对天使投资与风险投资的比较分析

自1946年第一家风险投资公司—美国研究发展公司诞生至今,风险投资已经经历了70年的发历程,而今天使投资与风险投资越来越频繁的出现在我们身边,他们种类多样,形式和特点也不一样,所带来的利益也大不相同.本文将对风险投资和天使投资的一致和区别进行对比,从两者的概念,资本的主要来源,运营模式和在我国要采取的措施和发展现状进行思考,来了解天使投资与风险投资,并给出相关建议.     

欧美风险投资融资机制比较

风险投资不仅是一种投资行为,而且是融资与投资相结合的一个过程。融资是风险投资运作的前提,也是风险投资公司(或基金)的首要任务。只有筹集到充足的风险资本,并以此建立起一定形式的风险投资公司(或基金),才能够顺利地展开风险投资的整个运作。欧美国家的风险资本来源多种多样,其风险投资公司(或基金)所采取的组织形式也各不相同。本文将详细比较欧美国家的风险资本来源和主流组织形式,找出其异同点,并分析各自利弊所在,由此得出一定的结论。     

关注风险投资

１９９８年３月１２日,新华社颁发了一条短讯：民建中央提交的“关于加快发展我国风险投资事业案”被列为全国政协九届一次大会的第１号提案。这表明中国的许多有识之士,包括政界、商界和学界的人们,已经认识到了风险投资在中国经济发展和改革中的重要作用。 从这时我开始关注风险投资的信息与资料收集。风险投资又叫创业投资,它同股票上市、银行贷款一样,都是企业发展壮大过程中筹集资金的一种方式。所不同的是,风险投资往往投向那些市场尚未明朗但潜力巨大的新产品或新技术上,创业者一般不提供任何形式的担保和抵押。因此,它具有…     

风险投资项目的风险分析

风险投资是一种由职业金融家向新创的、迅速发展的、有巨大竞争潜力的高科技企业投入权益资本的行为。投资对象一般是刚刚起步或还没有起步的高技术企业或高技术产品,属高新技术中的“种子”技术或创新思想,由于处于起步设计阶段,不够成熟,尚未经历市场检验,能否转化为现实生产力,尚有许多不确定的因素,因而风险较大。风险投资的风险与收益一般成正比关系,即风险越大,获利可能性越高。理论上,某项投资的平均收益率为:     

风险投资给创业者插上翅膀

<正> 1976年,两个美国青年设计出了苹果电脑,但仅有的1300美元无法进行批量生产,风险投资家乌克库拉投资9.1万美元帮助他们创建了苹果公司,5年后苹果公司成为全美500家大企业之一。这是科技企业借鸡下蛋的典型案例。如今这样的故事仍然接连不断地发生着,     

中国风险投资特征的趋势研究

本文介绍了风险投资的概况.着重分析了我国风险投资的特征,收集了近几年关于我国风险投资的相关数据,进行整理并对近几年的风险投资的特征进行了各方面的比较,得到不同点和相同点并加以解析,以求得出对我国风险投资行业的变化趋势,并反思我国风险投资发展是否与其建立的初衷相一致。     

积极探索 稳步推进：论中国风险投资的机制创新

去年4月8日,民建中央和全国政协科教文卫委员会在全国政协礼堂举行了关于进一步推进我国风险投资事业的研讨会,主要就中国风险投资的发展战略和重大方向问题进行研讨。一年来,随着我国风险投资事业的不断发展,现在已经到了埋头苦干,研究风险投资的运行机制以及怎样在中国真正实现的时候了。所以本次大会就确定了这样一个主题。另一方面,我很高兴的是,去年的会属于半官方的,而今年的会则是由企业和学术界主办,即由中国风险投资有限公司、美国＊垢＊则国际公司和香港理工大学共同举办。这说明我国风险投资事业已经不仅有政府推动,还…     

论组织中的非正式沟通

非正式沟通的概念20世纪30年代,梅奥的霍桑实验发现了存在于一切组织中的非正式组织。正式组织是指为了实现组织目标而由组织建立的群体,而非正式组织是一种关于个人与社会的关系网络,这种关系网络是在人们彼此交往的联系中自发形成的。无论在正式组织还是在非正式组织中都离不开沟通。组织中的沟通又分为正式沟通和非正式沟通。正式沟通系统指的是经过精心谋划而建立起来的信息沟通渠道及其媒介,包括指定的信息或指示经指挥链条向下传达,意见和建议经指挥链条向上汇报。非正式沟通系统是围绕组织成员间的社会关系而建立起来的。它是一种脱…     

Barriers to investment in the informal venture capital sector

Much of the government intervention into the market ‘gap’ for start-up and early-stage equity finance in the UK is based on the belief that the problem is on the supply side. Based on an analysis of the informal venture capital market this paper argues that there is no shortage of finance available. A survey of business angels reveals that many are willing to allocate a higher proportion of their investment portfolio to investments in unquoted companies, with recent tax incentives having a positive effect on their willingness to invest. Over 90% are currently looking to make more investments. However, there are constraints on their ability to invest: they do not see enough deals that meet their investment criteria, the majority of the investment proposals that they receive are of poor quality, and they are often unable to negotiate acceptable investment terms and conditions with entrepreneurs. The implication is that there is a need for further interventions by policy-makers to remove these barriers so that more small firms can take advantage of the substantial pool of angel finance that is available.     

