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| 论文编号： | 1137 | |
| 作者编号： | 2120072329 | |
| 上传时间： | 2009/6/9 20:03:24 | |
| 中文题目： | VC公司高技术风险投资项目评估指 | |
| 英文题目： | Research on project evaluation | |
| 指导老师： | 任学锋 | |
| 中文关键字： | 风险投资 指标体系 评估模型 AHP | |
| 英文关键字： | Venture CapitalEvaluation In | |
| 中文摘要： | 风险投资作为一种新型的投融资体制，它最明显的特点是高风险、高收益。“选择正确的投资项目远比经营管理项目更重要”，这是风险投资的经典原则。2008年，美国华尔街危机爆发，面对多种复杂条件下，如何评估高技术风险投资项目是风险投资行业关注的重要课题之一。 风险投资的评估主要包括评估指标和评估方法两个方面，本论文按照这两个方面展开分析和研究。在评估指标方面，在回顾相关理论的基础上，通过对国内外相关资料进行综述，并结合我国风险投资的特点，引入了系统风险和非系统风险的概念，建立了具有多项目对比功能的高技术风险投资评估指标体系。该体系涵盖了3项一级指标，13项二级指标，63项三级指标，并解释了各指标的内涵，能较为全面地为风险投资机构提供评估依据，为评估模型的建立打下了基础。 在评估方法方面，在对相关文献综述的基础上，重点介绍了AHP模型及其计算和评估过程，分析其优点和不足之处。在汲取AHP模型优点的基础上，针对其实践中存在的问题，对传统的AHP模型进行了修正，导入了多层次建模和模糊群体决策的思想，建立了适用于高技术风险投资项目的多层次评估模型，该模型整合专家资源降低了传统AHP模型在评估中所存在的系统误差，提高了评估的灵活度和准确性。最后针对实际案例采用传统AHP模型和多层次评估模型两种方法进行对比分析，以实证的方式，检验了多层次评估模型的有效性和实用性。 | |
| 英文摘要： | As a new type of investment and financing system， Venture Capital's most obvious characteristics are high risk nd high return. "Choose the correct investment project is more important than the operation and management of the project" is the classic principles of venture capital. In 2008， the United States Wall Street crisis erupted. Under the variety of complex conditions， the high-tech venture capital project appraisal are one of the important issues of concern. The investment project evaluation includes two aspects，the main evaluating indicator and evaluating methods.This dissertation discussed the two aspects.First，the main evaluating indicator，on the basis of theoretical review and the introduction of systematic risk and non-systematic risk，the monographer set up a new evaluation index system that combined with the characteristics of venture capital in China. The system includes three-level indicators， 63 subdivide indicators in all and explain the meaning of the indicators. The new evaluating indicator can be more comprehensive evaluation basis to the investment institutions and establish a basis for setting up the evaluating model. About the evaluating methods，on the basis of the relevant literature review， the author detailed analysed the AHP model and its calculation and assessment process.Next，the writer analyzed the AHP model's strengths and weaknesses. Absorbing the advantages of AHP model， the monographer modified the AHP model by Leading-in the academic ideology of multi-level modeling and group decision-making and set up a new evaluation model.The new evaluation model reduces systematic errors of traditional AHP model and improve the objectivity and accuracy of assessment. Finally， through actual case studies by using the traditional AHP model and the new evaluation model for a comparative analysis， empirical result substantiate the new evaluation model is effective and practical. | |
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