风险投资公司投资的风险控制研究

风险投资公司投资的风险控制研究内容摘要自风险投资出现以来，风险投资对技术进步与科技成果产业化的促进作用受到了越来越多的重视。特别是在90年代，美国经济高速增长，一些新兴产业在风险投资的支持下迅速崛起，成为新的支柱产业，更是引起世界的广泛关注。在这种背景下，有许多国家正在将发展风险投资业作为加快本国技术进步和产业升级的重要举措。风险投资的投资活动是对新兴企业的股权投资。由于新兴企业在企业发展初期面临着众多的不确定因素，投资周期长，风险大。对于风险投资公司来讲，如何在投资决策中协调收益与风险的关系，如何有效地控制投资风险，是非常重要的。这也是本文研究的中心。本文分别从项目筛选过程、投资项目行业与阶段的组合及其调整、交易结构设计等方面，对风险投资公司的投资风险与代理风险控制策略进行了探讨。全文共四章：第一章介绍了风险投资的历史发展，特别是美国风险投资业的发展过程进行了描述，并风险投资活动的特点进行了概况与总结。第二章分析了风险投资公司项目选择的程序，讨论了风险投资公司的项目筛选过程与风险控制之间的关系。第三章重点讨论了影响风险投资公司投资行业与阶段选择的影响因素，研究了风险投资公司在投资行业与投资阶段的选择方面，如何协调投资收益与风险。第四章针对风险投资公司与风险企业管理者之间存在的代理关系，就交易结构设计，特别是对管理者的激励与约束机制的设计，进行了研究与分析。关键词：风险投资公司；风险；投资组合ABSTRACTVenturecapitalgetsmoreandmorerecognition,afterhewasborn.Hehaspromotedtheimprovementoftechnologyandtheindustrializationoftheproduction.Inparticularinthenineties,theAmericaneconomyincreasedrapidly.Someinnovativecompaniesgrewupunderthesupportoftheventurecapitalandbecamethebackboneindustries.Underthisbackground,manycountriesaretakingventurecapitalindustriesasanimportantwaytospeedupthedevelopmentandindustrialization.Theinvestmentoftheventurecapitalistheinvestmenttotheequitycapitalofyoung,rapidlygrowingcompanies.Becausethesecompaniesfacemanyuncertaintyfactorsatthebeginningofthedevelopment,theinvestmenthasalongcycleandahighrisk.Totheventurecapitalfirms,itisimportanttoharmonizetherelationshipbetweenincomeandriskintheinvestdecisionsandtocontroltheinvestriskefficiently.Thisisalsothefocusofthisthesis.Thethesisstudiesthestrategiesofcontrollingtheinvestriskandsurrogateriskofaventurecapitalfirmfromtheaspectsoftheitemsselection,thecombinationandadjustmentofindustryandstageofinvestitems,andthedeviseofbusinessconstructionrespectively.Thereare4chaptersinthethesis:Thefirstparttalksabouttheprogressofventurecapitalhistorically,especiallydescribesthedevelopmentofAmericanventurecapitalindustries,andsummarizesthecharacteristicsoftheventurecapital.Thesecondpartanalysestheitemsselectionprocedureofventurecapitalcompaniesanddiscussestherelationshipbetweentheitemsselectionandtheriskdecision.Thethirdpartdiscussesthefactorsthatinfluencetheindustryandstageofventurecapitalinvestment,andstudieshowtoharmonizetherelationshipbetweenincomeandriskintheaspectofchoosingtheindustryandstageofventurecapitalinvestment.Thefourthpartstudiesanddiscussesthedeviseofbusinessconstruction,especiallythedeviseofpromptingandrestrictingmechanismtothemanagers,inrespondingtothesurrogaterelationshipbetweentheventurecapitalfirmandthemanagersoftheventureenterprise.Keywords:venturecapitalfirm；risk；portfolio目录内容摘要.............................................................................................................................................IABSTRACT......................................................................................................................................II前言.....................................................................................................................................................1第一章风险投资的发展历程及其特征...........................................................................................2第一节风险投资的发展与现状....................................................................................................3第二节风险投资的特点................................................................................................................7第二章风险投资的项目筛选与风险控制.....................................................................................10第一节寻找项目投资机会..........................................................................................................10第二节初步评估..........................................................................................................................11第三节详细评估..........................................................................................................................12第三章投资项目的行业、阶段选择与风险控制.........................................................................17第一节投资行业选择的影响因素..............................................................................................17第二节风险投资公司的投资行业选择......................................................................................21第三节投资阶段的分段投资与风险控制..................................................................................22第四章交易结构设计与风险管理.................................................................................................26第一节金融工具设计..................................................................................................................26第二节交易定价和股权安排......................................................................................................30第三节治理结构安排与增值服务..............................................................................................31结论...........................................................................................................................................34参考文献...........................................................................................................................................36前言风险投资的诞生弥补了一个金融市场缺口：新兴企业对资金有很大的需求，却被传统的投资方式长期忽视。凭借经营方式的创新、组织形式的创新，风险投资公司