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1.
风险投资对当前经济的发展发挥了重大作用,其投资特点决定了高盈利与高风险的并存。本文首先对国内外风险投资项目的风险评估理论和原始风险矩阵进行了概述,然后基于原始风险矩阵方法构建了用于风险投资项目风险评估体系,对具有复杂性、创新性强和综合性等特点的风险投资项目的风险评估提供参考。  相似文献   

2.
刘军 《新金融》2000,(2):36-39
建立风险投资基金,发展高新技术产业已成为人们的共识。只有建立风险投资基金,才能吸收足够的资金来投资于项目群。那么,我国的风险投资基金如何建立呢?笔认为,要把握好以下几个方面的问题。  相似文献   

3.
现有的实物期权定价模型均假定公式中的变量取确定的数值,而实际上,由于风险投资的不确定性,有些数值是难以确定的.本文结合模糊集合理论和实物期权定价模型,提出评价风险投资项目的模糊实物期权定价公式,来描述符合实际环境下投资项目的期权价值.  相似文献   

4.
在实施西部大开发战略中,西部要实现跨越式发展,需要解决的困难和问题很多,其中一个非常现实的问题是实现跨越式发展所需要的巨额资金从哪里来。本认为西部各地在继续争取中央和地方财政、税收、信贷和国债投入等方面的支持,以及进一步扩大对外开放的条件下,还必须争取更多的途径,通过资本市场,从境内外筹集民间资金,扩大民间投资,其途径之一就是利用风险投资。风险投资可以通过投资高风险、高回报的项目群,将其成功的项目进行出售或上市,实现所有权益的变更,弥补失败项目损失,使其投资获得高额回报。利用风险投资促进西部跨越发展可利用多种风险投资形式。风险投资组建方式和运作要尽可能适应西部地区的实际情况。  相似文献   

5.
浅析高科技投资项目风险识别   总被引:1,自引:0,他引:1  
风险投资的对象具有高风险、高收益、高增长潜力和高技术的特点,如何增加风险投资的收益潜力,降低风险,是一个非常重要的问题。解决这一问题需对高科技项目风险进行分析和评价。通常,高科技风险投资项目分为四个阶段:种子期、创立期、扩展期、成熟期。各个时期的投资规模、发展  相似文献   

6.
本文借鉴国外发展的一种新的社会影响评价模型,即成本效益矩阵,来完善我国的社会影响评价体系。矩阵模型将项目的众多相关群体和个人包括其中,分析其经济性和非经济性的影响,进而得到比较客观和有价值的社会影响评价。该模型丰富了我国投资项目社会评价内容,规范投资项目社会评价过程,以保证投资决策真正是有利于全社会健康、稳定与可持续的发展。  相似文献   

7.
从风险投资流程分析公司财务风险   总被引:5,自引:0,他引:5  
现今知识经济时代,风险投资作为一种新兴的投资方式,被证明能对一国的经济发展产生不可估量的推动作用。而风险投资项目评估是风险投资运作中的关键环节,在风险投资发展日新月异的同时,人们对风险投资项目评估的研究也越来越重视。投资项目评估是风险投资运作过程中最为重要的环节,也是项目投资运作成功的必备前提。因此投资机构需要有一套有效的项目评估方法,指导其恰当评估风险企业的增长潜力,从而实现投资收益,  相似文献   

8.
姚良松 《科学投资》2005,(11):54-56
现在的风险投资,基本只做成长期投资,对于某些想获得风险投资的朋友来说,如果你真的认为自己的项目是一个好项目,你不妨先将项目做起来。到时候即使你不去找风险投资,风险投资也会来找你。  相似文献   

9.
风险投资浅见   总被引:2,自引:0,他引:2  
一、风险投资界定风险投资(VentureCapital)对于我国来说是一个新兴的产业,它是指通过一定的机构和一定的方式向各类机构和个人筹集风险资本,然后将所筹集的资本投入具有高度不确定性的高新技术企业或项目,期望通过实现项目的高成长率并最终通过出售股权获得高收益的一种投资行为。风险投资包括这样几个涵义:(一)风险投资首先需要有资本来源,风险资本既可以来自个人,也可以来自各类机构;个人或机构的资本可以直接投入风险企业及项目,但通常是通过进入风险投资机构如风险投资公司或风险投资基金,由这类机构进行投资。(二)风险投资…  相似文献   

10.
李农 《青海金融》2005,(3):49-50
我国风险投资的发展历史不长,而且由于客观环境的特殊性,使国内风险投资存在一定的先天不足。如风险投资缺乏相关的规范化法律制度环境,同时又缺乏合格的专业风险投资人才,更缺乏风险投资的经验。这些都使我国风险投资项目的风险表现出一定的特殊性,因而就对投资项目的风险管理  相似文献   

11.
本文以截至2011年6月30日在我国创业板上市的236家公司作为研究对象,研究风险投资对创业板IPO折价的影响。研究发现:(1)有风险投资参与的企业IPO折价显著高于无风险投资参与的企业,支持声誉效应假说,即风险投资机构以IPO折价来提早退出投资项目,以此来建立自己的声誉,从而吸引更多的资金流入;(2)在对有风投参股的投资公司做进一步分析后发现一一随着风投参与度的增大,IPO调整折价率并未出现明显的提升,创业板企业IPO时风险投资机构的数量、风险投资机构持股比例与调整折价率关系不显著。  相似文献   

