Добавил:
ivanov666
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз:
Предмет:
Файл:Экономика инновационной деятельности предприятия = Economics of innovative activity of enterprise. Учебное пособие
.pdf
9HQWXUHLQYHVWRUVSXWWKHLUPRQH\LQHTXLW\E\EX\LQJVKDUHVRIWKHFRPSDQ\
XVXDOO\ OHVV WKDQ D FRQWUROOLQJ VKDUH 9HQWXUH FDSLWDOLVWV EHOLHYH WKDW LW LV D
SURPLVLQJKLJKWHFK FRPSDQ\ ZLWKDJUHDWSRWHQWLDOIRUJURZWK7KH\EHFRPHFR
RZQHUVRIWKHILUPVRPHWLPHVWKH\DOVRSURYLGHORDQVWRWKHFRPSDQ\7KLVVRXUFH
RIIXQGLQJLVYLWDOO\QHFHVVDU\IRU\RXQJKLJKWHFKFRPSDQLHVVLQFHLW LV GLIILFXOW
WRREWDLQFUHGLWRUWRSODFHERQGV
7KH PHDQLQJRI LQYHVWLQJ LQ VXFK EXVLQHVVHV LV WKDW DIWHU WKH GLUHFW YHQWXUH
FDSLWDO LQYHVWPHQW ORDQV DQG LQWHOOHFWXDO DQG RUJDQL]DWLRQDO DVVLVWDQFH IURP
LQYHVWRUVWKH FRPSDQ\EHJLQVWRJURZVXFFHVVIXOO\DQG LWV YDOXHULVHVVKDUSO\$W
WKHSHDNRISULFHVYHQWXUHFDSLWDOLVWVVHOOWKHLUVKDUHVLQWKHFRPSDQ\DQGIL[WKHLU
SURILWV7KLV SRLQWLVFDOOHGWKH³H[LW´IURPWKHLQYHVWHGFRPSDQ\,WLVGLIILFXOWWR
GHWHUPLQHLQDGYDQFHZKHQ WKHH[LW RXWRIWKHFRPSDQ\ ZLOO WDNHSODFHLWPD\
WDNH\HDUVGHSHQGLQJRQWKHVLWXDWLRQ'LIIHUHQWLQYHVWRUVPDQDJHUVRIWKH
ILUPPDQDJHUVRIRWKHUILUPVVWUDWHJLFLQYHVWRUVWKHJHQHUDOSXEOLFLQGXULQJWKH
,32 EX\ VKDUHV RI WKH FRPSDQ\ 3URIHVVLRQDO YHQWXUH FDSLWDOLVWV XVXDOO\ LQYHVW
VKDUHVDOHVUHYHQXHVLQWKHQH[WYHQWXUHSURMHFWV
9HQWXUHFDSLWDOLVDORQJWHUPKLJKULVNFDSLWDOLQYHVWHGE\SURIHVVLRQDOQRQ
LQVWLWXWLRQDO DQG LQVWLWXWLRQDO LQYHVWRUV LQ WKH VWRFN VKDUHV RI SRWHQWLDOO\ KLJK
JURZWK FRPSDQLHV 9HQWXUH FDSLWDOLVWV E\ DFTXLULQJ VKDUH LQ WKHVWRFNDQG
H[WHQGLQJORDQVVKDUHDOOULVNVZLWKWKHFRPSDQ\ 'HVSLWH WKH DVVLVWDQFH ZLWK
FKRRVLQJGHYHORSPHQWVWUDWHJLHVHVWDEOLVKLQJEXVLQHVVFRQWDFWVDQGDVVHVVPHQWRI
SRWHQWLDO PDUNHWV IRU LQQRYDWLYH SURGXFWV SURMHFWV RIWHQ WXUQ RXW WR EH
XQVXFFHVVIXODQGYHQWXUHLQYHVWRUVORVHWKHLUPRQH\
