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	<title>创业投资与创业融资 &#187; 风险</title>
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	<description>VC, 创业, 风险投资 -- 文章汇总</description>
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		<title>创业投资的切入点</title>
		<link>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e6%8a%95%e8%b5%84%e7%9a%84%e5%88%87%e5%85%a5%e7%82%b9/</link>
		<comments>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e6%8a%95%e8%b5%84%e7%9a%84%e5%88%87%e5%85%a5%e7%82%b9/#comments</comments>
		<pubDate>Sun, 01 May 2011 01:32:58 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[发展阶段]]></category>
		<category><![CDATA[风险]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=288</guid>
		<description><![CDATA[创业投资的切入点   被投资公司在上市之前要通过创业投资公司进行好几轮的筹资活动（rounds of financing）。这包括刚开始用于孵化的种子资金，跟着用于初创的第一轮投资，以及用于发展的第二轮和第三轮投资。一般来说，企业通过创业投资融资要比银行借款的成本高得多。创业资本（venture capital）之所以有其市场，是因为创业企业的信用风险很高（企业失败几率大或负债比偏高）。通常创业投资公司进入得越晚，投资的风险也就越小，而进入价格也就越高。 投资公司按项目成熟程度和从企业发展的角度，把投资项目分成三大类。一般来说，创业投资公司很少会投资早期项目，因为风险和不可知因素太多。 早期项目投资（early stage）：需要50万元至500万元 种子资金(seed capital) : 产品研发和市场调研阶段。 启步资金(start up capital): 商业化产品开发，有完整的商业计划，可能有客户试用。 商业化早期(early stage)：已有初期产品或服务，开始试销。 发展期投资（expansion financing）: 需要500万元至8000万元 拓展阶段（development stage）: 扩大生产规模，开发主要客户，投入日益增加的应收款和库存。 企业发展后期（later stage）: 已经有可观的收入，寻求业务的扩张有些投资公司用夹层投资 (mezzanine financing)的方式投资处于这一阶段的企业。 上市前阶段 (bridge financing ): 企业需要在六个月内上市，投资公司提供过桥贷款，企业用上市融得的资金偿还贷款。 收购和买断（acquisition/buyout financing）: 需要5000万元至2亿元 收购（acquisition）和杠杆收购（leveraged buyout 或LBO） : 投资公司帮助一家企业收购另一家企业，有时需要同时向银行借款和发行高利率垃圾债券。 经理人融资收购（MBO/MBI）: 帮助职业经理人收购一家企业的全部或者一个分部并成为企业家，经理人自己只要出1％－10％的资金就可以取得企业的控制权。 对于那些已经进入稳定成长期的被投资对象，市场已经对其项目的可行性和和企业家的能力进行了检验，企业创办人已经投入了大量的时间和精力，并且完成了资本的原始积累，所以这时的企业家对于其创办的企业的稳定发展和个人信誉都很在乎，因此投资风险相对要比较小。对于种子期和起步期的公司，创业投资公司一般只会支持那些风险很低、管理团队经验丰富、或已有设定的收购目标的项目。<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 8 —— VC 的尽职调查与企业的反向调查</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%84-8-vc-%e7%9a%84%e5%b0%bd%e8%81%8c%e8%b0%83%e6%9f%a5%e4%b8%8e%e4%bc%81%e4%b8%9a%e7%9a%84%e5%8f%8d%e5%90%91%e8%b0%83%e6%9f%a5/</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%84-8-vc-%e7%9a%84%e5%b0%bd%e8%81%8c%e8%b0%83%e6%9f%a5%e4%b8%8e%e4%bc%81%e4%b8%9a%e7%9a%84%e5%8f%8d%e5%90%91%e8%b0%83%e6%9f%a5/#comments</comments>
		<pubDate>Sat, 26 Dec 2009 13:37:51 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[创业投资]]></category>
		<category><![CDATA[审核]]></category>
		<category><![CDATA[尽职调查]]></category>
		<category><![CDATA[风险]]></category>
		<category><![CDATA[风险投资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=39</guid>
		<description><![CDATA[融资博奕 VC对企业的调查 ＆ 企业对VC的调查 初步审核之后，如果VC对你的企业感兴趣，双方又就投资条款达成了一致意见，接下来他们就要做详尽的管理、市场、技术和财务审核验证。尽职调查需双方预先同意，其目的是评估投资后的风险，同时也是为了能在投资后有针对性地提供增值服务。 什么是尽职调查 尽职调查就是对企业的历史数据和文档、管理人员的背景、市场风险、管理风险、技术风险和资金风险做一个全面深入的审核。如果VC内部没有懂行的专业人士， 他们也可能请外部的咨询顾问对市场和技术作一个评估。财务方面的尽职调查一般要请专业的审计师来做，会出一份专业的会计师审计报告，以汇总说明企业的财务 状况和会计政策。 尽职调查的过程一般需要几个星期的时间，当然也有这样的VC，他们对企业的技术和市场很了解，又有丰富的管理经验，这样只要几天仔细的现场调研就可以作出最终投资决定。 企业如何对待VC的尽职调查 一份完美的商业计划书、一个精心准备的幻灯演示和富有感染力的表达能力，只能赢得VC的兴趣和投资意向；但要最终获得资金，还需要在尽职调查过程中让投资 商全面了解企业法律结构的演变历史、历史经营情况和发展预期、财务状况和盈利开支预测、以及公司的内部管理状况；同时也要配合VC向合作伙伴、客户和供应 商了解企业的市场和资源，这样才能以充分的证据证实自己企业物有所值。 VC在尽职调查过程中会提出大量的问题，要求查验很多历史资料。这不但是企业证明自己的机会，也是企业发现自身问题、提高自我的机会。面对近乎繁琐的提问和查证，企业家需要心平气和的积极配合。 VC对企业尽职调查的内容 尽职调查的内容一般包括以下这些方面： 1.   管理人员的背景调查 2.   市场评估 3.   销售和采购订单的完成情况 4.   环境评估 5.   生产运作系统 6.   管理信息系统（汇报体系） 7.   财务预测的方法及过去预测的准确性 8.   销售量及财务预测的假设前提 9.   财务报表、销售和采购的票据的核实 10.   当前的现金、应收应付及债务状况 11.   贷款的可能性 12.   资产核查，库存和设备清单的核实 13.   工资福利和退休基金的安排 14. [...]<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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