中国天使投资组织的运作模式分析

发布时间：2018-05-27 06:33

本文选题：天使投资组织 + 天使投资俱乐部　；参考：《上海交通大学》2013年硕士论文

【摘要】：“天使投资”是指具有一定资本积累的个人对早期的初创企业进行权益资本投资的一种资本运作模式。天使投资有效填补了初创企业在获得朋友和家人的资助与获得风险投资机构的投资阶段之间的资金空缺，对一个国家的科技创新经济起到重要的推动作用。在欧美国家，天使投资已经成为创业企业的重要资本来源之一。2011年，美国活跃天使投资人接近32万人，天使投资总规模为225亿美元，共投资了6.6万多家企业。天使投资组织是个人天使投资活动发展到一定阶段的产物。天使投资组织的出现为天使投资人和创业者之间搭建了合作的平台，提升了天使投资行为的专业性和规范性，增强了天使投资人群体的影响力，从而进一步推动了天使投资的发展。在美国，常见的天使投资组织类型有天使投资俱乐部和天使投资协会、天使投资机构和基金、与孵化器相结合的天使投资、以及网络融资平台等。经过二十多年的发展，这些天使投资组织已经成为美国天使投资活动的主流组织形式，并进入了相对成熟的发展阶段。在我国，天使投资的发展才刚刚起步，天使投资组织的建设也处于萌芽阶段，运作和管理模式仍在摸索过程中。诸如投资环境不健全、信息沟通渠道狭窄、投资者专业能力欠缺等多方面因素都成为我国天使投资组织发展所面临的障碍。本文通过分析天使投资组织在美国的成熟发展经验以及我国天使投资组织的发展现状和运作模式，探究我国天使投资组织遇到的问题和解决对策，以期对天使投资在中国的发展起到一定的推动作用。本论文分为四个部分：第一部分论述了本文的研究背景，介绍了国内外学者在“天使投资”和“天使投资组织”领域的相关研究成果。对于文中所使用的“天使投资组织”概念进行了界定。同时，，对本文的研究内容和所使用的研究方法进行了说明。第二部分是对天使投资、天使投资组织的综述，并总结美国发展天使投资组织的成功经验。本文从美国天使投资组织提供的服务内容、机构化的运作方式、与孵化器的结合、众筹模式的新尝试、各级政府制定的激励性政策等多个角度探究美国天使投资组织发展的规律以及经验。第三部分是对我国以及上海市的天使投资组织的发展现状分析。本文在对我国的天使投资人特点进行分析的基础上，探讨国内天使投资组织的特征和运作模式，进而分析我国发展天使投资组织遇到的问题并提出对策建议。本文进一步针对上海市天使投资组织的发展环境进行了讨论，并分析当地两个天使投资组织案例的运作模式和经验，最后对上海市未来的天使投资组织发展作出展望。第四部分是论文的结论部分。基于上述各章的分析，本部分总结了在我国现有国情下发展天使投资组织的主要挑战和对策，对我国天使投资组织未来的正规化、成熟化发展进行了展望。
[Abstract]:"Angel investment" refers to a capital operation mode in which individuals with certain capital accumulation invest equity capital in early start-up enterprises. Angel investment can effectively fill the gap between getting friends and family and investing in venture capital institutions, which plays an important role in promoting the economy of science and technology innovation in a country. Angels have become an important source of capital for startups in Europe and the United States. In 2011, nearly 320000 active angel investors in the United States, with a total investment of $22.5 billion, invested more than 66000 businesses. The angel investment organization is the individual angel investment activity develops to the certain stage the product. The emergence of angel investment organizations has set up a platform for cooperation between angel investors and entrepreneurs, enhanced the professionalism and standardization of angel investment behavior, and enhanced the influence of angel investors. This further promoted the development of angel investment. In the United States, common types of angel investment organizations include angel investment clubs and angel investment associations, angel investment institutions and funds, angel investments combined with incubators, and online financing platforms. After more than 20 years of development, these angel investment organizations have become the mainstream organization form of angel investment activities in the United States, and have entered a relatively mature stage of development. In China, the development of angel investment is just beginning, the construction of angel investment organization is also in the embryonic stage, and the operation and management mode is still in the process of exploration. Many factors, such as imperfect investment environment, narrow channels of information communication and lack of professional ability of investors, have become obstacles to the development of angel investment organizations in China. By analyzing the mature development experience of angel investment organization in the United States and the present situation and operation mode of angel investment organization in our country, this paper probes into the problems encountered by angel investment organization in China and the countermeasures to solve it. With a view to angel investment in China to play a role in promoting the development. This thesis is divided into four parts: The first part discusses the research background of this paper and introduces the related research results of domestic and foreign scholars in the field of angel investment and angel investment organization. The concept of angel investment organization is defined in this paper. At the same time, the research contents and methods used in this paper are explained. The second part is a summary of angel investment and angel investment organization, and summarizes the successful experience of developing angel investment organization in America. This paper is based on the service provided by Angel Investment Organization of the United States, the mode of institutional operation, the combination with incubator, and the new attempt of crowdfunding model. The incentive policies made by governments at all levels explore the laws and experiences of the development of angel investment organizations in the United States. The third part analyzes the present situation of angel investment organization in Shanghai and China. Based on the analysis of the characteristics of angel investors in China, this paper probes into the characteristics and operating modes of domestic angel investment organizations, and then analyzes the problems encountered in the development of angel investment organizations in China and puts forward some countermeasures and suggestions. This paper further discusses the development environment of Shanghai Angel Investment Organization, analyzes the operation mode and experience of two local angel investment organization cases, and finally makes a prospect for the future development of angel investment organization in Shanghai. The fourth part is the conclusion of the paper. Based on the analysis of the above chapters, this part summarizes the main challenges and countermeasures of developing angel investment organization under the current situation of our country, and looks forward to the regularization and mature development of angel investment organization in our country in the future.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.48

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