我国风险投资家对项目评价指标的选用研究

发布时间：2018-12-31 15:48

【摘要】：风险投资及其相关问题的研究是近年来财务管理领域研究的热点问题之一。在我国,风险投资为创新性高新技术企业及其业务开展做出了重要贡献。如果风险投资业运行顺利,将有利于高新技术企业的技术研发和高新技术产业健康快速的发展。在风险投资机构选择具体的投资项目时,最主要的环节是依据评价指标对项目进行评价,决定投资与否。从本质上说,风险投资选择项目的过程是将社会资本有效地引导至最佳收益企业的过程,而项目选择时的评价指标及其选用等问题即是本课题的主要研究内容。本论文研究我国风险投资家对项目评价指标的选用及排序问题。论文在认真分析了我国风险投资发展历程和相关课题的研究基础上,对风险投资项目评价指标体系进行了深入研究。依据理论和访谈结果的分析与讨论,提出我国风险投资家在进行项目选择时的指标体系。该模型包括五项一层指标,每一项一层指标包括四项二层指标。五项一层指标分别为：管理团队、技术与产品、市场与竞争环境、财务评估和项目交易过程相关指标。在建立的指标体系的基础上,分别以初创期和成熟期数据为采集对象,进行了较大数量的基于问卷调查的数据采集。以层次分析法(Analytical Hierarchy Process)和模糊层次分析法作为主要工具进行数据分析,得到我国风险投资家在决策时选用的项目评价指标的重要性排序结果。经过可靠的数据分析,结果表明,对于初创期和成熟期的企业和项目选择,风险投资家均认为管理团队为首要指标。对于初创期企业,风险投资家认为第二重要的指标是技术与产品,而该指标对成熟期企业是相对最不重要的指标。项目交易过程相关指标对初创期企业相对最不重要,而对于成熟期企业是第三重要的指标。财务评估指标对成熟期企业是第二重要的指标,对初创期企业是第三重要的指标,这体现了资本的逐利本质。对于初创期和成熟期企业,市场与竞争环境指标均排在第四位。本论文的创新之处主要体现在理论模型建立和数量分析方法应用两方面。理论模型建立的创新之处主要有：(1)采用半结构式访谈方式建立基础理论模型；(2)多种分析方法的引入及方法间的比较；(3)基于风险企业不同发展阶段的理论模型动态调整研究。数量分析方法应用方面的创新之处主要有：(1)运用层次分析法对专家组的评价结果进行数量分析；(2)将模糊层次分析法引入到风险投资项目评价指标的研究中；(3)将模糊数学的模糊层次分析法与一般的层次分析法作比较性研究；(4)在一个问题的研究中,如果采用不同的数量研究方法得到的结果相同,这可作为对研究结果的可靠性分析。目前,针对风险投资,尤其是项目评价指标选用的研究还属于起步阶段。可以预见,在我国风险投资领域今后的研究与实践中,经典数学方法以及模糊理论、灰色理论等诸多非经典方法将得到广泛而深入的应用。整体上说,风险投资是一个典型的系统工程。在今后的研究中,应当建立全过程的、动态的和可控的系统理论模型,为我国风险投资家的相关决策起到更为有效的支撑作用。
[Abstract]:The research of venture capital and its related problems is one of the hot issues in the field of financial management in recent years. In our country, venture capital has made an important contribution to the innovative high-tech enterprise and its business. If the operation of the venture investment industry is smooth, it will be in favor of the rapid development of the technology R & D and the healthy and rapid development of the high and new technology industry. When the venture capital institution selects a specific investment project, the most important link is to evaluate the project according to the evaluation index, and decide whether to invest or not. In essence, the process of venture capital selection project is to effectively guide the social capital to the process of the best income enterprise, and the evaluation index and the selection of the project choice are the main research contents of the subject. This paper studies the selection and sequencing of the project evaluation index of the venture capital home in China In this paper, on the basis of careful analysis of the development of venture capital and related subjects, this paper makes an in-depth research on the evaluation index system of venture capital project. Based on the analysis and discussion of the results of the theory and interview, the paper puts forward the index body of the venture capital's home in the project selection. The model includes five indicators, each of which includes four two-layer fingers The five indicators are: management team, technology and product, market and competitive environment, financial evaluation and project transaction process related finger On the basis of the establishment of the index system, the data of the first time and the mature period are taken as the acquisition target, and the data collection based on the questionnaire is carried out. Data analysis is carried out by the Analytical Hierarchy Process and the Fuzzy Analytic Hierarchy Process (AHP) as the main tool, and the importance of the project evaluation index selected by the venture capitalist at the time of decision-making is obtained. Based on the reliable data analysis, the results show that the venture capitalist is the leader of the management team for the enterprise and project selection of the initial stage and the mature stage. For the first-time enterprise, the venture capitalist thinks the second important index is the technology and the product, and the index is relatively least important to the mature enterprise The index of the project course of dealing is the least important to the first-time enterprise, and it is the third important to the mature enterprise The index of financial evaluation is the second important index for mature enterprise, and it is the third important index for the first-time enterprise, which reflects the one-by-one of the capital. in that early and mature stage, the market and competition environment index are all in the same line. The innovation of this thesis is mainly embodied in the establishment and quantitative analysis of the theoretical model. Two aspects are applied: (1) the basic theory model is established by means of semi-structured interview; (2) the comparison between the introduction of various analytical methods and the method; and (3) the theoretical model based on the different development stages of the risk enterprises. The innovation of quantitative analysis method is mainly as follows: (1) the quantitative analysis of the evaluation results of the expert group is carried out by using the analytic hierarchy process; (2) the fuzzy analytic hierarchy process is introduced into the evaluation of the venture capital project. In the study of the subject matter, (3) the fuzzy analytic hierarchy process of the fuzzy mathematics is compared with the general analytic hierarchy process, and (4) In the research of a problem, if the results obtained by using the different quantitative methods are the same, this can be used as the result of the study. Reliability analysis. At present, the research on the selection of venture capital, especially the project evaluation index It also belongs to the initial stage. It can be predicted that many non-classical methods such as the classical mathematical method and the fuzzy theory and the grey theory will be widely used in the future research and practice in the venture capital field of our country Extensive and in-depth application. Overall, venture capital is a In the future research, the whole process, the dynamic and the controllable system theory model should be set up to make the relevant decision of the venture capital home more
【学位授予单位】：东北财经大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.48;F282;F224

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