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论文编号：	7823
作者编号：	2120132801
上传时间：	2015/12/7 13:53:46
中文题目：	天津市创投企业风险识别与防范研究
英文题目：	Research on risk identification and prevention of venture capital enterprises in Tianjin
指导老师：	张玉利
中文关键字：	天津市；创投企业；风险；防范
英文关键字：	Tianjin; venture capital enterprises;risk; prevention
中文摘要：	随着创业投资活动的发展，天津市创投企业也有了较快的发展。与传统投资企业不同，创投企业有许多特点，高风险与高收益并存是其不能忽视的重要特点之一。目前天津市创投企业面临一系列主观和客观问题，如专业人才缺乏、投资项目不确定性较大、创业投资市场不是很完善、相关的法律法规不健全等，这都增大了创投企业面临的风险，造成投资失败，使得创投企业蒙受巨大的损失，这是研究天津市创投企业风险管理的重要意义。目前，我国共有八个城市建立了创投企业，与其他城市相比，天津市创投企业有其自身的发展特点，本文在把握天津市创投企业自身特点和发展现状的基础上，从政策、法律、市场、管理、财务、技术和退出风险七大风险中识别出各自包含的风险因素。这七大类风险因素中分别包括不同的具体风险因素，每个风险因素都会对天津市创投企业面临的整体风险产生不同程度的影响，所以本文同样对七大风险中各自包括的具体风险因素进行了识别，共识别出十九项具体风险因素。 在对天津市创投企业各类风险进行识别的基础上，本文运用层次分析法对天津市创投企业面临的各类风险因素进行估计，以确定各风险因素所占的权重。分析的结果显示：在七个一级指标中，目前天津市创投企业面临的最大风险因素为市场风险；在十九个二级指标中，目前天津市创投企业面临的最大风险因素为企业发展潜力风险，第二大风险为管理结构合理性风险。天津市创投企业应当十分注意对这些突出风险因素进行防范。 最后，文章在风险识别和估计的基础上，对天津市创投企业面临的各类风险因素分别提出了防范风险的措施。在七大一级风险因素中，天津市创投企业应当十分注重对市场风险的防范，在十九个具体风险因素中，应当注重对企业发展潜力风险和管理结构合理性风险的防范。整体而言，对于那些投资者无法直接控制的系统风险，最好的方法就是做好调查研究，实时掌握市场和政策的变化趋势，而对于投资者有一定控制能力的非系统风险，则需要针对现实状况，做出必要的修正与完善。
英文摘要：	The venture capital enterprises in Tianjin is developing fast with the development of venture capital investment. Compared with traditional investment enterprises, there are many characteristics in venture capital enterprises, one of the most significant feature is the activity with high income and high risk coexisting. At the present stage, venture capital enterprises in Tianjin are faced with many difficulties, such as lack of professional talents, uncertainty in investment, venture capital investment market have flaws, imperfect laws and regulations and so on . All these problems have greatly increased the investment risk of venture capital investment projects in Tianjin that will lead project failure, this is the main idea of study on this subject. Venture capital enterprises have been established in eight cities in China, compared with other cities, Tianjin have its own features. On the basis of analyze venture capital enterprises’ features and development situation in Tianjin, policy, legal, market, management, financial, technology and withdrawal risk are supposed to seven main factors that will cause venture capital enterprises’ investment risk. The seven main factors are composed of many risk factors, venture capital enterprises will be influenced by each risk factors at varying degree. So this paper also analyze venture capital enterprises’ risk factors that belong to the seven main factors. This paper is based on the analysis of venture capital enterprises’ risk factors in Tianjin, then the analytic hierarchy process is used to confirm different risk factors’ weight. The analysis of the results show that in the first seven grade assessment indicators, market risk is the most important risk index of Tianjin’s venture capital enterprises. In the second nineteen grade assessment indicators, the most important risk index is enterprises’ potential risk, the second important risk index is management structure risk. Venture capital enterprises in Tianjin should pay attention to these outstanding risks. At last, on the basis of analyze of venture capital enterprises’ risk factors and their weight in Tianjin, this paper puts forward some idiographic precaution measures. Overall, for those system risk factors that investors cannot directly control, the best way is to do detailed research on market, policy and so on. For those unsystematic risks that investors have certain ability to control, some necessary corrections and improvements should be taken in the view of the reality.
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