9HQWXUHFDSLWDOLVWVLQFOXGLQJ
EXVLQHVVDQJHOVXVHDOO SRVVLEOH PHDVXUHVWRUHGXFHWKHULVNV RI LQYHVWPHQW)LUVW
RI DOO WKH\ FDUHIXOO\ VHOHFW REMHFWV IRU LQYHVWPHQW 7KH\ SD\ VSHFLDO DWWHQWLRQ WR
KRZ FUHDWLYH PDQDJHPHQW WHDP RI WKH FRPSDQ\ LV
9HQWXUH FDSLWDOLVWV FRQVLGHU
PDQ\ RIIHUV IURP GLIIHUHQW FRPSDQLHV DQG XVH WKHLU H[SHUWLVH WR DVVHVV WKH
IHDVLELOLW\DQGSURVSHFWVRIWKHSURSRVHGSURMHFWV%XVLQHVVDQJHOVMRLQDVVRFLDWLRQV
DQG XVH H[SHUW RSSRUWXQLWLHV RI DOO PHPEHUV RI WKH DVVRFLDWLRQ WR VHOHFW ZRUWK\
161
SURMHFWV 9HQWXUH IXQGV ZKLFK DFFXPXODWH PHDQV RI PDQ\ LQGLYLGXDO DQG
LQVWLWXWLRQDOLQYHVWRUV WUDQVIHU WKHUHVSRQVLELOLW\ WR FKRRVHLQYHVWPHQW SURMHFWV WR
VSHFLDOLQYHVWPHQWPDQDJHPHQWFRPSDQLHVFRPSRVHGRISURIHVVLRQDOVDQGH[SHUWV
,QDGGLWLRQ WRWKH LQYHVWPHQW YHQWXUH FDSLWDOLVWV SURYLGHVLJQLILFDQW DVVLVWDQFHWR
FRPSDQLHVLQWKHLUSRVLWLRQLQJLQWKHPDUNHW
7KH PDLQ PHWKRG WR UHGXFH WKH ULVNV RI YHQWXUH FDSLWDO LQYHVWLQJ LV WR
GLYHUVLI\WKHREMHFWVRILQYHVWPHQWDFURVVLQGXVWULHVDQGFRXQWULHVLQWKHKRSHWKDW
WKH GHFOLQH LQ RQH LQGXVWU\ FRXQWU\ ZLOO EH FRPSHQVDWHG E\ WKH VXFFHVVIXO
GHYHORSPHQW RI RWKHU LQGXVWU\ FRXQWU\ 'LYHUVLILFDWLRQ DOVR JRHV WKURXJK
LQYHVWPHQWVLQ FRPSDQLHVDWYDULRXVVWDJHV RI GHYHORSPHQW 7KH HDUOLHU WKHVWDJH
WKH PRUH XQFHUWDLQ LV WKH UHVXOW DQG KLJKHU ULVN RI LQYHVWPHQW (YHQ WKH PRVW
SURIHVVLRQDO YHQWXUH IXQGV DQG EXVLQHVV DQJHOV KDYH IDLOXUH SURMHFWV %XW
SURIHVVLRQDOVFRPSHQVDWHIRUWKHLUORVVHVE\VXSHUSURILWVIURPVXFFHVVIXOSURMHFWV
7KHPRVW DGYDQFHG DW WKH PRPHQW LVWKHYHQWXUHFDSLWDOLQWKH8QLWHG6WDWHV
,WDOVRGHYHORSVVXFFHVVIXOO\LQWKH(XURSHDQ8QLRQ6RPHSURJUHVVKDVDOVREHHQ
DFKLHYHGLQWKHGHYHORSPHQWRIYHQWXUHLQYHVWPHQWLQGXVWU\LQ5XVVLD
7KHVHW RI )UHTXHQWO\ $VNHG4XHVWLRQV DERXWYHQWXUH FDSLWDOLVJLYHQ EHORZ $QVZHUV
DUHEDVHGPDLQO\RQVWDWLVWLFVIURPWKH86$
1.“What kind of investors are venture capitalists?
