创业投资项目的财务评价研究
摘 要
创业投资业因其巨大贡献曾被誉为“创新、创业与创造奇迹”和“镶嵌在美国经济中的一颗钻石”， 但是，目前我国在创业投资项目的财务评价方面，多数仍采用较为传统的财务分析工具，不能准确的适应创业投资项目的特点，因而不能准确的计算出该项目真实的经济价值。在这种情况下，迫切的需要建立科学完整的财务评价体系对创业投资项目进行合理的评估。本文通过对创业投资项目自身特点的研究和阐述，并结合各种项目财务价值评估工具和指标的分析，选择适宜的工具，建立了一套实用的创业投资项目财务价值评价体系。并通过对某创业投资项目的实证研究，验证了该体系的正确性和实用性。
文章主体首先介绍了创业投资项目的发展的简要情况和创业投资项目自身的一些特点，在此基础上又引入了对项目财务评价基础的介绍，为下一步建立创业投资项目的财务评价体系做出准备。其后文章对创业投资项目现金流的预测进行了介绍，在对定量分析方法和定性分析方法进行了详尽的阐述和分析的基础上，提出了定性分析为主与定量分析相结合的现金流分析方法。接下来文章介绍创业投资项目财务评价的具体工具和指标，分析了传统的净现值法不能完全适应创业投资项目特点，并提出了风险调整折现率法、确定性等价法、以及敏感性分析方法对传统净现值法的补充和发展，得出这些方法适应创业投资项目财务价值评价的结论，将其列入创业投资项目财务评价体系之中。接下来又介绍了实物期权的方法对创业投资项目财务价值评估的意义。最后一部分是实证研究部分，验证了本文提出的财务评价体系。
关键词： 创业投资项目，财务评价，实物期权
Study on Venture capital project financial appraisal
ABSTRAST
Because its tremendous contribution, the venture capital industry once by the reputation as "the innovation, starts an undertaking with the creation miracle" and " a diamond mounts in the American economy ", but at present in the field of venture capital project financial appraisal, our country still used the traditional financial analysis tools mostly, could not adapt venture capital project character risks accurately, thus could not computation real economic value of the project accurately. In this kind of situation, it is urgent needs to establish a scientific integrity and the financial appraisal system to carry on the reasonable appraisal to the venture capital project. This article through to the research of venture capital project `s own characteristic, and unifies the analysis of each kind of project finance value appraisal tools of project and the targets, chose the tools which are suitable, has established a set of practical venture capital project finance value appraisal method system. And through to a venture capital project real diagnosis research, has confirmed this system accuracy and usability.
The second part of article firstly introduced the venture capital project development brief situation and the venture capital project some own characteristics, and have carried on the analysis measure to the risk of venture capital project, has introduced in this foundation to the project finance appraisal foundation introduction, makes the preparation for the next step of establishment venture capital project financial appraisal system. The third part of article has carried on the introduction to the forecast of cash which flowed to the venture capital project, in has carried on the exhaustive elaboration and in the analysis foundation to the quantitative analysis method and the qualitative analysis method, proposed the method that analysis cash flow should use qualitative analysis method mostly but can not with out the use of the quantitative analysis .The forth part of introduction venture capital project finance appraisal concrete tool and the target, analyzed the traditional NPV law not to be able completely to adapt the venture capital project `characteristic, and proposed the RADR law, the CE law, the sensitive analysis as well as the policy-making tree law to the traditional NPV law supplement and the development, obtained the conclusion that these methods adopt to venture capital project finance value appraisals, included it in the venture capital project finance appraisal system. The fifth part introduced in real option approach to the venture capital project finance value appraisal significance. The last part, under value a venture capital project by the system, has confirmed the financial appraisal system that this article proposed.
Key words: Venture Capital ; Financial Appraisal； Real Option
目 录
0 导 论 1
0.1研究背景与意义 1
0.2国内外研究现状综述 1
0.2.1国际研究综述 1
0.2.2国内研究综述 2
0.3研究方法 3
0.4 本文的体系结构 4
0.5 可能的创新之处 5
1 创业投资项目概述 6
1.1创业投资项目的基本内容 6
1.1.1创业投资项目的定义 6
1.1.2 创业投资项目的特征 7
1.1.3创业投资项目的作用 8
1.1.4创业投资项目的生命周期 8
1.2创业投资项目财务价值评估基础 11
1.2.1创业投资项目财务价值评估意义及假设 11
1.2.2创业投资项目财务价值评估特点 12
1.2.
