技术创业型企业孵化资本投入的风险管控——一个多案例对比  

Research on Risk Management and Control of Incubating Capital of Technological Entrepreneurship Business——Comparison of Multiple Case

作　　者：惠祥[1] 李秉祥[1] 吴祖光[1] 翟瑞锋 Hui Xiang;Li Bingxiang;Wu Zuguang;Zhai Ruifeng(School of Economics and Management, Xi'an University of Technology, Xi'an 710054, China;Jiangyin Metal Materials Innovation Institute, Wuxi 214400, China)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054 [2]江阴金属材料创新研究院,江苏无锡214400

出　　处：《科技进步与对策》2021年第10期1-8,共8页Science & Technology Progress and Policy

基　　金：国家自然科学基金面上项目(71772151);国家社会科学基金项目(19BGL065);陕西省教育厅科学研究计划专项(19JK0579);西安理工大学教师博士科研启动金项目(105-451118011)。

摘　　要：待孵化的技术创业型企业同时具有概念性技术向差异化产品转化的高风险与产品异质性被认同后溢价评估的高收益特点,导致其投资者多处于隔岸观火却欲罢不能的孵化投资矛盾中。对孵化资本实施有效的风险管控,成为吸引外部资本投入的关键。基于此,选择在可创概念选育与技术创业孵化领域探索出高成功率路径的概念证明中心、Y Combinator和创新工场为研究案例,分析其在创业项目筛选、孵化资金运营等关键环节的风险管控方式,以期完善我国孵化资本管控理论,助力我国商业孵化器提高资金风险管控能力,促进外部资本投入。Technological entrepreneurial enterprises waiting for incubation have the high risk of transforming conceptual technology into differentiated products,and they also have the characteristics of high returns after product differentiation is accepted by the market.Effective incubation capital risk management and control has become the key to promoting external capital investment.In response to the above problems,this article selects three typical cases that have created a high success rate in the field of technology entrepreneurship incubation,the Proof of Concept Center,Y Combinator and the innovation workshop.This paper collects case data,analyzes the risk management and control models of these three cases in key links such as startup project screening and incubation capital investment,and improves the theoretical methods of capital risk management and control for business incubators in my country.The research conclusions can provide reference for the rapid development of business incubators.

关 键 词：创业孵化 资本投入 风险管控 概念性技术 产品异质性 

分 类 号：F272.2[经济管理—企业管理]