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1、创业投资中的风险管理研究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创业投资中的风险管理研究第一章绪论第一节研究的背景和意义在知识经济时代里，经济增长和就业机会的增加都要依靠成功的创新—即研究与发展(R&D)成果能够被有效的进行商业化和产业化。在创新过程中，资本的筹集和使用是最为重要的一个资源配置环节。作为向高风险项目提供融资和资本
8、运营支持的特殊金融工具，创业投资在这一环节中扮演了极为重要的角色。创业投资是集金融、科技、创新、管理和市场于一体的新型资本运作模式。创业投资的出现与发展是人类社会由工业经济向知识经济过渡的必然要求与结果，也是培育新兴产业，促进这种过渡加速的重要推动力之一。创业投资萌芽于本世纪
