本文選題：創(chuàng)業(yè)投資產業(yè)鏈 + VC和PE共生系統(tǒng)�。� 參考：《東華大學》2013年碩士論文

【摘要】：近年來,無論是天使投資、VC或PE都在我國發(fā)展迅速。從天使投資、VC和PE所偏好的投資階段來看,它們形成了一條投資創(chuàng)新企業(yè)的產業(yè)鏈,即創(chuàng)業(yè)投資產業(yè)鏈。其中,迅猛發(fā)展的VC和PE更已成為我國產業(yè)投資的主力軍之一。不過,在我國創(chuàng)業(yè)投資行業(yè)火熱的背后,也存在著令人擔憂的問題。如VC投資的PE化趨勢、PE機構過分看重項目短期上市、VC和PE對個別行業(yè)情有獨鐘等等。 我國正處在經濟結構戰(zhàn)略性調整的重大轉折時期,想要發(fā)展創(chuàng)新型經濟,就迫切需要理清我國創(chuàng)業(yè)投資產業(yè)鏈的發(fā)展狀況。對其中VC和PE的共生發(fā)展狀況進行科學判斷,才能找到它們和諧發(fā)展的最佳途徑,同時政府才能夠提高各種鼓勵政策的有效性�；诖�,論文選擇了從共生的新角度來系統(tǒng)地研究創(chuàng)業(yè)投資產業(yè)鏈中VC和PE的共生發(fā)展狀況,并建立了相應的評價體系,期望能夠引導VC和PE達到最佳共生狀態(tài)。 首先,通過對國內外相關文獻進行梳理綜述后,論文定義創(chuàng)業(yè)投資產業(yè)鏈的內涵為以創(chuàng)業(yè)投資資本為運作對象、以追求創(chuàng)業(yè)投資資本增值為目標、對創(chuàng)新企業(yè)由種子期到成熟期的不同發(fā)展階段進行投資運作的創(chuàng)業(yè)投資資本運作者依據一定邏輯關系和時空布局所形成的,前后聯(lián)接、相互依賴的鏈條式關聯(lián)組織。緊接著,對創(chuàng)業(yè)投資產業(yè)鏈中VC和PE的共生系統(tǒng)所包含的共生單元、共生模式、共生環(huán)境以及共生發(fā)展路徑進行了詳細闡述,為后續(xù)評價體系的構建提供了理論依據。 其次,論文通過介紹我國創(chuàng)業(yè)投資產業(yè)鏈的發(fā)展現(xiàn)狀,發(fā)現(xiàn)了我國VC和PE共生發(fā)展中存在的四大問題,說明建立VC和PE的共生發(fā)展狀況評價體系的必要性。因而,構造了一個包含2個一級指標,6個二級指標和21個三級指標的VC和PE共生發(fā)展狀況評價指標的基本框架。再結合專家訪談,應用層次分析法確定了各評價指標的權重,也闡述了創(chuàng)業(yè)投資產業(yè)鏈中VC和PE共生發(fā)展狀況評價的模糊綜合評判的詳細步驟。 最后,論文以上海市VC和PE的共生發(fā)展為應用案例,采用問卷形式收集了專家組的評價意見,然后運用所建立的評價模型對上海市VC和PE的共生發(fā)展狀況進行了評價,得到的評價結果是上海市VC和PE的共生發(fā)展狀況屬于“一般”水平。評價結果基本符合實際情況,也證明了評價模型的可行性和有效性。再從定性的角度簡要分析了上海市VC和PE的共生發(fā)展狀況,得出目前上海市VC和PE的共生關系介于間接共生和連續(xù)共生之間,也屬于非對稱互惠共生模式。因此,從優(yōu)化創(chuàng)業(yè)投資產業(yè)鏈和完善共生環(huán)境兩個方面提出了促進上海市VC和PE和諧發(fā)展的相關政策建議。
[Abstract]:In recent years, whether angel investment VC or PE are rapidly developing in China. According to the investment stages preferred by angel investment VC and PE, they form an industrial chain of innovative enterprises, that is, venture capital industry chain. Among them, the rapid development of VC and PE has become one of the main force of industrial investment in China. However, in China's venture capital industry behind the hot, there are also worrying problems. Such as VC PE investment trend PE institutions too much value projects short-term listing VC and PE to individual industries and so on. China is at the turning point of strategic adjustment of economic structure. To develop innovative economy, it is urgent to clarify the development of industrial chain of venture capital in China. Only by scientifically judging the symbiotic development of VC and PE can they find the best way to develop harmoniously and the government can improve the effectiveness of various encouragement policies. Based on this, the paper chooses to systematically study the symbiotic development of VC and PE in the industrial chain of venture capital from a new perspective of symbiosis, and establishes a corresponding evaluation system, hoping to guide VC and PE to achieve the best symbiotic state. First of all, after combing and summarizing the relevant literature at home and abroad, the paper defines the connotation of venture capital industry chain as the operation object of venture capital, and aims at pursuing the increment of venture capital. On the basis of certain logical relationship and space-time layout, the venture capital operators who operate the venture capital in different stages of development from seed stage to mature stage are connected with each other and depend on each other. Then, the symbiotic unit, symbiotic model, symbiotic environment and symbiotic development path of VC and PE symbiotic system in the industrial chain of venture capital are elaborated in detail, which provides the theoretical basis for the construction of the follow-up evaluation system. Secondly, the paper introduces the current situation of venture capital industry chain in China, finds four problems in the co-development of VC and PE, and explains the necessity of establishing the evaluation system of VC and PE symbiotic development. Therefore, a basic framework for evaluating the symbiotic development of VC and PE with two primary indexes, six secondary indexes and 21 third-order indexes is constructed. Combined with expert interviews, the weight of each evaluation index is determined by AHP, and the detailed steps of fuzzy comprehensive evaluation of VC and PE symbiotic development evaluation in venture capital industry chain are also expounded. Finally, taking the symbiotic development of VC and PE in Shanghai as an application case, the paper collects the evaluation opinions of the expert group in the form of questionnaire, and then evaluates the symbiotic development of VC and PE in Shanghai by using the established evaluation model. The result is that the symbiotic development of VC and PE in Shanghai belongs to "general" level. The evaluation results basically accord with the actual situation, and also prove the feasibility and validity of the evaluation model. From the qualitative point of view, this paper briefly analyzes the symbiotic development of VC and PE in Shanghai, and draws the conclusion that the symbiotic relationship between VC and PE in Shanghai is between indirect symbiosis and continuous symbiosis, and belongs to asymmetric reciprocal symbiosis mode. Therefore, from the aspects of optimizing the industrial chain of venture capital and perfecting the symbiotic environment, this paper puts forward some relevant policy suggestions to promote the harmonious development of VC and PE in Shanghai.
【學位授予單位】：東華大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.48;F224

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