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论文编号：	3957
作者编号：	2120092755
上传时间：	2011/12/13 23:02:38
中文题目：	风险投资的项目评估和退出方式研究
英文题目：	Research on project evaluation and exit of venture capital
指导老师：	古志辉
中文关键字：	风险投资，项目评估，风险投资退出
英文关键字：	venture capital, project evaluation, venture capital exit
中文摘要：	随着高科技产业的迅猛发展，中国经济也进入了一个高速发展期，在这期间，资本的浪潮席卷了全世界所有的地区，以投资高科技创新企业为主的风险投资队伍也越发壮大，他们将目光集中到了所有科技型企业创业家那里，以资本推动技术，以资本推动产业的步伐逐年加快。对于风险投资来说，其最重要的运作部分就是寻找值得投资的高科技企业项目和如何实现资本的退出回报。一个风投公司必须以一个正确的运作方式去进行投资从而使资本可以得到循环增值，因此文章从一个实际投资人的角度和经验方面详细介绍了如何通过稳定的渠道找寻项目，在找到项目之后如何评估这个项目的好坏，项目是否具备投资价值，这都需要进行尽职调查，然后做出详尽的投资分析后才能评估判断。当然在项目评估的时候必须要考虑以后的退出环节，或者需要对赌协议作为一个条款，这样才可以有效地规避投资风险。在投资管理上风投公司需要对企业进行财务，管理，战略上的指导和建议，避免出现股权纠纷，知识产权纠纷以及其他方面的硬伤，规范企业的发展。当然风投企业再有一个重要的环节那就是退出回报，风投在退出的时候风投会选择上市IPO退出，兼并重组，原股东回购等退出方式。选择IPO和兼并重组的方式比较多，由于企业发展所带来的溢价增值使得投资到高新企业的原有股份退出后会得到丰厚的回报，风投企业会把退出后的资金放入原有基金当中进行下一个企业的投资，实现资本的循环增值。 本文按照规范研究的方法，理论结合实际案例分析，对风险投资进行了分章节的分析。其中论文主题部分首先介绍了风险投资，之后介绍了价值评估和退出的研究。中国风险投资机构主要选择以IPO为主要的退出方式，因为IPO退出可以获得丰厚的利润回报，但是IPO数量必定有限，而且在企业上市前一年投资该企业并不是风险资本投资的初衷，再加上现在投资这种PRE-IPO的机构蜂拥而至，企业的估值也呈现一个较高的水平，回报并不可观。因此笔者建议风险投资机构还是需要关注初创期的企业，做好行业研究和风险把控，之后通过上市或者兼并重组的方式作为主要退出渠道，不仅市场广阔，而且利润也丰厚。风险投资企业可以投资初期高科技企业项目，企业在得到资金后可以得到迅猛的发展，最终上市或者被大企业收购兼并，风投在退出后也可以得到较高的收益。在中国这个大环境下，风险投资企业越来越多，发展也会越来越好，不仅促进了产业企业发展，也让资本得到了有效地循环增值。
英文摘要：	With the rapid development of high-tech industries, China's economy has entered a rapid development period, during which the capital is sweeping all areas of the world to invest in innovation-oriented high-tech companies are also increasingly expanding the ranks of venture capital, They will refocus on where all the science and technology entrepreneurs with capital to promote the technology, the pace of capital to promote the industry year after year. For venture capital, the most important operational part is to find high-tech companies worth investing in capital projects and to achieve out of returns. Because VCs have a right to a mode of operation to the cycle of investment and capital appreciation, so the article from a practical investor's perspective and experience details how to find items by stable channels, how to assess after the item is found This project is good or bad, whether they have investment value, the need for thorough due diligence of investment analysis. Of course, the project must be considered when assessing the future of the exit link, or the need for a gambling agreement terms. This can effectively avoid investment risk. Upper hand in the investment management investment companies need the enterprise financial management, strategic guidance and advice to avoid equity disputes, intellectual property disputes, and other aspects of the flawed, regulate the development of enterprises. Of course, venture capital companies have an important part in that is out of returns, venture out of the venture will go public when IPO exits, mergers and acquisitions, repurchase and other former shareholders to exit ways. Choose IPO and merger and reorganization of the way more, due to the development of enterprises brought a premium value-added high-tech companies making the investment to the withdrawal of the original shares will be rewarded, venture capital companies will put out the original post funds which invest in a business to the next, the cycle to achieve capital appreciation. This research method in accordance with standard theory combined with practical case studies, carried out on the venture capital sub-section analysis. One thesis describes some of the first venture capital, after the introduction of the valuation and exit of the studies. China venture capital IPO exits as the main choice to exit the main way, but certainly limited the number of IPO and invest in companies listed on the previous year the company was not the original intention of venture capital investment, coupled with an investment of this PRE-IPO institutions flocked to the valuation of companies have shown a high level, the return is not substantial. Therefore, I propose the need to focus on venture capital or start-up companies, do research and risk to control the industry, after market or through mergers and acquisitions as a way to live out of channels, not only a huge market, but profits are huge. This early investment in projects to develop business through the development of that market exit is the main direction of development of venture investment in China, the environment, increasing the risk of investment, development will be getting better and better, not only to promote the industry enterprise development, but also to have been effective circulation of capital appreciation.
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