9HQWXUHFDSLWDOLVWVDUHSURIHVVLRQDOLQYHVWRUVZKR VSHFLDOL]HLQIXQGLQJDQG EXLOGLQJ \RXQJ
LQQRYDWLYHHQWHUSULVHV9HQWXUHFDSLWDOLVWVDUHORQJWHUPLQYHVWRUVZKRWDNHDKDQGVRQDSSURDFK
ZLWKDOORIWKHLU LQYHVWPHQWVDQGDFWLYHO\ ZRUNZLWKHQWUHSUHQHXULDO PDQDJHPHQWWHDPVLQRUGHU
WREXLOGJUHDWFRPSDQLHV
2. Where do venture capitalists get their money?
0RVWYHQWXUH FDSLWDO ILUPVUDLVH WKHLU ³IXQGV´IURP LQVWLWXWLRQDO LQYHVWRUVVXFK DV SHQVLRQ
IXQGV LQVXUDQFH FRPSDQLHV HQGRZPHQWV IRXQGDWLRQV IDPLO\ RIILFHV DQG KLJK QHW ZRUWK
LQGLYLGXDOV 7KH LQYHVWRUV ZKR LQYHVW LQ YHQWXUH FDSLWDO IXQGV DUH UHIHUUHG WR DV OLPLWHG
SDUWQHUV9HQWXUH FDSLWDOLVWV ZKRPDQDJH WKH IXQG DUHUHIHUUHG WR DVJHQHUDO SDUWQHUV 7KH
JHQHUDOSDUWQHUVKDYHDILGXFLDU\UHVSRQVLELOLW\WRWKHLUOLPLWHGSDUWQHUV
3. How many venture capital firms are there in the U.S.?
,Q WKHUH ZHUH DFWLYH 86 YHQWXUH FDSLWDO ILUPV GHILQHG DV LQYHVWLQJ DW OHDVW
PLOOLRQLQFRPSDQLHV7KLVFRPSDUHV ZLWK VXFK ILUPVDW WKH KHLJKW RIWKH WHFKEXEEOH LQ
162
,I\RXGHILQHWKHXQLYHUVHRI86YHQWXUHFDSLWDOILUPVDVWKRVHUDLVLQJPRQH\LQDQ\RIWKH
ODVW\HDUVWKHFRXQWZDV7KHVHILUPVPDQDJHGELOOLRQLQFRPPLWWHGFDSLWDO
4. What's the average size of a venture capital fund in the USA?
,QWKHDYHUDJHYHQWXUHIXQGVL]HZDVPLOOLRQ
5. How many companies receive venture capital financing in the USA each year?
,QYHQWXUHFDSLWDOLVWVLQYHVWHGDSSUR[LPDWHO\ ELOOLRQLQWRQHDUO\FRPSDQLHV
2IWKHVHFRPSDQLHVUHFHLYHGIXQGLQJIRUWKHILUVWWLPH
6. What types of companies and industries do venture capitalists invest in?
9HQWXUHFDSLWDOLVWV LQYHVW PRVWO\ LQ\RXQJ SULYDWHFRPSDQLHVWKDW KDYH JUHDW SRWHQWLDOIRU
LQQRYDWLRQDQGJURZWK9HQWXUHFDSLWDOLVWVKDYHEHHQLQVWUXPHQWDOLQGHYHORSLQJVHFWRUVVXFKDV
WKHFRPSXWHUELRWHFKQRORJ\DQG WKHFRPPXQLFDWLRQVLQGXVWULHV7RGD\WKHPDMRULW\RIYHQWXUH
FDSLWDO LV LQYHVWHG LQ KLJK WHFKQRORJ\ FRPSDQLHV LQFOXGLQJ VRIWZDUH ELRWHFKQRORJ\ PHGLFDO
GHYLFHVPHGLDDQGHQWHUWDLQPHQWZLUHOHVVFRPPXQLFDWLRQV,QWHUQHWDQGQHWZRUNLQJ,QWKHODVW
ILYH \HDUV WKHYHQWXUH LQGXVWU\KDV DOVR FRPPLWWHG LWVHOI WRLQYHVWLQJ LQ WKH FOHDQ WHFKQRORJ\
VHFWRUV ZKLFK LQFOXGH UHQHZDEOH HQHUJ\ HQYLURQPHQWDO DQG VXVWDLQDELOLW\ WHFKQRORJLHV DQG
