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                        vc是指什么投资 VC、PE和天使投资是什么意思?有什么区别?

                        2016-05-29 16:38:26 大学生创业投资 来源:http://xinsuicc.cn 浏览:

                        vcSHIZHISHENMETOUZI(GONG8PIAN)VC、PEHETIANSHITOUZISHISHENMEYISI?YOUSHENMEQUBIE?VC(FENGXIANTOUZI)HEPE(SIMUGUQUANTOUZI)、TIANSHITOUZIGESHISHENMEYISI? 1 VCFENGXIANTOUZI1) VCGAINIANJIYUNZUOJIZHIFENGXIANTOUZIVC(Venture Capital)YOUCHENG“CHUANGYETOUZI”SHIZHIYOUZHIYEJINRONGJIATOURUDAOXINXINGDE、XUNSUFAZHANDE、YOUJUDAJINGZHENGLIDEQIYEZHONGDEYIZHONGQUANYIZIBEN,SHIYIGAOKEJIYIXIASHICHUANGYEXIANGMUWANGxinsuicc.cnWEIDAJIAZHENGLIDE《vcSHIZHISHENMETOUZI VC、PEHETIANSHITOUZISHISHENMEYISI?YOUSHENMEQUBIE?》,XIWANGDAJIANENGGOUXIHUAN!GENGDUOZIYUANQINGSOUSUODAXUESHENGCHUANGYETOUZIPINDAOYUNIFENXIANG!

                        vc是指什么投资 VC、PE和天使投资是什么意思?有什么区别?

                        VC、PE和天使投资是什么意思?有什么区别?
                        vc是指什么投资 第一篇

                          VC(风险投资)和PE(私募股权投资)、天使投资各是什么意思?

                          1. VC风险投资

                          1) VC概念及运作机制风险投资VC(Venture Capital)又称“创业投资”是指由职业金融家投入到新兴的、迅速发展的、有巨大竞争力的企业中的一种权益资本,是以高科技与知识为基础,生产与经营技术密集的创新产品或服务的投资。

                          风险投资在创业企业发展初期投入风险资本,待其发育相对成熟后,通过市场退出机制将所投入的资本由股权形态转化为资金形态,以收回投资。风险投资的运作过程分为融资过程、投资过程、退出过程。

                          2) 风险投资的作用风险投资是企业成长与科技成果转化的孵化器。主要表现在:

                          a) 融资功能:风险资本为创新企业提供急需的资金,保证创业对资金的连续性。

                          b) 资源配置功能:风险资本市场存在着强大的评价、选择和监督机制,产业发展的经济价值通过市场得以公正的评价和确认,以实现优胜劣汰,提高资源配置效率。

                          c) 产权流动功能:风险资本市场为创新企业的产权流动和重组提供了高效率、低成本的转换机制和灵活多样的并购方法,促进创新企业资产优化组合,并使资产具有了较充分的流动性和投资价值。

                          d) 风险定价功能。风险定价是指对风险资产的价格确定,它所反映的是资本资产所带来的未来收益与风险的一种函数关系。投资者可以参照风险资本市场提供的各种资产价格,根据个人风险偏好和个人未来预期进行投资选择。风险资本市场正是通过这一功能,在资本资源的积累和配置中发挥作用的。

                          风险资本市场是一个培育创新型企业的市场,是创新型企业的孵化器和成长摇篮。风险投资是优化现有企业生产要素组合,把科学技术转化为生产力的催化剂。风险投资不同于传统的投资方式,它集金融服务、管理服务、市场营销服务于一体。风险投资机构为企业从孵化、发育到成长的全过程提供了融资服务。风险投资不仅为种子期和扩展期的企业带来了发展资金,还带来了国外先进的创业理念和企业管理模式,手把手地帮助企业解决各类创业难题,使很多中小企业得以跨越式发展。

                          2. 天使投资

                          1) 天使投资的概念传说中的天使,是长着洁白羽毛翅膀的少女或婴儿,担负着使者的职责,由上帝派来赐福给需要帮助的人。在创业和投资圈,有一种投资人被创业者称为“天使投资人”,意思是这些投资人给处于困难之中的创业者带来希望和帮助,是帮助他们渡过难关的“天使”,这个称谓表达出了创业者对这些天使投资人的崇敬和尊重。

                          天使投资(Angels Invest)是指个人出资协助具有专门技术或独特概念而缺少自有资金的创业家进行创业,并承担创业中的高风险和享受创业成功后的高收益。或者说是自由投资者或非正式风险投资机构对原创项目构思或小型初创企业进行的一次性的前期投资。它是风险投资的一种形式。而“天使投资人(Angels)”通常是指投资于非常年轻的公司以帮助这些公司迅速启动的投资人。

                          在国内,尚没有商业协会或研究机构对天使投资人给予明确的定义,我们沿用了国外那个流行很广的说法:天使投资人就是3“F”——家人(Family)、朋友(Friends)和傻瓜(Fools)。

                          家人和朋友这两个F,很好理解。创业者的家人和朋友与之相识、相处多年,在创业者开口向他们要钱之前,甚至是在他创业之前,就已经对他非常了解。家人和朋友给他的初创公司投资更多的是,为了对他本人及他的梦想表示支持,相信他能够把公司做好。他们不会去审核商业计划书,更不会在经过细致地研究他的公司之后,看是否有利可图才决定是否投资,他们的投资更像是感情投资。所以严格说来,家人和朋友只能算作是创业者的天使,他们并不能算是天使投资人。

                          至于第三个F,也不难理解。初创公司的风险很大,对于跟创业者非亲非故的外部投资人来说,他对创业者的历史和背景毫不知情,聪明和理性的投资人在把钱投进去之前当然也会做一些研究和尽职调查,但是无论多少研究和调查都无法消除全部的投资风险,因此,他们也获得“傻瓜”的称号。但并不是这些人真傻,实际上往往相反,他们都独具慧眼、思维前瞻,投钱给一些别人没有眼光看出其前景的企业。这些人可能在某个领域经验丰富,或者本身就有成功的创业经历,他们才是真正意义上的天使投资人。

                          2) 天使投资人的典型代表

                          浙商、苏商等沿海发达地区的商人。

                          PE私募股权投资

                          1) PE概念及运作机制PE(Private Equity)私募股权投资是通过私募形式对非上市企业进行的权益性投资,在交易实施过程中附带考虑了将来的退出机制,即通过上市、并购或管理层回购等方式,出售持股获利。广义上的PE对处于种子期、初创期、发展期、扩展期、成熟期等各个时期的企业进行投资。

                          狭义的PE主要指对已经形成一定规模的,并产生稳定现金流的成熟企业的私募股权投资部分,主要是指创业投资后期的私募股权投资部分,而这其中并购基金和夹层资本在资金规模上占最大的一部分。(并购基金是专注于对目标企业进行并购的基金,其投资手法是,通过收购目标企业股权,获得对目标企业的控制权,然后对其进行一定的重组改造,持有一定时期后再出售。并购基金与其他类型投资的不同表现在,风险投资主要投资于创业型企业,并购基金选择的对象是成熟企业;其他私募股权投资对企业控制权无兴趣,而并购基金意在获得目标企业的控制权。并购基金经常出现在MBO和MBI中。)

                          2) 私募股权投资的作用私募股权投资基金是推动资本市场可持续发展的力量。私募股权基金产业的快速发展将为提高金融业的收益率提供新的方法,也为解决民营小企业的金融困境提供有效的途径,打通产业需求和金融资本获利的需求。

                          VC和天使投资有什么区别?

                          VC就是所谓的风险投资:

                          1、是企业行为;

                          2、投资金额多在1000万RMB以上,多的也有几家VC联合投上亿的,前几年VC以美元投资比较多,最近几年人民币投资也在逐步增加。VC的资金来源,大多是利用国外的投资基金为主,中国本土的资金用于VC的近年也开始增加;

                          3、VC投资的企业,一般是处于成长期的企业,也就是说,已经有比较成熟的盈利模式后,他们才会介入;

                          4、VC一般都不参与公司管理,对企业经营团队要求很高;

                          5、VC的退出机制,卖给私募基金或者上市的方式在中国比较多,在美国则以企业兼并的形式退出的占大部分。

                          天使投资:

                          1、天使投资人一般是事业比较成功的个人,所以一般的天使投资,基本都是个人行为,或者是一些小的投资公司运作;

                          2、投资的金额不限,可能只有20万,也可能是几百万,要看投资人的实力和投资项目需要的钱;一般天使投资的资金来源,都是个人募集或者就是投资者本人在工作中的收入;

                          3、天使投资往往进入初创期的企业,这些钱更多的是鼓励创业者敢于创新,并用来创立盈利模式。同时在模式不成熟之前,用于支付创业者工资,促成其坚持下去;

                          4、天使投资一般都会参与到企业管理中来,并会做到密切的监督,当然这个不是坏事,毕竟能做天使投资的人,对怎样创立企业,怎样建立模式会有更多的经验和办法;

                          5、TIANSHITOUZIDETUICHUJIZHI,YIBANSHIMOSHICHENGSHULE,JIUMAIJIVCHUOSIMUJIJIN,BIJINGZUOWEITOUZI,JIUBUKENENGPEINIWANDAOZUIHOU。

                          天使投资、VC、PE 介入企业的节点是什么样的?分别起什么作用?

                          天使投资:

                          公司初创、起步期,还没有成熟的商业计划、团队、经营模式,很多事情都在摸索,所以,很多天使投资都是熟人、朋友,基于对人的信任而投资。

                          熟人、朋友做天使投资人,他的作用往往只是帮助创业者获得启动资金;而成熟的天使投资人或者天使投资机构的投资,则除了上面的作用外,还会帮助创业者寻找方向、提供指导(包括管理、市场、产品各个方面)、提供资源和渠道。

                          VC:

                          公司发展中早期,有了比较成熟的商业计划、经营模式,已经初见盈利的端倪,有的VC还会要求已经有了盈利或者收入达到什么规模。

                          VC在这个时候进入非常关键,可以起到为公司提升价值的作用,包括能帮助其获得资本市场的认可,为后续融资奠定基础;使公司获得资金进一步开拓市场,尤其是最需要烧钱的时候;提供一定的渠道,帮助公司拓展市场。

                          PE:

                          一般是Pre-IPO时期,公司发展成熟期,公司已经有了上市的基础,达到了PE要求的收入或者盈利

                          通常提供必要的资金和经验帮助完成IPO所需要的重组架构,提供上市融资前所需要的资金,按照上市公司的要求帮助公司梳理治理结构、盈利模式、募集项目,以便能使得至少在1-3年内上市。这个时候选择PE需要谨慎,没有特别声望或者手段可以帮助公司解决上市问题的PE或者不能提供大量资金解决上市前的资金需求的PE,就不是特别必要了。

                          风险投资、天使投资及私募股权投资三者的关系:

                          天使投资是风险投资的一种。风险投资一般投资额较大,在投入资金的同时也投入管理,并且会随着所投资企业的发展逐步增加投入。天使投资投入资金额一般较小,一次投入,不参与企业直接管理,对投资企业的选择更多基于投资人的主观判断甚至喜好。

                          PE与VC虽然都是对上市前企业的投资,但是两者在投资阶段、投资规模、投资理念和投资特点等方面有很大的不同。

                          QUFENVCYUPEDEJIANDANFANGSHI:

                          VCZHUYAOTOUZIQIYEDEQIANQI,PEZHUYAOTOUZIHOUQI。DANGRAN,QIANHOUQIDEHUAFENSHIDEVCYUPEZAITOUZILINIAN、GUIMOSHANGDOUBUJINXIANGTONG。PEDUICHUYUZHONGZIQI、CHUCHUANGQI、FAZHANQI、KUOZHANQI、CHENGSHUQIHE Pre-IPOGEGESHIQIQIYEJINXINGTOUZI,GUGUANGYISHANGDEPEBAOHANVC。ZAIJILIEDESHICHANGJINGZHENGXIA,VCYUPEDEYEWUSHENTOUYUELAIYUEDA。HENDUOCHUANTONGSHANGDEVCJIGOUXIANZAIYEJIERUPEYEWU,ERXUDUOCHUANTONGSHANGBEIRENWEIZHUANZUOPEYEWUDEJIGOUYECANYUVCXIANGMU,YEJIUSHISHUO,PEYUVCZHISHIGAINIANSHANGDEYIGEQUFEN,ZAISHIJIYEWUZHONGLIANGZHEJIEXIANYUELAIYUEMOHU。BIRUZHUMINGDEPEJIGOURUKAILEI(Carlyle)YESHEJIVCYEWU,QITOUZIDEXIECHENGWANG、JUZHONGCHUANMEIDENGBIANSHIVCXINGSHIDETOUZI。

                        VC风险投资怎样考察一个投资项目?考察创业者?
                        vc是指什么投资 第二篇

                          如果你有一个创业的好点子或是建立了一家初创企业,可能会考虑从风险投资家(VC)那儿筹集些资金。现在,我要和你谈谈VC在评估一个投资项目时会考虑哪些关键点。他们一般会从以下三方面入手:首先是你的创业项目,其次是你本人,第三是你的社会关系。

                          关于创业项目

                          1. VC的多数投资活动最终都会打水漂,所以一个成功的投资案例承担着为众多失败项目摊薄成本的任务。通常情况下,VC期望的投资回报倍数是10~100倍。如果你无法让他看到这个前景,他就不会对你的创意感兴趣。也就是说,如果看上去你的创业点子无法至少在最初几年里为企业带来每年几倍的增长率,那你别就在融资这事上浪费时间了。

                          2. 如果你的企业未来确实达不到几亿美元的市场估值,那你起码得让VC相信你的创意具有快速变现能力,能在他在投资一年后就获得丰厚收益。否则,也别想得到风险投资这事了。

                          3. 如果你想凭借企业的长远发展能力而不是一时的获利能力吸引投资,那就必须让VC看到一个有说服力的商业模式。这个商业模式要能聚集大量人气并借此赚钱,即便无法直接做到这一点,至少也要能通过其他一些变通方式达到这个效果。

                          4. VC期望看到的是那种能引领社会潮流的创业点子,这样你的企业才有可能成为一个新兴市场中的标杆企业。

                          5. VC会向那些技术大拿们征询意见,如果你的创意不能入他们的法眼,那VC也就不会有投资兴趣。

                          6. VC之间会相互影响,如果你的创业点子或是初创企业本身属于一个新领域,而这个领域中已经有了一个受到市场热捧的创业先行者,那其他VC也会试图找到这类企业并投资。所以,你和朋友们是否特别看好自己的点子并不是最重要的,只要VC看好它,你就能得到投资。当然,绝大多数这种投资最终都会以失败告终,但至少在此之前你已经得到了投资。

                          哦,顺便问一句,你有商业计划吗?有时候没有也没关系,因为有些VC觉得制定商业计划完全是瞎耽误工夫。在他们看来,商业计划就像是丰满的理想,它总是敌不过骨感的现实。在多变的世事面前,考虑如何实际推进一个项目时,商业计划几乎没有用武之地。

                          话虽如此,但你还是要有一个基本的计划,以此表明你的创业目标以及在达到这一目标的过程中企业财务状况的走势。这能让VC感到你对创业这事是认真的并已胸有成竹,经得起他们提出的各种质疑。从这方面来讲,我并不认为制定商业计划是多此一举。

                          除此之外,你还需要一个现场阐述的机会。在这个场合,你要利用良好的沟通能力充分展现自己的创业激情,并让自己的激情感染在场的VC。要是你的情绪无法感染他们,那融资注定会失败。

                          关于创业者本人

                          VC考察的核心还是你本人,他们要看你是否具备一名成功创业者的潜质:能否勇挑重担,是否值得信赖。所以,当你面对VC时,必须做到“言必信,行必果”,这能体现出你拥有他们看重的创业者基本素质。另外,你还要注意让自己的面部表情和肢体语言与自己的话语相匹配。

                          在评估过程中,VC不会光听你说,还要看你是否确实值得信赖。他们会着重考虑以下几方面问题:

                          1. VC要考虑的是,如果你的企业能够成功发展到准备上市的那一天,你是否具备担任上市公司CEO的能力。如果你缺乏这个能力,VC未必一定会放弃投资,但投资的可能性确实会降低。而且,如果他们投资了,等到未来公司要上市的时候,他们要么会把你辞掉,要么会把你调到一个非决策性岗位上。

                          2. VC会看你是否具有超凡的激情,如果你没有,他们的投资意愿也会降低。你要让自己的激情感染到他们,要是你做不到这一点,他们会觉得你没有带动他人的能力,也就不会投资你的企业。

                          3. VC会考察你在资金短缺时解决问题的能力。你花钱时的责任感是他们要了解的重要问题之一,因为把别人的钱不当钱的创业者,他们已经见得太多了。如果你看上去自视甚高又很浮夸,热衷于那种体面的生活,喜欢开豪华车、去高档餐厅,他们就不会放心地把自己的钱交到你手上。去见VC时,记着别开豪华车,穿着要普通,不要戴名表,见面地点不要选在高档餐厅,也不要承认自己喜欢奢侈品。在这方面,你能获得的最理想的效果是,在展现自己节俭一面的同时,还让他们感觉你善于独辟蹊径,从而花小钱甚至不花钱就能办成大事。这是他们最乐于看到的。

                          4. 拥有一次或多次创业成功的经历将成为你最大的优势,如果你有这样的经历,VC们会把你当成“富矿”。这时,无论你提出什么样的创业点子,他们都会愿意投资的。当然,绝大多数人没有这类经历。此时,拥有曾在一家成功的创业企业担任要职的经历也很有价值,因为这意味着你拥有伴随一家创业企业走向成功的经验,同时还知道在这个过程中如何避免陷入创业误区。

                          5. VC们还希望看到你在创业这事上有破釜沉舟的决心。他们想看到的是你把全部身家都投入到了这次创业上,哪怕会因此破产也在所不惜,因为此举意味着你会不遗余力地为企业谋发展。如果你的全部创业资金都来自外部,你个人只是以非物质资本入股,VC就不大可能给你投资。

