我国投资银行开展创业投资业务研究
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摘要
在知识经济的时代，资本的筹集和使用逐渐成为资源配置过程中最为重要的一个环节。在这个过程中，创业投资这一向高风险项目提供融资和资本运营支持的特殊的金融工具扮演了极为重要的角色。1998年3月政协九届一次会议上通过了发展创业投资的“一号提案”，自此以后，我国创业投资事业得到了一定程度的发展，国内有关创业投资的研究也形成了一股热潮。从总体上来看，我国的创业投资事业虽然取得了一定的成绩，但是在发展过程中仍然存在着一些问题。其中一个比较令人瞩目的问题就是我国的创业投资主体过于单一、行政导向性强，其投资主体主要为各级政府机构或科技主管部门。这种投资主体结构制约了我国创业投资事业的进一步发展，也有悖于创业投资公司作为以赢利为目的的金融企业的性质。
创业投资是集金融、科技、创新为一体的金融活动。从西方国家从事创业投资的经验来看，投资银行与创业投资之间具有内在的联系，其金融中介和投资主体功能对创业投资的发展起着重要的推动作用。创业投资基本过程中的每一个环节都离不开投资银行的支持，同时创业投资业务也极大地促进了投资银行自身的发展和相关业务的创新。因此，研究和探索我国投资银行与创业投资的关系、探索投资银行开展创业投资业务，对于完善我国创业投资机制、促进我国投资银行业的健康有序的发展都具有十分重要的意义。
本文紧紧围绕这一主题，首先以投资银行——这一创业投资主体为研究对象，分析探讨了我国投资银行参与创业投资的可行性和重大意义，指出开展创业投资业务是我国投资银行业走出困境的一项有效手段。然后重点对我国投资银行开展创业投资业务的机制进行了研究，参照国外投资银行开展创业投资业务的先进经验，本文认为我国投资银行在组织模式上适宜建立有限合伙制投资公司。在投资策略的选择上应该采取分阶段投资和期权投资等策略，才能成功实现控制风险下的收益最大化。论文的第五章对投资银行的风险控制方法进行了定量的分析，引入多阶段实物期权理论对投资银行参与创业投资的投资决策方法进行了改进，根据创业投资的阶段特征，建立了Black-Scholes期权定价公式的修正模型和利用二叉树定价方法对这些实物期权进行了价值评估。丰富了我国创业投资理论
研究内容，有利于进行创业投资主体结构的调整和实现创业投资在我国的健康发
展，有利于发挥投资银行在我国创业投资体系中的积极作用，有利于形成以投资
银行为投资主体的国家创新体系。论文最后有针对性地提出了一些对策和建议。
In the stage of knowledge & economics, how to collect and use the capital is one of the essential stages in resource collocation. And this venture capital of finance tools plays an important role in providing financing and capital operation. The first Session of the Ninth CPPCC started an undertaking " No. 1st "project about Venture capital development in March 1998. From then on, the government and enterprise both pay attention to venture capital all over the world. In our country, the undertaking of venture capital investment has got a certain degree development too. But on the whole, it still has some questions. Among them the question attracting people's attention of a comparison is that the investment main body in our country is too single, the administration leading is strong. The investment main body is mainly government organs at all levels and external investment funds, and the government organs at all levels have taken most proportion again. The investment main body structure restrains the venture
capital development in our country. And it is opposite to the essence that all the investment company regarded taking profit as the financial enterprise purpose too.
As we all know, investment bank is inherent with venture capital. It's finance medium and invested entry is vital to Venture capital. On one hand, every stage in the fundamental process of venture capital has relation to investment bank. On the other hand, venture capital will greatly improve the self-development and relevant innovation business of investment bank. Therefore, it is significant to discuss the relationship between investment bank and venture capital in our country, which can perfect the mechanism of venture capital in our country.
This text research on this topic closely, regarding the investment bank--the
investment main body as the research object. This thesis especially focuses on the feasibility and great meaning that investment bank participate in venture capital investment in our country, pointing out that it is an effective means that investment bank extricate himself from a plight. Afterward this paper focused on the venture
capital mechanism of investment bank business especially, refering to the experience of foreign investment bank, this text think it is suitable mode to our investment bank to put the limited partnership organizing company into practice. The investment bank in our country should adopt many stage investment and option theory, to succeed in maximize the income under the realizing controlling risk . There is one chapter introduce many stage real option theory participating in venture capital investment decision method. This method makes some progress than the tradition methods using in investment bank. At the same time, Binomial Model combined with Black-Scholes formula, an integrated model of venture capital investment decision evaluation is given. This text research is abundant in the contents of venture capital investment theory. And this text research be beneficial to the invest adjustment of main body structure and achieve venture capital investment healthy development in our country, and favorable to make
the investment bank's own way to the connection function in the system in our country, forming the structure of the national innovative system taking investment bank as investment subject. Finally the thesis discusses some countermeasures and suggestions about the question in the article.
