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中国管理科学

中国管理科学 ›› 2008, Vol. 20 ›› Issue (6): 29-32.

• 论文 • 上一篇    下一篇

多阶段风险投资过程中控制权转移范围研究

王培宏1,2, 刘卓军1   

  1. 1. 中国科学院数学与系统科学研究院, 北京 100190;
    2. 中国科学院研究生院, 北京 100049
  • 收稿日期:2008-10-07 修回日期:2008-11-23 出版日期:2008-12-31 发布日期:2008-08-20
  • 作者简介:王培宏(1977- ),男(汉族),山西运城人,中科院数学与系统科学研究院,博士研究生,研究方向:风险投资决策.

A Study on Range of Control Transfer during Multistage Venture Capital Investment

WANG Pei-hong1,2, LIU Zhuo-jun1   

  1. 1. Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing 100190, China;
    2. Graduate University of Chinese Academy of Sciences, Beijing 100049, China
  • Received:2008-10-07 Revised:2008-11-23 Online:2008-12-31 Published:2008-08-20

PDF (PC)

1056

被引次数

17

摘要： 本文从风险投资活动的具体实践特点出发,给出了多阶段风险投资过程时序模型,并对各个阶段的风险投资特点进行分析,对控制权转移进行了量化研究,得出在每个阶段为满足投资需求所产生的从创业企业家到风险投资家的控制权转移范围。在此结果上得出影响控制权转移范围的主要因素,并分析了主要影响因素对控制权转移范围的影响方向。相应的实证研究结果有力地支撑了该文理论分析的结论,得出的控制权转移范围将会为具体的风险投资决策活动提供有价值的理论依据以及参考。

关键词: 风险投资, 控制权, 控制权转移范围

Abstract: Based on analyzing the essential characteristics of venture capital investment activities,a multistage venture capital investment timing model is proposed regarding with the features of every stage. The transfer of control is studied quantitatively resulting in the range of control transfer from EN to VC at every investing stage. Then,the main variables which impact the range of control transfer and the directions of impact are found. Some empirical study results support the foundations in this essay strongly. The range of control transfer obtained in this paper may help the venture capital investment operating in both theory and reference.

Key words: venture capital, rights of control, range of control transfer

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