风险投资或自我积累——初创期企业的融资策略选择  

Venture Capital or Bootstrap--Financing Approaches of Start-ups in Early Stage

作　　者：陈耀刚[1] 姜彦福[2] 

机构地区：[1]清华大学经济管理学院,北京100084 [2]清华大学中国创业研究中心,北京100084

出　　处：《科研管理》2002年第5期93-98,共6页Science Research Management

摘　　要：本文讨论了创业企业在创立初期所普遍面临的决策问题 :采用风险投资还是通过自我积累来获取发展所需资金。文章采用理论模型和实际案例相结合的方式 ,重点分析了风险投资环境、企业核心能力柔性、团队融资能力以及融资中介等因素对创业企业资金获取方式决策的影响。文章最后得出结论 ,认为在融资环境和条件不佳的情况下 ,具有较高核心能力柔性的创业企业应该选择自我积累的方式来保证企业的生存和发展。The choice of financing approaches-Venture Capital or bootstrap finance which many start-ups in early stage are facing, is discussed in this paper. Combining the theoretical model and practical cases, authors analyze the decision influence factors, mainly including environment of Venture Capital, Core Competence Flexibility of start-ups, financial capability, and financial intermediaries, etc. Finally, Authors conclude that those start-ups with higher Core Competence Flexibility should choose the bootstrap way to make the company survive and growth in the hard environment of Venture Capital.

关 键 词：创业企业 风险投资 自我积累 企业融资 

分 类 号：F275[经济管理—企业管理]