【正文】 ........................................................................................... 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(diǎn) ....................................................................................... 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(jī)構(gòu) .................................................................................................. 9 風(fēng)險投資機(jī)構(gòu)的類型 ............................................................................... 9 我國風(fēng)險投資機(jī)構(gòu)的發(fā)展及其階段性特點(diǎn) ....................................... 11 風(fēng)險投資機(jī)構(gòu)的核心作用 ..................................................................... 14 第 3 章 風(fēng)險投資機(jī)構(gòu)風(fēng)險分析 ............................................................................ 15 風(fēng)險投資機(jī)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(jī)構(gòu)在投資階段面臨的風(fēng)險 ....................................................... 16 創(chuàng)業(yè)企業(yè)的運(yùn)作風(fēng)險 ............................................................................. 16 委托代理風(fēng)險 ......................................................................................... 18 風(fēng)險投資機(jī)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(jī)構(gòu)風(fēng)險控制措施 ................................................................... 22 風(fēng)險投資機(jī)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(jī)構(gòu)投資階段風(fēng)險控制措施 ....................................................... 27 風(fēng)險投資機(jī)構(gòu)投資決策過程風(fēng)險控制 ................................................ 27 風(fēng)險投資機(jī)構(gòu)投資方式風(fēng)險控制 ........................................................ 28 委托代理風(fēng)險控制 ................................................................................. 29 風(fēng)險投資機(jī)構(gòu)退出階段的風(fēng)險控制措施 ................................................... 30 分階段退出 ............................................................................................. 30 建立完善相關(guān)法律法規(guī) ......................................................................... 30 結(jié)論 ............................................................................................................................ 31 參考文獻(xiàn) ................................................................................................................... 32 附錄 1 ........................................................................................................................ 33 附錄 2 ........................................................................................................................ 37 致謝 ............................................................................................................................ 41 畢業(yè)設(shè)計（論文） 1 第 1章 緒論 寫作背景及意 義 我國金融風(fēng)險投資始于 20 世紀(jì) 80 年代，為了響應(yīng)中共中央對科技體制改革的號召， 風(fēng)險投資這一新型金融投資形式引起了社會各界的共同關(guān)注和高度重視。 關(guān)鍵詞 風(fēng)險投資機(jī)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。我國風(fēng)險投資機(jī)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。作為風(fēng)險投資三大主體之一，風(fēng)險投資機(jī)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(yùn)作的有效性和經(jīng)濟(jì)性。畢業(yè)設(shè)計（論文） I 摘要 風(fēng)險投資是指個人或機(jī)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