创业投资是集金融、科技、创新为一体的金融活动。从西方国家从事创业投资的经验来看，投资银行与创业投资之间具有内在的联系，其金融中介和投资主体功能对创业投资的发展起着重要的推动作用。创业投资基本过程中的每一个环节都离不开投资银行的支持，同时创业投资业务也极大地促进了投资银行自身的发展和相关业务的创新。因此，研究和探索我国投资银行与创业投资的关系、探索投资银行开展创业投资业务，对于完善我国创业投资机制、促进我国投资银行业的健康有序的发展都具有十分重要的意义。
本文紧紧围绕这一主题，首先以投资银行——这一创业投资主体为研究对象，分析探讨了我国投资银行参与创业投资的可行性和重大意义，指出开展创业投资业务是我国投资银行业走出困境的一项有效手段。然后重点对我国投资银行开展创业投资业务的机制进行了研究，参照国外投资银行开展创业投资业务的先进经验，本文认为我国投资银行在组织模式上适宜建立有限合伙制投资公司。在投资策略的选择上应该采取分阶段投资和期权投资等策略，才能成功实现控制风险下的收益最大化。论文的第五章对投资银行的风险控制方法进行了定量的分析，引入多阶段实物期权理论对投资银行参与创业投资的投资决策方法进行了改进，根据创业投资的阶段特征，建立了Black-Scholes期权定价公式的修正模型和利用二叉树定价方法对这些实物期权进行了价值评估。丰富了我国创业投资理论
研究内容，有利于进行创业投资主体结构的调整和实现创业投资在我国的健康发
展，有利于发挥投资银行在我国创业投资体系中的积极作用，有利于形成以投资
银行为投资主体的国家创新体系。论文最后有针对性地提出了一些对策和建议。
In the stage of knowledge & economics, how to collect and use the capital is one of the essential stages in resource collocation. And this venture capital of finance tools plays an important role in providing financing and capital operation. The first Session of the Ninth CPPCC started an undertaking " No. 1st "project about Venture capital development in March 1998. From then on, the government and enterprise both pay attention to venture capital all over the world. In our country, the undertaking of venture capital investment has got a certain degree development too. But on the whole, it still has some questions. Among them the question attracting people's attention of a comparison is that the investment main body in our country is too single, the administration leading is strong. The investment main body is mainly government organs at all levels and external investment funds, and the government organs at all levels have taken most proportion again. The investment main body structure restrains the venture
capital development in our country. And it is opposite to the essence that all the investment company regarded taking profit as the financial enterprise purpose too.
As we all know, investment bank is inherent with venture capital. It's finance medium and invested entry is vital to Venture capital. On one hand, every stage in the fundamental process of venture capital has relation to investment bank. On the other hand, venture capital will greatly improve the self-development and relevant innovation business of investment bank. Therefore, it is significant to discuss the relationship between investment bank and venture capital in our country, which can perfect the mechanism of venture capital in our country.
This text research on this topic closely, regarding the investment bank--the
investment main body as the research object. This thesis especially focuses on the feasibility and great meaning that investment bank participate in venture capital investment in our country, pointing out that it is an effective means that investment bank extricate himself from a plight. Afterward this paper focused on the venture
capital mechanism of investment bank business especially, refering to the experience of foreign investment bank, this text think it is suitable mode to our investment bank to put the limited partnership organizing company into practice. The investment bank in our country should adopt many stage investment and option theory, to succeed in maximize the income under the realizing controlling risk . There is one chapter introduce many stage real option theory participating in venture capital investment decision method. This method makes some progress than the tradition methods using in investment bank. At the same time, Binomial Model combined with Black-Scholes formula, an integrated model of venture capital investment decision evaluation is given. This text research is abundant in the contents of venture capital investment theory. And this text research be beneficial to the invest adjustment of main body structure and achieve venture capital investment healthy development in our country, and favorable to make
the investment bank's own way to the connection function in the system in our country, forming the structure of the national innovative system taking investment bank as investment subject. Finally the thesis discusses some countermeasures and suggestions about the question in the article.