12.
In this article, we propose a model that incorporates the preferences of multiple decision makers into a decison-making process using (1) The analytical hierarchy process (AHP); and (2) multiple criteria and multiple constraint levels (MC2) linear programming in a capital budgeting context. Our model can foster strategic and nonfinancial factors that are important in the capital budgeting problems of the current business environment. The two-phased solution framework proposed in this article is sufficiently flexible to reach a compromise among decision makers. Our method also facilitates collection of decision makers' preferences to minimize suboptimization of overall company's goals. In addition, application of AHP to derive weights to decision makers' preferences for resource availability decreases the solution complexity. All these characteristics represent a significant improvement compared with previous linear or goal programming approaches to capital budgeting problems.  相似文献   

13.
We analyze venture capital budgeting in a model with agency conflicts among entrepreneurs, venture capitalists, and investors. Our three-player setting is crucial for the analysis of compensation to venture capitalists. We focus on the venture capitalist's decision to invest in correlated enterprises, and we emphasize the importance of information and the venture capitalist's role in resolving adverse selection on the entrepreneurial side. The importance of information increases the minimum carried interest offered to the venture capitalist, whereas correlated projects decrease it. The carried interest is determined by the size and level of correlation in his portfolio. Our analysis provides predictions in line with a number of empirical observations, e.g. that venture capitalists typically receive a carried interest which is “sticky” around a 20% level.  相似文献   

14.
This article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest that, in Europe, Initial Public Offering candidates take longer to be selected than trade sales. Moreover our results show that, in Europe, venture capitalists associated with financial institutions have quicker exits (stronger for trade sales), and highlight the importance of contracting variables on the exit decision. An unexpected result is that the presence on the board of directors leads to longer investment durations.  相似文献   

15.
敏感性分析是项目经济评价中不可缺少的部分,为了使投资者事先对承担的风险有所了解,更好地做出投资决策,需要在经济评价的同时,做好敏感性分析。本文通过对敏感性分析在生物可降解塑料袋项目可行性研究中的一系列分析,首先计算各因素的利润灵敏度,然后对各因素进行敏感分析,从定量分析的角度研究有关因素发生某种变化对某一个关键指标的影响程度,通过逐一改变相关变量数值的方法来解释关键指标受这些因素变动影响大小的规律,阐述了敏感性分析的具体运用及其重要意义,以期根据分析结果,结合实际情况采取有关措施,为决策者和未来项目的经营者提供依据。  相似文献   

16.
The high failure rate among new business ventures is usually chalked up to the fundamental uncertainty of the process. In actuality, say McGrath and Keil, flawed ways of assessing and managing ventures may account for the disappointing amount of value they generate. Instead of taking the go/no-go approach, whereby a project either advances toward launch or is killed, decision makers should consider a range of alternatives: recycling the venture by aiming it at a new target market; spinning it off to other owners or a joint venture; spinning it in to an established business unit; or salvaging useful elements such as technologies, capabilities, knowledge, and patents. Firms that excel in value extraction--the "value captors" whose practices and mind-set this article explores--have created formal processes to systematically mine successes, failures, and everything in between. They know that a venture should be treated like a scientific experiment, in which learning plays a critical role. They are ready to seize new opportunities if a venture falters on its original course. They foster networks to promote cooperation and collaboration between established business leaders and venture teams and involve people from throughout the company in the venture review process. They don't allow financial criteria to dominate the reviews, and they recognize that the best people to launch a business may not be the ones who developed the idea. If your innovation pipeline is dry, your promising projects are being strangled for lack of a speedy payback, or someone else has made a fabulous business out of a slightly altered idea that you abandoned, consider the value captor's path.  相似文献   

17.
虚拟资本的概念源自于马克思,它有动员储蓄、优化资源配置、实施企业监管、便于风险管理以及促进商品和服务贸易的功能,有助于研究金融市场。本文探讨投资基金的虚拟资本的性质。投资基金自产生时就有乘数效应。投资基金的操作、定价、风险配置机制具有全部的虚拟资本的特点。本文指出投资基金市场的一些缺陷。  相似文献   

18.
This paper examines the trend towards greater sophistication in investment selection techniques and control processes, and their impact on capital budgeting decision effectiveness. Based on a sample of 100 large UK firms, the study examines the capital budgeting practices employed over an 11-year period. Very significant increases in the uptake of sophisticated investment methods are reported, particularly in the analysis of project risk. These developments are partly explained by the rapid developments in computing within capital budgeting. Clear evidence is found to suggest that senior finance executives believe that the adoption of sophisticated investment practices gives rise to improved effectiveness in the evaluation and control of large capital projects.  相似文献   

19.
This paper analyzes how the affiliation of a venture capital firm affects the deal terms for innovative entrepreneurial ventures. We develop a theory to explain the advantages of independent and bank-affiliated venture capital funds for entrepreneurs. We assume that independent venture capital firms provide better support quality while bank-affiliated firms are less financially constrained. The entrepreneur selects the optimal contract by trading-off these characteristics. The model allows several empirically testable predictions concerning the nature of projects financed by either type of venture capital firm. Entrepreneurs should seek capital from independent or affiliated venture capitalists contingent on the degree of sophistication of their project, their liquidation value, the importance of expected management support, and the remaining time to fundraising.  相似文献   

20.
This article provides theory and evidence in support of the proposition that venture capitalists adjust their investment decisions according to liquidity conditions on IPO exit markets. We refer to technological risk as a choice variable in terms of the characteristics of the entrepreneurial firm in which the venture capitalist invests, and liquidity risk as the current and expected future external exit market conditions. We show that in times of expected illiquidity of exit markets (high liquidity risk), venture capitalists invest proportionately more in new high-tech and early-stage projects (high technology risk) in order to postpone exit requirements. When exit markets are liquid, venture capitalists rush to exit by investing more in later-stage projects. We further provide complementary evidence that shows that conditions of low liquidity risk give rise to less syndication. Our theory and supporting empirical results facilitate a unifying theme that links related research on illiquidity in private equity.  相似文献   

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