                          6.VC还很想知道你是否是以被炒鱿鱼的方式离开上一个东家的。说起来有些令人难以置信,但如果之前你是出于某种VC眼中的“正当理由”被炒掉的,这种经历会成为你的加分项。比如,你本来在一家大企业里兢兢业业地工作,但企业管理层不但拒绝了你提出的创新建议,还因此解雇了你,这就是一个被炒的“正当理由”。至少在美国,很多出类拔萃的创业者都有过被大企业解雇的经历,因为这些企业容不下具有创新精神的人。

                          7. 当然,VC也很看重企业财务状况和盈利能力。他们想从你身上看到的不仅仅是创新能力,也希望你有经营头脑,尤其有强烈的盈利欲望。许多创业者长于创办企业、研发产品,很少从财务角度考虑问题,也缺乏让企业在最短的时间内盈利的意识。如果能让VC看到你在这些方面与众不同,会对你很有帮助。如果你的企业已经拥有过硬的财务专业人士,或是你能向VC证明,其投资能引来这类专业人士加盟的话,也会对你成功引资很有帮助。VC通常会在投资的同时任用自己信得过的财务人员,以此作为制衡企业创始人的方式,从而确保后者不会疯狂烧钱。因此,企业拥有优秀的财务人员会让VC感到安心。

                          创业者的社会关系

                          VC考察创业者时,后者拥有的社会关系是至关重要的一环。因为看到你掌握的社会关系,VC就能明了,为了创业成功,你还需要哪些新的社会资源。所以,VC会考察你拥有的所有社会关系,尤其是如下几类:

                          1. VC圈

                          信不信由你,如果你告诉VC,你已经与其他VC接触过而且他们很喜欢你的创意,即便你没从后者那里拿到投资,前者也会对你另眼相看。如果你告诉一个VC,另一个VC已经对你的创意产生了投资兴趣,最终结果很可能是这两个VC联手给你投资,因为联合投资能分散投资风险。万一最终投资失败了,他们还能跟自己的老板解释说:你看,咱们并不是唯一的失败者。这对于维护VC的职业声誉很有好处,他们以后跳槽的时候用得着这个。

                          2. 媒体圈

                          VC喜欢与媒体有良好关系的企业创始人。如果以后企业要上市,就得广泛宣传,以说服公众购买一只他们以前从来没听说过的股票。所以,与记者、科技自媒体写手、博主、社交媒体人、公关人士及投资者关系管理人士搞好关系,会让VC对你有好印象。另一方面,一旦企业得到投资后发展得不顺利,VC不愿意追加投资,如果此时你与媒体拥有良好关系,你还可能从高净值人士那里直接获得投资。所以对创业者来说,通过媒体保持曝光率是很有用的。VC本身很容易受到媒体的影响,如果在见他们之前你已经借助媒体赚足了曝光率,就掌握了先机。

                          3.天使投资人

                          天使投资人是指那些给早期创业企业投资的非职业投资者。从融资顺序看,天使投资人通常紧跟在创业者的亲朋好友之后。选择天使投资的好处在于,虽然天使投资人也期望得到经济回报,但他们对你的创业点子本身更感兴趣。VC会很高兴地知道你认识一大帮天使投资人,因为这样一来,当你发现企业实际需求的资金量超出了融资计划而VC又不想追加投资的时候,你就可以向天使投资人求得帮助。而且,来自天使投资的后续资金往往具有更高的估值,这使得VC前期投资的股份价值不会被稀释。这一点对VC来说很重要,因为这意味着他们的投资权益没有受损。

                          4. 企业客户

                          这类创业者拥有的社会关系是VC最为看重的,因为客户是实实在在购买企业产品的人。VC们很希望能与创业企业的客户直接对话,你给VC引荐的可以有效对话的客户越多,你获得投资的机会就越大。有时候,客户还会和VC联手投资,这种方式会让后者在投资时感到更安心。而且,如果最终投资失败或是效果不尽如人意,这种联合投资还能减少他们的损失。

                          ZUOZHE:TAIDE·PULINSI

                        VC投资投前筛选还是投后增值
                        vc是指什么投资 第三篇

                        DI 18 JUAN DI 4 QI

                        2016NIAN8YUESHANGHAICAIJINGDAXUEXUEBAOJournal of Shanghai University of Finance and EconomicsVol. 18 No. 4Aug. 2016DOI: 10.16538/j.cnki.jsufe.2016.04.007 

                        VCTOUZI:TOUQIANSHAIXUANHAISHITOUHOUZENGZHI

                        WANGXIUJUN,LI YAO

                        (SHANGHAICAIJINGDAXUE JINRONGXUEYUAN,SHANGHAI 200433)

                        ZHAI YAO:FENGXIANTOUZIJIGOUDUIYUQIYEDEZUOYONG,DAODISHIJIYUTOUQIANDESHAIXUANYANGUANG,HAISHITOUHOUDEZENGZHINENGLI,WENZHANGYIWOGUOZHONGXIAOQIYEBANSHANGSHIGONGSIWEIYANGBEN,TANTAOGAIWENTI。YANJIUFAXIAN:(1)TOUZIZHIQIAN,VCYIXUANZEYANFATOURUGAO、CHENGZHANGXINGHAO、FUZHAILVGAO、JINGYINGXIAOLVCHADEQIYE;(2)TOUZIZHIHOU,VCDEZENGZHIFUWUNENGLISHIBEITOUQIYEDEJINGYINGXIAOLVXIANZHUTIGAO,GUDONGSHOUYILVDEYIDAFUTISHENG。(3)XIANGDUIYUWUVCZHICHIDEQIYE,YOUVCZHICHIDEQIYEZAIYINGLINENGLI、JINGYINGXIAOLV、CAIWUGANGGANDENGFANGMIANXIANZHUJIAOHAO,QIZHONGGAODEYINGLINENGLIZHUYAOLAIZIYUVCDETOUHOUZENGZHIZUOYONG,JIAOHAODEJINGYINGXIAOLVHECAIWUGANGGANSHIYOUVCDESHIQIANSHAIXUANHESHIHOUZENGZHILIANGFANGMIANGONGTONGZUOYONGDEJIEGUO。YINCI,WOGUODEVCZAITOUZIQIANYIBANHUIXUANZEJINGYINGXIAOLVCHA、ZHAIWULVGAODEQIYE,TOUZIHOUZETONGGUOZENGZHIFUWUSHIQIYEJINGYINGXIAOLVDAFUTISHENG,ZIBENJIEGOUGENGWEIHELI,BINGHUODEGENGHAODEQUANYIJINGLILV。ZHEIWEIRENSHIWOGUOFENGXIANTOUZIDUICHUANGYEQIYEDEJIAZHIZENGZHIJIZHIZUOCHULEGONGXIAN。

                        GUANJIANCI:FENGXIANTOUZI; SHIQIANSHAIXUANNENGLI; TOUHOUZENGZHINENGLI

                         ZHONGTUFENLEIHAO:F276.44;F832.48        WENXIANBIAOSHIMA:A        WENZHANGBIANHAO:1009-0150(2016)04-0083-14

                        YI、 YIN YAN

                        体彩排列三跨度和值表JINNIANLAI,LILUNJIEHESHIWUJIEYIZHIRENWEIFENGXIANTOUZIDUIYUCHUANGYEQIYEJUYOUJIAZHICHUANGZAOZUOYONG(YANGYONGHEYUANZHUO,2014;FULEIMINGDENG,2012;WANGWEIDENG,2013)。FENGXIANTOUZIPEIYUZAOJIULEYIPISHIJIEZHUMINGDEGONGSI,RUWEIRUAN、PINGGUO、GUGEHEALIBABA、JINGDONGDENG。YINCI,FENGXIANZIBENCHANGCHANGBEIYUWEI“ZHIHUIZIBEN”HE“QIYECHENGZHANGDEFADONGJI”。NEIME,FENGXIANTOUZIDEZHUOYUENENGLIDAODISHILAIZIYUSHIQIANDESHAIXUANYANGUANG,HAISHILAIZIYUSHIHOUDEZENGZHIZUOYONGNI?

                        XUESHUJIECONGLIANGGEFANGMIANDOUZUOGUOTANTAO。YIFANGMIAN,FENGXIANTOUZIJIABIQITATOUZIZHEYONGYOUGENGJIAZHUANYEDEZHISHIBEIJING,NENGGOUGENGHAODIJIEJUETOUZIZHEYUCHUANGYEZHEZHIJIANDEXINXIBUDUICHENGWENTI,DUICHUCHUANGQIYEJIAZHIZUOCHUGENGWEIJINGQUEDEPINGGU(HUANGFUGUANGDENG,2013),CONGERTIXIANCHUSHAIXUANYANGUANG;LINGYIFANGMIAN,FENGXIANTOUZIJIACHULEWEICHUANGYEQIYEDAILAIJINRONGZIBENZHIWAI,GENGZHONGYAODESHINENGWEIQIYETIGONGZHUANYEHUADEGUANLIJINGYANHETOUHOUZENGZHIFUWU,JUTIBAOKUOZHIDINGGONGSIZHANLVE、CANYUGONGSIZHILI、WANSHANZIBENJIEGOU、ANPAIGUANLICENGJILIJIZHIHETIGONGQIANZAIGONGYINGSHANG、JIGOUTOUZIZHEHEXIAOFEIZHEDEWANGLUOGUANXIDENG(ZHANGXUEYONGHELIAOLI,2011;WUCHAOPENGDENG,2012;BaumHESilverman,2004;BottazziDENG,2008),CONGERTIXIANQIDONGSHOUZENGZHIDEJIAZHI。

                        体彩排列三跨度和值表SHOUGAORIQI:2015-03-10

                        体彩排列三跨度和值表JIJINXIANGMU:JIAOYUBURENWENSHEKEXIANGMU“SHOUGOUXINGGUQUANTOUZIJIJINYINRUGUOYOUQIYEZHONGZUZHUANXING:JIZHI、XIAOYINGYUZHICHIZHIDUYANJIU”(12YJA790074);GUO

                        JIASHEKEJIJINXIANGMU“BINGGOUXINGGUQUANTOUZIJIJINZAIQIYEZHONGZUZHUANXINGZHONGDEZUOYONGJIZHI、XIAOYINGJIZHICHIZHIDUYANJIU”(13BJL038)。

                        ZUOZHEJIANJIE:WANGXIUJUN(1984-),NAN,JIANGSUYANCHENGREN,SHANGHAICAIJINGDAXUEJINRONGXUEYUANBOSHIYANJIUSHENG;LI YAO(1970-),NAN,ANHUIHEFEIREN,SHANGHAICAIJINGDAXUEJINRONGXUEYUANJIAOSHOU,BOSHISHENGDAOSHI。①

                        ①DUIYUFENGXIANTOUZI(VC)HESIMUGUQUANTOUZI(PE)ZHIJIANDEQUBIEBINGWUMINGQUEJIELUN,TONGCHANGRENWEIZHUYAOTOUZIYUQIYEZAOQIJIEDUANDESHUYUFENGXIANTOUZI,ERTOUZIYUKUOZHANGQIHUOCHENGSHUQIJIEDUANDESHUYUSIMUGUQUANTOUZIFANCHOU。BENWENCAIYONGZHANGXUEYONGHELIAOLI(2011)DEDINGYI,JIANGTOUZIYUQIYEIPOZHIQIANDEZIBEN,QUANBUCHENGWEIFENGXIANTOUZI。

                        体彩排列三跨度和值表84SHANGHAICAIJINGDAXUEXUEBAO2016NIANDI4QI

                        体彩排列三跨度和值表XUDUOXUEZHESHIZHENGYANJIULEFENGXIANTOUZIJIADETOUQIANSHAIXUANHETOUHOUZENGZHIDUIQIYEGEFANGMIANDEZUOYONG。JIUTOUQIANDESHAIXUANFANGMIAN,HellmannHEPuri(2000)FAXIAN,VCHUIXUANZEJUYOUCHUANGXINNENGLIDEQIYEJINXINGTOUZI,YOUVCZHICHIDEQIYEHUIGENGXUNSUDIJIANGXINCHANPINTOURUSHICHANG;GuoHEJiang(2013)JIYUZHONGGUOZHIZAOQIYESHUJUYANJIUFAXIAN,FENGXIANTOUZIJIAHUIXUANZEGAOLIRUNLV、GAOLAODONGSHENGCHANLV、GAOCHENGZHANGXINGHEGAOYANFATOURUDEQIYE。JIUTOUHOUDEZENGZHIFANGMIAN,PuriHEZarutskie(2012)YANJIUFAXIAN,YOUVCZHICHIDEQIYEBIWUVCZHICHIDEQIYEXIAOSHOUZENGZHANGLVXIANZHUTIGAO;ChemmanurDENG(2011)FAXIANYOUVCZHICHIDEQIYEBIWUVCZHICHIDEQIYEDEQUANYAOSUSHENGCHANLVXIANZHUGENGGAO;HUANGFUGUANGDENG(2013)LIYONGZHONGGUOWENJUANDIAOCHASHUJUFAXIAN,FENGXIANZIBENDUIQIYECHENGZHANGXINGCHANSHENGZHENGXIANGZUOYONG,BINGQIEWAIZIVCJIAOBENTUHEHEZIDEVCDUIQIYECHENGZHANGXINGYINGXIANGGENGDA。BEITOUZIQIYEDEYOUYIBIAOXIANSHIVCTOUQIANSHAIXUANHETOUHOUZENGZHIGONGTONGZUOYONGDEJIEGUO。GuoHEJiang(2013)RENWEIVCTOUHOUQIYEDELIRUNLVHELAODONGSHENGCHANLVHUIJINYIBUZENGQIANG,XIAOSHOUZENGZHANGLVHEYANFATOURUMEIYOUXIANZHUGAISHAN。FENGXIANTOUZIZAILIRUNLV、JINGYINGXIAOLV、CHENGZHANGXINGHEYANFACHUANGXINFANGMIANTIXIANCHUSHAIXUANYANGUANG,ERZAILIRUNLVHEJINGYINGXIAOLVSHANGTIXIANCHUZENGZHINENGLI。TanDENG(2013)CAIYONGZHONGGUOZHONGXIAOQIYEBANSHANGSHISHUJUYANJIUFAXIAN,FENGXIANTOUZIDUISUOTOUQIYEBUCHANSHENGJIAZHIZENGZHIZUOYONG,BUHUIGAISHANQIYEJINGYINGYEJI。

                        YUQIANRENYANJIUBUTONGDESHI,BENWENJIANGSHAIXUANHEZENGZHIJINXINGQUFEN,FENBIETANTAOFENGXIANTOUZIZAIZHEILIANGFANGMIANDUIQIYEDEZUOYONG,JUTICONGYINGLINENGLI、CHENGZHANGXING、YANFA、JINGYINGXIAOLVHECAIWUGANGGANWUGEWEIDUZHIBIAO,GENJUVCTOUQIANHETOUHOUDEGUOCHENG,TICHUYIXIALIANGGEWENTI:

                        体彩排列三跨度和值表DIYI,FENGXIANTOUZIZAIXUANZETOUZIDUIXIANGSHICEZHONGYUNAXIEZHIBIAO?FENGXIANTOUZIDEZHUANYEZHISHIBEIJINGSHIFOUSHIQIXIANGBIQITATOUZIZHEYONGYOUGENGQIANGDESHAIXUANNENGLI?

                        DIER,ZAIRUGUQIYEZHIHOU,FENGXIANTOUZIHUIZAINAXIEFANGMIANJIQIYEDAILAIJIAZHIZENGZHI?

                        体彩排列三跨度和值表YOUSHANGSHULIANGGEWENTI,JINYIBUYANSHENGWEI:ZAIVCDETOUQIANSHAIXUANYUTOUHOUZENGZHIZHIJIANKENENGCUNZAIYIDINGDE

                        LUO

                        TU1 VCDUIQIYEDESHAIXUANHETOUHOUZENGZHI

                                 ZHU:XIANGZUOSHIXIANJIANTOUBIAOMINGVCSHAIXUANQIYEGUANZHUDEZHIBIAO;XIANGYOUSHIXIANJIANTOUBIAOMINGVCZENGZHIDEZHIBIAO;ZHENGHAOHEFUHAOBIAOSHIFANGXIANG,JIZHENGXIANGGUANXIHEFUXIANGGUANXI。BIAOZHONGSHIXIANJIANTOUBIAOSHICUNZAIXIANZHUGUANXI,XUXIANJIANTOUBIAOSHIGUANXIBUMINGXIAN。①

                        体彩排列三跨度和值表①YINGLINENGLIZHIQUANYIJINGLILVHEXIAOSHOUJINGLILV,CHENGZHANGXINGZHIXIAOSHOUZENGZHANGLV,YANFANENGLIZHIYANFATOURU,JINGYINGXIAOLVZHIZICHANZHOUZHUANLV,CAIWUGANGGANZHIZICHANFUZHAILV。LIYONGDUBANGFENXIFAJIANGYINGLINENGLIHESANGEQUDONGYINSUXIANGLIANXI,DEDAO:QUANYIJINGLILV(ROE)=XIAOSHOUJINGLILV(ROS)×JINGYINGXIAOLV(ATurnOver)×CAIWUGANGGAN,JINGYINGXIAOLV=ZICHANZHOUZHUANLV=XIAOSHOUSHOURU/ZONGZICHAN,CAIWUGANGGAN=QUANYICHENGSHU=1/(1–ZICHANFUZHAILV)。

                        vc是指什么投资

                        体彩排列三跨度和值表DI 4 QIVCTOUZI:TOUQIANSHAIXUANHAISHITOUHOUZENGZHI85JIGUANLIAN,JIVCZAISHIQIANSHAIXUANSHICEZHONGDEZHIBIAO,ZAISHIHOUKENENGDEDAOGAIJIN。RUOSHIQIANSHAIXUANDEDOUSHIHAOZHIBIAO,NEIMEKEYITUIDUANBEITOUQIYEDECHENGGONGZHUYAOYUANZIVCDESHAIXUANYANGUANG;RUOVCSHIQIANSHAIXUANDEDOUSHICHAZHIBIAO,NEIMEKEYITUIDUANBEITOUQIYEDECHENGGONGZHUYAOYUANZIVCDEZENGZHINENGLI。