引文
[1] 刘曼红主编．风险投资：创新与金融[M] ．1998年10月．北京：中国人民大学出版社．
[2] 黄汉权著．风险投资与创业[M] ．2001年3月．北京：中国人民大学出版社．
[3] 张景安主编．风险企业与风险投资[M] ．2000年4月．北京：中国金融出版社．
[4] [美] H·范里安著，费方域等译．微观经济学的现代观点[M] ．1994年12月．上海：上海三联书店．
[5] 张林．我国风险投资主体种类及优劣分析[J] ．中国机电工业．2000，4，45-46．
[6] 段永宽等译．创新、技术和金融[M] ．1993年出版．中国审计出版社．
[7] 陈国治．改善融资环境是促进中小企业快速发展的关键之举[J] ．管理现代化，2003，1．
[8] [美] 马莎·阿姆拉姆，纳林库拉蒂拉卡著，张维等译．实物期权：不确定性环境下的战略投资管理[M] ．2001年5月．北京：机械工业出版社．
[9] [美] 约翰·赫尔著，张陶伟译．期权、期货和其它衍生产品[M] ．1997年，第3版．北京：华夏出版社．
[10] 刘文红．投资银行在高科技企业成长中对作用[J] ．证券市场导报．1998，6，38-40．
[11] 成思危主编．科技风险投资论文集[M] ．1998年9月．北京：民主与建设出版社．
[12] 武献华，许斌．借鉴美国经验发展我国的中小企业[J] ．财经问题研究，2003，1．
[13] 周明伟．政府在发展风险投资业中的作用[J] ．投资与证卷．1998，1，5-7．
[14] 王益、许小松．风险资本市场的理论与实物[M] ．2000年．中国经济出版社．
[15] 朱建军．证券公司风险投资研究[D] ．西南财经政法大学．2002．
[16] 吉力．国外风险投资运作的主体模式及对我国对借鉴意义．经济与社会发展．2000，7，45-47．
[17] 辜胜祖、徐绪松等主编．2001年3月．政府与风险投资[M] ．北京民主与建设出版社．
[18] 沈沛．创业投资事业的发展与现代投资银行的作用[J] ．经济研究，2000，12，20-25．
[19] 马庆泉主编．中国证卷市场发展前沿问题研究[M] ．2001年版．中国金融出版社．
[20] 范柏乃、沈荣芳、陈德棉等著．中国风险资本供给问题研究．国研网，2000年11月．
[21] 史清琪．技术进步与产业结构变化的理论与实践[M] ．1989年版．中国统计出版社．
[22] 郭励弘等著．高新技术产业：发展规律与风险投资[M] ．2000年7月版．中国发展出版社．
[23] 程博明．投资银行与创业投资基金[J] ．国际金融研究．1998，6，48-51．
[24] 王瑞明、徐至展编．高新技术与高新技术产业[M] ．1996年版．经济科学出版社．
[25] 高志前编．高新技术产业风险投资[M] ．1996年11月版．经济科学出版社．
[26] 陈全伟．创业投资基金与投资银行缔造了硅谷对繁荣[J] ．中国投资与建设．1999，4，26-28．
[27] 徐洪才著．投资基金与金融发展[M] ．1997年版．中国金融出版社．
[28] 方晓霞著．中国企业融资：制度变迁与行为分析[M] ．1999年4月版．北京大学出版社．
[29] 魏杰等著．现代金融制度通论[M] ．1996年版．高等教育出版社．
[30] Avinash K.Dixit and Robert S.Pindyck Investment under Uncertainty. Princeton, New Jerse: Princeton University University Press.
[31] Lenos Trigeorgis. Real option: Managerial Flexibility and Strategy in Resource Allocation. Cambridge, Massachusetts London, England: The MIT Press.
[32] Luis H.R.Alvarez. Optimal Exit and Vatuation Under Demand Uncertainty: A real options approach[J] . European Journal of Operational Research, 114(1999), 320-329.
[33] Enrico Penings, Onno Lint. Market entry, Phased rollout or abandonment?A real options approach[J] . European Journal of Operational Research, 124(2000),
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[38] Park S. Credit Risk: Can Credit Derivatives be Widely to Bank Loans?[J] . ABA Banking Journal, 1998, 40 (8): 30-33.
[39] Gompers P A. Venture Capital Growing Pains, Should the Market Diet? [J] . Journal of Banking&Finance, 1998,22,1089-1104.
