本文選題：天使投資 + 項(xiàng)目篩選�。� 參考：《西安理工大學(xué)》2017年碩士論文

【摘要】：中小企業(yè)創(chuàng)立和發(fā)展需要資金支持,資金缺乏就成為了企業(yè)建立和發(fā)展的瓶頸。由此,風(fēng)險(xiǎn)投資機(jī)構(gòu)逐漸興起,為創(chuàng)業(yè)企業(yè)提供了新的融資渠道。近些年,有學(xué)者發(fā)現(xiàn)中小企業(yè)在創(chuàng)業(yè)初期通過(guò)尋找風(fēng)險(xiǎn)投資尋求幫助能得到作用是很有限的,這是因?yàn)轱L(fēng)險(xiǎn)投資將更多地資金投在企業(yè)發(fā)展后期,而對(duì)企業(yè)初期發(fā)展來(lái)說(shuō),天使投資是相對(duì)理想的投資方式。但正是由于天使投資的投資期限早,所面臨的風(fēng)險(xiǎn)高,因此天使投資人不僅需要預(yù)測(cè)未來(lái)收益,也必須對(duì)存在風(fēng)險(xiǎn)進(jìn)行估計(jì)和判斷。事實(shí)上,為了規(guī)避高風(fēng)險(xiǎn),必須從項(xiàng)目篩選階段開(kāi)始。基于此,本文研究了天使投資人項(xiàng)目選擇的關(guān)鍵因素,力求建立客觀的影響因素體系。本文首先借鑒國(guó)外文獻(xiàn)對(duì)天使投資人項(xiàng)目篩選的研究成果,結(jié)合中國(guó)活躍天使投資人投資案例,選取天使投資人項(xiàng)目選擇的影響因素。進(jìn)而通過(guò)問(wèn)卷調(diào)查的方法了解投資人選擇項(xiàng)目時(shí)對(duì)各因素的重視程度。通過(guò)探索性因子分析和驗(yàn)證性因子分析的方法將所有因素進(jìn)行降維處理,提取出7個(gè)公因子,再根據(jù)提取的公因子與投資效果評(píng)價(jià)之間做回歸分析,確定相關(guān)因素對(duì)天使投資項(xiàng)目選擇影響程度。各影響因素的影響力從高到低依次為:創(chuàng)業(yè)者綜合能力、創(chuàng)業(yè)者素質(zhì)、項(xiàng)目特征、公司架構(gòu)、產(chǎn)品特征、市場(chǎng)特征以及產(chǎn)品發(fā)展階段。此外,根據(jù)問(wèn)卷中對(duì)被調(diào)查者行業(yè)偏好的調(diào)查結(jié)果,運(yùn)用單因素方差分析法確定不同行業(yè)偏好的天使投資人在項(xiàng)目選擇因素上是否存在顯著差異,研究發(fā)現(xiàn)不同行業(yè)偏好的投資者對(duì)影響因素的重視程度有所差異。最后,根據(jù)因子分析和回歸分析的結(jié)果,針對(duì)天使投資人提出了注重創(chuàng)業(yè)者能力和品質(zhì)、選擇完善的企業(yè)管理與背景構(gòu)成、判斷項(xiàng)目發(fā)展?jié)摿Α⒘私猱a(chǎn)品發(fā)展階段、根據(jù)自身偏好和能力評(píng)價(jià)項(xiàng)目特征的投資策略建議。本文研究一方面實(shí)證分析了影響天使投資人項(xiàng)目選擇的因素和天使對(duì)各影響因素的重視程度,并據(jù)此確定天使投資人投資策略;另一方面天使投資人可以對(duì)比自己的投資決策,調(diào)整改進(jìn)自己的投資過(guò)程,降低投資決策的盲目性和投資風(fēng)險(xiǎn),提高天使投資市場(chǎng)效率,推動(dòng)中國(guó)天使投資市場(chǎng)的進(jìn)一步發(fā)展。
[Abstract]:The establishment and development of small and medium-sized enterprises need financial support, and the lack of funds becomes the bottleneck of the establishment and development of enterprises. From this, venture capital organization rises gradually, provided new financing channel for venture enterprise. In recent years, some scholars have found that it is very limited for small and medium-sized enterprises to seek help from venture capital in the initial stage of business, which is because venture capital will invest more funds in the later stage of enterprise development, but for the initial development of enterprises, Angel investment is a relatively ideal way to invest. But it is because of the early investment term and the high risk that angel investors not only need to predict the future income but also must estimate and judge the risk. In fact, in order to avoid high risks, you must start at the project screening stage. Based on this, this paper studies the key factors of angel investor project selection, and tries to establish an objective impact factor system. This paper first draws lessons from the research results of angel investor project selection in foreign literature, and selects the influencing factors of angel investor project selection in combination with the case of active angel investor investment in China. And then through the method of questionnaire to understand the investor selection of the project to the importance of each factor. By means of exploratory factor analysis and confirmatory factor analysis, all factors are reduced and seven common factors are extracted, and then regression analysis is made according to the common factors extracted and the evaluation of investment effect. Determine the impact of related factors on angel investment project selection. The influencing factors from high to low are: entrepreneur's comprehensive ability, entrepreneur's quality, project characteristic, company structure, product characteristic, market characteristic and product development stage. In addition, according to the survey results of the respondents' industry preference in the questionnaire, the single-factor variance analysis was used to determine whether there were significant differences in the project selection factors among angel investors in different industry preferences. It is found that investors in different industries pay different attention to influencing factors. Finally, according to the results of factor analysis and regression analysis, the angel investors put forward to pay attention to the ability and quality of entrepreneurs, select perfect enterprise management and background composition, judge the development potential of the project, understand the stage of product development. To evaluate the investment strategy according to their own preferences and ability to evaluate the characteristics of the project. On the one hand, this paper empirically analyzes the factors that affect the choice of angel investors' projects and the degree of attention that angels attach to each factor, and then determines the investment strategy of angel investors; on the other hand, angel investors can compare their investment decisions. We should adjust and improve our own investment process, reduce the blindness and investment risk of investment decision, improve the efficiency of angel investment market, and promote the further development of Chinese angel investment market.
【學(xué)位授予單位】：西安理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.48

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