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	<title>创业投资与创业融资 &#187; 风险投资</title>
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	<link>http://www.vc-investment.net/blog</link>
	<description>VC, 创业, 风险投资 -- 文章汇总</description>
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		<title>再谈创业方向和商业模式的选择</title>
		<link>http://www.vc-investment.net/blog/%e5%86%8d%e8%b0%88%e5%88%9b%e4%b8%9a%e6%96%b9%e5%90%91%e5%92%8c%e5%95%86%e4%b8%9a%e6%a8%a1%e5%bc%8f%e7%9a%84%e9%80%89%e6%8b%a9/</link>
		<comments>http://www.vc-investment.net/blog/%e5%86%8d%e8%b0%88%e5%88%9b%e4%b8%9a%e6%96%b9%e5%90%91%e5%92%8c%e5%95%86%e4%b8%9a%e6%a8%a1%e5%bc%8f%e7%9a%84%e9%80%89%e6%8b%a9/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 13:44:04 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[制造业]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[现金流]]></category>
		<category><![CDATA[风险投资]]></category>
		<category><![CDATA[高科技]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=180</guid>
		<description><![CDATA[实际上你选行业的机会并不多，绝大部分创业成功的人是行业选择了他。换一种说法，就是不熟不做，刚好你入了一个有创业机会的行业，或者你周围的亲戚朋友由不少人从事某一个行，因此你耳闻目睹熟悉了这个行业，那么你还有什么其他选择保证你能快速起步而且风险较小呢？ 好了，既然行业选择你不能有太大作为，那么是不是你就无可奈何必须走别人的老路呢？当然不是。 虽然每一个行业都有共性，但是动动脑筋，还是可以不落俗套地设计出独特的商业模式。同样做家电制造，分销渠道的设计不同，给批发商和零售商留的利润空间不同，对回款的要求不同，结果总体的运营效果都不一样。 现金流设计是商业模式里面最重要的一个方面，可是很多人谈到商业模式却忽略了这个方面。 贴牌装配的利润很低，遇到汇率波动还有很大风险，但是前些年在深圳，有几家小电子厂在五、六年内做成几万人的OEM贴牌厂，专做DVD和手机这类产品的贴牌制造，这就是现金流好的例子。 正现金流怎么得来？有很多办法，例如分期付款买物业，钱未付清就拿出去抵押贷款，如果在房地产上升周期还可以升值，升了值可以抵押到更多；再例如开了大卖场子就有工厂给商品的上架费，免费供货给场子销售，商品卖掉后或三个月后再付货款给厂家。只要上架费和上架后三个月内销售出去的金额够支付以前的货款，连锁店就可以滚动下去。 制造业也可以用类似的玩法。只要零配件供应商给两三个月的赊数期，制造商能够在一两个月内制造出来并马上收到客户的付款，那么扩张越快，现金流就越好。 郎咸平比较过国内房地产公司与香港四大地产公司的负债比，发现香港地产公司集团的负债比只有20％－30％，国内地产公司的负债比是100％多。 国内发展快的企业很多都这么玩，资金链断了就完蛋了。 如果只是玩一家单实体的企业，那么 operating cash flows （营运现金流）与 financing cash flow （融资现金流）是要分清，然后才能清楚了解企业运作是否健康。 那些个大企业集团，八个锅七个盖，只要玩得转，东方不亮西方亮，零售不赚钱可以从房地产补回来。这种玩法，在东亚和东南亚华人企业界里很普遍。 还有做VC的，投资一个高科技企业，同时控制一个上市企业，这个高科技企业没有operating cash flows没关系，上市企业没有operating cash flows 也没关系，概念炒作一下，让上市公司增发新股收购高科技企业，投资的高科技企业出售给上市公司，VC套现，然后VC就有正现金流了。 顺带说一句，不要受舆论影响，刻意追求什么高科技、朝阳行业、新兴产业。 以前还有很多人看不起低价做出口产品的血汗工厂。为什么还有那么多人愿意做？因为现金流好。有人抱怨中国工厂的利润低，利润大头都被外国人赚去了，可是人家外国客商是拿出资金来周转的，资金是要有回报的。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">为什么在中国投资的VC侧重投资成熟企业？</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 8 —— VC 的尽职调查与企业的反向调查</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">谈创业方向和商业模式的选择</font>
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		<item>
		<title>如果有人拿着项目找你投资——初步洽谈时着重了解什么</title>
