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	<title>创业投资与创业融资 &#187; 评估</title>
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	<description>VC, 创业, 风险投资 -- 文章汇总</description>
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		<title>关于风险投资，告诉你故事的另一面</title>
		<link>http://www.vc-investment.net/blog/about-venture-capital-and-venture-fund-raising/</link>
		<comments>http://www.vc-investment.net/blog/about-venture-capital-and-venture-fund-raising/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 10:41:15 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[创业融资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[商业计划书]]></category>
		<category><![CDATA[团队]]></category>
		<category><![CDATA[投资公司]]></category>
		<category><![CDATA[融资]]></category>
		<category><![CDATA[评估]]></category>
		<category><![CDATA[风险投资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=143</guid>
		<description><![CDATA[风险投资公司公司并不是及时雨、雪中碳，不是一般人所想象的是风险的追求者，他们总是在想办法把投资风险降至最低。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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		<title>单纯以技术作价控股成立合资公司，结果是双方都不满意。</title>
		<link>http://www.vc-investment.net/blog/%e4%bb%a5%e6%8a%80%e6%9c%af%e4%bd%9c%e4%bb%b7%e5%87%ba%e8%b5%84%e6%8e%a7%e8%82%a1%e5%90%88%e8%b5%84%e5%85%ac%e5%8f%b8/</link>
		<comments>http://www.vc-investment.net/blog/%e4%bb%a5%e6%8a%80%e6%9c%af%e4%bd%9c%e4%bb%b7%e5%87%ba%e8%b5%84%e6%8e%a7%e8%82%a1%e5%90%88%e8%b5%84%e5%85%ac%e5%8f%b8/#comments</comments>
		<pubDate>Wed, 06 Jan 2010 09:55:15 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[VALUATION]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[评估]]></category>
		<category><![CDATA[项目]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=106</guid>
		<description><![CDATA[很多海归希望不出钱，单出技术，还要求控股，着很不现实。 事实上，技术拥有人单纯以技术作价入股成立公司，最后结果是出技术方和出资金方两方面都不满意。 携高新技术项目回国探路的海未归，有很多可能潜意识作怪故意给自己设一个跨不过去的槛，过一把创业幻想证明自己价值的瘾，然后给自己一个光冕堂皇的理由（不是我没有努力过，是我没有找到识货的”），继续在海外过领工资的神仙日子。 有一小部分稍微现实一些的，最后在中国找个地方落下脚来。 这里假设一个简化的投资案例：有一个海归，携世界先进技术，自认为价值10,000万RMB。找到一个土鳖老板，寻求1000万RMB的投资。 下面是我给出非标准解答。 就我们的观察，回国创业大约有40%白折腾一场的，最后收摊走人；有30%不温不火，能够维持糊口；有30%算是成功的，而成功的里面绝大部分实现的价值只有原来预计的几分之一。 创业人数 _________ 40% __ 30% __ 30% 实现价值 __________ 0% __ 10% __ 30% 加权乘积 __________ 0% ___ 3% ___ 9% 加权平均_________12% 如果技术海归携一项技术回国寻找投资人，他自认为他的技术值一个亿RMB。按照上面的计算，有经验的投资人只能给他作价0.12个亿RMB。很多海未归，到这儿就与投资人谈不拢了，每个海未归都认为自己是Top 5%， 认为自己的项目是Exceptional Good，结果就是胜利归海继续给资本家打工。剩下的不多几个，认可的投资人的折扣系数，经过讨价还价，价值谈高了一点，双方认可技术作价1220万 RMB，海归坚持控股，于是投资人投入1000万RMB、现金运作这个项目。股份比例计算如下： *_______________ 价值 ___________ 股份比例 技术作价_____ 1,222 _____________ 55% 投资人现金___ 1,000 _____________ 45% 一个项目，值不值得继续做下去，平均两年基本上见分晓。现在来看看海归机会成本和投资投入成本的比较。假设海归因为全职回国，每年减少税后收入10万美元，两年折合136万RMB。 ********************* 每年收入减少 年数 减少收入(合计) 技术持有人机会成本______ 10 _________ 2 [...]<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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		<title>怎样获得VC的投资 9 —— 创业投资公司怎样评估项目的</title>
		<link>http://www.vc-investment.net/blog/%e6%80%8e%e6%a0%b7%e8%8e%b7%e5%be%97vc%e7%9a%84%e6%8a%95%e8%b5%84-9-%e2%80%94%e2%80%94-%e5%88%9b%e4%b8%9a%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e6%80%8e%e6%a0%b7%e8%af%84%e4%bc%b0%e9%a1%b9%e7%9b%ae/</link>
		<comments>http://www.vc-investment.net/blog/%e6%80%8e%e6%a0%b7%e8%8e%b7%e5%be%97vc%e7%9a%84%e6%8a%95%e8%b5%84-9-%e2%80%94%e2%80%94-%e5%88%9b%e4%b8%9a%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e6%80%8e%e6%a0%b7%e8%af%84%e4%bc%b0%e9%a1%b9%e7%9b%ae/#comments</comments>
		<pubDate>Sat, 26 Dec 2009 13:43:27 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[创业融资]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[投资公司]]></category>
		<category><![CDATA[指标]]></category>
		<category><![CDATA[评估]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=43</guid>
		<description><![CDATA[目的评估都是围绕着人、市场、技术和财务指标四个方面来进行的（参见下面的示意）。按照这个顺序，排在越前面的越重要，越后面的越容易量化。而越容易量化的指标就越容易达成共识。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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