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论文编号：	13523
作者编号：	2320190417
上传时间：	2022/12/4 1:59:37
中文题目：	C公司的投资评估改进研究—基于初创科技型企业的创业者综合特质视角
英文题目：	Improvement of Investment Evaluation System of C Venture Capital based on Comprehensive Characteristics of Entrepreneurs for Start-Up Innovation Company
指导老师：	齐岳
中文关键字：	风险投资；初创科技型企业；创业者综合特质；模糊层次综合评价法
英文关键字：	Venture Captial；Start-Up Innovation Company；Comprehensive Characteristics of Entrepreneurs；FAHP
中文摘要：	近年来，国内对于风险投资的关注度逐渐升温，而在这之中初创科技类项目更是成为投资机构关注的重点。初创期尤其是初创期内的科技型企业往往有着不确定性较强的特点，在对其投资评估时，投资经理需要解的维度过多，对其挑战性较大，同时现有评估维度在企业发展过程中也存在不确定性较强的不足，因而本文尝试找到一个观测角度较为直接、相对确定性较强的维度来对初创科技型企业评估体系做出改进，这一维度即为创业者的综合特质。通过创业者的综合特质建立一套风险投资评估体系，并将其应用于风险投资的评估中。创业者综合特质评估的研究也是对早期投资中常见的“投资就是投人”这一说法的具体研究。 本文以C公司对初创科技型企业的投资决策评估体系作为研究对象，通过阅读相关文献，在理论基础上对C公司的投资活动中遇到的问题进行研究，现有的投资评估体系中存在着对创业者缺乏深入关注、评估要素不确定性强、需观测的没有重点的不足。为改善上述不足，本文设计出一套基于创业者综合特质的评估体系，运用模糊层次综合评价法来实现其应用，在设计过程中邀请相关专家对体系中的影响因素的重要性进行对比评价，通过层次分析法构建各要素的权重，在此基础上运用模糊评价法进行打分加以应用，通过对C公司已投项目TF及SSW公司创业者J与Z的案例进行对比验证。本文中创业者评估体系主要集中在公司经营管理能力、社会网络能力及创业者自身特质这三个维度展开，旨在对创业者对于企业的内部管理、外部资源整合与其自身特质对企业的影响进行评价，辅助风险投资活动中对于企业评估时的应用。 通过案例分析可以发现应用本文所建的针对创业者综合特质的评估体系，可以在一定程度上对拟投项目进行辅助论证，在风险投资过程中对项目决策时进行更全面的评判，避免因创始人某些特质的欠缺影响公司的发展前景，进而影响投资收益。同时对于已投项目或潜在投资项目可以通过对创始人所欠缺的特质进行评价帮助其弥补自身短板，使初创科技型企业实现稳定的发展，提高投资收益。
英文摘要：	In recent years, the attention to venture capital in China has gradually increased, and among them, start-up innovation companies have become the focus of investment institutions. In the evaluation of their investment, investment managers need to interpret too many dimensions, which is more challenging for them. At the same time, the existing assessment dimensions is also lack of uncertainty in the process of enterprise development. Therefore, this thesis tries to find a more direct and relatively more certain dimension to improve the evaluation system of start-up innovation companies, which is the comprehensive characteristics of entrepreneurs. A venture capital evaluation system is developed by using the entrepreneurial profile and is applied in the evaluation of venture capital. The study of entrepreneurial attributes is also a specific study of the common statement that early stage investment is about investing in people. This thesis takes the investment decision evaluation system of C's investment in start-up innovation companies as the research object. By reading the relevant literature and studying the problems encountered in C's investment activities on a theoretical basis, the existing investment evaluation system has deficiencies such as lack of in-depth attention to entrepreneurs, strong uncertainty of evaluation elements, and too many dimensions to be observed etc. In order to improve the above deficiencies, this thesis designs a set of assessment system based on the comprehensive traits of entrepreneurs and uses the fuzzy hierarchical comprehensive evaluation method to realize its application. In the design process, relevant experts were invited to compare and evaluate the importance of the influencing factors in the system, and the weights of each element were constructed through hierarchical analysis. On that basis, the fuzzy evaluation method was applied for scoring, which was verified by comparing the cases of TF, the invested project of C company, and J and Z, the entrepreneurs of SSW company. In this thesis, the entrepreneur evaluation system focuses on three dimensions: company management capabilities, social network capabilities, and entrepreneurial attributes. The purpose is to evaluate the impact of the entrepreneur's internal management, external resource integration, and his or her own attributes on the company, and to assist in the evaluation of companies in venture capital activities. Through the case study, it can be found that the application of the comprehensive trait assessment system for entrepreneurs built in this thesis, to a certain extent, support the argumentation of the proposed investment projects and make a more comprehensive judgment on the project decision in the venture capital process. In that way, the lack of certain traits of the founder can avoid affecting the development prospect of the company and the investment return. At the same time, for the invested projects or potential investment projects, it can help the founders to make up for their shortcomings by evaluating their lacking traits, so that the start-up innovation companies can achieve stable development and improve investment returns.
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