The value added by government venture capital funds compared with independent venture capital funds

Government venture capital (GVC) funds have been a common policy initiative in European countries to overcome funding gaps in the promotion of early-stage ventures. In this work, we focus on the performance of such government funds. We compare the importance for the firm's development of post-investment, valueadded activities by GVC firms and independent venture capital (IVC) firms.We use a unique data set based on the results of a survey addressed to young high-techVC-backed firms from seven European countries. The survey gauged the importance of the contribution by the first lead investor in a variety of activity areas, as assessed by the investee companies. Attention was paid to potential adverse effects of the post-investment engagement of investors.Using a composite indicator of the value added, we find no statistically significant difference between the two types of investors. However, the profiles of value added differ across investor types, and, in particular, the contributions of IVC funds prove to be significantly higher than those of GVC funds in a number of areas, including the development of the business idea, professionalisation and exit orientation.     

Independent venture capital, corporate venture capital, and the internationalisation intensity of technology-based portfolio firms

Firms that internationalise early in their lives share characteristics with those that receive venture capital. The relationship between receipt of venture capital and the international intensity of 1348 young technology firms is examined, including whether the source of capital, from independent venture capital firms, corporations or private sources, has an impact. The absence of venture capital is shown to be positively associated with increased internationalisation. While previous literature suggests differences in the value added of different sources of venture capital, the results indicate no such differences in their impact on international intensity.     

中国风险投资发展策略研究

中国风险投资行业的发展现状、趋势及特殊国情,通过分析其在发展中存在的问题,对中国风险投资行业的发展给出一些策略建议。     

Efficient venture capital financing combining debt and equity

I present a model of venture capital contracting in which contracts that involve a mixture of both debt and equity are efficient and dominate pure-equity and pure-debt financing. The optimal contract balances the venture capitalist's incentive to intervene in the project and the entrepreneur's desire for control. Received: 9 September 1997 / Accepted: 3 April 1998     

风险投资项目退出的时机与方式选择研究

文章对影响风险投资项目退出时机选择的微观因素和风险投资项目退出方式及其必要条件进行了深入分析,文章认为,风险投资项目退出的时机与方式选择具有动态性和一体性特点,遵循风险资本增值最大化的一般性原则,选择适宜的退出时机与方式对风险投资项目实现投资收益或锁定投资损失有着重要的意义。     

Applying jump-diffusion processes to liquidate and convert venture capital

This study attempts to apply real options and expand the model designed by Lin and Huang [Lin, T.T., Huang, Y.T.: J. Technol. Manage. 8(3), 59–78 (2003)], which helps venture capital (VC) companies to optimize project exit decisions. The expected discounted factor and a jump-diffusion process combine to assess the value of a start-up company, and determine the threshold of the exit timing of liquidation or convertibility for establishing the optimal disinvestment evaluation model for VC companies. When the project value is below V_L^*V_L^\ast, the VC company carries out liquidation, but when the project value exceeds V_C^*V_C^\ast, the VC company performs convertibility. The project value is ranging between (V_L ^*,V_C^*)\left({V_L ^\ast,V_C^\ast}\right), and the best choice is holding the decision and waiting to carry out the rights of liquidation and convertibility next time. Besides, this work attempts to identify the expected discounted time in terms of the investment time for VC companies.     

风险投资“退出”内涵的系统界定与分析

文章从风险投资微观运作过程入手,对风险投资“退出”内涵进行了系统的界定,详细分析了风险投资“退出”的微观经济功能。文章认为:风险投资“退出”由风险投资项目退出和风险投资基金退出两部分内容构成,是针对风险投资中存在的双重委托———代理关系的最佳制度安排。     

对风险投资中若干问题的探析

文章针对风险投资中现存的问题,对风险投资中的组织形式的选择、政府的定位、融资的解决、人才的管理及资本退出机制的确定等问题进行了探讨,并提出了相应的解决方法。     

构建基于EVA法的分段投资报酬激励模型

本文建立了存在道德风险的风险投资家和风险企业家的分段投资报酬激励模型,以期为风险投资家改进和完善最优报酬激励业绩评价方法提供依据。