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1、 学校代码 10125 专业代码 120280 山西财经大学硕 士 学 位 论 文 题目 山西省AA农业科技项目的风险投资决策研究姓 名 刘 文 专 业 工商管理硕士 研究方向 财务管理 指导教师 简燕玲 教授 2012年3月28日 University Code 10125 Major Code 120280 Shanxi University of Finance & EconomicsThesis for Masters DegreeTitle Research on capital investment decision for Shanxi province of AA agricu
2、ltural science and technology Name Liuwen Major MBA Research Orientation Financial management Tutor Professor Jian Yanling March 28，2012山西财经大学 学位论文原创性声明本人郑重声明：所呈交的学位论文，是本人在导师的指导下，独立进行研究工作所取得的成果。除文中已经注明引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写过的作品成果。对本文的研究所做出重要贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到本申明的法律结果由本人承担。学位论文作者签名：
3、日期： 年 月 日山西财经大学 学位论文版权使用授权书本学位论文作者完全了解学校有关保管、使用学位论文的规定，同意学校保留并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和借阅。本人授权山西财经大学可以将本学位论文的全部或部分内容编入有关数据库进行检索，可以采用影印、缩印或扫描等复制手段保存和汇编本学位论文。本学位论文属于保密，不保密。在 年解密后适用本授权书。（请在以上方框内打“”）学位论文作者签名： 指导教师签名：日期： 年 月 日 日期： 年 月51 中文摘要农业科技项目是发展现代农业的载体，也是推进我国农业现代化，促进城乡协调发展，促进农业增收的重要渠道，也是政策支持的重
4、点。而农业科技项目的发展和推广需要大量资金支持，尤其是企业起步阶段，由于存在创业风险，商业银行往往不愿介入，项目筹集渠道狭窄，这在一定程度上阻碍了农业科技项目的产业化发展，而风险投资进入农业高新技术范畴则会有利于打消这个“瓶颈”制约。本文以农业科技项目的风险投资决策为研究对象,进一步探讨了风险投资支持农业科技项目发展的可行性,相关决策流程和方法有较好的实践指导意义，为农业科技项目融资提供了新的思路和渠道。本文首先介绍了风险投资的概念、特点、作用和决策流程，并结合风险投资在国内外的发展状况和对新兴行业和高新科技领域的支持情况，说明风险投资作为一个朝阳产业，在我国正蓬勃发展，发挥着越来越重要的作用
5、。在理论探讨和现状分析的基础上，本文结合山西AA农业科技项目的风险投资决策这一案例，具体说明了风险投资项目分析与决策的过程。本文结合了定性分析、财务分析和项目价值综合评估多种方法，试图更加全面、更加客观、更加科学地对项目做出分析评价，使农业科技项目的风险投资决策方法更具有实践意义和操作指导意义。在定性分析中，本文从企业基本情况、产品与行业、业务与经营、竞争优势、市场前景及未来发展多角度进行了分析评价；在财务分析中，重要从企业的偿债能力、资本运营能力、盈利能力、成长能力、未来盈利预测、企业估值以及投资收益等多方面进行了分析测算；在项目价值的综合评估中，本文综合使用了层次分析法和模糊综合评价法，实
6、证了两种方法的应用，得到了预期效果。在评价指标的确定上，设定了产品市场、产品技术差异程度、财务状况、退出机制、企业人员素质和抗环境风险能力等六项二级指标和二十余项三级评价指标，指标设置更为全面周到。最后，对投资项目的风险进行了预估，并提出了相应对策。【关键词】风险投资 农业科技 综合评价 投资决策Abstract Agricultural science and technology project is the carrier of modern agriculture development, which promote the modernization of our country a
7、griculture, promote the coordinated development of urban and rural areas, and the important channel to promote agricultural income , and is also the focus of policy support. Agricultural science and technology project development and promotion needs many capital support, especially the enterprise st
8、arting stage, due to the risk, commercial banks are reluctant to get involved, the financing channels is narrow, which to some extent hinders the agricultural science and technology project of industrialization development, and risk investment in agricultural high-tech category will help eliminate t
9、he bottleneck restrict. This thesis take agricultural science and technology project venture investment decision making as the object of study, to further explore the risk investment to support agricultural science and technology project development feasibility, related decision-making process and m
10、ethod has better practical significance, provides new ideas and channels for agricultural science and technology project financing .First, this paper introduced the concept, characteristics, function and the decision process of venture capital and the combination of risk investment in the domestic a
11、nd foreign development condition and the burgeoning industry and hi-tech domain support situation, Showed that as a rising industry, investment risk is developing flourishingly in our country, playing an increasingly important role. based on the study of the theory and the analysis of the situation,
12、 combined with the Shanxi AA project of agricultural science and technology risk investment decision in this case, theArtical especial described of the risk investment analysis and decision-making process. This article combines the qualitative analysis, financial analysis and the value of the projec
13、t evaluation methods, trying to be more comprehensive, more objective, more scientific to make analysis and evaluation of project, make agricultural science and technology project risk investment decision method is more practical and operational guidance. In the qualitative analysis, this article an
14、alyzed the basic situation of the enterprise, product and industry, business and management, competitive advantage, market prospect and future development of multi-angle analysis evaluation; in the financial analysis, mainly analyzed the solvency of enterprises, capital operation ability, profit abi
15、lity, growth ability, future earnings, business valuation and investment income and other aspects were analyzed to calculate the value of the project; in the comprehensive assessment, this paper uses the analytic hierarchy process and fuzzy comprehensive evaluation method, empirical two methods of application, and has obtained the