		<link>http://www.vc-investment.net/blog/%e6%9c%89%e4%ba%ba%e6%8b%bf%e7%9d%80%e9%a1%b9%e7%9b%ae%e6%89%be%e4%bd%a0%e6%8a%95%e8%b5%84%ef%bc%8c%e5%88%9d%e6%ad%a5%e6%b4%bd%e8%b0%88%e6%97%b6%e7%9d%80%e9%87%8d%e4%ba%86%e8%a7%a3%e4%bb%80%e4%b9%88/</link>
		<comments>http://www.vc-investment.net/blog/%e6%9c%89%e4%ba%ba%e6%8b%bf%e7%9d%80%e9%a1%b9%e7%9b%ae%e6%89%be%e4%bd%a0%e6%8a%95%e8%b5%84%ef%bc%8c%e5%88%9d%e6%ad%a5%e6%b4%bd%e8%b0%88%e6%97%b6%e7%9d%80%e9%87%8d%e4%ba%86%e8%a7%a3%e4%bb%80%e4%b9%88/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 12:10:52 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[创业融资]]></category>
		<category><![CDATA[产品]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[尽职调查]]></category>
		<category><![CDATA[市场]]></category>
		<category><![CDATA[管理团队]]></category>
		<category><![CDATA[风险投资]]></category>
		<category><![CDATA[高科技]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=152</guid>
		<description><![CDATA[很多人能够写出很吸引人的商业计划书，可以把产品说得很高科技，可以把市场前景说得很诱人，但是投资人更应该看重的是实施能力（EXECUTION CAPABILITY），也就是管理能力以及市场销售能力.<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 8 —— VC 的尽职调查与企业的反向调查</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">为什么在中国投资的VC侧重投资成熟企业？</font>
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		<item>
		<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>投资项目或创业企业为什么要 分阶段投资？</title>
		<link>http://www.vc-investment.net/blog/%e6%8a%95%e8%b5%84%e9%a1%b9%e7%9b%ae%e6%88%96%e5%88%9b%e4%b8%9a%e4%bc%81%e4%b8%9a%e4%b8%ba%e4%bb%80%e4%b9%88%e8%a6%81-%e5%88%86%e9%98%b6%e6%ae%b5%e6%8a%95%e8%b5%84%ef%bc%9f/</link>
		<comments>http://www.vc-investment.net/blog/%e6%8a%95%e8%b5%84%e9%a1%b9%e7%9b%ae%e6%88%96%e5%88%9b%e4%b8%9a%e4%bc%81%e4%b8%9a%e4%b8%ba%e4%bb%80%e4%b9%88%e8%a6%81-%e5%88%86%e9%98%b6%e6%ae%b5%e6%8a%95%e8%b5%84%ef%bc%9f/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 10:33:08 +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[可转换优先股]]></category>
		<category><![CDATA[基金]]></category>
		<category><![CDATA[投资公司]]></category>
		<category><![CDATA[投资项目]]></category>
		<category><![CDATA[机会主义]]></category>
		<category><![CDATA[风险投资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=139</guid>
		<description><![CDATA[投资公司有必要不间断地收集企业的信息，并采用分阶段投资的方法进行控制，只有只有进展顺利，发展势头良好的企业才能获得继续投资。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">创业不认输 (@bstory)</font>
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</table>]]></description>
		<wfw:commentRss>http://www.vc-investment.net/blog/%e6%8a%95%e8%b5%84%e9%a1%b9%e7%9b%ae%e6%88%96%e5%88%9b%e4%b8%9a%e4%bc%81%e4%b8%9a%e4%b8%ba%e4%bb%80%e4%b9%88%e8%a6%81-%e5%88%86%e9%98%b6%e6%ae%b5%e6%8a%95%e8%b5%84%ef%bc%9f/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>第一是人，第二是人，第三还是人。VC怎样选人？</title>
