.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.48;F224

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本文編號(hào)：1954094