知识产权风险投资风险水平的量化研究：浙江实证

Quantitative research on the risk level of intellectual property venture capital: zhejiang empirical

摘要:

本文基于总绝对偏差方法和市盈率法,采用2009~2011年浙江省156家风险投资机构(包括基金公司)所投的605个知识产权风险投资项目数据资料,对知识产权风险投资风险状况及其行业差异进行了实证量化分析。研究结果显示,知识产权风险投资呈现出明显的投资收益与风险的对称性,即“高风险、高收益,低风险、低收益”,且具有明显的行业差异,传播与文化娱乐、金融服务业是知识产权风险投资的高风险投资行业,医药保健、软件产业、通讯设备、环保工程是低风险投资行业,而新材料工业对知识产权风险投资来说是一个非典型的高风险低收益行业。

Abstract:

based on total absolute deviation method and price earning ratio method, this paper adopts data information about 605 investment projects invested by 156 venture capital institutions (including fund companies) in Zhejiang Province from 2009 to 2011, and carries out empirical quantitative analysis on risk status and industrial differences of venture capital. Research results show that venture capital presents obvious symmetry of investment income and risk. That is, “high risk and high income; low risk and low income”. There are obvious industrial differences— communication and cultural entertainment, and financial service industry are high-risk investment industries; medical care, software industry, communications equipment and environmental protection engineering are low-risk investment industries, while new materials industry is an atypical high-risk and low-income industry for venture capital.