工程硕士论文-创业投资项目的财务评价研究.doc

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研究生学位论文
创业投资项目的财务评价研究

申请学位级别工程硕士专业名称项目管理

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 putation 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 d