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	<title>创业投资与创业融资 &#187; vc</title>
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		<title>为什么大多数VC不要求控股</title>
		<link>http://www.vc-investment.net/blog/%e4%b8%ba%e4%bb%80%e4%b9%88%e5%a4%a7%e5%a4%9a%e6%95%b0vc%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%e5%a4%a7%e5%a4%9a%e6%95%b0vc%e4%b8%8d%e8%a6%81%e6%b1%82%e6%8e%a7%e8%82%a1/#comments</comments>
		<pubDate>Thu, 18 Nov 2010 13:09:33 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[控股]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=260</guid>
		<description><![CDATA[关于VC投资控不控股的问题，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。<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VC投资一般不要求控股</font>
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		<item>
		<title>尽职调查的内容和企业可能发生的危机</title>
		<link>http://www.vc-investment.net/blog/%e5%b0%bd%e8%81%8c%e8%b0%83%e6%9f%a5%e7%9a%84%e5%86%85%e5%ae%b9%e5%92%8c%e4%bc%81%e4%b8%9a%e5%8f%af%e8%83%bd%e5%8f%91%e7%94%9f%e7%9a%84%e5%8d%b1%e6%9c%ba/</link>
		<comments>http://www.vc-investment.net/blog/%e5%b0%bd%e8%81%8c%e8%b0%83%e6%9f%a5%e7%9a%84%e5%86%85%e5%ae%b9%e5%92%8c%e4%bc%81%e4%b8%9a%e5%8f%af%e8%83%bd%e5%8f%91%e7%94%9f%e7%9a%84%e5%8d%b1%e6%9c%ba/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 14:13:23 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[企业]]></category>
		<category><![CDATA[尽职调查]]></category>
		<category><![CDATA[市场]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[管理]]></category>
		<category><![CDATA[财务]]></category>
		<category><![CDATA[资产]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=191</guid>
		<description><![CDATA[尽职调查过程中，不但要仔细参观企业，与企业的中高层管理人员交谈，还要要求目标企业提供企业的历史变更、重大合同、财务报告、财务预测、各项细分的财务数据以及客户名单、供应商名单、技术及产品说明和成功案例分析等等。可能的话最好还要咨询企业的供应商、客户、律师和贷款银行，乃至管理人员过去的雇主和同事。甚至还需要调查提供信息的有关人员，以证明提供的信息是否可靠。 <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;">从浑水公司的操作，看怎样做尽职调查</font>
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		</item>
		<item>
		<title>创业初期如何融资？</title>
		<link>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e5%88%9d%e6%9c%9f%e5%a6%82%e4%bd%95%e8%9e%8d%e8%b5%84%ef%bc%9f/</link>
		<comments>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e5%88%9d%e6%9c%9f%e5%a6%82%e4%bd%95%e8%9e%8d%e8%b5%84%ef%bc%9f/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 13:54:14 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[现金流]]></category>
		<category><![CDATA[融资]]></category>
		<category><![CDATA[银行透支]]></category>
		<category><![CDATA[销售]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=182</guid>
		<description><![CDATA[不要以为自己的项目好或技术先进，获得VC的投资就不成问题。创业融资也需要费用支出，需要花费很多精力和时间，而且如果只是抱着试试看的态度去融资，十之八九是不会成功的。所以，创业融资必须做好融资准备工作（do your home work）。如果融资没有把准备工作做好，很可能是结果不仅仅是未能找到最合适的投资者，而且交易结构和条款对融资企业很不利，从而为企业今后的发展带来隐患。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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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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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>VC的风格</title>
		<link>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e7%9a%84%e9%a3%8e%e6%a0%bc/</link>
		<comments>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e7%9a%84%e9%a3%8e%e6%a0%bc/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 11:58:17 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[公司]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[市场前景]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[行业]]></category>
		<category><![CDATA[财务报表]]></category>
		<category><![CDATA[风向]]></category>
		<category><![CDATA[风格]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=147</guid>
		<description><![CDATA[创业投资公司有的不同风格。第一类是主要看财务报表；第二类是看技术，结合市场前景和对创业人的感觉；第三类是选行业，看风向。<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VC投资一般不要求控股</font>
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</table>]]></description>
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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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		<item>
		<title>对VC投资增值服务的质疑</title>
		<link>http://www.vc-investment.net/blog/%e5%af%b9vc%e6%8a%95%e8%b5%84%e5%a2%9e%e5%80%bc%e6%9c%8d%e5%8a%a1%e7%9a%84%e8%b4%a8%e7%96%91/</link>
		<comments>http://www.vc-investment.net/blog/%e5%af%b9vc%e6%8a%95%e8%b5%84%e5%a2%9e%e5%80%bc%e6%9c%8d%e5%8a%a1%e7%9a%84%e8%b4%a8%e7%96%91/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 10:37:06 +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[基金]]></category>
		<category><![CDATA[增值服务]]></category>
		<category><![CDATA[投资经理]]></category>
		<category><![CDATA[被投资企业]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=141</guid>
		<description><![CDATA[VC公司的投资经理们往往成天忙于寻找项目和评估项目，而且很多项目投资经理的企业管理经验有限，很难给被投资企业提供切实的帮助。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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        <td ><b><font size="-1"  style="display: block !important; padding: 20px 0 5px !important;">推荐：</font></b></td>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">投资项目或创业企业为什么要 分阶段投资？</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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</table>]]></description>
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		</item>
		<item>
		<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;">为什么VC投资一般不要求控股</font>
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		<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。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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