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论文编号：	12205
作者编号：	2320180531
上传时间：	2020/12/15 9:53:47
中文题目：	T集团生物医药创业投资风险管理研究
英文题目：	Research on risk management of biomedical venture capital of T Group
指导老师：	胡望斌教授
中文关键字：	公司创业投资；生物医药；风险识别；风险度量；风险控制
英文关键字：	Corporate venture capital; Biomedicine; Risk identification; Risk measurement; Risk control
中文摘要：	伴随着我国产业战略的调整，以及我国老龄化日趋严重的现状，生物医药产业成为我国重点发展的产业之一，创业投资资本也在不断增加对于生物医药产业的投资。生物医药产业属于朝阳产业，具有高技术、高风险、高投入、高收益的特点，产品从研发到最终成功进入市场需要较长的时间周期，生物医药创业企业在发展过程中需要创业投资机构的资金投入和资源对接。公司创业投资机构具有产业背景，属于创业投资的细分投资类型，公司创业投资与被投资项目之间具有较强的战略和产业协同。公司创业投资机构在对生物医药创业企业的投资过程中，面临着政策、技术、市场、投后管理、战略协同等一系列风险。 本论文围绕T集团的生物医药创业投资的风险识别、风险度量、风险控制的风险管理进行研究。首先，梳理了公司创业投资的相关理论、公司创业投资风险管理的相关研究，以及我国生物医药创业投资及风险管理的现状。其次，从T集团的生物医药创业投资的风险识别、风险度量、风险控制三个方面进行研究分析。T集团的风险识别方法有生物医药项目风险汇总表、生物医药项目现场观察法、研发及产业专家的调查法，同时，通过尽职调查的方式进行价值发现、风险发现、投资可行性分析。T集团的风险度量方法分为定性分析的大数法则、模糊评价法、专家评价法，以及定量分析的对比分析、数据量化分析，T集团根据项目投资阶段、投后阶段和退出阶段识别出的风险因素进行风险度量分析。T集团的风险控制分为项目投资阶段的项目论证、项目决策和项目协议，投后管理阶段的人员委派和定期监管报告，同时，从技术风险、管理团队风险、增值服务风险、产业协同、多种渠道退出和反向收购等方面进行了风险控制的保障和完善分析。 通过对T集团生物医药创业投资风险管理实践的梳理和分析，总结出公司创业投资机构针对生物医药产业所具有的产业特性的风险识别、风险度量和风险控制的识别方法、度量方式和控制措施。为同类公司创业投资机构投资生物医药产业积累风险管理经验，实现风险管理体系的科学构建，提升公司创业投资机构核心竞争力。
英文摘要：	With the adjustment of China's industrial strategy and the increasingly serious aging situation in China, the biomedical industry has become one of the key industries in China, and the venture capital is also increasing the investment in the biomedical industry. Biopharmaceutical industry is a sunrise industry, which has the characteristics of high technology, high risk, high investment and high income. It takes a long time for the products to enter the market successfully from R & D. the biomedical venture enterprises need the capital investment and resource docking of venture capital institutions in the development process. The company's venture capital institutions have industrial background and belong to the subdivision investment type of venture capital. There is a strong strategic and industrial synergy between the venture capital and the invested projects. In the process of investment, venture capital institutions are faced with a series of risks such as policy, technology, market, post investment management and strategic coordination. This thesis focuses on the risk identification, risk measurement and risk control of T Group's biomedical venture capital. First of all, this thesis reviews the relevant theories of corporate venture capital, the related research of venture capital risk management, and the current situation of venture capital and risk management in China. Secondly, this thesis analyzes the risk identification, risk measurement and risk control of T Group's biomedical venture capital. T Group's risk identification methods include biomedical project risk summary table, biomedical project field observation method, research and development and industry experts' investigation method. At the same time, value discovery, risk discovery and investment feasibility analysis are carried out through due diligence. T Group's risk measurement methods include large number rule of qualitative analysis, fuzzy evaluation method, expert evaluation method, comparative analysis of quantitative analysis and data quantitative analysis. T group carries out risk measurement analysis according to the risk factors identified in the project investment stage, post investment stage and exit stage. T Group's risk control is divided into project demonstration, project decision-making and project agreement in the project investment stage, personnel appointment and regular supervision report in the post investment management stage. At the same time, the guarantee and improvement of risk control are analyzed from the aspects of technology risk, management team risk, value-added service risk, industrial collaboration, multiple channel exit and reverse acquisition. By combing and analyzing the risk management practice of T Group's biomedical venture capital, this thesis summarizes the identification methods, measurement methods and control measures of risk identification, risk measurement and risk control of the company's venture capital institutions according to the industrial characteristics of the biomedical industry. Accumulate risk management experience for similar venture capital institutions to invest in biomedical industry, realize the scientific construction of risk management system, and enhance the core competitiveness of venture capital institutions.
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