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论文编号：	9439
作者编号：	2120142661
上传时间：	2017/6/26 11:18:21
中文题目：	风投公司、融资关系与高科技企业成长 ——以Y企业为例
英文题目：	Venture Capital, Financing relationship and the Growth of High-tech Enterprise——Based on Y Company
指导老师：	姚颐
中文关键字：	风险投资；融资关系；高科技企业；增值服务；企业成长
英文关键字：	Venture Capital; Investment and Financing Relationship; the value-added service; The Enterprise Growth;
中文摘要：	风险投资作为一种融资手段，已成为我国经济发展的重要力量。尤其是在经济下行，融资渠道困难的环境下，风险投资对拉动和鼓励企业创业和发展起到了非常大的作用。一方面通过提供资金支持，为企业解决融资渠道窄，融资难的问题；另一方面通过发挥其在行业分析、企业管理、网络资源等方面的优势，为企业成长带来比较大的帮助。不过由于风险投资机构的逐利性、政策法规不完善、退出机制的不健全等问题，高科技企业与投资机构之间的矛盾和由此产生影响企业成长的问题也层出不穷。因此，了解风险投资与高科技企业之间的融资关系及其对高科技企业的成长的影响，有助于充分发挥风险投资的优势，同时对推动高科技企业正确引入风险投资也具有重要作用。 本文首先回顾了风险投资与高科技企业成长方面的相关文献和理论分析，其次在对中国风险投资与高科技企业融资关系及其对企业成长影响的分析基础上，以Y高科技企业为研究对象，从高科技企业和风险投资角度分别对融资关系，以及融资关系对Y企业成长影响做了研究和分析。比如企业为了获得投资，会在迎合投资机构基础上做出影响企业成长的战略决定；为了保护控制权会采用多种融资方式、明确融资目标和策略的方式；对风险投资机构而言，一方面会通过参股或者签订约束条款等来实现对企业的控制，另一方面会为了提高被投机构的获利能力，提供增值服务促进企业成长。本文最后根据风险投资机构和Y企业之间的融资关系对企业成长来的积极作用和现存问题，对优化Y企业和风投公司的融资关系，从而促进企业成长，提出了如下建议： （1） 掌握经营节奏，合理处理迎合风投公司的行为 （2） 合理设计股权结构，避免控制权过度保护 （3） 多渠道了解风投公司，适时引进投资
英文摘要：	As a way of financing, venture capital has become an important force in economic development in our country and played a big effect on encouraging the development of Star-ups, especially when the economy is in a downward position and financing becomes difficult. On one hand, the provision of financial support solve the problem of narrow financing channel；On the other hand, through the use of its advantage in industry analysis, business management and networking, venture capital helps the growth of enterprise. However, as a result of the venture capital organization profit-driven, imperfect policies and regulations, the exit mechanism is imperfect, the contradiction between high-tech companies and investment institutions and the resulting influence enterprise development issues also emerge in endlessly. The understand of the influence of venture the relationship of venture capital and High-tech enterprise on the development of the enterprise will help to give full play to the advantages of venture investment. At the same time, the introduction of venture capital will help to promote high-tech enterprises development. This paper first reviews the relevant literature and theoretical analysis on the growth of venture capital and high-tech enterprises. Secondly, based on the analysis of the relationship between venture capital and high-tech enterprises in China and the impact on the growth of enterprises, it takes Y company as the research subject to analysis the relationship between high-tech enterprises and venture capital and the effect cause d by from the perspective of Y company and Venture Capital. For example, in order to obtain investment, Y Company will adjust growth strategy to meet the requirements from VC; in order to protect the control will use a variety of financing methods. While from the venture capital side, on one hand, they will sign the terms of the agreement to achieve the control of enterprises, on the other hand, in order to improve the profitability of the investment institutions, they will provide value-added services to promote business growth. At the end of this paper, based on the positive relationship between the venture capital institutions and the problems that the relationship in between Y Company and VC, it provides the following suggestions: (1) Grasp the rhythm of business and reasonably deal with behaviors which meet the requirements of the venture capital firm (2) Reasonably design the equity structure, and avoid the excessive protection of right of control (3) Understand the venture capital firm through various channels, and introduce investment in the proper time
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