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论文编号：	9637
作者编号：	2120152722
上传时间：	2017/12/8 9:29:18
中文题目：	国有资本风险投资机构投资管理优化研究——以TD投资公司为例
英文题目：	Research on Investment Management Optimization of State - owned Venture Capital Agency：Take TD Investment Company as examples
指导老师：	陈国欣
中文关键字：	风险投资；国有资本；投资管理；创业公司
英文关键字：	Venture Capital；State-owned Capital；Investment Management；Entrepreneurial Firm
中文摘要：	风险投资起源于美国，1985年在中国首次出现。在随后15年的发展过程中，中国的风险投资主要以政府直接投资为主，后来又转变为以国有资本的风险投资机构作为投资主体。二十一世纪开始，随着中国加入WTO，市场经济体制在我国逐步发展和完善，而面对着良好的经济发展环境，国有资本风投机构却存在着资金来源有限、资本结构单一、风险偏好低、政府强行干预项目决策等问题，因此难以与民营风险投资机构乃至国际上有实力的风险投资机构形成竞争关系。2014年时任国家总理李克强提出“大众创业、万众创新”的号召，由此展开了我国新一轮创业热潮，这无疑为风险投资行业带来了新的市场空间。本文旨在研究在此形势下，国有资本风险投资机构应如何改变投资管理模式以迎合新的市场，获得更高的收益和发展。 本文首先从宏观角度阐述了风险投资的基础知识和框架；再以国有资本风投机构中具有代表性和典型性的TD投资公司为例，详细讲解了该类机构的运营特点和投资风格，并总结出该类机构存在的问题；最后通过TD公司的真实投资案例项目DF公司的分析，给出具体投资优化方案，表明问题解决的实用性和可行性。第一章指出了本文的研究背景及意义、主要研究内容及方法和可能的创新，并对国内外相关文献做了列举说明。第二章详细说明了风险投资的基础理论和投资管理框架，列举了学术界对风险投资较为广泛认可的理论。第三章对具有很强代表性的国有资本风险投资机构TD投资公司做了详细的介绍，对公司的来历、股权情况、经营情况、组织架构做了充分的说明，并且分析了该公司的投资管理框架与业务流程，以及其遵循的投资管理方式；最后针对TD公司所存在的问题进行了总结。第四章通过对TD投资公司的投资项目DF公司案例实行具体的问题分析和优化方案，并借鉴民营风险投资机构的特点以及考虑各类信息因素的影响权重后，对以TD公司为代表的国有资本风投机构总结提出投资管理优化方案。第五章为总结章，提出了针对本文的结论，并对后续研究进行了展望。通过全文的论述，期望为中国国有资本风险投资机构在今后的发展提供借鉴帮助。
英文摘要：	Venture capital originated in the United States and was first introduced in China in 1985. In the course of its development over the next 15 years, China's investment in venture capital mainly focused on direct investment by the government, then turned into the investment subject of the venture capital of state-owned capital. Beginning of the 21st century, with China's accession to the WTO, market economy system in our country gradually development and perfection, and in the face of the good economic development environment, the state-owned venture capital institutions but there is limited funding sources, capital structure of a single, low risk preference, such as the government forced intervention project decisions, so hard and strong private venture capital institutions, and even internationally competing venture investment institutions. In 2014, the then prime minister Li Keqiang, put forward "public entrepreneurship, peoples innovation", prompting a new round of business boom in China, it certainly for investment industry has brought a new market space. This paper aims to study how state-owned venture capital institutions should change their investment strategies to meet the new market and obtain higher profits and development. This paper first expounds the basic knowledge and framework of venture capital from the macroscopic point of view. Taking the representative and typical TD investment company of state-owned venture capital institutions as an example, it explains the operating characteristics and investment style of such institutions in detail. Summed up the problems existing in this kind of institution; finally, through the analysis of DF company, which is the real investment case of TD Company, it gives the concrete investment optimization plan, which shows the practicability and feasibility of problem solving. The first chapter points out the research background and significance, the main research contents, the methods and the possible innovations. The related literatures at home and abroad are listed as examples. The second chapter elaborates the basic theory of venture capital and the framework of investment management, and lists the theories that the academic circles recognize the venture capital more widely. The third chapter gives a detailed introduction to the highly representative state-owned venture capital TD investment company, fully explains the origin, equity, business conditions and organizational structure of the company, and analyzes the company's investment Management framework and business process, as well as the investment management method it follows; finally, it summarizes the problems existing in TD company. The fourth chapter through the case of DF company project of TD investment company analysis and optimization of specific programs, and learn from the characteristics of private venture capital institutions and considering the impact of various types of information weight factors, the TD as a representative of state-owned venture capital institutions concluded that investment management optimization program. The fifth chapter is the summary chapter, put forward the conclusion for this article, and the prospect of the follow-up study. Through the full text exposition, this paper expects to provide reference for the development of China's state-owned venture capital institutions in the future.
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