                        体彩排列三跨度和值表BENWENDEYANJIUBIAOMING:(1)VCTOUQIANZHUZHONGYANFACHUANGXINTOURUGAO、XIAOSHOUJINGLILVGAODEQIYE,ZHEIXIEZHIBIAOBENWENCHENGWEIZHENGMIANXUANZE(JIXUANZEHAODEZHIBIAO),ERTONGSHIGUANZHUJINGYINGXIAOLVCHA、FUZHAILVJIAOGAODEQIYE,ZHEIXIEZHIBIAOBENWENCHENGWEIFUMIANXUANZE(JIXUANZECHADEZHIBIAO);(2)ZAIKONGZHITOUQIANDESHAIXUANNENGLIHEXUANZEXINGPIANWUHOU,BENWENFAXIAN,VCHUIYINWEIQITOUHOUZENGZHIFUWUNENGLISHIBEITOUZIQIYEDEJINGYINGXIAOLVDAFUTIGAO,BINGHUODEXIANZHUGENGGAODEQUANYIJINGLILV;(3)XIANGDUIYUWUVCZHICHIDEQIYE,YOUVCZHICHIDEQIYEZONGTIZAIYINGLINENGLI、JINGYINGXIAOLVHECAIWUGANGGANFANGMIANBIAOXIANGENGHAO。QIZHONGGAOYINGLINENGLILAIZIYUVCDETOUHOUZENGZHI,ERJINGYINGXIAOLVHECAIWUGANGGANDEGAISHANSHISHAIXUANHEZENGZHIGONGTONGZUOYONGDEJIEGUO。BENWENCAIYONGLEQINGXIANGXINGDEFENPIPEIFANGFA(PSM)HEGONGJUBIANLIANGFANGFALAIJIEJUEFANXIANGYINGUOHEYILOUBIANLIANGWENTI,FAXIANSHIZHENGJIELUNRENGRANWENJIAN。BENWENDEZHUYAOFAXIANRUTU1SUOSHI。

                        体彩排列三跨度和值表ER、 SHAIXUANHEZENGZHIDETUJING

                        (YI)TOUQIANDESHAIXUAN

                        MIANDUIZHONGDUOYONGYOUFAZHANQIANJINGDECHUCHUANGQIYE,VCSHIRUHETIAOXUANTOUZIBIAODEDENI?Sahlman(1990)RENWEIFENGXIANTOUZIJIABIQITATOUZIZHEYONGYOUGENGWEIZHUANYEDEZHISHIBEIJING,NENGGOUGENGHAODIJIEJUETOUZIZHEYUCHUANGYEZHEZHIJIANDEXINXIBUDUICHENG,BINGDUICHUCHUANGQIYEJIAZHIZUOCHUGENGJINGQUEDEPINGGU。FriedHEHisrich(1994)TONGGUOWENJUANDIAOCHAFAXIANVCTIAOXUANCHUCHUANGQIYEBINGZUOCHUTOUZIJUECEDEGUOCHENGBAOKUOLIUGEJIEDUAN:XUNZHAOXIANGMU、ZISHEBIAOZHUNSHAIXUAN、TONGYONGBIAOZHUNSHAIXUAN、PINGGUJIAZHI、PINGGUTOUZIZHANGAI、QIANYUEDENG。MacMillanDENG(1985)JIANGMEIGUOVCDESHAIXUANBIAOZHUNHUAFENWEILIULEI:(1)CHUANGYEZHEDEGERENTEZHENG;(2)CHUANGYEZHEDEJINGLI;(3)CHANPINHUOZHEFUWUDETEZHENG;(4)SHICHANGTEZHENG;(5)CAIWUTEZHENG;(6)CHUANGYETUANDUI。KaplanHEStromberg(2001)TONGGUODUIFENGXIANTOUZIJIATOUZIBEIWANGLUDEYANJIU,FAXIANFENGXIANTOUZIJIAHUIXIANGXIKAOLVTOUZIXIANGMUDESHICHANGDAXIAO、GONGSIZHANLVE、JISHUSHUIPING、XIAOFEIZHEXIGUANHEJINGZHENGYOUSHIDENG,YEHUIFENXICHUANGYEGONGSIDEGUANLITUANDUI。BaumHESilverman(2004)RENWEIFENGXIANTOUZIJIAZAISHAIXUANCHUCHUANGQIYEDESHIHOU,ZHEZHONGYULIANHEWANGLUO、ZHUANLI、RENLIZIBEN,BINGGENGQINGXIANGYUTIAOXUANNEIXIEJUYOUHENQIANGJISHUYOUSHIDANZAIDUANQINEICUNZAIJIAODASHIBAIFENGXIANDECHUCHUANGQIYE。

                        (ER)TOUHOUDEZENGZHI

                        体彩排列三跨度和值表TONGGUOZHONGZHONGSHAIXUANZHIHOU,VCYUCHUANGYEZHEQIANDINGTOUZIQIYUE。CHUTIGONGZIJINZHICHIZHIWAI,VCHUIJIJICANYUBEITOUQIYEDEJINGYINGGUANLI,BANGZHUQIYEKUAISUCHENGZHANGBINGQIEJIANDUGUANLIZHEDEXINGWEI。

                        DavilaHEFoster(2005)YANJIULECHUANGYEQIYEDUIGUANLIHUIJIXITONGDECAIYONG,FAXIANYOUFENGXIANTOUZICANYUDEQIYEHUIJIAKUAICAIYONGGUANLIHUIJIXITONGDEBUFA,TEBIESHIXIANJINYUSUANXITONG;ClarysseDENG(2007)FAXIANVCZHICHIDEGAOKEJIGONGSIGENGQINGXIANGYUZHAOMUYONGYOUCAIWUJINRONGZHISHIBEIJINGDERENLAIZUOWAIBUDONGSHI,YIZENGQIANGYUQIYEYUANYOUCHUANGYETUANDUIDEZHISHIHUBUXING;BottazziDENG(2008)YANJIULEVCDERENLIZIYUANBEIJINGYUQIZENGZHIXINGWEIDEGUANXI,FAXIANRUOVCHEHUORENYONGYOUJINGJIGUANLIXUELIBEIJINGHECONGSHANGJINGLI,DUIBEITOUGONGSIDEJIANDUGUANLIHUIGENGJIJI;RUOVCHEHUORENYONGYOULIGONGKEXUELIBEIJING,ZEHUIJIANGDIDUISUOTOUGONGSIDECANYUHEJIANDUGUANLI。GuoDENG(2004)FAXIANVCTISHENGLEBEITOUGONGSIDEXINXIPILUZHILIANG,JIANGDILEXINXIPILUCHENGBEN,YOULIYUTIGAOGONGSIDETOUMINGDU。

                        体彩排列三跨度和值表LuDENG(2006)FAXIANXIANGDUIYUXINJIAPOBENTUVC,WAIGUOVCZAITOUZIJUECEGUOCHENGZHONGHUIGENGJIANULI,NENGGENGHAODIKONGZHICHUANGYEQIYEJIADEDAILICHENGBEN;BranderDENG(2008)DUIBIFENXIJIANADADEZHENGFUBEIJINGVCHESIRENBEIJINGVC,FAXIANRUGUOYONGTUICHUCHENGGONGLV、QIYEDEZHUANLISHULIANGLAIHENGLIANG,NEIMEZHENGFUBEIJINGVCDEYEJIYAOXIANZHUDIYUSIRENBEIJINGVC。ZHANGXUEYONGHELIAOLI(2011)YANJIULEZHONGGUOZHENGFUBEIJINGVCHEWAIZIBEIJINGVCDECHAYI,FAXIANWAIZIBEIJINGVCZHICHIDEQIYEGUPIAOSHICHANGLEIJIYICHANGHUIBAOLVGENGGAO,YUANYINSHIQITOUZICELVEJINSHENHEBEITOUGONGSI

                        体彩排列三跨度和值表86SHANGHAICAIJINGDAXUEXUEBAO2016NIANDI4QIDEZHILIGENGWEIHELI。WUCHAOPENGDENG(2012)FAXIANVCDECHIGUBUJINKEYIYIZHIBEITOUGONGSIDEGUODUTOUZI,BINGZAIYIDINGCHENGDUSHANGHUANJIELETOUZIBUZU。HUANGFUGUANGDENG(2013)FAXIANFENGXIANZIBENTONGGUOTOUZIQIYUEYINGXIANGLEBEITOUQIYEDETOUZIXINGWEI,CONGERSHIXIANLEZENGZHI。

                        SAN、 YANJIUSHEJI

                        (YI)YANGBENHESHUJU

                        体彩排列三跨度和值表BENWENXUANQU2004–2012NIANZHONGGUOZHONGXIAOBANSHANGSHIGONGSIZUOWEIYANJIUDUIXIANG,BINGANRUXIABIAOZHUNJINXINGSHAIXUAN:(1)XUANZEZAI2002–2011NIANYOUVCJINRUDEGONGSI;(2)TICHUJINRONGXINGYEGONGSI、STYIJI*STGONGSI。YANGBENSHEJI638JIASHANGSHIGONGSI,BENWENCANZHAOZHANGXUEYONGHELIAOLI(2011)、WUCHAOPENGDENG(2012)DEDINGYI,JIEDINGYOUFENGXIANTOUZIZHICHIGONGSI283JIA。CONGBIAO1KEYIKANCHU,VCTOUZIDEQIYEZHUYAOJIZHONGYUXINXIJISHU、GONGYEHECAILIAODENGGAOKEJIXINGYE,ZHEIYUQIANRENDEWENXIANYIZHI(GuoHEJiang,2013;HUANGFUGUANGDENG,2013)。BENWENYANJIUSUOXUDECAIWUSHUJUHEYUFENGXIANTOUZIYOUGUANDEXINXILAIZIWindSHUJUKUHUOCONGSHANGSHIZHAOGUSHUOMINGSHUZHONGSHOUGONGSHOUJIDESHUJU。

                        BIAO1 FENGXIANTOUZIZHICHIDEGONGSIDEXINGYEFENBU

                        XINGYE

                        CHUANTONGXINGYE

                        GONGGONGSHIYE

                        NENGYUAN

                        RICHANGXIAOFEI

                        KEXUANXIAOFEI

                        GAOKEJIXINGYE

                                 ZHU:GENJUWind

                        体彩排列三跨度和值表SHUJUKUZILIAOHESHANGSHIZHAOGUSHUOMINGSHUZHENGLI。1224360.350.708.4812.720.351.059.5322.25SHUMUZHANBI(%)LEIJIZHANBI(%)XINGYEDIANXINFUWUYILIAOBAOJIANXINXIJISHUCAILIAOGONGYEZONGJISHUMU3ZHANBI(%)0.354.5919.0824.0329.68100LEIJIZHANBI(%)22.6027.1946.2770.30100100

                        YOUYUXIANGDUIYUFADAGUOJIA,WOGUOFENGXIANTOUZIJIGOUCONGSHOULUNTOUZIDAOCHENGGONGTUICHUDESHIJIANJIAODUAN,ZHUYAOFENBUZAI2–3NIAN,ZHEIYUQIANPINGHEZHANGWEI(2007)DENGDEFAXIANYIZHI。BENWENXUANQUVCTOUZIQIANHOU2NIANDEQIYESHUJUJINXINGFENXI。ZHEIYANGBEITOUQIYEYIBANJUNHAIWEISHANGSHI,KEYIJINLIANGJIANSHAOSHANGSHIYINSUDUIGONGSIDECHONGJIXINGYINGXIANG。VCJINRUQIYESHIKERUTU2SUOSHI(0SHIKEBIAOSHIVCJINRUSHIKE)。

                        体彩排列三跨度和值表TU2 VCJINRUBEITOUQIYEDESHIJIANZHOU

                        VCZHICHIGONGSIDETEYOUSHUJUZHUYAOBAOKUOGONGSIHUODESHOULUNFENGXIANTOUZIDENIANFEN、HUODESHOULUNFENGXIANTOUZIJIGOUDELEIXING、HUODETOUZIDEJINE、MEILUNVCSHUMUHEMEIGEGONGSIDEFENGXIANRONGZILUNSHU。QIYEDESHUJUBAOKUONIANBAOCAIWUSHUJUHEGONGSINIANLING、ZHUCEDISUOZAIDESHENGFENHECHENGSHI、SUOZAIDEXINGYE、MEINIANPINGJUNDEGUYUANRENSHU、ZICHANFUZHAILVHEYANFATOURUDENG。XIANGGUANFENGXIANTOUZIJIGOUSHUJUBAOKUOJIGOUDENIANLING、ZONGBUSUOZAIDEWEIZHI、ZUZHILEIXINGDENG。

                        体彩排列三跨度和值表(ER)MOXINGGOUJIANYUXIANGGUANBIANLIANGJISUAN

                        BENWENCONGCAIWUDESHIJIAO,YANJIUFENGXIANTOUZIJIADESHAIXUANNENGLIYUTOUHOUGUANLINENGLIFENBIEDUIBEITOUQIYEJIAZHIZENGZHIDEYINGXIANG。CONGXIANGHUGUANLIANDEWUGEWEIDU,XUANZELE5 FANGMIANDEZHIBIAO,BAOKUOBEITOUZIQIYEDEYINGLINENGLI、JINGYINGXIAOLV、CHENGZHANGXING、CAIWUGANGGANHEYANFATOURU。ZHISUOYIXUANZEZHEI5GEFANGMIANDEZHIBIAO,SHIYINWEIVCDUIBEITOUQIYEDEZUOYONGKEYIRENWEISHI:(1)GAIBIANLEQIYEDECAIWUJIXIAO;(2)GAIBIANLEQIYEDECHUANGXINNENGLI。DUIYUCAIWUJIXIAOERYAN,JINGDIANDECAIWULILUNRENWEI:YINGLINENGLISHIQIYEJIXIAODEHEXINZHIBIAO,BINGQIEDUBANGFENXIFAYIJINGZICHANSHOUYILV(ROE)WEIGANG,JINYIBUJIANGROEFENJIEWEIXIAOSHOUJINGLILV、JINGYINGXIAOLV、CAIWUGANGGAN3GEFANGMIANZHIBIAO;ZHIYUCHUANGXINNENGLI,WOMENZHUYAOGUANCHAQIYEDEYANFAR&DTOURUZHIBIAO。ZHEIYANG,WUWEIDUDEZHIBIAOTIXIZHONG,YINGLI

                        DI 4 QIVCTOUZI:TOUQIANSHAIXUANHAISHITOUHOUZENGZHI87NENGLIJIJINGYINGXIAOLV、CHENGZHANGXING、CAIWUGANGGANDOUSHIFANYINGQIYECAIWUDEJIXIAO,YANFATOURUFANYINGQIYEDECHUANGXINNENGLI,KEYIRENWEI,QIANZHESHIBIAOXIANG,HOUZHESHIJILI。JUTIERYAN,YINGLINENGLIYUNYONGQUANYIJINGLILV(ROE)HEXIAOSHOUJINGLILV(ROS)LIANGGEZHIBIAO;JINGYINGXIAOLVCAIYONGZONGZICHANZHOUZHUANCISHU(ATurnOver);CHENGZHANGXINGLIYONGXIAOSHOUZENGZHANGLV(SaleGR)BIAOSHI;CAIWUGANGGANCAIYONGZICHANFUZHAILV(Leverage);CHUANGXINNENGLICAIYONGYANFATOURUZHANXIAOSHOUSHOURUBI(R&D)。XUNIBIANLIANG(VC)YONGYUSHIBIEGONGSISHIFOUYOUFENGXIANZIBENTOUZI,VCHEPostDEJIAOCHAXIANGVC×PostLAIJIANYANFENGXIANZIBENDUIQIYETOUHOUZENGZHIDEXIAOYING。

                        体彩排列三跨度和值表BENWENCANKAOGuoHEJiang(2013)DEWENXIAN,KAOLV4GEKONGZHIBIANLIANG:QIYEDENIANLING(Firm Age)、GUIMO(Size)、GANGGANBILI(Leverage)YIJIQIYEGUYUANDEDAIYU(EmpTreat)。QIYEDENIANLING(Firm Age)LIYONGCHENGLISHIJIANJISUAN,GUIMO(Size)LIYONGQIYEZONGZICHANDEDUISHUBIAOSHI,GANGGANBILV(Leverage)LIYONGZICHANFUZHAILVLAIHENGLIANG,YUANGONGDEDAIYU(EmpTreat)LIYONGMEIGEYUANGONGDEPINGJUNGONGZILAIHENGLIANG。

                        体彩排列三跨度和值表WEILEJIEJUEBENWENDEDIYIGEWENTI,JIFENGXIANTOUZIJIGOUHUITONGGUOZENYANGDECAIWUZHIBIAOSHAIXUANMUBIAOQIYE,BENWENLIYONGFENGXIANTOUZIJIGOUJINRUGONGSIZHIQIANDENIANDUSHUJU,GOUJIANMOXING(1)YANZHENGFENGXIANTOUZIJIGOUDESHAIXUANNENGLI。

                        体彩排列三跨度和值表                      Logistics(VC=1)=α0+α1Perform+α2R&D+α3Leverage+α4Age+α5Size

                                                                                      +α6EmpTreat+ε1                                                                           (1)QIZHONGPerformDAIBIAOYINGLINENGLI、JINGYINGXIAOLV、CHENGZHANGXING、CAIWUGANGGANHEYANFATOURU。

                        体彩排列三跨度和值表FENGTOURUGUZHIQIAN,YOUFENGTOUZHICHIDEQIYEHEPEIDUIDEWUFENGTOUZHICHIDEQIYEZHIJIANDECHAYISHIFENGTOUDESHAIXUANNENGLIDAOZHIDE,ZHEIYANGDECHAYITIXIANLEFENGTOUDUIBEITOUQIYEDESHAIXUANYANGUANG;FENGTOURUGUZHIHOU,YOUFENGTOUZHICHIDEQIYEHEWUFENGTOUZHICHIDEQIYEZHIJIANDECHAYISHIFENGTOUDESHAIXUANNENGLIHETOUHOUGUANLINENGLIGONGTONGDAOZHIDE,ZHEIYANGDECHAYITIXIANLEFENGTOUDESHAIXUANHETOUHOUGUANLILIANGZHONGNENGLIGONGTONGDEZUOYONG;YINCIYAODEDAOTOUHOUGUANLINENGLIDEJIAZHIZENGZHI,BIXULIYONGBEICHA(difference in difference)FANGFACAINENGDEDAOZHENZHENGDETOUHOUGUANLIZENGZHI。YOUFENGXIANTOUZIDETOUHOUZENGZHIBUFENYUMEIYOUFENGXIANTOUZIDEZENGZHIBUFENZHICHACAIWEIFENGXIANTOUZIJIATICHUSHAIXUANJIAZHIHOUZHENZHENGDETOUHOUZENGZHIJIAZHI。vcSHIZHISHENMETOUZI

