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论文编号：	4736
作者编号：	2120102659
上传时间：	2012/12/11 11:13:47
中文题目：	基于风险约束下创业投资机构优选融资企业决策模式的研究
英文题目：	The Study of Risk Constraint based VC Companies Investment Optimization Decision-Making Model
指导老师：	武立东
中文关键字：	创业投资机构 投资决策 风险约束 层次分析法
英文关键字：	Venture Capital（VC）institution Investment Decision-making Risk Early Warning Analytic Hierarchy Process (ahp)
中文摘要：	摘 要创业投资起源于十九世纪末的美国，兴起于二十世纪七十年代，中国的创业投资在进入二十一世纪才随着中国经济持续稳定快速的发展，创业投资市场也得到发展机遇。随着创业投资资本市场的逐渐成熟，促进了我国产业结构的升级，完善了企业的公司治理结构，推动了企业生产技术升级进步，带动了上下游企业的迅猛发展。创业投资是一种具有高风险、高回报等特征，在其运作过程中与融资企业存在高度的信息不对称性，因此选择哪些企业进行投资，就决定了投资机构面临风险的大小及投资收益的高低。创业投资机构如何优选融资企业其模式各异，本文主要探讨基于风险约束的前提下创业投资机构进行优选企业的决策模式。创业投资机构按照项目投资的标准和投资流程等一系列步骤和优选融资企业，在此过程中投资的全寿命周期中面临着不同阶段的内外风险因素，因此本文首先分析了创业投资机构目前存在的主要问题以及影响创业投资机构优选企业所面临的一级风险因素即团队、技术、市场、综合管理、外部环境和二级风险指标，接着采用层次分析法建立风险约束模型，并通过构造对比矩阵、计算出各级风险指标的权重，计算组合权向量并做一致性检验，并对风险影响较大的因素进行分析。对拟投项目进行决策时，根据融资企业的具体数据，利用层次分析法得出该项目风险因素的相对重要度，将排序靠前的子风险因素挑选出来且这些子风险因素的权重之和不低于百分之四十五，并将这些子风险因素逐项进行分析论证，若这些重要风险要素均可控，则符合创业投资机构投资准则，该项目可投，反之则作出不进行投资的决策。本文以中科蓝鲸为例，给出了创业投资机构优选融资企业的具体步骤和方法，希望为创业投资机构决策提供一些借鉴。 关键词：创业投资机构 投资决策 风险约束 层次分析法
英文摘要：	Abstract Venture capital, originated in America in the late19th century , emerged in the 1970s, while China's VC began to develop with China's economy stable and fast development in the 21th century, whose market also get opportunities for development. Along with the venture capital market gradually mature, it improved our industrial structure upgrading, the company's corporate governance structure, the enterprise production technology upgrade progress, and the rapid development of the downstream enterprises. Venture capital, with a kind of high risk, high return characteristics, exists highly information asymmetry in its operation process and invested enterprise, so investing what kind of enterprises will decide the risk size of investment institutions and investment return level. The model of How VC companies optimize the enterprise requiring investment is with a lot of difference. This paper mainly discusses the decision-making model of how the VC companies optimize the enterprises requiring investment based on the risk early warning. VC institutions shall, in accordance with the project selection and investment procedures and other series of steps optimize the financing enterprises. As in the investment of the whole life cycle with different phase of the internal and external risk factors, so this paper firstly analyzes the main existing problems in the VC companies and the impact of VC institutions optimizing the financing enterprise with the primary risk factors of the team, technology, market, comprehensive management and external environment and secondary risk index, and then used the analytic hierarchy process to establish the risk early warning model, and through the structure comparison matrix, calculated the weight of indexes at all levels, and do consistency check, calculation of combination weight vector and make consistency check. When deciding which pre-investment project to invest, according to the financing enterprise specific data, using the analytic hierarchy process (ahp) for relatively important degree of this project's risk elements, this paper selected the sub-risk elements with pro-order and decreased the weight to no more than 45%, and will analysize these risk factors one by one, if these important risk factors are controlled; it conforms to the investment criteria, this project will be invested. This paper takes Zhongke Bluewhale for example, gives the specific steps and methods from the venture capital investment mechanism optimization financing enterprise , hope to provide some reference for decision making for venture capital investment institutions . Keywords: Venture Capital（VC）institution Investment Decision-making Risk Early Warning Analytic Hierarchy Process (ahp)
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