IT行业风险投资决策参考.doc

摘 要 风险投资是由职业金融家投入到新兴的、迅速发展的、有巨大竞争潜力的企业（特别是中小企业）中的一种股权资本。风险投资家已获得红利或售股权获取利益为目的，其特色是在于敢冒风险来追求较大的投资报酬，并将回报资金循环投入类似高风险事业。风险资本支持发展起来的公司成长速度远高于普通同类公司。通过将增值后的企业以上市、并购等形式出售，风险资本家得到高额投资回报。它是一种高风险与高收益并从的投资。风险投资项目的决策在整个风险投资活动中扮演着十分重要的角色。本文主要从风险投资的构成、发展、财务运作、以及在IT企业中的应用上论述风险投资决策，应用科学的分析方法给风险投资家们一个正确的投资选择。 关键词：风险投资 投资决策 实物期权 方法 IT企业应用 ABSTRACT Venture Capital is invested by professional financiers to the emerging and rapidly developing, there is a huge competitive potential of enterprises (especially SMES) in an equity capital. Venture capitalists has been to obtain dividends or the sale of equity interests for the purpose of its characteristics is the risk to the pursuit of greater return on investment and return on invested capital cycle similar to high-risk undertakings. This is a pro-active investment, and venture capital to support the development of the company's growth is much higher than the general rate of similar companies. After the adoption of value-added enterprises will be listed, sold in the form of mergers and acquisitions, venture capitalists have been the high return on investment. It is a high-risk and high yield from the investment. The risk of investment projects in the decision-making activities in the entire venture capital plays an important role to play. This paper poses the risk of investment development, financial operations, as well as the application of IT companies on the venture capital decision-making, the application of science to the analysis of venture capitalists have the right investment choices. Key words：the risk of investment the investment decision-making real options method IT enterprise applications. 目 录 一、 IT行业风险投资的概述 2 （一） 风险投资的定义及特点 2 1、风险投资的定义 2 2、风险投资的特点 2 （二） 风险投资的构成要素 2 1、风险资本 3 2、风险投资人 3 3、投资目的 3 4、投资期限 4 5、投资对象 4 6、投资方式 4 （三） IT行业风险投资的发展及意义 4 二、 IT行业风险投资财务运作 5 （一） 筹集风险资本 5 （二） 风险投资决策 6 1、常用的贴现现金流量分析评价方法有以下三种： 7 2、非贴现的分析评价方法有两种： 8 3、实物期权理论在风险投资中的应用 8 （三） 投资管理 12 1、监督管理 12 2、创造价值 12 （四） 风险投资的