【正文】 畢業(yè)設(shè)計（論文） I 摘要 風(fēng)險投資是指個人或機構(gòu)通過一定方式籌集資本，以股權(quán)投資的方式將其投入具有高成長潛力的未上市創(chuàng)業(yè)企業(yè)，并通過提供管理服務(wù)參與企業(yè)的經(jīng)營，以期獲取企業(yè)創(chuàng)業(yè)成功后的高資本增值的一種資本投資方式。自 20世紀(jì) 80 年代中 期 我國引入風(fēng)險投資這個概念以來，學(xué)術(shù)界就對風(fēng)險投資進(jìn)行了大量的研究，但是對風(fēng)險投資機構(gòu)的風(fēng)險控制問題缺乏整體系統(tǒng)的探討。作為風(fēng)險投資三大主體之一，風(fēng)險投資機構(gòu)是風(fēng)險資金流動的中心樞紐，在整個風(fēng)險投資周期中起到了融資、投資、咨詢管理的作用，因此，它的風(fēng)險控制直接決定了 其 運作的有效性和經(jīng)濟(jì)性。 本文采 用規(guī)范分析的方法，首先闡述了我國風(fēng)險投資現(xiàn)狀，并對我國風(fēng)險投資機構(gòu)的發(fā)展及其階段性特點做出概括。我國風(fēng)險投資機構(gòu)是在政府資本的大力扶植下逐漸發(fā)展起來的，隨著改革開放步伐的加快，越來越多的 民間資本和外商資本也參與其中，外商投資者 在功能上對推動中國風(fēng)險投資發(fā)展起到了啟動作用，對于我國本土投資者進(jìn)行風(fēng)險資本投資具有很好的示范作用。隨后，文章著眼于完整的風(fēng)險投資周期，分別從融資階段、投資階段、退出階段對風(fēng)險投資機構(gòu)面臨的風(fēng)險進(jìn)行分析，并結(jié)合我國實際情況，針對不同 階段 風(fēng)險提出相應(yīng)防范措施。 關(guān)鍵詞 風(fēng)險投資機構(gòu)；融 資；投資；資本退出；風(fēng)險控制 畢業(yè)設(shè)計（論文） II Abstract Venture Capital is an investment form , which must be raised by individuals or institutions with some form of capital, to form the equity investment in high growth potential in unlisted panies, and involved in enterprise management by providing management servvices. Venture capital can gain high ine by the business success of venture enterprise. As one of the three main bodies of venture capital, venture capital institution is the center for the flow of capital, and plays the key role of raising and investing and consulting in the venture capital cycals, So its operational effectiveness and economics largely depends on the risk control . This paper uses Normative Analysis , firstly ,expounds the current situation of venture capital investment in China,then summarizes its development and characteristics of venture capital investment anizations in China were developped by the support of public capital, as the pace of reform and openingup quickens, more and more investors abroad are involved, starting the development of venture capital investment in China,and giving an good example to the venture capital investors from native country .Secondly,this paper focuses on the fullyformed venture capital investment cycle,analyses the risks that venture capital investment anizations may face from financing stage ,to investment stage, then to reward the practical situation in China ,this paper es up with relevant precautionary measures to different risks. Keywords venture investment institution； financing； investment。capital exiting。 venture control 畢業(yè)設(shè)計（論文） I 目錄 摘要 ...............................................................................................................................I Abstract ..................................................................................................................... II 第 1 章 緒論 ............................................................................................................... 1 寫作背景及意義 ............................................................................................. 1 文獻(xiàn)綜述 ........................................................................................................... 2 國外研究現(xiàn)狀 ........................................................................................... 2 國內(nèi)的研究 ............................................................................................... 3 主要內(nèi)容及結(jié)構(gòu)安排 ...................................................................................... 4 主要內(nèi)容 .................................................................................................... 4 結(jié)構(gòu)安排 .................................................................................................... 5 創(chuàng)新與不足 ....................................................................................................... 5 第 2 章 相關(guān)理論 ....................................................................................................... 6 風(fēng)險投資 ........................................................................................................... 6 風(fēng)險投資的概念 ....................................................................................... 6 風(fēng)險投資的特點 ....................................................................................... 6 風(fēng)險投資市場與其他投資市場的區(qū)別 .................................................. 7 風(fēng)險投資的作用 ....................................................................................... 8 風(fēng)險投資機構(gòu) .................................................................................................. 9 風(fēng)險投資機構(gòu)的類型 ............................................................................... 9 我國風(fēng)險投資機構(gòu)的發(fā)展及其階段性特點 ....................................... 11 風(fēng)險投資機構(gòu)的核心作用 ..................................................................... 14 第 3 章 風(fēng)險投資機構(gòu)風(fēng)險分析 ............................................................................ 15 風(fēng)險投資機構(gòu)在融資階段面臨的風(fēng)險 ....................................................... 15 再融資風(fēng)險 ............................................................................................. 15 委托代理風(fēng)險 ......................................................................................... 15 風(fēng)險投資機構(gòu)在投資階段面臨的風(fēng)險 ....................................................... 16 創(chuàng)業(yè)企業(yè)的運作風(fēng)險 ............................................................................. 16 委托代理風(fēng)險 ......................................................................................... 18 風(fēng)險投資機構(gòu)在退出階段面臨的風(fēng)險 ....................................................... 18 外部風(fēng)險 .................................................................................................. 19 畢業(yè)設(shè)計（論文） II 內(nèi)部風(fēng)險 .................................................................................................. 21 第 4 章 風(fēng)險投資機構(gòu)風(fēng)險控制措施 ................................................................... 22 風(fēng)險投資機構(gòu)在融資階段的風(fēng)險控制措施 ............................................... 22 再融資風(fēng)險控制 ..................................................................................... 22 委托代理風(fēng)險控制 ................................................................................. 24 風(fēng)險投資機構(gòu)投資階段風(fēng)險控制措施 ....................................................... 27 風(fēng)險投資機構(gòu)投資決策過程風(fēng)險控制 .