                        体彩排列三跨度和值表BENWENLIYONGMOXING(2)LAIYANZHENGBENWENDEDIERGEWENTI,JIFENGXIANTOUZITOUHOUGUANLINENGLIDUIBEITOUQIYEDEJIAZHICHUANGZAO。

                        体彩排列三跨度和值表                      Performance=β0+β1VC+β2Post+β3VC×Post+β4Age+β5Size

                                                                             +β6Leverage+β7EmpTreat+Industry+Year+ε1                                      (2)QIZHONGPerformanceDAIBIAOYINGLINENGLI、JINGYINGXIAOLV、CHENGZHANGXING、CAIWUGANGGANHEYANFATOURU。

                        BENWENGOUJIANMOXING(3)YANZHENGFENGXIANTOUZISHAIXUANHETOUHOUGUANLIDEZONGHENENGLIDUIBEITOUQIYEDEJIAZHICHUANGZAO。                      Performance=δ0+δ1VC+δ2Age+δ3Size+δ4Leverage+δ5EmpTreat

                        体彩排列三跨度和值表                                                     +Industry+Year+ε1                                                                                (3)QIZHONGPerformanceDAIBIAOYINGLINENGLI、JINGYINGXIAOLV、CHENGZHANGXING、CAIWUGANGGANHEYANFATOURU。

                        SI、 SHIZHENGJIEGUOJIFENXI

                        (YI)BIANLIANGMIAOSHUXINGTONGJIFENXI

                        体彩排列三跨度和值表FENGXIANTOUZIJINRUQIANYINIANDEGONGSICAIWUZHIBIAO、JINGYINGZHUANGKUANGHEZIBENJIEGOUDEMIAOSHUXINGTONGJIRUBIAO2SUOSHI。YOUBIAO2KEZHI,VCJINRUQIANYINIAN,YANGBENQIYEDEXIAOSHOUJINGLILV(ROS)YUEWEI12%、QUANYIJINGLILVJIEJIN29%。GONGSIJINGYINGXIAOLVZHIBIAOTIXIANWEIZONGZICHANNIANZHOUZHUANLVWEI1、CAIWUGANGGANLVYUEWEI58%;CHENGZHANGXINGZHIBIAOTIXIANWEIPINGJUNXIAOSHOUZENGZHANGLVJIEJIN34%,TONGSHIQIYEJIANGDAYUE3%DEXIAOSHOUSHOURUYONGYUCHUANGXINYANFA。VCJINRUSHI,ZHENGGEQIYEDAGAIYIPINGJUNCUNHUOLE8.7NIAN。

                        VC投资
                        vc是指什么投资 第四篇

                        VCTOUZI

                        BIANJICITIAOFENXIANG

                        MULU

                        1 FENGXIANTOUZI(Venture Capital,VC)

                        2 SHENMESHIFENGXIANTOUZI

                        3 FENGXIANTOUZIDELISHI

                        4 FENGXIANTOUZIDELIUYAOSU

                        5 FENGXIANTOUZIDETEDIAN

                        FENGMIQUANQIUDETOUZIFANGSHI。Venture CapitalWUGEJIEDUANDEZHONGZIQI、CHUCHUANGQI、CHENGZHANGQI、KUOZHANGQI、CHENGSHUQIWUBUSHEJIDAOJIAOGAODEFENGXIAN,JUTIBIAOXIANYOUXIANGMUDESHAIXUAN、JINZHIDIAOCHA、HOUQIJIANKONG、ZHISHICHANQUAN、XUANZEJISHU、GONGGONGZHENGCE、XINXIGAODUBUDUICHENG、DAODEPINZHI、GUANLITUANDUI、SHANGYEHUOBAN、CAIWUJIANGUAN、HUANJING、SHUISHOU、ZHENGZHI、GOUTONGPINGTAIDENG。ZAIXIFANGGUOJIA,JUBUWANQUANTONGJI,Venture Capitalists(FENGXIANTOUZIJIA)MEITOUZI10GEXIANGMU,ZHIYOU3GESHICHENGGONGDE,ER7GESHISHIBAIDE。ZHENGSHIYINWEIZHEIYANG,ZAIFENGXIANTOUZIJIECAIHUIFENGXING“BUYAOJIANGJIDANFANGZAIYIGELANZILI”DEFENSANZUHETOUZIYUANZE。“ZAIGAOFENGXIANZHONGXUNZHAOGAOSHOUYI

                        ”,KEYISHUO,VCJUYOUXIANTIANDE“GAOFENGXIANXING”。

                        体彩排列三跨度和值表FENGXIANTOUZIDEMUDEBUSHIKONGGU,WULUNCHENGGONGYUFOU,TUICHUSHIFENGXIANTOUZIDEBIRANXUANZE。YINYONGFENGXIANTOUZIDETUICHUFANGSHIBAOKUOSHOUCISHANGSHI(IPO)、SHOUGOUHEQINGSUAN。MUQIANGUONEIFENGXIANTOUZIGONGSIJINXINGIPODETUICHUQUDAOZHUYAOYOU:YILIANGONGSIDEFANGSHIZAIHAIWAISHANGSHI;JINGNEIGUFENZHIGONGSIQUJINGWAIFAXINGHGUDEXINGSHISHIXIANHAIWAISHANGSHI;JINGNEIGONGSIJINGWAIJIEQIAOJIANJIESHANGSHI、JINGNEIGONGSIZAIJINGWAIJIEQIAOSHANGSHI;JINGNEISHELIGUFENZHIGONGSIZAIJINGNEIZHUBANSHANGSHI;JINGNEIGONGSIJINGNEIAGUJIEQIAOJIANJIESHANGSHI;LINGWAIYIZHONGJIANJIESHANGSHIDEFANGSHIJIUSHIJINGNEIGONGSIAGUJIEQIAOSHANGSHI。

                        体彩排列三跨度和值表FENGXIANTOUZI(Venture Capital Investment)SHIZHIJUBEIZIJINSHILIDETOUZIJIADUIJUYOUZHUANMENJISHUBINGJUBEILIANGHAOSHICHANGFAZHANQIANJING,DANQUEFAQIDONGZIJINDECHUANGYEJIAJINXINGZIZHU,BANGZHUQIYUANCHUANGYEMENG,BINGCHENGDANCHUANGYEJIEDUANTOUZISHIBAIDEFENGXIANDETOUZI。TOUZIJIATOURUDEZIJINHUANDEQIYEDEBUFENGUFEN,BINGYIRIHOUHUODEHONGLIHUOCHUSHOUGAIGUQUANHUOQUTOUZIHUIBAOWEIMUDE。FENGXIANTOUZIDE

                        体彩排列三跨度和值表TESEZAIYUGANMAOGAOFENGXIANYIZHUIQIUZUIDADETOUZIBAOCHOU,BINGJIANGTUICHUFENGXIANQIYESUOHUISHOUDEZIJINJIXUTOURU“GAOFENGXIAN、GAOKEJI、GAOCHENGZHANGQIANLI”DELEISIGAOFENGXIANQIYE,SHIXIANZIJINDEXUNHUANZENGZHI。TOUZIJIAYICHOUZUFENGXIANTOUZIGONGSI、ZHAOMUZHUANYEJINGLIREN,CONGSHITOUZIJIHUIPINGGUBINGXIEZHUBEITOUZISHIYEDEJINGYINGYUGUANLIDENGFANGFA,ZAORISHIXIANTOUZISHOUYI,JIANGDIZHENGTITOUZIFENGXIAN。

                        FENGXIANTOUZIZAIWOGUOSHIYIGEYUEDINGSUCHENGDEJUYOUTEDINGNEIHANDEGAINIAN,QISHIBATAFANYICHENGCHUANGYETOUZIGENGWEITUODANG。GUANGYIDEFENGXIANTOUZIFANZHIYIQIEJUYOUGAOFENGXIAN、GAOQIANZAISHOUYIDETOUZI;XIAYIDEFENGXIANTOUZISHIZHIYIGAOXINJISHUWEIJICHU,SHENGCHANYUJINGYINGJISHUMIJIXINGCHANPINDETOUZI。GENJUMEIGUOQUANMEIFENGXIANTOUZIXIEHUIDEDINGYI,FENGXIANTOUZISHIYOUZHIYEJINRONGJIATOURUDAOXINXINGDE、XUNSUFAZHANDE、JUYOUJUDAJINGZHENGQIANLIDEQIYEZHONGYIZHONGQUANYIZIBEN。CONGTOUZIXINGWEIDEJIAODULAIJIANG,FENGXIANTOUZISHIBAZIBENTOUXIANGYUNZANGZHESHIBAIFENGXIANDEGAOXINJISHUJIQICHANPINDEYANJIUKAIFALINGYU,ZHIZAICUSHIGAOXINJISHUCHENGGUOJINKUAISHANGPINHUA、CHANYEHUA,YIQUDEGAOZIBENSHOUYIDEYIZHONGTOUZIGUOCHENG。CONGYUNZUOFANGSHILAIKAN,SHIZHIYOUZHUANYEHUARENCAIGUANLIXIADETOUZIZHONGJIEXIANGTEBIEJUYOUQIANNENGDEGAOXINJISHUQIYETOURUFENGXIANZIBENDEGUOCHENG,YESHIXIEDIAOFENGXIANTOUZIJIA、JISHUZHUANJIA、TOUZIZHEDEGUANXI,LIYIGONGXIANG,FENGXIANGONGDANDEYIZHONGTOUZIFANGSHI。

                        体彩排列三跨度和值表FENGXIANTOUZIDEQIYUANKEYIZHUISUDAO19SHIJIMOQI,DANGSHIMEIGUOYIXIESIRENYINXINGTONGGUODUIGANGTIE、SHIYOUHETIELUDENGXINXINGXINGYEJINXINGTOUZI,CONGERHUODELEGAOHUIBAO。1946NIAN,MEIGUOHAFODAXUEJIAOSHOUQIAOZHI·DUOWEITEHEYIPIXINYINGGELANDIQUDEQIYEJIACHENGLILEDIYIJIAJUYOUXIANDAIYIYIDEFENGXIANTOUZIGONGSIGONGSHANGJINRONGGONGSI。DANYINGGUOFENGXIANTOUZIYEQIBUSUIZAO,FAZHANQUEHENHUANMAN,ZHIZHI80NIANDAIYINGGUOZHENGFUCAIQULEYIXILIEGULIFENGXIANTOUZIYEFAZHANDEZHENGCEHECUOSHIHOU,FENGXIANTOUZIYEZAIYINGGUOCAIDEYIXUNSUFAZHAN。QITAYIXIEGUOJIARUJIANADA、FAGUO、DEGUODEFENGXIANTOUZIYESUIZHEXINJISHUDEFAZHANHEZHENGFUGUANZHIDEFANGSONG,YEZAI80NIANDAIYOULEXIANGDANGCHENGDUDEFAZHAN。RIBENZUOWEIYAZHOUDEJINGJILINGTOUYANG,QIFENGXIANTOUZIYEYEKAIZHANDERUHUORUTU。DAO1996NIAN,RIBENDEFENGXIANTOUZIJIGOUJIUYOU100DUOJIA,TOUZIEGAODA150YIRIYUANYISHANG。DANYUMEIGUOBUTONGDESHI,RIBENDEFENGXIANTOUZIJIGOUZHONGYOUXIANGDANGYIBUFENSHIYOUZHENGFUCHENGLIDE,ZHEIXIETOUZIJIGOUYEDADUOBUSHICONGSHIGUQUANTOUZI,ERSHIXIANGGAOJISHUCHANYEHUOZHONGXIAOQIYETIGONGWUXIDAIKUANHUODAIKUANDANBAO.

                        体彩排列三跨度和值表WOGUODEFENGXIANTOUZIYESHIZAI80NIANDAICAISHANSHANQIBU。1985NIAN1YUE11RI,WOGUODIYIJIAZHUANYINGXINJISHUFENGXIANTOUZIDEQUANGUOXINGJINRONGQIZHONGGUOXINJISHUQIYETOUZIGONGSIZAIBEIJINGCHENGLI。TONGSHI,TONGGUOHUOJUJIHUADESHISHI,WOGUOYOUCHUANGLILE96JIACHUANGYEZHONGXIN、JIN30JIADAXUEKEJIYUANHEHAIWAILIUXUERENYUANKEJIYUAN,TAMENDOUWEIWOGUODEFENGXIANTOUZISHIYEZUOCHULEJUDAGONGXIAN。 1986NIAN,ZHENGXIE"YIHAOTIAN"WEIWOGUODEGAOKEJICHANYEHEFENGXIANTOUZIFAZHANZHIMINGLEDAOLU,WEIWOGUODEFENGXIANTOUZIYEYOUXIANKAILEXINDEYIYE

                        FENGXIANTOUZIZAIPEIYUQIYECHENGZHANG,CUJINYIGUODEJINGJINAIZHIQUANQIUJINGJIDEFAZHANGUOCHENGZHONGDOUQIZHESHIFENZHONGYAODEZUOYONG。TAKEYITUIDONGKEJICHENGGUOJINKUAIZHUANHUAWEISHENGCHANLI,CUJINJISHUDECHUANGXIN,CUJINGUANLIHEZHIDUDECHUANGXIN。CHUCIZHIWAI,FENGXIANTOUZIJIGOUHAIKEYIWEIBEITOUZIGONGSITIGONGGAOSHUIPINGDEZIXUN、GUWENDENGFUWU。FENGXIANTOUZIYEZIQIAOZHI·DUOWEITEKAICHUANGYILAI,SHUSHINIANZHANGSHENGBUSHUAI,JIUSHIYINQIZAIXIANDAIJINGJIZHONGXIANSHICHULEQIANGDADESHENGMINGLIHEXIANJINXING。WOMENJIANXIN,SUIZHESHIJIEJINGJIDEJINYIBUFAZHAN,SUIZHEFENGXIANTOUZIYEDECHENGSHUHEWANSHAN,FENGXIANTOUZIZHEISOULIJIANYIDINGHUICHENGFENGPOLANG、YONGWANGZHIQIAN!

                        FENGXIANZIBEN、FENGXIANTOUZIREN、TOUZIDUIXIANG、TOUZIQIXIAN、TOUZIMUDEHETOUZIFANGSHIGOUCHENGLEFENGXIANTOUZIDELIUYAOSU。

                        YI、FENGXIANZIBEN

                        体彩排列三跨度和值表FENGXIANZIBENSHIZHIYOUZHUANYETOUZIRENTIGONGDEKUAISUCHENGZHANGBINGQIEJUYOUHENDASHENGZHIQIANLIDEXINXINGGONGSIDEYIZHONGZIBEN。FENGXIANZIBENTONGGUOGOUMAIGUQUAN、TIGONGDAIKUANHUOJIGOUMAIGUQUANYOUTIGONGDAIKUANDEFANGSHIJINRUZHEIXIEQIYE。

                        体彩排列三跨度和值表FENGXIANZIBENDELAIYUANYINSHIYINGUOERYI。ZAIMEIGUO,1978NIANQUANBUFENGXIANZIBENZHONGGERENHEJIATINGZIJINZHAN32%;QICISHIGUOWAIZIJIN,ZHAN18%;ZAICISHIBAOXIANGONGSIZIJIN、NIANJINHEDACHANYEGONGSIZIJIN,FENBIEZHAN16%、15%HE10%,DAOLE1988NIAN,NIANJINBIZHONGXUNSUSHANGSHENG,ZHANLEQUANBUFENGXIANZIBENDE46%,QICISHIGUOWAIZIJIN、JUANZENGHEGONGGONGJIJINYIJIDAGONGSICHANYEZIJIN,FENBIEZHAN14%、12%HE11%,GERENHEJIATINGZIJINZHANDEBIZHONGDAFUXIAJIANG,ZHIZHANDAOLE8%。YUMEIGUOBUTONG,OUZHOUGUOJIADEFENGXIANZIBENZHUYAOLAIYUANYUYINXING、BAOXIANGONGSIHENIANJIN,FENBIEZHANQUANBUFENGXIANZIBENDE31%、14%HE13%,QIZHONG,YINXINGSHIOUZHOUFENGXIANZIBENZUIZHUYAODELAIYUAN,ERGERENHEJIATINGZIJINZHIZHANDAO2%。ERZAIRIBEN,FENGXIANZIBENZHIYAOLAIYUANYUJINRONGJIGOUHEDAGONGSIZIJIN,FENBIEZHAN36%HE37%。QICISHIGUOWAIZIJINHEZHENGQUANGONGSIZIJIN,GEZHAN10%,ERGERENYUJIATINGZIJINYEZHIDAO7%。ANTOUZIFANGSHIFEN,FENGXIANZIBENFENWEIZHIJIETOUZIZIJINHEDANBAOZIJINLIANGLEI。QIANZHEYIGOUMAIGUQUANDEFANGSHIJINRUBEITOUZIQIYE,DUOWEISIRENZIBEN;ERHOUZHEYITIGONGRONGZIDANBAODEFANGSHIDUIBEITOUZIQIYEJINXINGFUZHU,BINGQIEDUOWEIZHENGFUZIJIN。

                        ER、FENGXIANTOUZIREN

                        体彩排列三跨度和值表FENGXIANTOUZIRENDATIKEYIFENWEIYIXIASILEI:

                        1、FENGXIANZIBENJIA

                        体彩排列三跨度和值表TAMENSHIXIANGQITAQIYEJIATOUZIDEQIYEJIA,YUQITAFENGXIANTOUZIRENYIYANG,TAMENTONGGUOTOUZILAIHUODELIRUN。DANBUTONGDESHIFENGXIANZIBENJIASUOTOUCHUDEZIBENQUANBUGUIQIZISHENSUOYOU,ERBUSHISHOUTUOGUANLIDEZIBEN。