SRZHU PDQDJHPHQW +RZHYHU YHQWXUH FDSLWDOLVWV DOVR LQYHVW LQ LQQRYDWLYH FRPSDQLHV ZLWKLQ
PRUH WUDGLWLRQDO LQGXVWULHV VXFK DV FRQVXPHU SURGXFWV PDQXIDFWXULQJ ILQDQFLDO VHUYLFHV DQG
KHDOWKFDUHVHUYLFHVDQGEXVLQHVVSURGXFWVDQGVHUYLFHV
7. What impact does venture capital have on the economy?
9HQWXUHFDSLWDO DFWLYLW\KDVDVLJQLILFDQWLPSDFW RQ WKH86DQGJOREDO HFRQRPLHV9HQWXUH
FDSLWDO LV D FDWDO\VW IRU MRE FUHDWLRQ LQQRYDWLRQ WHFKQRORJ\ DGYDQFHPHQW LQWHUQDWLRQDO
FRPSHWLWLYHQHVV DQG LQFUHDVHG WD[ UHYHQXHV $FFRUGLQJ WR WKH 9HQWXUH ,PSDFW VWXG\
SURGXFHG E\ ,+6 *OREDO ,QVLJKW RULJLQDOO\ YHQWXUHEDFNHG FRPSDQLHV DFFRXQWHG IRU
PLOOLRQMREV DQGRYHU WULOOLRQ LQ UHYHQXH LQ WKH 8QLWHG 6WDWHV EDVHG RQ GDWD 7KRVH
WRWDOVFRPSDUHWRRI*'3DQGRISULYDWHVHFWRUHPSOR\PHQW
8. How are venture capitalists different from other investors?
9HQWXUHFDSLWDOLVWVDUH ORQJWHUP LQYHVWRUV ZKR SOD\ D YHU\ DFWLYH UROH LQWKHLUSRUWIROLR
FRPSDQLHV:KHQ D YHQWXUH FDSLWDOLVWPDNHVDQ LQYHVWPHQW KHVKH GRHVQRWH[SHFW D UHWXUQRQ
WKDWLQYHVWPHQWIRU\HDUVRQDYHUDJH7KHLQLWLDOLQYHVWPHQWLV MXVWWKHEHJLQQLQJRIDORQJ
UHODWLRQVKLS EHWZHHQ WKH YHQWXUH FDSLWDOLVW DQG HQWUHSUHQHXU9HQWXUH FDSLWDOLVWV SURYLGH JUHDW
YDOXHE\SURYLGLQJFDSLWDODQGPDQDJHPHQWH[SHUWLVH9HQWXUHFDSLWDOLVWVRIWHQDUHLQYDOXDEOHLQ
EXLOGLQJ VWURQJ PDQDJHPHQW WHDPV PDQDJLQJ UDSLG JURZWK DQG IDFLOLWDWLQJ VWUDWHJLF
SDUWQHUVKLSV
163
9. How do venture capitalists realize a return on their investment?
7KH FRPSDQLHV WKDW YHQWXUH FDSLWDOLVWV LQYHVW LQ DUH SULYDWH HQWHUSULVHV 7\SLFDOO\ WKH
YHQWXUHFDSLWDOLVWUHDOL]HVDUHWXUQRQWKHLULQYHVWPHQWZKHQWKHFRPSDQ\JRHVSXEOLF,32RULV
PHUJHGRUSXUFKDVHGE\DQRWKHUFRPSDQ\0$
10. What percentage of venture-backed companies succeed?
9HQWXUH FDSLWDOLVWV LQYHVWLQ KLJKULVNHQWHUSULVHV +RZHYHU YHQWXUH FDSLWDOLVWV PDQDJH
WKDW ULVN WKURXJKSRUWIROLR ULVNPDQDJHPHQW ,W LV HVWLPDWHG WKDW SHUFHQW RI YHQWXUH EDFNHG
FRPSDQLHV IDLO SHUFHQW UHWXUQ PRGHUDWH DPRXQWV RI FDSLWDO DQG RQO\ SHUFHQW RU OHVV
SURGXFHKLJKUHWXUQV,WLVWKHVPDOOSHUFHQWDJHRIKLJKUHWXUQGHDOVWKDWDUHPRVWUHVSRQVLEOHIRU
WKHYHQWXUHFDSLWDOLQGXVWU\FRQVLVWHQWO\SHUIRUPLQJDERYHWKHSXEOLFPDUNHWV
11.How does angel investing differ from venture capital?
