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论文编号：	4211
作者编号：	2120102628
上传时间：	2012/6/5 17:29:29
中文题目：	TJ创投生物医药投资风险策略及对赌协议分析
英文题目：	Investment Risk Management Strategy and Valuation Adjustment Mechanism Adopted by TJ Venture Capital to Biological Pharmaceutical Industry
指导老师：	李建标
中文关键字：	生物医药产业，风险投资，投资风险策略
英文关键字：	biological pharmaceutical industry, venture investment, investment risk management strategy
中文摘要：	在我国医疗改革以及国家“十二五”规划的背景下，伴随中国自然人口的增长、人口的老龄化、城市化进程加快、居民消费水平增加、慢性病率越来越高等因素，中国医疗市场的需求是长期的、没有拐点的，基本上成直线上升的趋势，中国的生物医药产业迎来行业发展的“黄金十年”。同时，生物医药产业与生俱来的高投入、高产出、高附加值、高增长率和抗经济周期性等特点，使得生物医药企业越来越受到风险投资的关注与青睐。但是，生物医药企业所具有的高风险的特点，使得将其作为投资对象比投资一般企业具有更高的不确定性，面临更大的风险。然而，风险最小化是风险投资运作的重要原则之一，风险识别和控制策略在整个投资事件中至关重要，投资风险策略直接关系到投资项目的成败。因此，完善对生物医药企业投资中的投资风险策略，促进风险投资对生物医药企业的投资，对于我国生物医药产业和风险投资行业的发展均具有重要的意义。本文在对相关文献梳理的基础上，结合生物医药行业高技术、高投入、周期长、高风险、高收益等特性，总结出投资生物医药企业的高风险因素包含：技术风险、市场风险、财务风险、管理风险、信息不对称风险、政策风险和知识产权风险。本文以TJ创投对生物医药产业的投资项目作为案例，分析了传统投资风险策略，如完善投资流程、分阶段投资、组合投资、联合投资策略，在对生物医药企业投资中的创新性应用；以及TJ创投依据自身优势所采取的独特风险策略，如设立专门的生物医药产业基金、限定投资额、限定投资区域、投资协议条款的完善，并重点介绍了对赌协议的构成要素、形成条件以及TJ创投与投资的生物医药企业签订的对赌协议，并对其具体条款进行了分析。研究表明，TJ创投在对生物医药企业的投资中所采取的投资风险策略，可以预防、降低或消除部分投资风险，保护投资人收益，提高投资成功率，并可为相关行业的风险投资决策起到借鉴作用。
英文摘要：	Under the background of the national Medical Reform and “The 12th Five-Year Plan”, the demand of Chinese medical market, which is accompanied with the natural population growth in China, aging of population, speeding up of city urbanization, increasing of dweller consumption level, the more and more higher of chronic disease rate, is long-term, no inflection point and basically a straight up trend. Chinese biological pharmaceutical industry ushered the “Gold Decade” in the development of the industry. At the same time, the biological pharmaceutical industry was born with the characteristics of high input, high output, high added value, high rates of growth, as well as of economic cycle, the biological pharmaceutical industry more and more get the attention and favor of venture investment. However, biological pharmaceutical enterprises have the characteristic of high risk. Biological pharmaceutical enterprises as investment objects, face higher uncertainty and greater risks than the investment on general enterprises. But, minimize the risk is an important operation principle of venture capital and is the critical event in the whole investment. The investment risk management strategy is directly related to the success or failure of the investment project. So, improvement of the investment risk management strategy in the biological pharmaceutical enterprise investments and promoting venture investment on biological pharmaceutical enterprises have vital significances to the development of both biological pharmaceutical industry and venture investment industry. On the base of the studying relevant literatures and through the analysis of the main investment risks in venture investment, combined with the characteristics of biological pharmaceutical industry, such as high investment, long cycle, high risk, high income and some other characteristics, the author summed up the high risk factors in the investment on biological pharmaceutical industry include: technology risk, market risk, financial risk, management risk, information asymmetry risk, policy risk and intellectual property risk. This thesis, taking TJ venture capital’s specific investment cases about biological pharmaceutical industry as example, analyzes the innovative applications in biological pharmaceutical enterprises of traditional investment risk management strategies, such as perfecting the investment process, staged investment, portfolio investment, joint investment. Moreover, some unique investment risk management strategies are adopted by TJ venture capital according to their own advantages, such as the establishment of specialized biological pharmaceutical industry fund, limited investment, investment limited region, perfecting terms of the agreement. This thesis also mainly introduces the constituent elements, formation conditions of the Valuation Adjustment Mechanism, and the Valuation Adjustment Mechanism, the specific terms of which are analyzed, signed by TJ venture capital and the invested biological pharmaceutical companies. The research shows that, the investment risk management strategies in the investment on biological pharmaceutical companies adopted by TJ venture capital, can prevent, reduce or eliminate part of investment risks, and can protect the investment returns of investors, improve the success rate of investment and can play a reference for the venture investment decisions in the related industries.
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