		<link>http://www.vc-investment.net/blog/%e7%ac%ac%e4%b8%80%e6%98%af%e4%ba%ba%ef%bc%8c%e7%ac%ac%e4%ba%8c%e6%98%af%e4%ba%ba%ef%bc%8c%e7%ac%ac%e4%b8%89%e8%bf%98%e6%98%af%e4%ba%ba%e3%80%82vc%e6%80%8e%e6%a0%b7%e9%80%89%e4%ba%ba%ef%bc%9f/</link>
		<comments>http://www.vc-investment.net/blog/%e7%ac%ac%e4%b8%80%e6%98%af%e4%ba%ba%ef%bc%8c%e7%ac%ac%e4%ba%8c%e6%98%af%e4%ba%ba%ef%bc%8c%e7%ac%ac%e4%b8%89%e8%bf%98%e6%98%af%e4%ba%ba%e3%80%82vc%e6%80%8e%e6%a0%b7%e9%80%89%e4%ba%ba%ef%bc%9f/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 10:29:35 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[人]]></category>
		<category><![CDATA[投人]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[风险投资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=137</guid>
		<description><![CDATA[“第一是‘人’，第二是‘人’，第三还是‘人’。” 这是一句流传甚广的一字真言，可是谁也讲不清楚依据这个真言具体怎么操作。]]></description>
		<wfw:commentRss>http://www.vc-investment.net/blog/%e7%ac%ac%e4%b8%80%e6%98%af%e4%ba%ba%ef%bc%8c%e7%ac%ac%e4%ba%8c%e6%98%af%e4%ba%ba%ef%bc%8c%e7%ac%ac%e4%b8%89%e8%bf%98%e6%98%af%e4%ba%ba%e3%80%82vc%e6%80%8e%e6%a0%b7%e9%80%89%e4%ba%ba%ef%bc%9f/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>为什么在中国投资的VC侧重投资成熟企业？</title>
		<link>http://www.vc-investment.net/blog/%e4%b8%ba%e4%bb%80%e4%b9%88%e5%9c%a8%e4%b8%ad%e5%9b%bd%e6%8a%95%e8%b5%84%e7%9a%84vc%e4%be%a7%e9%87%8d%e6%8a%95%e8%b5%84%e6%88%90%e7%86%9f%e4%bc%81%e4%b8%9a%ef%bc%9f/</link>
		<comments>http://www.vc-investment.net/blog/%e4%b8%ba%e4%bb%80%e4%b9%88%e5%9c%a8%e4%b8%ad%e5%9b%bd%e6%8a%95%e8%b5%84%e7%9a%84vc%e4%be%a7%e9%87%8d%e6%8a%95%e8%b5%84%e6%88%90%e7%86%9f%e4%bc%81%e4%b8%9a%ef%bc%9f/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 10:08:35 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[基金]]></category>
		<category><![CDATA[风险投资]]></category>
		<category><![CDATA[高科技]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=128</guid>
		<description><![CDATA[中国投资的VC侧重投资成熟企业（later stage companies），在中国投资的VC投资的行业范围比较宽。]]></description>
		<wfw:commentRss>http://www.vc-investment.net/blog/%e4%b8%ba%e4%bb%80%e4%b9%88%e5%9c%a8%e4%b8%ad%e5%9b%bd%e6%8a%95%e8%b5%84%e7%9a%84vc%e4%be%a7%e9%87%8d%e6%8a%95%e8%b5%84%e6%88%90%e7%86%9f%e4%bc%81%e4%b8%9a%ef%bc%9f/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>VC行业兴旺发达的的方方面面</title>
		<link>http://www.vc-investment.net/blog/vc%e8%a1%8c%e4%b8%9a%e5%85%b4%e6%97%ba%e5%8f%91%e8%be%be%e7%9a%84%e7%9a%84%e6%96%b9%e6%96%b9%e9%9d%a2%e9%9d%a2/</link>