9HQWXUH FDSLWDO ILUPV DUH SURIHVVLRQDO LQYHVWRUV ZKR GHGLFDWH RIWKHLUWLPHWR
LQYHVWLQJDQG EXLOGLQJ LQQRYDWLYHFRPSDQLHVRQ EHKDOI RIWKLUG SDUW\LQYHVWRUV RU WKHLU OLPLWHG
SDUWQHUV7KHDQJHOLQYHVWPHQWFRPPXQLW\LVDPRUHLQIRUPDOQHWZRUNRILQYHVWRUVZKRLQYHVWLQ
FRPSDQLHVIRUWKHLURZQ LQWHUHVWV 7\SLFDOO\ DQJHO LQYHVWRUV LQYHVWOHVV WKDQ PLOOLRQ LQ DQ\
SDUWLFXODU FRPSDQ\ ZKHUHDV YHQWXUH FDSLWDOLVWV XVXDOO\ LQYHVW PRUH WKDQ PLOOLRQ SHU
FRPSDQ\
12. What's the difference between venture capital and private equity?
9HQWXUHFDSLWDOLVDVXEVHWRIWKHODUJHUSULYDWHHTXLW\DVVHWFODVV7KHSULYDWHHTXLW\DVVHW
FODVV LQFOXGHV YHQWXUH FDSLWDO EX\RXWV DQG PH]]DQLQH LQYHVWPHQW DFWLYLW\ 9HQWXUH FDSLWDO
IRFXVHVRQLQYHVWLQJLQSULYDWH\RXQJIDVWJURZLQJFRPSDQLHV%X\RXWDQGPH]]DQLQHLQYHVWLQJ
IRFXVHVRQLQYHVWLQJ LQ PRUH PDWXUH FRPSDQLHV 9HQWXUH FDSLWDOLVWV DOVR LQYHVW FDVK IRU HTXLW\
8QOLNHEX\RXWSURIHVVLRQDOVYHQWXUHFDSLWDOLVWVGRQRWXVHOHYHUDJHLQWKHLUWUDQVDFWLRQV
13. What impact does corporate venture investing have on the venture industry?
0DQ\FRUSRUDWLRQV KDYH EHHQDFWLYHYHQWXUHFDSLWDOLQYHVWRUVIRU PDQ\ \HDUV &RUSRUDWH
YHQWXUH FDSLWDOLVWV RIWHQ FRLQYHVW ZLWK WUDGLWLRQDO YHQWXUH FDSLWDOLVWV %HVLGHV EHLQJ VDYY\
LQYHVWRUV PDQ\ FRUSRUDWH YHQWXUH FDSLWDOLVWV SURYLGH WKHLU SRUWIROLR FRPSDQLHV DFFHVV WR
FRUSRUDWHGLVWULEXWLRQFKDQQHOVDQGSRWHQWLDOO\LPSRUWDQWVWUDWHJLFSDUWQHUV´
6RXUFHDYDLODEOHIURP nvca.org/index.php?option=com...id
Venture Capital in Russia
7KHVFRSH RI WKHYHQWXUHFDSLWDO LQGXVWU\ QRZH[LVWLQJLQ WKHZRUOGLV
HVWLPDWHG DW ELOOLRQ ,W LV UHSUHVHQWHG E\ IRUPDO LQVWLWXWLRQDO DQG LQIRUPDO
VHFWRUV 7KH LQVWLWXWLRQDO VHFWRU LV UHSUHVHQWHG E\ YHQWXUH FDSLWDO IXQGV PDLQO\
164
SDUWQHUVKLSV ZKLFK FRQFHQWUDWH UHVRXUFHV RI FRUSRUDWLRQV LQVXUDQFH IXQGV
