【摘要】：世界經(jīng)濟(jì)已進(jìn)入了新的發(fā)展階段——知識(shí)經(jīng)濟(jì)時(shí)代，在知識(shí)經(jīng)濟(jì)時(shí)代中經(jīng)濟(jì)發(fā)展以高新技術(shù)產(chǎn)業(yè)為核心和第一支柱。風(fēng)險(xiǎn)投資作為高科技產(chǎn)業(yè)化的催化劑和孵化器，日益引起了人們廣泛關(guān)注和重視。世界各國(guó)都在積極發(fā)展自己的風(fēng)險(xiǎn)投資業(yè)，以促進(jìn)經(jīng)濟(jì)發(fā)展和國(guó)家繁榮。知識(shí)經(jīng)濟(jì)下的風(fēng)險(xiǎn)投資，就是將資本投資到高風(fēng)險(xiǎn)、高回報(bào)的風(fēng)險(xiǎn)企業(yè)或者風(fēng)險(xiǎn)項(xiàng)目，通過(guò)幫助實(shí)現(xiàn)企業(yè)高新科技的成果轉(zhuǎn)讓，實(shí)現(xiàn)投資回收。在我國(guó)，風(fēng)險(xiǎn)投資還剛起步，，對(duì)風(fēng)險(xiǎn)企業(yè)進(jìn)行價(jià)值評(píng)估的體系并不完善。 投資公司在進(jìn)行風(fēng)險(xiǎn)投資之前，必須對(duì)投資對(duì)象進(jìn)行風(fēng)險(xiǎn)投資價(jià)值評(píng)估。只有通過(guò)科學(xué)合理、全面客觀的價(jià)值評(píng)估，風(fēng)險(xiǎn)投資公司才能獲得風(fēng)險(xiǎn)企業(yè)或項(xiàng)目是否具有可行性、是否具有市場(chǎng)潛力、有無(wú)投資價(jià)值等重要信息，并在此基礎(chǔ)上做出準(zhǔn)確的投資決策。然而，由于目前風(fēng)險(xiǎn)投資的對(duì)象大多數(shù)是創(chuàng)建不久的高新技術(shù)企業(yè)，由于投資過(guò)程存在較大的不確定性，這類投資的風(fēng)險(xiǎn)也比一般企業(yè)投資高得多。而且，在對(duì)這類企業(yè)或項(xiàng)目進(jìn)行風(fēng)險(xiǎn)投資價(jià)值評(píng)估所能獲取的有效信息少，這也是風(fēng)險(xiǎn)投資評(píng)估的一大特點(diǎn)和難點(diǎn)。評(píng)估具有較強(qiáng)的主觀性，通過(guò)價(jià)值評(píng)估獲得的客觀信息很少，而且大量因素都可能影響到評(píng)估結(jié)果的準(zhǔn)確性，固有風(fēng)險(xiǎn)很大。對(duì)于不同的投資評(píng)估主體，評(píng)估結(jié)果也不相同。因此，在借鑒國(guó)外經(jīng)驗(yàn)基礎(chǔ)上，結(jié)合我國(guó)國(guó)情，建立一個(gè)客觀公正風(fēng)險(xiǎn)投資價(jià)值評(píng)估體系，是促進(jìn)我國(guó)風(fēng)險(xiǎn)投資業(yè)迅速發(fā)展的當(dāng)務(wù)之急。 本文借鑒國(guó)外的研究成果，結(jié)合我國(guó)的發(fā)展現(xiàn)狀，領(lǐng)會(huì)風(fēng)險(xiǎn)投資的本質(zhì)，遵循正確的投資理念，采用合適的評(píng)估方法，選擇可行的評(píng)價(jià)標(biāo)準(zhǔn)，運(yùn)用理論分析與案例實(shí)際運(yùn)用的方式，針對(duì)我國(guó)風(fēng)險(xiǎn)投資目前狀況和價(jià)值評(píng)估具體運(yùn)用過(guò)程中的問(wèn)題，對(duì)當(dāng)前廣泛采用的基于Tyebjee-Bruno模型的風(fēng)險(xiǎn)企業(yè)價(jià)值評(píng)估指標(biāo)體系進(jìn)行了修正，主要是將退出機(jī)制、財(cái)務(wù)狀況和政府扶持等因素添加到了該模型的邏輯關(guān)系中，并借鑒我國(guó)學(xué)者尹淑婭的線性代數(shù)量化的方法對(duì)定性評(píng)估的結(jié)果進(jìn)行量化。提出了一種將定性評(píng)價(jià)與定量評(píng)估相結(jié)合的風(fēng)險(xiǎn)投資價(jià)值評(píng)估方法。
[Abstract]:The world economy has entered a new stage of development-the era of knowledge economy, in which high-tech industries are the core and the first pillar of economic development. As a catalyst and incubator of high-tech industrialization, venture capital has attracted more and more attention. Countries all over the world are actively developing their venture capital industry to promote economic development and national prosperity. Under the knowledge economy, the venture capital is to invest the capital into the high risk, the high return risk enterprise or the risk project, through helps to realize the enterprise high-tech achievement transfer, realizes the investment return. In China, venture capital has just started, and the system of value evaluation for venture enterprises is not perfect. The investment company must evaluate the value of venture capital before carrying out venture capital. Only through scientific, reasonable, comprehensive and objective value evaluation, can the venture capital company obtain important information such as whether the venture enterprise or project is feasible, whether it has market potential, whether it has investment value, etc. And on this basis to make an accurate investment decision. However, because most of the objects of venture capital are newly established high-tech enterprises, because of the uncertainty in the investment process, the risk of this kind of investment is much higher than that of ordinary enterprises. Moreover, the evaluation of venture capital value of such enterprises or projects can obtain less effective information, which is also a major feature and difficulty of venture capital evaluation. Evaluation has strong subjectivity, the objective information obtained by value assessment is very little, and a large number of factors may affect the accuracy of evaluation results, and the inherent risk is very large. For different investment evaluation subjects, the evaluation results are also different. Therefore, it is urgent to establish an objective and fair value evaluation system of venture capital on the basis of foreign experience and combining with the situation of our country. It is an urgent task to promote the rapid development of venture capital industry in our country. This article draws lessons from the foreign research results, unifies our country's development present situation, understands the venture capital essence, obeys the correct investment idea, adopts the suitable appraisal method, selects the feasible appraisal standard. Using theoretical analysis and practical application of cases, aiming at the current situation of venture capital in our country and the problems in the concrete application process of value evaluation, This paper modifies the value evaluation index system of venture enterprises based on Tyebjee-Bruno model, which mainly adds factors such as exit mechanism, financial status and government support to the logical relationship of the model. The qualitative evaluation results are quantified by using the linear algebraic quantization method of Chinese scholar Yin Shuya. This paper presents a method of value evaluation of venture capital which combines qualitative evaluation with quantitative evaluation.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：TP311.52;F830.59

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