公司风险投资（CVC）对公司的价值提升途径及风险控制研究
发布时间：2019-04-17 19:55
【摘要】：公司风险投资（Corporate Venture Capital,简称CVC)是指具有明确主营业务的非金融类企业以风险资本的形式在内部或外部进行的投资。公司风险投资于20世纪60年代出现在美国，之后在各国快速发展，目前已经成为世界风险投资的重要组成部分。从我国的发展状况来看，虽然我国公司风险投资起步较晚，但发展速度很快，从近几年的《中国风险投资年鉴》可以看到，公司风险投资已经成为我国风险投资的主要力量之一。 本文以公司风险投资的直接投资和委托投资为研究焦点，结合各国公司风险投资的发展情况以及专家学者的研究成果，从财务回报和战略回报两大方面对公司风险投资对公司的价值提升途径进行了深入详细的分析，研究其对公司的价值创造方式；之后从公司、被投资企业及外界影响等方面探讨了可能影响公司风险投资价值创造的风险来源，最后对公司风险投资的风险控制问题进行了研究。 本文首先对公司风险投资的特征进行分析，在分析的过程中以普通风险投资作为比较对象来进行阐述。以此为出发点，从财务回报和战略回报两个方面探索了公司风险投资对公司的价值提升途径、投资方式及投资优势等。接着，从公司、企业及外界因素等多个方面对可能降低公司风险投资价值创造的风险因素进行了分析。最后从对被投资企业的流程再造，完善风险控制机制和对经理人的激励机制三个方面对其风险控制问题进行了探讨，阐述了对被投资企业的再造流程，说明了预警的思路，建立了预警指标体系，并建立模型对经理人的激励问题进行了分析，，指出分段激励和声誉激励对经理人的重要影响，为公司风险投资健康发展和投资效益的提高提供参考。
[Abstract]:(Corporate Venture Capital, (CVC) refers to the investment of non-financial enterprises in the form of venture capital in the form of internal or external venture capital. Corporate venture capital appeared in the United States in 1960's, then developed rapidly in various countries, and has become an important part of venture capital in the world. Judging from the development situation of our country, although the venture capital of our company starts late, but the speed of development is very fast, we can see from the China Venture Capital Yearbook in recent years. Corporate venture capital has become one of the main forces of venture capital in China. This paper focuses on the direct investment and entrustment investment of corporate venture capital, combined with the development of venture capital of various countries and the research results of experts and scholars. From the two aspects of financial return and strategic return, this paper makes a thorough and detailed analysis of the ways to enhance the value of corporate venture capital to the company, and studies the way of value creation of the venture capital to the company. Then it discusses the sources of risk which may affect the value creation of venture capital from the aspects of company, invested enterprise and external influence. Finally, the paper studies the risk control of venture capital. In this paper, the characteristics of venture capital are analyzed firstly, and the common venture capital is used as the object of comparison in the course of the analysis. Taking this as the starting point, this paper explores the ways, investment methods and investment advantages of venture capital to the company from the aspects of financial return and strategic return. Then, this paper analyzes the risk factors which may reduce the value creation of venture capital from the aspects of company, enterprise and external factors. Finally, the paper discusses the risk control of the invested enterprise from three aspects: the process reengineering of the invested enterprise, the perfection of the risk control mechanism and the incentive mechanism of the manager, expounds the reengineering process of the invested enterprise, and explains the train of thought of early warning. The early warning index system is established and the model is established to analyze the incentive problem of managers. It is pointed out that the important influence of segmented incentive and reputation incentive on managers provides a reference for the healthy development of venture capital and the improvement of investment benefit in a company.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F272
本文编号：2459753
[Abstract]:(Corporate Venture Capital, (CVC) refers to the investment of non-financial enterprises in the form of venture capital in the form of internal or external venture capital. Corporate venture capital appeared in the United States in 1960's, then developed rapidly in various countries, and has become an important part of venture capital in the world. Judging from the development situation of our country, although the venture capital of our company starts late, but the speed of development is very fast, we can see from the China Venture Capital Yearbook in recent years. Corporate venture capital has become one of the main forces of venture capital in China. This paper focuses on the direct investment and entrustment investment of corporate venture capital, combined with the development of venture capital of various countries and the research results of experts and scholars. From the two aspects of financial return and strategic return, this paper makes a thorough and detailed analysis of the ways to enhance the value of corporate venture capital to the company, and studies the way of value creation of the venture capital to the company. Then it discusses the sources of risk which may affect the value creation of venture capital from the aspects of company, invested enterprise and external influence. Finally, the paper studies the risk control of venture capital. In this paper, the characteristics of venture capital are analyzed firstly, and the common venture capital is used as the object of comparison in the course of the analysis. Taking this as the starting point, this paper explores the ways, investment methods and investment advantages of venture capital to the company from the aspects of financial return and strategic return. Then, this paper analyzes the risk factors which may reduce the value creation of venture capital from the aspects of company, enterprise and external factors. Finally, the paper discusses the risk control of the invested enterprise from three aspects: the process reengineering of the invested enterprise, the perfection of the risk control mechanism and the incentive mechanism of the manager, expounds the reengineering process of the invested enterprise, and explains the train of thought of early warning. The early warning index system is established and the model is established to analyze the incentive problem of managers. It is pointed out that the important influence of segmented incentive and reputation incentive on managers provides a reference for the healthy development of venture capital and the improvement of investment benefit in a company.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F272
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