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1、創(chuàng)業(yè)投資中的風險管理研究AbstractVenturecapitalinvestmenthasbeenboominginChinasince1990s.ThistrendrepresentsaninevitablechangeofChina'sfinancialsystem,facingthechallengesfrombothglobalinformationeconomyevolutionsanddomesticindustrialre-structure.However,withthefoamofNASDAQbroken
2、,thefaster-expandChineseventurecapitalsuferedachillywinterandsomeventurecapitalcompanieswerefacingdifficultiesnevermetbefore.Basedontheexperienceslearntfrompractices,somespecialistsstartedre-evaluaterisksofinvestmentandtriedtofindwayswhichcanmanagethemefectivelyunde
3、rChina'scurrentsituation.Inthispaper,theauthorintroducesaventurecapitalist'sviewofriskidentificationandriskmanagementofventureinvestmentanditsapplicationinChinesemarket.Thisarticleiscomposedbythreeparts.Inthefirstpart,uncontrollablemacroscopicrisksareclarified.These
4、condpartfocusesonmanageablerisksoftwodifferentcategories.Oneisrisksofventurecompanies,whichmustbecontrolledbyventure-investorsandventurecapitalists.Anotherisrisksofventure-investedcompanies,whichneedsventureinvestorsandEntrepreneurworktogether.Todiferentrisks,inthis
5、part,theauthoralsosuggestslimited-paterningandreasonablepower-allocationcouldbesolutionstoeachsituations.Finally,combiningChinesecurrentsituation,thisarticlediscussestheapplicationofriskmanagementtoolsandsuggestsa"Capitalist-EntrepreneurLeague"willbeusefultominimize
6、impactsofmacroscopicrisksinChinesefinancialsystem.Byreferencingsuccessfuloverseasexperiences,theauthorhopessomeideasofthisresearchcouldbeappliedinthefutureriskmanagementofventureinvestment,promotingthecombinationoffinanceandtechnology,improvingfinancialsystem,boosti
7、ngventureinvestmentmarketandacceleratingChina'seconomydevelopment.[Keywords]:VentureCapital,riskmanagement[ClassificationCode]F832.51創(chuàng)業(yè)投資中的風險管理研究第一章緒論第一節(jié)研究的背景和意義在知識經(jīng)濟時代里，經(jīng)濟增長和就業(yè)機會的增加都要依靠成功的創(chuàng)新—即研究與發(fā)展(R&D)成果能夠被有效的進行商業(yè)化和產(chǎn)業(yè)化。在創(chuàng)新過程中，資本的籌集和使用是最為重要的一個資源配置環(huán)節(jié)。作為向高風險項目提供融資和資本
8、運營支持的特殊金融工具，創(chuàng)業(yè)投資在這一環(huán)節(jié)中扮演了極為重要的角色。創(chuàng)業(yè)投資是集金融、科技、創(chuàng)新、管理和市場于一體的新型資本運作模式。創(chuàng)業(yè)投資的出現(xiàn)與發(fā)展是人類社會由工業(yè)經(jīng)濟向知識經(jīng)濟過渡的必然要求與結(jié)果，也是培育新興產(chǎn)業(yè)，促進這種過渡加速的重要推動力之一。創(chuàng)業(yè)投資萌芽于本世紀
