风险投资项目评估问题研究 (定稿)
风险投资项目评估问题研究
The research on the evaluation of
venture capital project
学 院： 会计与金融学院
专 业： 财务管理
姓 名： 王安妮 学 号： [1**********]4
指导老师： 职 称： 邓燕 讲师
中国·珠海
北京理工大学珠海学院毕业论文
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本人郑重承诺：我所呈交的毕业论文《风险投资项目评估问题研究》是在指导教师的指导下，独立开展研究取得的成果，文中引用他人的观点和材料，均在文后按顺序列出其参考文献，论文使用的数据真实可靠。
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风险投资项目评估问题研究
摘要
风险投资作为高技术产业发展的“催化剂”和经济增长的“发动机”，对一国经济的发展起着举足轻重的作用。伟大的中国梦的实现离不开“大众创业，万众创新”，而“大众创业，万众创新“的实现离不开风险投资的支持。
风险投资评估是决定风险投资成败的关键环节之一。论文在介绍了风险投资评估的相关理论的基础上，结合”风投女皇“徐新考察评估并入股京东的案例，提出加强风险投资的三方面对策，一是双管齐下，培养和引进风险投资评估人才；二是抓住风险投资评估的关键环节；三是完善风险投资的退出机制以便顺利实现风险投资活动的良性循环。
关键词：风险投资 风险投资评估 风险投资评估流程 风险投资评估人才
The research on the evaluation of venture capital project
Abstract
The "engine" of "catalyst" investment risk as a high technology industry development and economic growth, to a country's economic development plays a pivotal role. The realization of the great Chinese dream cannot be separated from "public entrepreneurship, innovation and peoples", and "public entrepreneurship, innovation and peoples" the realization of the can not be separated from the support of venture capital.
The investment risk assessment is one of the key factors to the success of the investment decision risk. The theory of investment risk evaluation based on the, combining with the venture Queen "Xu to assess and shares Jingdong case, put forward three countermeasures to strengthen the investment risk, one is two pronged approach, training and the introduction of investment risk evaluation talents; second is to seize the key link of investment risk assessment; the third is to perfect venture capital exit mechanism in order to successfully achieve a virtuous cycle of risk investment.
Key words: risk investment risk investment assessment of venture capital investment risk assessment of talent assessment process
目录
一、引言 ........................................................................................................................................................ 1
（一）研究背景和意义 ......................................................................................................................... 1
1.研究背景 ..................................................................................................................................... 1
2.研究意义 ..................................................................................................................................... 1
（二）国内外对于风险投资业的研究现状 ......................................................................................... 1
1.国内对于风险投资评估的研究现状 .......................................................................................... 1
2.国外对于风险投资评估的研究现状 .......................................................................................... 1
二、风险投资评估的相关理论 ..................................................................................................................... 2
（一）相关定义 .................................................................................................................................... 2
1.风险投资的含义.......................................................................................................................... 2
2.风险投资的特征.......................................................................................................................... 2
3.风险投资的要素.......................................................................................................................... 2
4.风险投资的主体.......................................................................................................................... 3
5.风险投资的对象——风险企业 .................................................................................................. 3
（二）风险投资的运作程序 ................................................................................................................. 3
1.风险投资运作四个阶段的基本程序 .......................................................................................... 3
2.项目评估是风险投资运作过程中的主要程序 .......................................................................... 4
（三）风险投资项目评估流程及体系 ................................................................................................. 4
1.项目来源 ..................................................................................................................................... 4
2.项目初步筛选.............................................................................................................................. 5
3.尽职调查 ..................................................................................................................................... 8
4.价值评估 ................................................................................................................................... 10
三、风险投资评估实例分析——以 “风投女皇”徐新投资京东为例 ...................................................... 10
（一）案例陈述 .................................................................................................................................. 10
（二）案例剖析 .................................................................................................................................. 10
1. 风险资本家对投资项目的考察评估方式 .............................................................................. 10
2. 风险资本评估项目后的投入方式 .......................................................................................... 10
3. 风险资本评估中体现出风险资本家与企业家的关系 .......................................................... 11
四、加强风险投资评估的对策 ................................................................................................................... 11
（一）培养和引进风险投资评估人才 ............................................................................................... 11
1.通过高等院校和职业培训加强风投人才培养 ........................................................................ 11
2.引进人才 ................................................................................................................................... 11
（二）抓好风险投资评估流程的关键环节 ....................................................................................... 11
（三）完善风险资本的退出机制以便风险投资评估能顺利实现良性循环 ................................... 12
结束语 .......................................................................................................................................................... 12
参考文献 ...................................................................................................................................................... 13
致谢 .............................................................................................................................................................. 14