风险投资价值评估系统的设计与实现

发布时间：2018-11-06 10:46

【摘要】：世界经济已进入了新的发展阶段——知识经济时代，在知识经济时代中经济发展以高新技术产业为核心和第一支柱。风险投资作为高科技产业化的催化剂和孵化器，日益引起了人们广泛关注和重视。世界各国都在积极发展自己的风险投资业，以促进经济发展和国家繁荣。知识经济下的风险投资，就是将资本投资到高风险、高回报的风险企业或者风险项目，通过帮助实现企业高新科技的成果转让，实现投资回收。在我国，风险投资还刚起步，，对风险企业进行价值评估的体系并不完善。投资公司在进行风险投资之前，必须对投资对象进行风险投资价值评估。只有通过科学合理、全面客观的价值评估，风险投资公司才能获得风险企业或项目是否具有可行性、是否具有市场潜力、有无投资价值等重要信息，并在此基础上做出准确的投资决策。然而，由于目前风险投资的对象大多数是创建不久的高新技术企业，由于投资过程存在较大的不确定性，这类投资的风险也比一般企业投资高得多。而且，在对这类企业或项目进行风险投资价值评估所能获取的有效信息少，这也是风险投资评估的一大特点和难点。评估具有较强的主观性，通过价值评估获得的客观信息很少，而且大量因素都可能影响到评估结果的准确性，固有风险很大。对于不同的投资评估主体，评估结果也不相同。因此，在借鉴国外经验基础上，结合我国国情，建立一个客观公正风险投资价值评估体系，是促进我国风险投资业迅速发展的当务之急。本文借鉴国外的研究成果，结合我国的发展现状，领会风险投资的本质，遵循正确的投资理念，采用合适的评估方法，选择可行的评价标准，运用理论分析与案例实际运用的方式，针对我国风险投资目前状况和价值评估具体运用过程中的问题，对当前广泛采用的基于Tyebjee-Bruno模型的风险企业价值评估指标体系进行了修正，主要是将退出机制、财务状况和政府扶持等因素添加到了该模型的逻辑关系中，并借鉴我国学者尹淑娅的线性代数量化的方法对定性评估的结果进行量化。提出了一种将定性评价与定量评估相结合的风险投资价值评估方法。
[Abstract]:The world economy has entered a new stage of development-the era of knowledge economy, in which high-tech industries are the core and the first pillar of economic development. As a catalyst and incubator of high-tech industrialization, venture capital has attracted more and more attention. Countries all over the world are actively developing their venture capital industry to promote economic development and national prosperity. Under the knowledge economy, the venture capital is to invest the capital into the high risk, the high return risk enterprise or the risk project, through helps to realize the enterprise high-tech achievement transfer, realizes the investment return. In China, venture capital has just started, and the system of value evaluation for venture enterprises is not perfect. The investment company must evaluate the value of venture capital before carrying out venture capital. Only through scientific, reasonable, comprehensive and objective value evaluation, can the venture capital company obtain important information such as whether the venture enterprise or project is feasible, whether it has market potential, whether it has investment value, etc. And on this basis to make an accurate investment decision. However, because most of the objects of venture capital are newly established high-tech enterprises, because of the uncertainty in the investment process, the risk of this kind of investment is much higher than that of ordinary enterprises. Moreover, the evaluation of venture capital value of such enterprises or projects can obtain less effective information, which is also a major feature and difficulty of venture capital evaluation. Evaluation has strong subjectivity, the objective information obtained by value assessment is very little, and a large number of factors may affect the accuracy of evaluation results, and the inherent risk is very large. For different investment evaluation subjects, the evaluation results are also different. Therefore, it is urgent to establish an objective and fair value evaluation system of venture capital on the basis of foreign experience and combining with the situation of our country. It is an urgent task to promote the rapid development of venture capital industry in our country. This article draws lessons from the foreign research results, unifies our country's development present situation, understands the venture capital essence, obeys the correct investment idea, adopts the suitable appraisal method, selects the feasible appraisal standard. Using theoretical analysis and practical application of cases, aiming at the current situation of venture capital in our country and the problems in the concrete application process of value evaluation, This paper modifies the value evaluation index system of venture enterprises based on Tyebjee-Bruno model, which mainly adds factors such as exit mechanism, financial status and government support to the logical relationship of the model. The qualitative evaluation results are quantified by using the linear algebraic quantization method of Chinese scholar Yin Shuya. This paper presents a method of value evaluation of venture capital which combines qualitative evaluation with quantitative evaluation.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：TP311.52;F830.59

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