		<comments>http://www.vc-investment.net/blog/vc%e8%a1%8c%e4%b8%9a%e5%85%b4%e6%97%ba%e5%8f%91%e8%be%be%e7%9a%84%e7%9a%84%e6%96%b9%e6%96%b9%e9%9d%a2%e9%9d%a2/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 09:57:54 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[venture capital]]></category>
		<category><![CDATA[风险投资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=123</guid>
		<description><![CDATA[创业投资 （Venture Capital Investment） 作为一个行业，除了需要有一个合适的社会人文环境、一个相对成熟的市场经济体系和比较发达的金融业。总结起来，就是天时地利人和：
]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>为什么VC投资一般不要求控股</title>
		<link>http://www.vc-investment.net/blog/%e4%b8%ba%e4%bb%80%e4%b9%88%e9%a3%8e%e9%99%a9%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e4%b8%80%e8%88%ac%e4%b8%8d%e8%a6%81%e6%b1%82%e6%8e%a7%e8%82%a1/</link>
		<comments>http://www.vc-investment.net/blog/%e4%b8%ba%e4%bb%80%e4%b9%88%e9%a3%8e%e9%99%a9%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e4%b8%80%e8%88%ac%e4%b8%8d%e8%a6%81%e6%b1%82%e6%8e%a7%e8%82%a1/#comments</comments>
		<pubDate>Wed, 06 Jan 2010 10:15:36 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[投资公司]]></category>
		<category><![CDATA[控股]]></category>
		<category><![CDATA[融资]]></category>
		<category><![CDATA[风险投资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=118</guid>
		<description><![CDATA[关于VC投资控不控股的问题，在这里稍微科普一下。VC大多数不要求控股，原因有三个： 1）让创业人控股，创业人会全心全把企业当做自己的BABY来养； 2）VC投资的项目都是前期风险已经过去，VC投资绝大多数都是已经成型的项目，也就是说，这些 项目已经在前期投入了不少钱，可能是创业人自己的积蓄，可能是天使投资人的钱,也可能是前几轮VC投资的钱。不会有VC见着一个两手空空声称有技术的海归 就说要投资给他的; 3）绝大部分VC不想自己陷进项目的日常管理当中去。如果VC坚持控股，到时候项目进行不顺利，小股东创业人丢下烂摊子一拍屁股回美国 打高薪工去了，大股东VC要自己跳下去亲自操盘，这绝对是VC不想做，大部分情况下也做不来的事情。]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>实际期权法 与 分阶段投资（real options method）</title>
		<link>http://www.vc-investment.net/blog/%e5%ae%9e%e9%99%85%e6%9c%9f%e6%9d%83%e6%b3%95%ef%bc%88real-options-method%ef%bc%89/</link>
		<comments>http://www.vc-investment.net/blog/%e5%ae%9e%e9%99%85%e6%9c%9f%e6%9d%83%e6%b3%95%ef%bc%88real-options-method%ef%bc%89/#comments</comments>
		<pubDate>Sun, 03 Jan 2010 10:16:05 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[pv]]></category>
		<category><![CDATA[决策树]]></category>
		<category><![CDATA[期权]]></category>
		<category><![CDATA[现值]]></category>
		<category><![CDATA[风险投资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=100</guid>
		<description><![CDATA[实际期权法估价的基本原则是单一价格法则或无套利机会原理，也就是说具有同样收益的两种投资机会应该具有相同的价值。因此在应用选择权估价法时要调整折现率以反映不同选择的风险程度。]]></description>
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		<slash:comments>0</slash:comments>
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