                        2、FENGXIANTOUZIGONGSI

                        FENGXIANTOUZIGONGSIDEZHONGLEIYOUHENDUOZHONG,DANSHIDABUFENGONGSITONGGUOFENGXIANTOUZIJIJINLAIJINXINGTOUZI,ZHEIXIEJIJINYIBANYIYOUXIANHEHUOZHIWEIZUZHIXINGSHI。

                        3、CHANYEFUSHUTOUZIGONGSI

                        体彩排列三跨度和值表ZHEILEITOUZIGONGSIWANGWANGSHIYIXIEFEIJINRONGXINGSHIYEGONGSIXIASHUDEDULIFENGXIANTOUZIJIGOU,TAMENDAIBIAOMUGONGSIDELIYIJINXINGTOUZI。ZHEILEITOUZIRENTONGCHANGZHUYAOJIANGZIJINTOUXIANGYIXIETEDINGDEXINGYE。HECHUANTONGFENGXIANTOUZIYIYANG,CHANYEFUSHUTOUZIGONGSIYETONGYANGYAODUIBEI

                        体彩排列三跨度和值表TOUZIQIYEDIJIAODETOUZIJIANYISHUJINXINGPINGGU,SHENRUQIYEZUOJINZHIDIAOCHABINGQIDAIDEDAOJIAOGAODEHUIBAO。

                        4、TIANSHITOUZIREN

                        ZHEILEITOUZIRENTONGCHANGTOUZIYUFEICHANGNIANQINGDEGONGSIYIBANGZHUZHEIXIEGONGSIXUNSUQIDONG。ZAIFENGXIANTOUZILINGYU,“TIANSHITOUZIREN”ZHEIGECIZHIDESHIQIYEJIADEDIYIPITOUZIREN,ZHEIXIETOUZIRENZAIGONGSICHANPINHEYEWUCHENGXINGZHIQIANJIUBAZIJINTOURUJINLAI。

                        SAN、TOUZIMUDE

                        体彩排列三跨度和值表FENGXIANTOUZISUIRANSHIYIZHONGGUQUANTOUZI,DANTOUZIDEMUDEBINGBUSHIWEILEHUODEQIYEDESUOYOUQUAN,BUSHIWEILEKONGGU,GENGBUSHIWEILEJINGYINGQIYE,ERSHITONGGUOTOUZIHETIGONGZENGZHIFUWUBATOUZIQIYEZUODA,RANHOUTONGGUOGONGKAISHANGSHI(IPO)、JIANBINGSHOUGOUHUOQITAFANGSHITUICHU,ZAICHANQUANLIUDONGZHONGSHIXIANTOUZIHUIBAO。

                        SI、TOUZIQIXIAN

                        FENGXIANTOUZIRENBANGZHUQIYECHENGZHANG,DANTAMENZUIZHONGXUNQIUQUDAOJIANGTOUZICHECHU,YISHIXIANZENGZHI。FENGXIANZIBENCONGTOURUBEITOUZIQIYEQIDAOCHECHUTOUZIWEIZHISUOJIANGEDESHIJIANZHANGDUANJIUCHENGWEIFENGXIANTOUZIDETOUZIQIXIAN。ZUOWEIGUQUANTOUZIDEYIZHONG,FENGXIANTOUZIDEQIXIANYIBANJIAOZHANG。QIZHONG,CHUANGYEQIFENGXIANTOUZITONGCHANGZAI7~10NIANNEIJINRUCHENGSHUQI,ERHOUXUTOUZIDADUOZHIYOUJINIANDEQIXIAN。

                        WU、TOUZIDUIXIANG

                        体彩排列三跨度和值表FENGXIANTOUZIDECHANYELINGYUZHUYAOSHIGAOXINJISHUCHANYE。YIMEIGUOWEILI,1992NIANDUIDIANNAOHERUANJIANYEDEZHAN27%;QICISHIYILIAOBAOJIANCHANYE,ZHAN17%;ZAICISHITONGXINCHANYE,ZHAN14%;SHENGWUKEJICHANYEZHAN10%。

                        LIU、TOUZIFANGSHI

                        CONGTOUZIXINGZHIKAN,FENGXIANTOUZIDEFANGSHIYOUSANZHONG:YISHIZHIJIETOUZI。ERSHITIGONGDAIKUANHUODAIKUANDANBAO。SANSHITIGONGYIBUFENDAIKUANHUODANBAOZIJINTONGSHITOURUYIBUFENFENGXIANZIBENGOUMAIBEITOUZIQIYEDEGUQUAN。DANBUGUANSHINAZHONGTOUZIFANGSHI,FENGXIANTOUZIRENYIBANDOUFUDAITIGONGZENGZHIFUWU。FENGXIANTOUZIHAIYOULIANGZHONGBUTONGDEJINRUFANGSHI。DIYIZHONGSHIJIANGFENGXIANZIBENFENQIFENPITOURUBEITOUZIQIYE,ZHEIZHONGQINGKUANGBIJIAOCHANGJIAN,JIKEYIJIANGDITOUZIFENGXIAN,YOUYOULIYUJIASUZIJINZHOUZHUAN;DIERZHONGSHIYICIXINGTOURU。ZHEIZHONGFANGSHIBUCHANGJIAN,YIBANFENGXIANZIBENJIAHETIANSHITOUZIRENKENENGCAIQUZHEIZHONGFANGSHI,YICITOURUHOU,HENNANYEBUYUANTIGONGHOUXUZIJINZHICHI。

                        FENGXIANTOUZISHIYOUZIJIN、JISHU、GUANLI、ZHUANYERENCAIHESHICHANGJIHUIDENGYAOSUSUOGONGTONGZUCHENGDETOUZIHUODONG,TAJUYOUYIXIALIUGETEDIAN:

                        体彩排列三跨度和值表YI、YITOUZIHUANGUQUANFANGSHI,JIJICANYUDUIXINXINGQIYEDETOUZI;

                        ER、XIEZHUQIYEJINXINGJINGYINGGUANLI,CANYUQIYEDEZHONGDAJUECEHUODONG;

                        体彩排列三跨度和值表SAN、TOUZIFENGXIANDA、HUIBAOGAO;BINGYOUZHUANYERENYUANZHOUERFUSHIDIJINXINGGEXIANGFENGXIANTOUZI;

                        SI、ZHUIQIUTOUZIDEZAORIHUISHOU,ERBUYIKONGZHIBEITOUZIGONGSISUOYOUQUANWEIMUDE;

                        WU、FENGXIANTOUZIGONGSIYUCHUANGYEZHEDEGUANXISHIJIANLIZAIXIANGHUXINRENYUHEZUODEJICHUZHISHANGDE;vcSHIZHISHENMETOUZI

                        LIU、TOUZIDUIXIANGYIBANSHIGAOKEJI、GAOCHENGZHANGQIANLIDEQIYE。

                        体彩排列三跨度和值表JISHUYONGYOUZHEZAIJIANGJUYOUQIANLIDEJISHUCHUANGXINYUCHANPINGOUXIANGJINGYOUJUTIDEJINGYINGHUODONGJIAYISHANGPINHUADEGUOCHENGZHONG,HAIXUJUBEIZIBENYUGUANLILIANGXIANGZIYUANTIAOJIAN,ERZHEILIANGZHEWANGWANGYOUSHIJISHUYONGYOUZHESUOQIANQUEDE,YOUQISHIGAOKEJITOUZIBENZHISHANGJUYOUGAOFENGXIANDETEZHENG,ZAICHANGTAIRONGZISHICHANGSHANGCHOUJIZIJINJIANGYOUHENDAKUNNAN。ZAIJISHUWEIZHUANHUAXIAOYIZHIQIAN,JIWUFACONGYINXINGHUODEDAIKUAN,YOUHENNANQUFAXINGGUPIAOHUOZHAIQUAN,YINCIXUDUOKEJIHANLIANGGAODECHANPINGOUXIANGCHANGYINCITAISIFUZHONG,FENGXIANTOUZIQIAHAOJIEJUELEZHEIYINANTI。

                        GAOKEJIFENGXIANTOUZISHIYEQIYUANYUMEIGUO,MEIGUOGAOKEJIFENGXIANTOUZIYEDEFANRONGBUDANSHIQIZAIGAOKEJIJIJIANDUANKEJIDEFAZHANSHANGBAOCHISHIJIELINGXIANDIWEI,TONGSHIYEDAIDONGLEGUONEIXIANGGUANGONGYEDEFAZHAN,DUIMEIGUOJINGJIDEFAZHANZUOCHULEHENDADEGONGXIAN。

                        60NIANDAIYIHOU,YOUYUGAOBAOCHOUDEXIYIN,XUDUOZIJINZHUJIANLIUXIANGFENGXIANTOUZISHIYE,ZHUYAODETOUZIDUIXIANGWEIBANDAOTI、JISUANJI、JINGMIJIQI、TONGXUN、RUANJIAN、YILIAOSHEBEIDENGGAOKEJICHANYE,MEIGUOGUIGUGAOKEJICHANYEYUFENGXIANTOUZIGONGSIHEZUOCHENGGONGDEYOULIANGDIANFANRUDIANNAOGONGSI,JIASHENLEMEIGUOZHENGFUGULIFENGXIANTOUZISHIYEDEFAZHAN,DAOLE70NIANDAIMOQI,MEIGUOZHENGFUJIANGZIBENLIDESHUIYOU49%JIANGZHI20%,GENGZAOCHENGYIGUFENGXIANTOUZIDEFENGCHAO。

                        JINGGUOSISHIDUONIANDEFAZHAN,GAOKEJIFENGXIANTOUZISHIYEHUODONGYIBIANJISUOYOUXIANJINGUOJIA、XINXINGGONGYEGUO、BUFENFAZHANZHONGGUOJIA,XINGCHENGYIGUTUIDONGQUANQIUGAOKEJISHIYEFAZHANDEJUDADONGLI。YIBANERYAN,GAOKEJIFENGXIANTOUZISHIYEDEFAZHANJUNSHOUDAODANGDIZHENGFUDEZHENGCEZHICHI,BINGYUGAIGUOKEJICHANYEFAZHANCELVEMIQIEJIEHE,WEIGULIZIJINLIUXIANGGAOKEJIFENGXIANTOUZISHIYE,GEGUOZHENGFUJINGCHANGHUIJIYUSHUISHOUJIANMIANDEYOUHUI,TONGSHIZAIRUAN、YINGJIANTOUZIHUANJINGYUZHENGQUANSHICHANGLIUTONGSHANG,YEHUIYOUHENDUODEPEITAOCUOSHI。

                        体彩排列三跨度和值表FENGXIANTOUZIJIZHIYUYINXINGDAIKUANWANQUANBUTONG,QICHABIEZAIYU:

                        VC(风险投资)和PE(私募股权投资)、天使投资各是什么意思?
                        vc是指什么投资 第五篇

                        VC(FENGXIANTOUZI)HEPE(SIMUGUQUANTOUZI)、TIANSHITOUZIGESHISHENMEYISI?

                        1. VCFENGXIANTOUZI

                        体彩排列三跨度和值表1) VCGAINIANJIYUNZUOJIZHIFENGXIANTOUZIVC(Venture Capital)YOUCHENG“CHUANGYETOUZI”SHIZHIYOUZHIYEJINRONGJIATOURUDAOXINXINGDE、XUNSUFAZHANDE、YOUJUDAJINGZHENGLIDEQIYEZHONGDEYIZHONGQUANYIZIBEN,SHIYIGAOKEJIYUZHISHIWEIJICHU,SHENGCHANYUJINGYINGJISHUMIJIDECHUANGXINCHANPINHUOFUWUDETOUZI。

                        FENGXIANTOUZIZAICHUANGYEQIYEFAZHANCHUQITOURUFENGXIANZIBEN,DAIQIFAYUXIANGDUICHENGSHUHOU,TONGGUOSHICHANGTUICHUJIZHIJIANGSUOTOURUDEZIBENYOUGUQUANXINGTAIZHUANHUAWEIZIJINXINGTAI,YISHOUHUITOUZI。FENGXIANTOUZIDEYUNZUOGUOCHENGFENWEIRONGZIGUOCHENG、TOUZIGUOCHENG、TUICHUGUOCHENG。

                        2) FENGXIANTOUZIDEZUOYONGFENGXIANTOUZISHIQIYECHENGZHANGYUKEJICHENGGUOZHUANHUADEFUHUAQI。ZHUYAOBIAOXIANZAI:

                        体彩排列三跨度和值表a) RONGZIGONGNENG:FENGXIANZIBENWEICHUANGXINQIYETIGONGJIXUDEZIJIN,BAOZHENGCHUANGYEDUIZIJINDELIANXUXING。

                        体彩排列三跨度和值表b) ZIYUANPEIZHIGONGNENG:FENGXIANZIBENSHICHANGCUNZAIZHEQIANGDADEPINGJIA、XUANZEHEJIANDUJIZHI,CHANYEFAZHANDEJINGJIJIAZHITONGGUOSHICHANGDEYIGONGZHENGDEPINGJIAHEQUEREN,YISHIXIANYOUSHENGLIETAI,TIGAOZIYUANPEIZHIXIAOLV。

                        体彩排列三跨度和值表c) CHANQUANLIUDONGGONGNENG:FENGXIANZIBENSHICHANGWEICHUANGXINQIYEDECHANQUANLIUDONGHEZHONGZUTIGONGLEGAOXIAOLV、DICHENGBENDEZHUANHUANJIZHIHELINGHUODUOYANGDEBINGGOUFANGFA,CUJINCHUANGXINQIYEZICHANYOUHUAZUHE,BINGSHIZICHANJUYOULEJIAOCHONGFENDELIUDONGXINGHETOUZIJIAZHI。

                        d) FENGXIANDINGJIAGONGNENG。FENGXIANDINGJIASHIZHIDUIFENGXIANZICHANDEJIAGEQUEDING,TASUOFANYINGDESHIZIBENZICHANSUODAILAIDEWEILAISHOUYIYUFENGXIANDEYIZHONGHANSHUGUANXI。TOUZIZHEKEYICANZHAOFENGXIANZIBENSHICHANGTIGONGDEGEZHONGZICHANJIAGE,GENJUGERENFENGXIANPIANHAOHEGERENWEILAIYUQIJINXINGTOUZIXUANZE。FENGXIANZIBENSHICHANGZHENGSHITONGGUOZHEIYIGONGNENG,ZAIZIBENZIYUANDEJILEIHEPEIZHIZHONGFAHUIZUOYONGDE。

                        FENGXIANZIBENSHICHANGSHIYIGEPEIYUCHUANGXINXINGQIYEDESHICHANG,SHICHUANGXINXINGQIYEDEFUHUAQIHECHENGZHANGYAOLAN。FENGXIANTOUZISHIYOUHUAXIANYOUQIYESHENGCHANYAOSUZUHE,BAKEXUEJISHUZHUANHUAWEISHENGCHANLIDECUIHUAJI。FENGXIANTOUZIBUTONGYUCHUANTONGDETOUZIFANGSHI,TAJIJINRONGFUWU、GUANLIFUWU、SHICHANGYINGXIAOFUWUYUYITI。FENGXIANTOUZIJIGOUWEIQIYECONGFUHUA、FAYUDAOCHENGZHANGDEQUANGUOCHENGTIGONGLERONGZIFUWU。FENGXIANTOUZIBUJINWEIZHONGZIQIHEKUOZHANQIDEQIYEDAILAILEFAZHANZIJIN,HAIDAILAILEGUOWAIXIANJINDECHUANGYELINIANHEQIYEGUANLIMOSHI,SHOUBASHOUDIBANGZHUQIYEJIEJUEGELEICHUANGYENANTI,SHIHENDUOZHONGXIAOQIYEDEYIKUAYUESHIFAZHAN。

                        2. TIANSHITOUZI

                        体彩排列三跨度和值表1) TIANSHITOUZIDEGAINIANCHUANSHUOZHONGDETIANSHI,SHIZHANGZHEJIEBAIYUMAOCHIBANGDESHAONVHUOYINGER,DANFUZHESHIZHEDEZHIZE,YOUSHANGDIPAILAICIFUJIXUYAOBANGZHUDEREN。ZAICHUANGYEHETOUZIQUAN,YOUYIZHONGTOUZIRENBEICHUANGYEZHECHENGWEI“TIANSHITOUZIREN”,YISISHIZHEIXIETOUZIRENJICHUYUKUNNANZHIZHONGDECHUANGYEZHEDAILAIXIWANGHEBANGZHU,SHIBANGZHUTAMENDUGUONANGUANDE“TIANSHI”,ZHEIGECHENGWEIBIAODACHULECHUANGYEZHEDUIZHEIXIETIANSHITOUZIRENDECHONGJINGHEZUNZHONG。

                        体彩排列三跨度和值表TIANSHITOUZI(Angels Invest)SHIZHIGERENCHUZIXIEZHUJUYOUZHUANMENJISHUHUODUTEGAINIANERQUESHAOZIYOUZIJINDECHUANGYEJIAJINXINGCHUANGYE,BINGCHENGDANCHUANGYEZHONGDEGAOFENGXIANHEXIANGSHOUCHUANGYECHENGGONGHOUDEGAOSHOUYI。HUOZHESHUOSHIZIYOUTOUZIZHEHUOFEIZHENGSHIFENGXIANTOUZIJIGOUDUIYUANCHUANGXIANGMUGOUSIHUOXIAOXINGCHUCHUANGQIYEJINXINGDEYICIXINGDEQIANQITOUZI。TASHIFENGXIANTOUZIDEYIZHONGXINGSHI。ER“TIANSHITOUZIREN

                        (Angels)”TONGCHANGSHIZHITOUZIYUFEICHANGNIANQINGDEGONGSIYIBANGZHUZHEIXIEGONGSIXUNSUQIDONGDETOUZIREN。

                        体彩排列三跨度和值表ZAIGUONEI,SHANGMEIYOUSHANGYEXIEHUIHUOYANJIUJIGOUDUITIANSHITOUZIRENJIYUMINGQUEDEDINGYI,WOMENYANYONGLEGUOWAINEIGELIUXINGHENGUANGDESHUOFA:TIANSHITOUZIRENJIUSHI3“F”——JIAREN(Family)、PENGYOU(Friends)HESHAGUA(Fools)。

