论文部分内容阅读
科技型创业企业作为风险投资的主要投资对象,对其价值的认定就成为风险投资机构的重要工作内容。按照科技型创业企业成长的规律,科技创业企业的成长过程包括种子期、初创期、成长期、扩张期、成熟期。其价值形态的动态体现为:企业技术成果化的价值、企业技术商品化的价值、企业技术市场化(资本化)的价值、企业股权流通性形态价值。科技创业企业的技术经济价值是一个动态实现过程,在实践中对科技企业创业投资宜采用分阶段投资与实物期权相结合的方法。
As the main investment target of venture capital, the establishment of science and technology start-ups is an important part of venture capital institutions. According to the law of the growth of science and technology start-ups, the growth of science and technology start-ups includes the seed stage, the start-up stage, the growth stage, the expansion stage and the maturity stage. The dynamic manifestation of its value form is as follows: the value of technology achievement of enterprises, the value of technology commodification of enterprises, the value of market-oriented technology (capitalization) of enterprises, and the morphological value of the circulation of enterprise equity. The technological and economic value of science and technology start-ups is a dynamic process. In practice, it is advisable to adopt a combination of phased investment and real options for venture capital in science and technology enterprises.