风险投资项目的全程监控——项目选择、经营绩效评价和不同退出方式的收益比较

The Whole Procession Supervision of Risk Projects——Choice of Projects, Management Evaluation on Profitability and DifferentReturn's Comparison on Different Withdrawing Style

提出风险投资不仅是一种理性行为,而且是一个可持续发展的过程.风险项目初选时,应以产业生命周期理论为依据,并依此建立风险项目的筛选模型.进行风险项目的运行时,应该以未来投资收益的最大化为目标,对项目运行效果进行实时评价,AHP方法是一种简单易行的风险项目的定量评价模式.得出了风险项目不同退出方式决定了最终收益,而其退出方式很受宏观经济条件的制约,密切联系实际并对各种方式进行客观比较选择非常重要的结论.

Risk investments are not only a kind of rational behavior, but also a sustainable developed procession. Risk projects primary election base on industry＇s life cycle theory, and the screening model of risk projects should be set up accordingly. When carrying on the risk project, maximization of the investment return rate in future should be regarded as the goal. Thus evaluation in real time to the project operation is necessary, while AHP method is a quantitative mode on that. Certainly, final income of risk projects are determined by withdrawing from different ways, which are limited by macroeconomy condition very much. It is vital to choose special ways to withdraw according to the surrounding changes objectively.