                        体彩排列三跨度和值表JIARENHEPENGYOUZHEILIANGGEF,HENHAOLIJIE。CHUANGYEZHEDEJIARENHEPENGYOUYUZHIXIANGSHI、XIANGCHUDUONIAN,ZAICHUANGYEZHEKAIKOUXIANGTAMENYAOQIANZHIQIAN,SHENZHISHIZAITACHUANGYEZHIQIAN,JIUYIJINGDUITAFEICHANGLEJIE。JIARENHEPENGYOUJITADECHUCHUANGGONGSITOUZIGENGDUODESHI,WEILEDUITABENRENJITADEMENGXIANGBIAOSHIZHICHI

                        体彩排列三跨度和值表(/),XIANGXINTANENGGOUBAGONGSIZUOHAO。TAMENBUHUIQUSHENHESHANGYEJIHUASHU,GENGBUHUIZAIJINGGUOXIZHIDIYANJIUTADEGONGSIZHIHOU,KANSHIFOUYOULIKETUCAIJUEDINGSHIFOUTOUZI,TAMENDETOUZIGENGXIANGSHIGANQINGTOUZI。SUOYIYANGESHUOLAI,JIARENHEPENGYOUZHINENGSUANZUOSHICHUANGYEZHEDETIANSHI,TAMENBINGBUNENGSUANSHITIANSHITOUZIREN。

                        体彩排列三跨度和值表ZHIYUDISANGEF,YEBUNANLIJIE。CHUCHUANGGONGSIDEFENGXIANHENDA,DUIYUGENCHUANGYEZHEFEIQINFEIGUDEWAIBUTOUZIRENLAISHUO,TADUICHUANGYEZHEDELISHIHEBEIJINGHAOBUZHIQING,CONGMINGHELIXINGDETOUZIRENZAIBAQIANTOUJINQUZHIQIANDANGRANYEHUIZUOYIXIEYANJIUHEJINZHIDIAOCHA,DANSHIWULUNDUOSHAOYANJIUHEDIAOCHADOUWUFAXIAOCHUQUANBUDETOUZIFENGXIAN,YINCI,TAMENYEHUODE“SHAGUA”DECHENGHAO。DANBINGBUSHIZHEIXIERENZHENSHA,SHIJISHANGWANGWANGXIANGFAN,TAMENDOUDUJUHUIYAN、SIWEIQIANZHAN,TOUQIANJIYIXIEBIERENMEIYOUYANGUANGKANCHUQIQIANJINGDEQIYE。ZHEIXIERENKENENGZAIMOUGELINGYUJINGYANFENGFU,HUOZHEBENSHENJIUYOUCHENGGONGDECHUANGYEJINGLI,TAMENCAISHIZHENZHENGYIYISHANGDETIANSHITOUZIREN。

                        体彩排列三跨度和值表2) TIANSHITOUZIRENDEDIANXINGDAIBIAO

                        ZHESHANG、SUSHANGDENGYANHAIFADADIQUDESHANGREN。

                        PESIMUGUQUANTOUZI

                        体彩排列三跨度和值表1) PEGAINIANJIYUNZUOJIZHIPE(Private Equity)SIMUGUQUANTOUZISHITONGGUOSIMUXINGSHIDUIFEISHANGSHIQIYEJINXINGDEQUANYIXINGTOUZI,ZAIJIAOYISHISHIGUOCHENGZHONGFUDAIKAOLVLEJIANGLAIDETUICHUJIZHI,JITONGGUOSHANGSHI、BINGGOUHUOGUANLICENGHUIGOUDENGFANGSHI,CHUSHOUCHIGUHUOLI。GUANGYISHANGDEPEDUICHUYUZHONGZIQI、CHUCHUANGQI、FAZHANQI、KUOZHANQI、CHENGSHUQIDENGGEGESHIQIDEQIYEJINXINGTOUZI。 XIAYIDEPEZHUYAOZHIDUIYIJINGXINGCHENGYIDINGGUIMODE,BINGCHANSHENGWENDINGXIANJINLIUDECHENGSHUQIYEDESIMUGUQUANTOUZIBUFEN,ZHUYAOSHIZHICHUANGYETOUZIHOUQIDESIMUGUQUANTOUZIBUFEN,ERZHEIQIZHONGBINGGOUJIJINHEJIACENGZIBENZAIZIJINGUIMOSHANGZHANZUIDADEYIBUFEN。(BINGGOUJIJINSHIZHUANZHUYUDUIMUBIAOQIYEJINXINGBINGGOUDEJIJIN,QITOUZISHOUFASHI,TONGGUOSHOUGOUMUBIAOQIYEGUQUAN,HUODEDUIMUBIAOQIYEDEKONGZHIQUAN,RANHOUDUIQIJINXINGYIDINGDEZHONGZUGAIZAO,CHIYOUYIDINGSHIQIHOUZAICHUSHOU。BINGGOUJIJINYUQITALEIXINGTOUZIDEBUTONGBIAOXIANZAI,FENGXIANTOUZIZHUYAOTOUZIYUCHUANGYEXINGQIYE,BINGGOUJIJINXUANZEDEDUIXIANGSHICHENGSHUQIYE;QITASIMUGUQUANTOUZIDUIQIYEKONGZHIQUANWUXINGQU,ERBINGGOUJIJINYIZAIHUODEMUBIAOQIYEDEKONGZHIQUAN。BINGGOUJIJINJINGCHANGCHUXIANZAIMBOHEMBIZHONG。)

                        2) SIMUGUQUANTOUZIDEZUOYONGSIMUGUQUANTOUZIJIJINSHITUIDONGZIBENSHICHANGKECHIXUFAZHANDELILIANG。SIMUGUQUANJIJINCHANYEDEKUAISUFAZHANJIANGWEITIGAOJINRONGYEDESHOUYILVTIGONGXINDEFANGFA,YEWEIJIEJUEMINYINGXIAOQIYEDEJINRONGKUNJINGTIGONGYOUXIAODETUJING,DATONGCHANYEXUQIUHEJINRONGZIBENHUOLIDEXUQIU。

                        体彩排列三跨度和值表VCHETIANSHITOUZIYOUSHENMEQUBIE?

                        体彩排列三跨度和值表VCJIUSHISUOWEIDEFENGXIANTOUZI:

                        1、SHIQIYEXINGWEI;

                        体彩排列三跨度和值表2、TOUZIJINEDUOZAI1000WANRMBYISHANG,DUODEYEYOUJIJIAVCLIANHETOUSHANGYIDE,QIANJINIANVCYIMEIYUANTOUZIBIJIAODUO,ZUIJINJINIANRENMINBITOUZIYEZAIZHUBUZENGJIA。VCDEZIJINLAIYUAN,DADUOSHILIYONGGUOWAIDETOUZIJIJINWEIZHU,ZHONGGUOBENTUDEZIJINYONGYUVCDEJINNIANYEKAISHIZENGJIA;

                        体彩排列三跨度和值表3、VCTOUZIDEQIYE,YIBANSHICHUYUCHENGZHANGQIDEQIYE,YEJIUSHISHUO,YIJINGYOUBIJIAOCHENGSHUDEYINGLIMOSHIHOU,TAMENCAIHUIJIERU;

                        4、VCYIBANDOUBUCANYUGONGSIGUANLI,DUIQIYEJINGYINGTUANDUIYAOQIUHENGAO;

                        体彩排列三跨度和值表5、VCDETUICHUJIZHI,MAIJISIMUJIJINHUOZHESHANGSHIDEFANGSHIZAIZHONGGUOBIJIAODUO,ZAIMEIGUOZEYIQIYEJIANBINGDEXINGSHITUICHUDEZHANDABUFEN。

                        TIANSHITOUZI:

                        1、TIANSHITOUZIRENYIBANSHISHIYEBIJIAOCHENGGONGDEGEREN,SUOYIYIBANDETIANSHITOUZI,JIBENDOUSHIGERENXINGWEI,HUOZHESHIYIXIEXIAODETOUZIGONGSIYUNZUO;

                        2、TOUZIDEJINEBUXIAN,KENENGZHIYOU20WAN,YEKENENGSHIJIBAIWAN,YAOKANTOUZIRENDESHILIHETOUZIXIANGMUXUYAODEQIAN;YIBANTIANSHITOUZIDEZIJINLAIYUAN,DOUSHIGERENMUJIHUOZHEJIUSHITOUZIZHEBENRENZAIGONGZUOZHONGDESHOURU;

                        3、TIANSHITOUZIWANGWANGJINRUCHUCHUANGQIDEQIYE,ZHEIXIEQIANGENGDUODESHIGULICHUANGYEZHEGANYUCHUANGXIN,BINGYONGLAICHUANGLIYINGLIMOSHI。TONGSHIZAIMOSHIBUCHENGSHUZHIQIAN,YONGYUZHIFUCHUANGYEZHEGONGZI,CUCHENGQIJIANCHIXIAQU;

                        通俗易懂地解释一下什么是天使投资、VC 和 PE
                        vc是指什么投资 第六篇

                        体彩排列三跨度和值表WOHEDONGNIDAMUSHIYIQIWANDAODADEPENGYOU,YEYOUGONGTONGDEAIHAO。SUOYIWOMENZAIGAOZHONGDESHIHOU,MENGSHENGLECHUANGYEDENIANTOU,DAOMAIDAOMAIAIQINGDONGZUOPIANJIGAOZHONGDEGUANGDANANSHENG,YUSHIWOMENCHENGLILEYIGEJIAOZUO‘AVXIONGDI’DEHEHUOZHIQIYE,YOUWOMENLIANGRENCHURENHEHUOREN(ZHUYI,ZHEIGESHIHOUWOMENHAIBUJIAOGONGSI)。QISHIZHEIGESHIHOU,WOMENHAIYOULINGWAIYIGEXUANZE,JIUSHIQUGONGSHANGZHUCECHENGWEI‘GETIGONGSHANGHU’,DANSHINEIGETAIlowBI,ZHIJIETIAOGUOLE。

                        PINGZHEWOMENDUISHICHANGDEJINGZHUNBAWO,DUIPIANYUANCAIGOUDEGAOZHILIANGBAGUAN,WOMENXUNSUDEZHANLINGLETONGNIANJISHICHANG,BINGZHENGDAOLEYIXIEQIAN。DANZHEIGESHIHOU,WOMENFAXIANGEBIBANDEJIATENGYINGYEZAIZUZHIYIGETUANDUIZUOTONGYANGDESHIQING。YUSHI,WOMENLIANXIDAOLEBENNIANJIDETUHAO – XUEPANZI(TIANSHITOUZIREN),YOUTALAITIGONG1WANYUANGONGWOMENFAZHANZHUANGDA。YUSHI,WOMENCHENGLILE‘AVXIONGDIYOUXIANZERENGONGSI’ ,YOUXUEPANZINA50%DEGUFEN,WOHEDONGNIDAMUMEIRENZHAN25%。MEIDUOJIU,WOMENYONGZHEIBIZIJINZAIXIAOSHOUQUDAODEBIPINSHANGJIDIAOLEJIATENGYINGDETUANDUI,ZHIBAQUANNIANJI!

                        GUOLEYIDUANSHIJIAN,WOMENFAXIAN,BENNIANJIQUDAOJIBENBEIWOMENNAZHULE,DANSHIXUEPANZIJIDEQIANYEJIBENHUAWANLE…QIANGZHANQUDAOZHEISHINIMENDONGDE,QISHIDOUSHIHUAQIANMAIYAOHE,MEISHALIRUN。RUGUOHAIXIANGMOUSHENGCUNQIUFAZHAN,HAIDEBAQUDAOJIXUKUOZHAN,QUJIBAIQITANIANJI!DANMEIQIANGAIZAZHENG..JIXUMUZIBA。YUSHIWOMENKAISHIZHAODAOLE‘SURENNIANGTOUZIGUANLIYOUXIANGONGSI’(ALUNRONGZIZHE),BANGWOMENRONGDAOLEDIERBIQIAN,RENMINBI2WANYUAN!YUSHIWOMENTONGGUONULI,BALINGWAINIANJIDETUANDUIYEDOUQUANBUGANDIAOLE,ZHIBAXIAOYUAN!DANGRANLE,DAIJIAYESHIYOUDE,WOMENDEGUFENJIEGOUBIANCHENGLE‘SURENNIANG’33%,XUEPANZI33%,WOHEDONGNIDAMUJIAQILAI,YEJIUZHIYOU33%。NEIMEWENTILAILE,WEISHENME‘SURENNIANG’CHULE2WAN,XUEPANZICHULE1WAN,NADAODEGUFENQUESHIYIYANGDENI?XIANRAN,YINWEITAMENTOUDEWAN,ER‘AVXIONGDI’ZAIZHEIDUANSHIQIFAZHANZHUANGDA,QIYEJIAZHIZENGJIALE。

                        体彩排列三跨度和值表YOUGUOLEYIDUANSHIJIAN,WOMENFAXIAN,RUGUOWOMENXIANGCHANYELIANDESHANGYOUYANSHEN,QUSHOUGOUYIJIAAPIANYIJIDAILISHANG,ERBUSHIZHIJIECONGXIAOTANJINHUO,ZHEIYANGGENGYOULIKETU,YUSHIWOMENMENGSHENGLEBINGGOUDENIANTOU,DANWENTISHIYIYANGDE-QIANCONGNALILAI?ZHEIGESHIHOUWOMENYOUZHAODAOLE‘WEIWANGRENTOUZIGUANLIYOUXIANGONGSI’(BLUNRONGZIZHE),BANGWOMENCHOUQIANQUSHOUGOU!DAIJIADANGRANYESHIYOUDE,GUQUANBILIYOUBEIXISHILE。

                        RANHOU,WOMENWEILEFAZHANDEGEZHONGMUDE,YOUJINGGUOLECLUN,DLUNRONGZI….vcSHIZHISHENMETOUZI

                        ZHONGJIANYEFASHENGLEBIANGU,XUEPANZIJIXUYONGQIAN,YAOBAZIJIDEGUFENMAIDIAO..WOMENYEWANLIULE‘XUEGE,BUDENGWOMENSHANGSHINEITIANZAIMAIMA?’‘BEICHAOYANGQUQUNZHONGJUBAOLE,BAOSHIJIXUYONGQIAN,MEIBANFA。GUFENBUZAI,DANQINGYIHAIZAI。QINGSHANBUGAI,LVSHUIZHANGLIU’(TIANSHITOUZIRENTAOXIANTUICHU)。WOHEDONGNIDAMUMEIRENFENBIERENGOULEYIBUFEN。

                        QISHINEIGESHIHOU,WOHEDONGNIDAMUSHIXIANGHUIGOUPANZIGESHOULIDEQUANBUGUFENDE,YINWEIWOMENDUIGONGSIWEILAIDEFAZHANCHONGMANLEXINXIN!DANWOMENMEIYOUQIAN。GUFENBEIYIJIAJIAOZUO‘XINGANXIANCHIHANLIANMENG’DEGONGSIMAIQULE。TAMENDELAOBANSUNXIEE,SHIYENEIDUONIANDEZISHENTOUZIREN。TADAYINGWOMEN,DAILINGWOMENDATONGCHANYELIAN,BAWOMENDESHIYEZUODAZUOQIANG,JIANGLAIDAIWOMENZHUANGbDAIWOMENFEI!(PEDENGCHANGLE)。

                        ZHONGYU,‘AVXIONGDI’JINGGUODUONIANDAPIN,YIJINGGOULESHANGSHIDEZIGE!ZHEIGESHIHOU,SUNXIEELIANXILEQUANSHANG‘ZHONGCHUZHENGQUAN’,FUZEWOMENZHENGTIDESHANGSHIGONGZUO。SHOUXIAN,WOMENYAOXIANGUGAI:YINWEIZHIQIANWOMENSHIYOUXIANZERENGONGSI,ERWEILESHANGSHI,WOMENBIXUGAIZHICHENGGUFENYOUXIANGONGSI。

                        体彩排列三跨度和值表ZAIZHEIGEJIEDUAN,‘ZHONGCHUZHENGQUAN’DETUANDUIFUZERENCHENGUANXILAOSHI,BANGWOMENLIANXIDAOLE‘DONGGUANBIAOZHUNJIJIN’JIQITAJIGEDADETOUZIJIGOUZUOPre-IPODETOUZI,TONGSHI‘ZHONGCHUZHENGQUAN’YECANYULINGTOU。ZHONGYU,WOMENCHENGGONGDENGLUAGUSHENZHENZHONGXIAOBAN,GUPIAODAIMA911024(NIMENDONGDE)!WOMENZHONGYUSHIXIANQUZHENGJIAOSUOSHANGZHONG,sorrySHUOCUOLE,QIAOZHONGDEMENGXIANG!!

