風(fēng)險(xiǎn)投資的策略、評(píng)價(jià)與交易設(shè)計(jì)研究.pdf

1、中國(guó)科學(xué)技術(shù)大學(xué)碩士學(xué)位論文風(fēng)險(xiǎn)投資的策略、評(píng)價(jià)與交易設(shè)計(jì)研究姓名：劉永躍申請(qǐng)學(xué)位級(jí)別：碩士專(zhuān)業(yè)：工商管理（MBA）指導(dǎo)教師：馬揚(yáng)2001.5.1中圈蘭苧查!!!主!蘭竺圭!苧竺苧蘭竺蘭!：!竺墨查蘭苧竺!!查_(kāi)—___———_———___________。，。。。。。。。。。。。。。。。。。。。。。_。。。。。。_。。。。。。。。。?！??！籄bstractVenturecapitalinvestmentis

2、aspecialwayofinvestmentInthewaycapitalisinvestedintohighlygrowing—upfirmswhichdon’tgotopublicofferingandthroughsellingequitytorealizetheriseinvalue，thenthecapitalentersnextcapitalcycleVenturecapitalinvestmentisdifferentf

3、romCotnmorlindustryandcommercelnvestmentItpursuestowithdrawandbecomecashaftertheriseinvalueinsteadofdependingondividendtodrawbackinvestmentItisalsodifferentfromstockinvestmentItinvestsinthefirmswhichdon’tgotopublicofferi

4、ng，andbecauseofthis，ithastheproblemofequityliquidityVenturecapitalinvestmentisaspecialprocessSoinordertoshieldriskandmakeearningmaximize，weshouldadoptdifferentstrategyforventureinvestmenttomakeventurecapitaloperateration

5、allyonthewholeInthearticle，ImainlyresearchwhatventurecapitalfirmsshoulddowhentheyinvestAtfirst，beginningwithdiscussingwhen，inwhatindustryinwhatwayventurecapitalshouldbeinvested，Ianalyzedthecommonstrategyforventureinvestm

6、entinandabroadandconcludedthatthegeneralstrategyshouldbetheoneofinvestmentbystagesCapitalshouldbeinvestedindifferentindustries，differentfirmsanddifferentdevelopingstagesofthefirms，orseveralventurecapitalfLrmscombinetoinv

7、estariskenterpriseIsuggestedthatourcountry’sventurecapitalfinnsshouldadoptthestrategyByresearchingtheindexsystemofinvestmentappraisalinandabroad，Iconcludedthatthekeyelementofinvestmentappraisalshouldincludethequalityofen

8、trepreneursandmanagementteam，themarketscaleanditsgrowup，productandtechnologyincomemodelandexpectantreturn，thepossibilityofthecapitalinvestmentwithdrawal，firm’sdevelopingstageanditsstatusincompetitionNext，Iresearchedratio

9、naldesignforthetransactionofventureinvestmentandthou【ghtthatthebasicprincipleisthetwopartnersshouldburdenthehighlyrisktogetherandgainriskpremium，thenbydesigningnecessaryitemsaboutcapitalprotectionandrestrainingentreprene

10、urstoavoidprobableagencyproblemwhichiscausedbyasymmetricinformationThecontentofrationaldealforthetransactionofventureinvestmentshouldincludeminimizedriskitem，protectingbenefititem，theitemofencouragingandrestrainingentrep

11、reneurs，theitemofrestrictingmanagementandotheritemsofstrategyAtlast，combiningwiththeresearchresultsinthisarticle，Ianalyzedonecaseandgavesomesuggestionaboutourcountry’sventurecapitalinvestmentKeywords：VentureCapitalInvest