天使投資對(duì)科技型小微企業(yè)發(fā)展的支持研究

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摘 要
科技型小微企業(yè)面臨著較高的技術(shù)風(fēng)險(xiǎn)和市場(chǎng)風(fēng)險(xiǎn)，較大的不確定性使其在發(fā)展壯大過程中很難受到傳統(tǒng)資本的青睞，通過常規(guī)渠道融資困難重重。西方市場(chǎng)經(jīng)濟(jì)發(fā)展史表明，天使投資在活躍經(jīng)濟(jì)要素方面發(fā)揮著功不可沒的作用，是科技型小微企業(yè)融資的重要來源之一。當(dāng)前國(guó)際上許多卓越的大企業(yè)成長(zhǎng)史中都有天使投資的身影，天使投資已經(jīng)成為科技型小微企業(yè)發(fā)展的重要杠桿。
　　　我國(guó)市場(chǎng)經(jīng)濟(jì)的發(fā)展取得令人驕傲的成就，突出表現(xiàn)便是經(jīng)濟(jì)要素更加多元化，市場(chǎng)參與主體不斷豐富。中小微企業(yè)為經(jīng)濟(jì)成就做出了相當(dāng)大的貢獻(xiàn)。然而，受制于資本市場(chǎng)發(fā)展的缺陷，我國(guó)中小微企業(yè)融資困境一年更比一年嚴(yán)峻，尤其是代表國(guó)民智慧和促進(jìn)國(guó)家科技實(shí)力水平的科技型小微企業(yè)融資處境更加艱難。在國(guó)外已經(jīng)發(fā)展相對(duì)成熟的天使投資對(duì)解決我國(guó)科技型小微企業(yè)融資難問題是一個(gè)有益的借鑒。
　　　本文在文獻(xiàn)研究的基礎(chǔ)上，采用內(nèi)容分析法，將科技型小微企業(yè)和天使投資協(xié)同發(fā)展上升到一個(gè)新高度。首先簡(jiǎn)要闡述了科技型小微企業(yè)的融資途徑與困難，理清了天使投資對(duì)科技型小微企業(yè)發(fā)展的獨(dú)特優(yōu)勢(shì)，其次對(duì)比了目前三種較為流行的天使投資模式，優(yōu)化了傳統(tǒng)天使投資支持科技型小微企業(yè)的模型，最后就目前鎮(zhèn)江市天使投資數(shù)據(jù)和我國(guó)天使投資整體的發(fā)展進(jìn)行簡(jiǎn)要的描述和對(duì)比分析，并提出了促進(jìn)我國(guó)天使投資發(fā)展的五點(diǎn)建議，即健全法律體系保障天使投資者的權(quán)益，構(gòu)建覆蓋全社會(huì)的信用體系，加強(qiáng)對(duì)天使投資的宣傳和引導(dǎo)，制定稅收優(yōu)惠政策，鼓勵(lì)公共部門進(jìn)行擔(dān)保。

關(guān)鍵詞：天使投資 科技型小微企業(yè) 風(fēng)險(xiǎn)投資 鎮(zhèn)江地區(qū)


Abstract
Small and micro technology enterprises are facing with high technical risk and market risk,the greater uncertainty in the process of the development are difficult to the traditional capital favor,It is difficult to finance through normal channels. The history of the development of western market economy show that angel investment plays an important role in activeing economic elements, also as one of the important sources of Small and micro technology enterprises’s financing. at present many international big excellence enterprises’ history have angel investment scene, angel investment has become an important lever of Small and micro technology enterprises development.
The development of China's market economy have achieved proud achievements, the outstanding performance diversified economic elements, market participants continue to enrich.The small and medium-sized enterprises has made great contribution to the economic achievement. However,subjecting to the defects of capital market development, our small and medium-sized enterprise facing severe financing position year by year, especially on behalf of the national wisdom and promoting national scientific and technological strength level,the Small and micro technology enterprises financing more difficult situation. relatively mature In foreign countries ,angel investment is a beneficial reference to solve China's Small and micro technology enterprises financing problems.
On the basis of literature research, using the method of content analysis, the Small and micro technology enterprises and collaborative development of angel investment rose to a new height.First, Briefly describes the financing ways of Small and micro technology enterprises and difficulties, sorting out the unique advantage of angel investment on Small and micro technology enterprises development.Secondly, comparing the current three kinds of comparatively popular angel investment model and optimizing the traditional angel investment model, Finally, described and compared the investment data of angels in Zhenjiang city and the overall development of angel investment in China, then, puting forward five point proposal to promote the development of angel investment in china,that is A sound legal system to protect the interests of angel investors;Covering the whole society credit system construction;To strengthen and guide to angel investment promotion;Formulate preferential tax policies;Encourage the public sector guarantees.

【Key words】angel investment; small and micro technology enterprises; Risk investment; Zhenjiang area

目 錄
引 言 1
第1章 天使投資和科技型小微企業(yè)融資基本理論 2
1.1天使投資基本理論 2
1.1.1天使投資的定義 2
1.1.2天使投資與風(fēng)險(xiǎn)投資的關(guān)系 2
1.1.3天使投資的分類 4
1.1.4天使投資的運(yùn)作機(jī)制 5
1.2科技型小微企業(yè)融資基本理論 7
1.2.1科技型小微企業(yè)的定義 7
1.2.2科技型小微企業(yè)融資的途徑 8
1.2.3科技型小微企業(yè)融資難的原因 9
第2章 天使投資支持科技型小微企業(yè)發(fā)展的現(xiàn)狀分析 10
2.1天使投資支持科技型小微企業(yè)發(fā)展的現(xiàn)狀分析 10
2.2天使投資支持科技型小微企業(yè)發(fā)展的優(yōu)勢(shì) 13
2.2天使投資支持科技型小微企業(yè)發(fā)展的缺陷 15
第3章 國(guó)內(nèi)外天使投資支持科技型小微企業(yè)發(fā)展模式經(jīng)驗(yàn)借鑒 16
3.1國(guó)內(nèi)外天使投資支持科技型小微企業(yè)發(fā)展的模式演進(jìn) 16
3.2天使投資支持科技型小微企業(yè)典型發(fā)展模式的對(duì)比評(píng)價(jià) 17
3.2.1天使投資網(wǎng)絡(luò)模式 17
3.2.2天使投資的寧波模式 18
3.3.3典型經(jīng)濟(jì)園區(qū)模式 18
第4章 天使投資支持科技型小微企業(yè)發(fā)展模式優(yōu)化 19
4.1天使投資支持科技型小微企業(yè)發(fā)展模式優(yōu)化的整體思路 19
4.2天使投資支持科技型小..