                        体彩排列三跨度和值表DANGRANLE,WOHEDONGNIDAMUDEGUQUANYOUBEIXISHILEBUYONGSHUO,HAIYAOFUJICHENLAOSHIHAODUOSHANGSHIFEIYONG。HOUXU,‘ZHONGCHUZHENGQUAN’JIANGFUZEWOMENGONGSIDEZHENGQUANCHENGXIAOGONGZUO。

                        SHANGSHIZHIHOU,GONGZUOJIUHENDUOLE。WOHEDONGNIDAMUZUOWEISHIJIKONGZHIREN,GUFENSHI3NIANNEIBUXUMAIDE。DAN‘SURENNIANG’,‘WEIWANGREN’,‘XINGANXIANCHIHANLIANMENG’,‘DONGGUANBIAOZHUNJIJIN’DENGDENGTOUZIZHE,TAMENTOUZISHIYAOBIANXIANDE,ERQIEZHISUODING1NIAN…YUSHIYINIANZHIHOU,TAMENHUODUOHUOSHAODOUZAISHICHANGSHANGPAOSHOULEGUFEN…DANGRAN,QIANKENDINGBUHUISHAOZHENGDE。BIJING,ZAIZHONGGUO,YIERJISHICHANGDELICHASHIFEICHANGDADE(GUPIAOFAXINGSHICHANGHEGUPIAOLIUTONGSHICHANG),CUNZAITAOLIKONGJIAN。SUOYIBIRUXIANG‘XINGANXIANCHIHANLIANMENG’NEIYANGDEPE,ZAIZHONGGUODABUFENJIUSHIKAOISO,EBUDUI,IPOTUICHU,SHIXIANTAOXIANDE(SHAOBUFENTONGGUOBINGGOU)。

                        体彩排列三跨度和值表SHANGSHIZHIHOUNENGWANDEHUAYANGHENDUO,WOHEDONGNIDAMUKANSHANGLERIBENDEYIJIAAPIANCHANGSHANG,JUEDINGMAIMAIMAI!DANSHIWOMENXIANJINBUGOU,ZAZHENG…YUSHIWOMENZHAODAOLEQUANSHANGCHENLAOSHI。TASHUO:NISHAxYA,DINGXIANGZENGFADIANGUPIAOJITAMENBUJIUXINGLE?! YUSHIWOMENZHAODAOLENEIJIAAPIANCHANGSHANGDESUOYOUZHELAOWANG,DINGXIANGZENGFALEGUPIAO。YUSHI,LAOWANGNADAOLEGUPIAO,AVCHANGZIGUIWOMENLE。DANSHIWOHEDONGNIDAMUSHOULIDEGUPIAOJUEDUISHUMEIYOUGAIBIAN,ZHISHICHIGUBILISHAOWEIYOUBEIXISHILEYIDIANDIAN…BUGUOZHEIGEDINGXIANGZENGFADEXIAOXISHIGUMINMENFEICHANGKANHAOWOMENDEFAZHAN(1+1>2,SUOWEIXIETONGXIAOYING),YUSHIWOMENDEGUJIACENGCENGCENGLIANZHEYIZHOUZHANGTINGBAN,DAJIASHUANGYINGDEJUMIAN。vcSHIZHISHENMETOUZI

                        YOUGUOLEYIDUANSHIJIAN,WOHEDONGNIDAMUJUEDINGQUDAZAOZIJIDEAVXIAOSHOUWANGLUO,DANSHIZHEIGEXUYAOQIANYA,ERQIEBUNENGXIANGZHIQIANNEIYANGZHIJIEMAIZICHAN…YUSHIWOMENYOUZHAODAOLECHENLAOSHI,ERTADEPIQIYEHAISHIBUHAO:‘NISHAxYA!DINGXIANGZENGFADIANQIANJIJIGEYOUQIANREN,JIUSHUOXIANGMUMUZI,BUJIUXINGLE!MALIERDE,GANJINTINGPAIFAGONGGAOQU!’

                        体彩排列三跨度和值表AVXIONGDIJUEDINGANZHAO10KUAI/GUDEJIAGEXIANGTEDINGRENQUNFEIGONGKAIFAXINGGUFEN,XIANZAIDESHIJIACHABUDUOSHI12YUAN,WEILAISHUOBUDINGGENGZHIQIAN,ZONGHUIYOURENKANSHANGBA,ZUOGEYINIANQIDINGZENG。QIZHONGYIGEYOUQIANRENJIAOXIAOQUANCHUNYILANG,TAFEICHANGKANHAOZHEICITOUZIDEXINGWEI,XIANGSHOUGOU500WANGU,DANSHITASHOULIZHIYOU1000WAN。YUSHITAXIANGDAOLEZIJIZAIZICHANGUANLIGONGSIGONGZUODEMEIMEIXIAOQUANCAI,JUEDINGMUZILAITOU!XIAOQUANCAISHUO:‘WOZHEILIYOUJIGEFUPO,JIZE、XIZHI、Rio、XIYEDENG,WOBANGNIZUOGECHANPINMAIJITAMEN!’YUSHICHANPINSHEJICHULAILE,XIAOQUANCHUNYILANGCHUZI1000WANYUAN,QIAODONGLE4BEIGANGGAN(4GEFUPOMEIRENYECHU1000WAN)。1NIANZHIHOU,FUPOMENWENNA12%DESHOUYI,TAMEIMEIXIAOQUANCAINALE100DUOWANDEZIJINTUOGUANFEI、GUANLIFEIHETONGDAOFEI。DANMEIXIANGDAOGUPIAO1NIANZHIHOUJIAZHIYOU20YUAN,SHENGXIADESUOWEI‘LIEHOUSHOUYI’QUANDOUGUILEXIAOQUANCHUNYILANG,KANLAITAYEBUTAICHUN(JIEGOUHUACHANPIN)。

                        GUOLEYIDUANSHIJIAN,AVXIONGDIDEGUJIAYOUDIANWEIMIBUZHEN,XUYAODIANGAINIANTISHENG。ZHEISHI,WOMENTURANJUEDEZUIJIN‘ZHENGSHAOYANBAOJIANSHOUSHENZAIXIANJIANGZUO’ZHEIGEZICHANBUCUO,ZHANLE‘BAOJIAN’‘NVQUANZHUYI’‘ZAIXIANJIAOYU’‘HULIANWANG+’DENGDUOGEGAINIAN,ZHIDECHAOYIXIA。YUSHIWOMENLIANXILEZHENGSHAOYAN,MAILETADEGONGSI(YIBUFENDINGZENG,YIBUFENXIANJIN。YANJIESHUOTAXIANGTAODIANXIAN),TAYECHENGLEWOMENGONGSIDEXIAOGUDONG。ERWOMENYINWEIZHEIGEGAINIAN,HUODELEGENGGAODESHIYINGLVBEISHU,HUANJUHUASHUO,WOMENDEGUJIAYOUZHANGLE(JIANGYOUZHIZICHANZHURUDAOSHANGSHIGONGSI)

                        HOULAI,SUIZHEQIYEDEFAZHAN,WEILEXIYINGENGDUODEYOUXIUYUANGONGLIUXIA,WOMENZHIDINGLEYUANGONGGUQUANJILIJIHUA,YOUQISHIDUIYUBENGONGSIDEJIGEHONGPAIHUADAN(ANBEIJINER,SHIYUANSHENTAINIANGDENG),WOMENZAIZHIFUDUIFANGGONGZISHI,YEJIYULETAMENHENDUODEGUQUANJILI,DANGRANLEQIANTIYESHIYOUDE,BIRUYAODENGDAOGONGZUOQIXIANMANLEYIDINGNIANXIAN,GERENPIANZIXIAOLIANGDADAODUOSHAOWANZHIHOU,CAINENGDUIXIAN

                        HOULAI,SUIZHES2,Alice Jap DENGJINGZHENGDUISHOUDEJUEQI,WOMENGONGSIDEYINGLIQINGKUANGZHUJIANBUJIA。WOMENYEBEIJIAMAOLE,GUPIAOQIANDUOLEYIGE‘ST’,RUGUOYEJIZAIBUGAISHAN,WOMENJIUYOUBEIZHAIPAITUISHIDEWEIXIAN,TOUZIZHEMENSHENZHIBAOKUOWOHEDONGNIDAMUDOUFENFENDETAOLEBUSHAOXIANCHULAI,SIHUDAJIAQUEFALEQIANJINDEDONGLI…DANSHI,GONGSIRENGSHIYOUJIAZHIDE,YINWEIWOMENSHISHANGSHIDEZIZHI,YEJIUSHISHUO,WOMENSHIGE‘QIAO’。YUSHI,ZHEIGESHIHOU‘JIUXIFANG’GONGSIDELAOBANYUMINHONGZHAODAOLEWOMEN,SHUO:‘XIONGDIMEN,BIEGAOAVLE,CONGLIANGBA。WOZHEIGEQIYEBUCUO,WOMENHEZUOYIXIA,YIQIZHUANXINGJIAOYUYE。’

                        ZHEIGESHIHOU,CHENLAOSHIYOUCHULAICAOZUODAJULE,‘AVXIONGDI’JIJIANGWANCHENGTAZUIHOUYICIDINGXIANGZENGFA。DINGXIANGZENGFALE90%GUPIAODEGUPIAOJILE‘JIUXIFANG’。ZHEIGESHIHOU,YIGEDIAOGUIDEQINGXINGCHUXIANLE – MINGYISHANG,SHI‘AVXIONGDI’SHOUGOULE‘JIUXIFANG’,DANSHIJISHANG,YUMINHONGZHEIGESHIHOUYIJINGYONGYOULE‘AVXIONGDI’90%DEGUFEN,CHENGWEILEZHENZHENGDEDAGUDONG…ZHEIGE,JIUJIAOZUOFANXIANGSHOUGOU。ZHENZHENGDESHIZHI,SHI‘JIUXIFANG’JIEQIAOSHANGSHI。

                        YUMINHONGXUNSUDEZHANLINGLEDONGSHIHUIHEGUDONGDAHUI,ERWOHEDONGNIDAMUZELUNWEILEXIAOGUDONG,SHIQULEDUI‘AVXIONGDI’DEZHANGKONG。YUMINHONGJIESHOUGONGSIHOU,YUANYUANBUDUANDEZHURUJIAOYULEIZICHAN,YEJIANG‘AVXIONGDI’GAIMINGCHENGLE‘JIUXIFANGKONGGU’,WANCHENGLEHUALIZHUANSHEN。SHUYUWOMENDE,NEIBAIZHIPIAOPIAODENIANDAI,YIJINGGUOQULE。ERWOHEDONGNIDAMU,ZEZHINENGJINGJINGDEKANZHEZHEIYIQIE。DANGBIERENHANDONGNIDAMU‘LAOSHI’DESHIHOU,TADENEIXINZHIXIANGSHUO:‘QISHIWOSHIYIGEYANYUAN’。

                        体彩排列三跨度和值表ZIBENSHICHANG,BIJINGZONGSHIYOUSHENGLIETAIDECONGLINFAZE,WOMENCENGYIWEIZIJISHILANGJIANSHANGDENONGCHAOER,DANXIANZAICAIWUDAO:DANGNISANGSHILEDUISHICHANGDEXIUJUE,DASHADEQINGTAYEZHISHIFENFENZHONGDESHIQING。

                        ZUIHOU,JIEYONGLINJIANGXIANYISHOU:

                        GUNGUNZHANGJIANGDONGSHISHUI,LANGHUATAOJINYINGXIONG。SHIFEICHENGBAIZHUANTOUKONG,QINGSHANYIJIUZAI,JIDUXIYANGHONG。

                        BAIFAYUQIAOJIANGZHUSHANG,GUANKANQIUYUECHUNFENG。YIHUZHUOJIUXIXIANGFENG,GUJINDUOSHAOSHI,DOUFUXIAOTANZHONG。

                        体彩排列三跨度和值表BIJING,WOMENHAICENGJINGYOUMENGXIANG。

                        QUANWENZHONG

                        投行、PE、VC区别
                        vc是指什么投资 第七篇

                        体彩排列三跨度和值表SANFANGQUBIE(TOUXING、VC、PE) YI:DINGYI

                        TOUZIYINXING(investment bank)SHIZHUYAOCONGSHIZHENGQUANFAXING、CHENGXIAO、JIAOYI、QIYEZHONGZU、JIANBINGYUSHOUGOU、TOUZIFENXI、FENGXIANTOUZI、XIANGMURONGZIDENGYEWUDEFEIYINXINGJINRONGJIGOU,SHIZIBENSHICHANGSHANGDEZHUYAOJINRONGZHONGJIEJIGOU。

                        FENGXIANTOUZI(venture capital),GUANGYIDEFENGXIANTOUZIFANZHIYIQIEJUYOUGAOFENGXIAN、GAOQIANZAISHOUYIDETOUZI;XIAYIDEFENGXIANTOUZISHIZHIYIGAOXINJISHUWEIJICHU,SHENGCHANYUJINGYINGJISHUMIJIXINGCHANPINDETOUZI。GENJUMEIGUOQUANMEIFENGXIANTOUZIXIEHUIDEDINGYI,FENGXIANTOUZISHIYOUZHIYEJINRONGJIATOURUDAOXINXINGDE、XUNSUFAZHANDE、JUYOUJUDAJINGZHENGQIANLIDEQIYEZHONGYIZHONGQUANYIZIBEN。CONGTOUZIXINGWEIDEJIAODULAIJIANG,FENGXIANTOUZISHIBAZIBENTOUXIANGYUNZANGZHESHIBAIFENGXIANDEGAOXINJISHUJIQICHANPINDEYANJIUKAIFALINGYU,ZHIZAICUSHIGAOXINJISHUCHENGGUOJINKUAISHANGPINHUA、CHANYEHUA,YIQUDEGAOZIBENSHOUYIDEYIZHONGTOUZIGUOCHENG。CONGYUNZUOFANGSHILAIKAN,SHIZHIYOUZHUANYEHUARENCAIGUANLIXIADETOUZIZHONGJIEXIANGTEBIEJUYOUQIANNENGDEGAOXINJISHUQIYETOURUFENGXIANZIBENDEGUOCHENG,YESHIXIEDIAOFENGXIANTOUZIJIA、JISHUZHUANJIA、TOUZIZHEDEGUANXI,LIYIGONGXIANG,FENGXIANGONGDANDEYIZHONGTOUZIFANGSHI。

                        体彩排列三跨度和值表Private Equity (JIANCHENG“PE”)YEJIUSHISIMUGUQUANTOUZI,CONGTOUZIFANGSHIJIAODUKAN,SHIZHITONGGUOSIMUXINGSHIDUISIYOUQIYE,JIFEISHANGSHIQIYEJINXINGDEQUANYIXINGTOUZI,ZAIJIAOYISHISHIGUOCHENGZHONGFUDAIKAOLVLEJIANGLAIDETUICHUJIZHI,JITONGGUOSHANGSHI、BINGGOUHUOGUANLICENGHUIGOUDENGFANGSHI,CHUSHOUCHIGUHUOLI。 ER:LIUCHENGCHABIE

                        ER:BIJIAOFENXI

                        体彩排列三跨度和值表BUCHONGCAILIAO:JIJINHESIMUJIJIN

                        体彩排列三跨度和值表JIJIN(fund),ZUOWEIYIZHONGZHUANJIAGUANLIDEJIHETOUZIZHIDU,ZAIGUOWAI,CONGBUTONGSHIJIAOFENLEI,YOUJISHIZHONGDEJIJINCHENGWEI,RUANZUZHIXINGSHIHUAFEN,YOUQIYUEXINGJIJIN、GONGSIXINGJIJIN;ANSHELIFANGSHIHUAFEN,YOUFENGBIXINGJIJIN、KAIFANGXINGJIJIN;ANTOUZIDUIXIANGHUAFEN,YOUGUPIAOJIJIN、HUOBISHICHANGJIJIN、QIQUANJIJIN、FANGDICHANJIJINDENGDENG。

                        SIMUJIJIN(Privately Offered Fund)SHIXIANGDUIYUGONGMU(public offering)ERYAN,SHIJIUZHENGQUANFAXINGFANGFAZHICHAYI,YISHIFOUXIANGSHEHUIBUTEDINGGONGZHONGFAXINGHUOGONGKAIFAXINGZHENGQUANDEQUBIE,JIEDINGWEIGONGMUHESIMU,HUOGONGMUZHENGQUANHESIMUZHENGQUAN。ZAIWOGUO,TONGCHANGERYAN,SIMUJIJIN(Privately Offered Fund)SHIZHIYIZHONGZHENDUISHAOSHUTOUZIZHEERSIXIA(FEIGONGKAI)DIMUJIZIJINBINGCHENGLIYUNZUODETOUZIJIJIN。

                        SUOWEISIMUJIJIN,SHIZHITONGGUOFEIGONGKAIFANGSHI,MIANXIANGSHAOSHUJIGOUTOUZIZHEMUJIZIJINERSHELIDEJIJIN。YOUYUSIMUJIJINDEXIAOSHOUHESHUHUIDOUSHITONGGUOJIJINGUANLIRENYUTOUZIZHESIXIAXIESHANGLAIJINXINGDE,YINCITAYOUBEICHENGWEIXIANGTEDINGDUIXIANGMUJIDEJIJIN。 SIMUJIJINDETEDIAN

                        SHOUXIAN,SIMUJIJINTONGGUOFEIGONGKAIFANGSHIMUJIZIJIN。ZAIMEIGUO,GONGTONGJIJINHETUIXIUJINJIJINDENGGONGMUJIJIN,YIBANTONGGUOGONGKAIMEITIZUOGUANGGAOLAIZHAOLAIKEHU,ERANYOUGUANGUIDING,SIMUJIJINZEBUDELIYONGRENHECHUANBOMEITIZUOGUANGGAOXUANCHUAN,QICANJIAZHEZHUYAOTONGGUOHUODEDESUOWEI“TOUZIKEKAOXIAOXI”,HUOZHEZHIJIERENSHIJIJINGUANLIZHEDEXINGSHIJIARU。

                        体彩排列三跨度和值表QICI,ZAIMUJIDUIXIANGSHANG,SIMUJIJINDEDUIXIANGZHISHISHAOSHUTEDINGDETOUZIZHE,QUANZISUIXIAOMENJIANQUEBUDI。RUZAIMEIGUO,DUICHONGJIJINDUICANYUZHEYOUFEICHANGYANGEDEGUIDING:RUOYIGERENMINGYICANJIA,ZUIJINLIANGNIANGERENNIANSHOURUZHISHAOZAI20WANMEIYUANYISHANG;RUOYIJIATINGMINGYICANJIA,JIATINGJINLIANGNIANDESHOURUZHISHAOZAI30WANMEIYUANYISHANG;RUOYIJIGOUMINGYICANJIA,QIJINGZICHANZHISHAOZAI100WANMEIYUANYISHANG,ERQIEDUICANYURENSHUYEYOUXIANGYINGDEXIANZHI。YINCI,SIMUJIJINJUYOUZHENDUIXINGJIAOQIANGDETOUZIMUBIAO,TAGENGXIANGWEIZHONGCHANJIEJITOUZIZHELIANGSHENDINGZUODETOUZIFUWUCHANPIN。

                        DISAN,HEGONGMUJIJINYANGEDEXINXIPILUYAOQIUBUTONG,SIMUJIJINZHEIFANGMIANDEYAOQIUDIDEDUO,JIAZHIZHENGFUJIANGUANYEXIANGYINGBIJIAOKUANSONG,YINCISIMUJIJINDETOUZIGENGJUYINBIXING,YUNZUOYEGENGWEILINGHUO,XIANGYINGHUODEGAOSHOUYIHUIBAODEJIHUIYEGENGDA。

