安徽风险资本运作模式选择研究

将风险企业成长的特点与安徽经济发展现状相结合,成立由政府发起设立的具有多种资本来源的风险投资公司.在多元治理的框架下,完善经理人的产生和发现机制,建立健全经理人的内外约束与激励机制,普通股和优先股组合监督管理,形成互相牵制、平衡发展的新型治理结构模式.在投资对象的选择上,依据全面分散投资、分散风险的原则,将资金合理布局、适时调整,并通过退出模式的选择,平衡现金流,避免集中投资、集中退出带来的冲击.

Research on Venture Capital Operation Models for Anhui

This paper integrates venture company's growth feature with Anhui province economic development and sets up venture investment company founded by the government with multi-capital sources.Under the frame work of multi-governance,we must perfect the mechanism of producing and selecting managers,the mechanism of restricting and encouraging managers,and that of supervising common stock and preference stock,form new governance structure which can hamper with each other and will develop with balance.To choose investment object we should rest on the principle of distracting investment and distracting1 risk,distribute capital properly and adjust it indue time,through the selection of quitting mode to balance cash flow,and avoid concentrated investment and the impact of all capital retraction.