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[41] Paul A.Gompers.Optimal Investment, Monitoring,and the Staging of Venture Capital[J] . Jourmal of Finance, 1995,5,1461-89.
[42] John C.Ruhnka, Howsard D.Feldman and Thomas J.Dean. The Living Dead Phenomenon in Venture Capital Investment[J] . Journal of Business Venturing, 1992,7,137-155
[43] Gordon C.Murray. Evolution and Change:An Analysis of the First Decade of the UK Venture Capital Industry[J] . Journal of Finacial Economics, 1995,27, 473-521.
[44] Claire Smith. The Birth of a New Market[J] . The Banker, July 2001.
[2] 黄汉权著．风险投资与创业[M] ．2001年3月．北京：中国人民大学出版社．
[3] 张景安主编．风险企业与风险投资[M] ．2000年4月．北京：中国金融出版社．
[4] [美] H·范里安著，费方域等译．微观经济学的现代观点[M] ．1994年12月．上海：上海三联书店．
[5] 张林．我国风险投资主体种类及优劣分析[J] ．中国机电工业．2000，4，45-46．
[6] 段永宽等译．创新、技术和金融[M] ．1993年出版．中国审计出版社．
[7] 陈国治．改善融资环境是促进中小企业快速发展的关键之举[J] ．管理现代化，2003，1．
[8] [美] 马莎·阿姆拉姆，纳林库拉蒂拉卡著，张维等译．实物期权：不确定性环境下的战略投资管理[M] ．2001年5月．北京：机械工业出版社．
[9] [美] 约翰·赫尔著，张陶伟译．期权、期货和其它衍生产品[M] ．1997年，第3版．北京：华夏出版社．
[10] 刘文红．投资银行在高科技企业成长中对作用[J] ．证券市场导报．1998，6，38-40．
[11] 成思危主编．科技风险投资论文集[M] ．1998年9月．北京：民主与建设出版社．
[12] 武献华，许斌．借鉴美国经验发展我国的中小企业[J] ．财经问题研究，2003，1．
[13] 周明伟．政府在发展风险投资业中的作用[J] ．投资与证卷．1998，1，5-7．
[14] 王益、许小松．风险资本市场的理论与实物[M] ．2000年．中国经济出版社．
[15] 朱建军．证券公司风险投资研究[D] ．西南财经政法大学．2002．
[16] 吉力．国外风险投资运作的主体模式及对我国对借鉴意义．经济与社会发展．2000，7，45-47．
[17] 辜胜祖、徐绪松等主编．2001年3月．政府与风险投资[M] ．北京民主与建设出版社．
[18] 沈沛．创业投资事业的发展与现代投资银行的作用[J] ．经济研究，2000，12，20-25．
[19] 马庆泉主编．中国证卷市场发展前沿问题研究[M] ．2001年版．中国金融出版社．
[20] 范柏乃、沈荣芳、陈德棉等著．中国风险资本供给问题研究．国研网，2000年11月．
[21] 史清琪．技术进步与产业结构变化的理论与实践[M] ．1989年版．中国统计出版社．
[22] 郭励弘等著．高新技术产业：发展规律与风险投资[M] ．2000年7月版．中国发展出版社．
[23] 程博明．投资银行与创业投资基金[J] ．国际金融研究．1998，6，48-51．
[24] 王瑞明、徐至展编．高新技术与高新技术产业[M] ．1996年版．经济科学出版社．
[25] 高志前编．高新技术产业风险投资[M] ．1996年11月版．经济科学出版社．
[26] 陈全伟．创业投资基金与投资银行缔造了硅谷对繁荣[J] ．中国投资与建设．1999，4，26-28．
[27] 徐洪才著．投资基金与金融发展[M] ．1997年版．中国金融出版社．
[28] 方晓霞著．中国企业融资：制度变迁与行为分析[M] ．1999年4月版．北京大学出版社．
[29] 魏杰等著．现代金融制度通论[M] ．1996年版．高等教育出版社．
[30] Avinash K.Dixit and Robert S.Pindyck Investment under Uncertainty. Princeton, New Jerse: Princeton University University Press.
[31] Lenos Trigeorgis. Real option: Managerial Flexibility and Strategy in Resource Allocation. Cambridge, Massachusetts London, England: The MIT Press.
[32] Luis H.R.Alvarez. Optimal Exit and Vatuation Under Demand Uncertainty: A real options approach[J] . European Journal of Operational Research, 114(1999), 320-329.
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