                        CIWAI,SIMUJIJINYIGEXIANZHUDETEDIANJIUSHIJIJINFAQIREN、GUANLIRENBIXUYIZIYOUZIJINTOURUJIJINGUANLIGONGSI,JIJINYUNZUODECHENGGONGYUFOUYUTAMENDEZISHENLIYIJINMIXIANGGUAN。CONGGUOJIMUQIANTONGXINGDEZUOFALAIKAN,JIJINGUANLIZHEYIBANYAOCHIYOUJIJIN3%— 5%DEGUFEN,YIDANFASHENGKUISUN,GUANLIZHEYONGYOUDEGUFENJIANGSHOUXIANBEIYONGLAIZHIFUCANYUZHE,YINCI,SIMUJIJINDEFAQIREN、GUANLIRENYUJIJINSHIYIGECHUNCHIXIANGYI、RONGRUYUGONGDELIYIGONGTONGTI,ZHEIYEZAIYIDINGCHENGDUSHANGJIAOHAODIJIEJUELEGONGMUJIJINYUSHENGJULAIDEJINGLIRENLIYIYUESHURUOHUA、JILIJIZHIBUGOUDENGBIDUAN。

                        SIMUJIJINDEYUNZUOMOSHI

                        DIYIZHONGSHICHENGNUOBAODI,JIJINJIANGBAODIZIJINJIAOJICHUZIREN,XIANGYINGDESHEDINGDIXIAN,RUGUODIEPODIXIAN,ZIDONGZHONGZHICAOZUO,BAODIZIJINBUTUIHUI。

                        DIERZHONG,JIESHOUZHANGHAO(JIKEHUZHIYAOBAZHANGHAOJISIMUJIJINJIKE),RUGUODIEPOYUEDINGKUISUNBILI(YIBANWEI10%-30%),KEHUKEZIDONGZHONGZHIYUEDING,DUIYUYUEDINGYINGLIBUFENHUOYUEDINGYINGLIDADAOBAIFENBI(YIBANWEI10%)YISHANGBUFENANZHAOYUEDINGDEBILIJINXINGFENCHENG,CIZHONGDOUSHIZHENDUISHUXIDEKEHU,HAIYOUJIUSHIDAXINGQIYEDANWEI。 SIMUJIJINDEZUZHIXINGSHI 1、GONGSISHI

                        体彩排列三跨度和值表GONGSISHISIMUJIJINYOUWANZHENGDEGONGSIJIAGOU,YUNZUOBIJIAOZHENGSHIHEGUIFAN。MUQIANGONGSISHISIMUJIJIN(RU"MOUMOUTOUZIGONGSI")ZAIZHONGGUONENGGOUBIJIAOFANGBIANDICHENGLI。BANKAIFANGSHISIMUJIJINYENENGGOUYIMOUZHONGBIANTONGDEFANGSHI,BIJIAOFANGBIANDIJINXINGYUNZUO,BUBIJIESHOUYANGEDESHENPIHEJIANGUAN,TOUZICELVEYEJIUKEYIGENGJIALINGHUO。BIRU: (1)SHELIMOU"TOUZIGONGSI",GAI"TOUZIGONGSI"DEYEWUFANWEIBAOKUOYOUJIAZHENGQUANTOUZI;

                        (2)"TOUZIGONGSI"DEGUDONGSHUMUBUYAODUO,CHUZIEDOUYAOBIJIAODA,JIBAOZHENGSIMUXINGZHI,YOUYAOYOUJIAODADEZIJINGUIMO;

                        (3)"TOUZIGONGSI"DEZIJINJIAOYOUZIJINGUANLIRENGUANLI,ANGUOJIGUANLI,GUANLIRENSHOUQUZIJINGUANLIFEIYUXIAOYIJILIFEI,BINGDARU"TOUZIGONGSI"DEYUNYINGCHENGBEN;

                        (4)"TOUZIGONGSI"DEZHUCEZIBENMEINIANZAIMOUGETEDINGDESHIDIANZHONGXINDENGJIYICI,JINXINGMINGYISHANGDEZENGZIKUOGUHUOJIANZISUOGU,RUYOUXUYAO,CHUZIRENMEINIANKEZAIMOUYITEDINGDESHIDIANJIANGQICHUZISHUHUIYICI,ZAIQITASHIJIANTOUZIZHEZHIJIANKEYIJINXINGGUQUANXIEYIZHUANRANGHUOSHANGJUJIAOYI。GAI"TOUZIGONGSI"SHIZHISHANGJIUSHIYIZHONGSUISHIKUOMU,DANMEINIANZHISHUHUIYICIDEGONGSISHISIMUJIJIN。

                        体彩排列三跨度和值表BUGUO,GONGSISHISIMUJIJINYOUYIGEQUEDIAN,JICUNZAISHUANGZHONGZHENGSHUI。KEFUQUEDIANDEFANGFAYOU: (1)JIANGSIMUJIJINZHUCEYUBISHUIDETIANTANG,RUKAIMAN、BAIMUDADENGDI;

                        (2)JIANGGONGSISHISIMUJIJINZHUCEWEIGAOKEJIQIYE(KEXIANGSHOUZHUDUOYOUHUI),BINGZHUCEYUSHUISHOUBIJIAOYOUHUIDEDIFANG;

                        1

                        SUOWEITEDINGDEDUIXIANGYOUYOULIANGGEYISI,YISHIZHIDUIFANGBIJIAOYOUQIANJUYOUYIDINGDEFENGXIANKONGZHINENGLI,ERSHIZHIDUIFANGSHITEDINGXINGYEHUOZHETEDINGLEIBIEDEJIGOUHUOZHEREN。

                        (3)JIEQIAO,JIZAIJIJINDESHELIYUNZUOZHONGLIANHEHUOSHOUGOUYIJIAKEYIXIANGSHOUSHUISHOUYOUHUIDEQIYE(ZUIHAOSHIFEISHANGSHIGONGSI),BINGBATAZUOWEIZAITI。 2、QIYUESHI

                        QIYUESHIJIJINDEZUZHIJIEGOUBIJIAOJIANDAN。JUTIDEZUOFAKEYISHI:

                        (1)ZHENGQUANGONGSIZUOWEIJIJINDEGUANLIREN,XUANQUYIJIAYINXINGZUOWEIQITUOGUANREN;

                        (2)MUDAOYIDINGSHUEDEJINEKAISHIYUNZUO,MEIGEYUEKAIFANGYICI,XIANGJIJINCHIYOURENGONGBUYICIJIJINJINGZHI,BANLIYICIJIJINSHUHUI;

                        (3)WEILEXIYINJIJINTOUZIZHE,YINGJINLIANGJIANGDISHOUXUFEI,ZHENGQUANGONGSIZUOWEIJIJINGUANLIREN,GENJUYEJIBIAOXIANSHOUQUYIDINGSHULIANGDEGUANLIFEI。QIYOUDIANSHIKEYIBIMIANSHUANGZHONGZHENGSHUI,QUEDIANSHIQISHELIYUYUNZUOHENNANHUIBIZHENGQUANGUANLIBUMENDESHENPIHEJIANGUAN。 3、XUNISHI

                        XUNISHISIMUJIJINBIAOMIANKANLAIXIANGWEITUOLICAI,DANTASHIJISHANGSHIANJIJINFANGSHIJINXINGYUNZUO。BIRU,XUNISHISIMUJIJINZAISHELIHEKUOMUSHI,BIAOMIANSHANGSHIYUMEIGEKEHUQIANDINGWEITUOLICAIXIEYI,DANZHEIXIEWEITUOLICAIZHANGHUSHIHEZAIYIQIJINXINGJIJINSHIYUNZUO,ZAIMAIRUHESHUHUIJIJINDANYUANSHI,ANJIJINJINGZHIJINXINGJIESUAN。JUTIDEZUOFAKEYISHI:

                        (1)MEIGEJIJINCHIYOURENYIQIGERENMINGYIDANDUKAILIFENZHANGHU; (2)JIJINCHIYOURENGONGTONGCHUZIZUJIANYIGEZHUZHANGHU;

                        (3)ZHENGQUANGONGSIZUOWEIJIJINDEGUANLIREN,TONGYIGUANLIGEZHANGHU,SUOYOUZHANGHUTONGYIJISUANJIJINDANWEIJINGZHI; (4)ZHENGQUANGONGSIJINLIANGSHIMEIGEZHANGHUDESHIJISHIZHIYUGENJUJIJINDANWEIDEJINGZHIJISUANDESHIZHIXIANGDENG,RUGUOERZHEBUXIANGDENG,ZAISHUHUISHIYOUZHUZHANGHUYUFENZHANGHUDEZIJINCHAEHUAZHUANPINGHENG。

                        XUNISHIDEYOUDIANSHI,KEYIGUIBIZHENGQUANGUANLIBUMENDUIJIJINSHELIYUYUNZUOFANGMIANDESHENPIYUJIANGUAN,SHELILINGHUO,BINGBIMIANLESHUANGZHONGZHENGSHUI。QUEDIANSHIYIRANMEIYOUBAITUOWEITUOLICAIDESHUFU,ZAIZIJINCHOUJISHANGXUYAOFALVSHANGDEJINYIBUGUIFAN,ZAIZIJINYUNZUOSHANGYIRANSHOUDAOZHENGQUANGUANLIBUMENDUIQUANSHANGDEJIANGUAN,ZAIZIJINGUIMOKUOZHANGSHANGQUEFAJIJINDEFAZHANYOUSHI。 4、ZUHESHI

                        WEILEFAHUISHANGSHU3ZHONGZUZHIXINGSHIDEYOUYUEXING,KEYISHELIYIGEJIJINZUHE,JIANGJIZHONGZUZHIXINGSHIJIEHEQILAI。ZUHESHIJIJINYOU4ZHONGLEIXING: (1)GONGSISHIYUXUNISHIDEZUHE; (2)GONGSISHIYUQIYUESHIDEZUHE; (3)QIYUESHIYUXUNISHIDEZUHE;

                        体彩排列三跨度和值表(4)GONGSISHI、QIYUESHIYUXUNISHIDEZUHE。 5、YOUXIANHEHUOZHI

                        体彩排列三跨度和值表YOUXIANHEHUOQIYESHIMEIGUOSIMUJIJINDEZHUYAOZUZHIXINGSHI。

                        体彩排列三跨度和值表2007NIAN6YUE1RI,WOGUO《HEHUOQIYEFA》ZHENGSHISHIXING,YIPIYOUXIANHEHUOQIYELUXUZUJIAN,ZHEIXIEYOUXIANHEHUOQIYEZHUYAOJIZHONGZAIGUQUANTOUZIHEZHENGQUANTOUZILINGYU, 6、XINTUOZHI

                        天使投资和VC风投、PE资本区别与联系
                        vc是指什么投资 第八篇

                        1、Angel CapitalTIANSHITOUZI

                        体彩排列三跨度和值表2、VC(venture capital)FENGXIANTOUZI

                        体彩排列三跨度和值表3、PE(Private Equity )SIMUGUQUAN

                        QUBIEYULIANXI

                        GAINIANQIYUAN

                        体彩排列三跨度和值表TIANSHITOUZIYICIQIYUANYUNIUYUEBAILAOHUIDEYANCHUJUANZHU。“TIANSHI”ZHEIGECISHIYOUBAILAOHUIDENEIBURENYUANCHUANGZAOCHULAIDE,BEIYONGLAIXINGRONGBAILAOHUIYANCHUDEFUYOUZIZHUZHE,TAMENWEILECHUANGZUOYANCHUJINXINGLEGAOFENGXIANDETOUZI。

                        TIANSHITOUZIDINGYI

                        体彩排列三跨度和值表TIANSHITOUZI(Angel Capital)SHIZIYOUTOUZIZHEHUOFEIZHENGSHIFENGXIANTOUZIJIGOUDUIYUANCHUANGXIANGMUGOUSIHUOXIAOXINGCHUCHUANGQIYEJINXINGDEYICIXINGDEQIANQITOUZI。TIANSHITOUZISUISHIFENGXIANTOUZIDEYIZHONG,DANLIANGZHEYOUZHEJIAODACHABIE:TIANSHITOUZISHIYIZHONGFEIZUZHIHUADECHUANGYETOUZIXINGSHI,QIZIJINLAIYUANDADUOSHIMINJIANZIBEN,ERFEIZHUANYEDEFENGXIANTOUZISHANG;TIANSHITOUZIDEMENJIANJIAODI,YOUSHIJIBIANSHIYIGECHUANGYEGOUSI,ZHIYAOYOUFAZHANQIANLI,JIUNENGHUODEZIJIN,ERFENGXIANTOUZIYIBANDUIZHEIXIESHANGWEIDANSHENGHUOAOAODAIBUDE“YINGER”XINGQUBUDA。DUIGANGGANGQIBUDECHUANGYEZHELAISHUO,JICHIBULEYINXINGDAIKUANDE“DAMIFAN”,YOUZHANBULEFENGXIANTOUZI“WEISHENGSU”DEGUANG,ZAIZHEIZHONGQINGKUANGXIA,ZHINENGKAOTIANSHITOUZIDE“YINGERNAIFEN”LAIXISHOUYINGYANGBINGZHUOZHUANGCHENGZHANG。

                        TIANSHIZIJIN,TIANSHITOUZIRENCONGSHANGSUOSHUJIUYINGDANGMINGBAILE。

                        VCSHIZHIFENGXIANTOUZI(venture capital)ZAIWOGUOSHIYIGEYUEDINGSUCHENGDEJUYOUTEDINGNEIHANDEGAINIAN,QISHIBATAFANYICHENGCHUANGYETOUZIGENGWEITUODANG。GUANGYIDEFENGXIANTOUZIFANZHIYIQIEJUYOUGAOFENGXIAN、GAOQIANZAISHOUYIDETOUZI;XIAYIDEFENGXIANTOUZISHIZHIYIGAOXINJISHUWEIJICHU,SHENGCHANYUJINGYINGJISHUMIJIXINGCHANPINDETOUZI。GENJUMEIGUOQUANMEIFENGXIANTOUZIXIEHUIDEDINGYI,FENGXIANTOUZISHIYOUZHIYEJINRONGJIATOURUDAOXINXINGDE、XUNSUFAZHANDE、JUYOUJUDAJINGZHENGQIANLIDEQIYEZHONGYIZHONGQUANYIZIBEN。CONGTOUZIXINGWEIDEJIAODULAIJIANG,FENGXIANTOUZISHIBAZIBENTOUXIANGYUNZANGZHESHIBAIFENGXIANDEGAOXINJISHUJIQICHANPINDEYANJIUKAIFALINGYU,ZHIZAICUSHIGAOXINJISHUCHENGGUOJINKUAISHANGPINHUA、CHANYEHUA,YIQUDEGAOZIBENSHOUYIDEYIZHONGTOUZIGUOCHENG。CONGYUNZUOFANGSHILAIKAN,SHIZHIYOUZHUANYEHUARENCAIGUANLIXIADETOUZIZHONGJIEXIANGTEBIEJUYOUQIANNENGDEGAOXINJISHUQIYETOURUFENGXIANZIBENDEGUOCHENG,YESHIXIEDIAOFENGXIANTOUZIJIA、JISHUZHUANJIA、TOUZIZHEDEGUANXI,LIYIGONGXIANG,FENGXIANGONGDANDEYIZHONGTOUZIFANGSHI。

                        体彩排列三跨度和值表LING:VCSHIventure capital(FENGXIANZIJIN)TOUZIDEYISI,SHIZHIFENGXIANJIJINGONGSIYONGTAMENCHOUJIDAODEZIJINTOURUDAOTAMENRENWEIKEYIZHUANQIANDEXINGYEHECHANYEDETOUZIXINGWEI。BIRUMEIGUODELANDE,ZHONGGUODEQINGKEGONGSI,HAIYOUHENDUO,TAMENDETOUZISHOUDUANDUOSHUSHIJIANGZIJINTOUDAOYIGEGONGSI,CANYUJINGYING,JIANGGONGSIZICHANXUNSUZENGZHI,RANHOUKANZHUNJIHUITONGGUOMAICHUZICHANHUOGUPIAOLAISHOUHUITOUZI,BINGHUOLI。

                        TIANSHITOUZIYUYIBANVCDEQUBIE

                        TIANSHITOUZISUISHIFENGXIANTOUZIJIAZUDEYIYUAN,DANYUCHANGGUIYIYISHANGDEFENGXIANTOUZIXIANGBI,YOUYOUZHEYIXIAJIDIANBUTONGZHICHU:

                        YI、TOUZIZHEBUTONG。TIANSHITOUZIRENYIBANYIGETIXINGSHICUNZAI。

                        体彩排列三跨度和值表ER、TOUZIJINEBUTONG。TIANSHITOUZIDETOUZIEXIANGDUIJIAOSHAO,ZAIZHONGGUO,MEIBITOUZIEYUEWEI5WANMEIYUANDAO50WANMEIYUAN。

                        SAN、TOUZISHENCHACHENGXUBUTONG。TIANSHITOUZIDUICHUANGYEXIANGMUDESHENCHABUTAIYANGE,DADUODOUSHIJIYUTOUZIRENDEZHUGUANPANDUANHUOXIHAOERJUEDING,SHOUXUJIANBIAN,ERQIETOUZIRENYIBANBUCANYUGUANLI。

                        体彩排列三跨度和值表SI、TIANSHITOUZIGENGZHUZHONGTIGONGZENGZHIFUWU。

                        “PE”JIPrivate Equity,WOMENJIANGQIYIWEI“SIMUGUQUAN”。

                        体彩排列三跨度和值表ZAIGUONEI,YEYOUBUSHAOTONGRENJIANGQIFANYIWEI“SIRENGUQUAN”、“SIRENQUANYI”、“SIRENGUQUANTOUZI”、“SIRENQUANYIZIBEN”DENGDENG。

                        体彩排列三跨度和值表YUSIMUGUQUAN(PE)ZHIJIEGUANLIANDEZHONGYAOGAINIANYOU:

                        (1)PE Investment,SIMUGUQUANTOUZI;

                        (2)PE Fund,SIMUGUQUANJIJIN;

                        体彩排列三跨度和值表SIMUGUQUAN(PE)SHIYIZHONGJINRONGGONGJU(FINANCE INSTRUMENT)YESHIYIZHONGTOURONGZIHOUDEQUANYIBIAOXIANXINGSHI。

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