风险企业的模式与行业分布探究

(201204):1998,,2005,:,,,,(consumertheory),,,,,,,;;,::F276.44:A:1005-1309(2006)8-0085-06:2006-05-21,,,,,,,,,5820068,:1.1)2)472.1)2)3)4)5)6)3.1)2),3)4.1)5,0002)1,25%3)4)5),:40%-50%;10%;5.ROR(RatesofReturn)1)(1001,000)2)15103)4)IPO(:NewVentureCreation,Homewood,IL:RichardD.Irwin,J.A.Timmons,etal.1990,p.428),:,,,,500,,,,:10070%,5055%;,,,,,;,,,,,,6820068(),,,;,,,,,,1%,,,,1.:(seed),,(BusinessPlan),,,(),,,,(R&D),,,,,,,,5()25,(AngelCapitalist),,;,5%,,,,,,,,,,,2.:(start-ups),,,,,,,,,35%75%3.:(development),,,,,,,,7820068,,,Mezzanine,,:1),2),,,,,,,,,,,25,,,,40%,4.:(Profitable),,,,,(IPO,initialpublicoffering),,(NVCA),,80%,4%,14%5.:(LBOöMBO),(turnaround),(consolidation)(leveragebuyout,LBO),,,(LBO),,,,,,,,,,,(MBOöMBI),,,()8820068,,,1996260,3814,80,,(LBO)(MBO),,19801990()1989,(685)(4.688),35(638)(424)(303),1989,,198978%(8%)(31%)(39%),,:LBOsMBOsMBIs:1990EVCA:,20%(17%)(46%),(10%)1988,JAFCO39%(198966%,20%),25%10%25%:,,JAFCO,,,,:1);2);3)9820068119801990:VENTURECAPITALATTHECROSSROADS,byWilliamD.Bygrave,JeffryA.Timmons,publishedbyHARVARDBUSINESSSCHOOLPRESS,1992,P33:1...,1999312...19723..46,4..1,5...,1999416.A,D..12,7.VENTURECAPITALATTHECROSSROADS,byWilliamD.Bygrave,JeffryA.Timmons,publishedbyHARVARDBUSINESSSCHOOLPRESS,19928.FundingYourHigh2techVenture,1997byRichardLManweller,publishedbyTheOSISpressöPSIResearch9.FINANCINGENTREPRENEURS,EditedbyCynthiaA.Beltz,publishedbyTheAEIPress0920068