SULYDWH DQG SXEOLF SHQVLRQ IXQGV LQGLYLGXDOV DQG RWKHU ,QIRUPDO VHFWRU LV
UHSUHVHQWHGE\XQLQFRUSRUDWHGSULYDWHLQYHVWRUV
*RYHUQPHQWV LQ GHYHORSHG LQGXVWULDO FRXQWULHV WRJHWKHU ZLWK SULYDWH
EXVLQHVVHV SDUWLFLSDWH DFWLYHO\ LQ WKH YHQWXUH FDSLWDO LQGXVWU\ 7KH SXUSRVH RI
SXEOLF ILQDQFLQJ RI YHQWXUH SURMHFWV LV WR DFFHOHUDWH WKH LQQRYDWLRQ SURFHVV DQG
SURPRWH HFRQRPLF JURZWK DQG QHZ MREV FUHDWLRQ 2(&' JRYHUQPHQWV DQQXDOO\
LQYHVWDERXW ELOOLRQ LQ ULVN\ YHQWXUH ILQDQFLQJ 7KH\ GHYHORSDQG LPSOHPHQW
VSHFLDO SURJUDPV $V SDUW RI WKHVH SURJUDPV JRYHUQPHQW SURYLGH IXQGLQJ WR
LQQRYDWLYHEXVLQHVVHVFUHDWHILQDQFLDODQGRWKHULQFHQWLYHVIRUSULYDWH LQYHVWPHQW
LQ ULVN\ SURMHFWV DQG LPSURYH WKH OHJLVODWLRQ $W WKH PRPHQW LQ GHYHORSHG
LQGXVWULDOL]HGFRXQWULHVODUJHH[SHULHQFHRIJRYHUQPHQWVLQ WKLVDUHD KDYH DOUHDG\
EHHQDFFXPXODWHG7KHUHDUHPDQ\YDULDQWVRIGLUHFWDQGLQGLUHFWDLGWRWKHYHQWXUH
FDSLWDO LQGXVWU\ 'HVSLWH WKHLU GLIIHUHQFHV DOO RI WKHP VHHN SULYDWH FDSLWDO
SDUWLFLSDWLRQLQWKHLQQRYDWLRQEXVLQHVV
,QMXVWWZRGHFDGHVWKHYHQWXUHLQYHVWPHQW LQGXVWU\ LQ 5XVVLD KDVHPHUJHG
'XULQJWKH SHULRG RIWKH 5XVVLDQYHQWXUHPDUNHW WULSOHG DQGWKHWRWDO
DPRXQWRIYHQWXUHFDSLWDOWUDQVDFWLRQVLQ5XVVLDUHDFKHGWKHOHYHORIELOOLRQ
UXEOHV+RZHYHULQZKHQWKH5XVVLDQHFRQRP\KDVVXIIHUHGIURPFULVLVWKH
YHQWXUHLQGXVWU\ DOVR PDQLIHVWHG IDOO LQ WKH YROXPHDQGQXPEHURIYHQWXUHFDSLWDO
GHDOVLQYHVWRUV¶DFWLYLW\VKULQNHG
7KH PDLQ JRDO WKDW WKH 5XVVLDQ YHQWXUH LQGXVWU\ IDFHV LV WR DFKLHYH
VXVWDLQDEOH UHSURGXFWLRQ RI YHQWXUH FDSLWDO IRU WKH GHYHORSPHQW RI D QDWLRQDO
V\VWHPRILQQRYDWLRQDQGWHFKQRORJLFDOHQWUHSUHQHXUVKLSLQ5XVVLD
)RUWKH5XVVLDQLQQRYDWLRQEXVLQHVVWKHYHQWXUHLQYHVWLQJLVRQHRIWKHPRVW
SURPLVLQJ LQVWUXPHQWV WR ILOO WKH JDSV EHWZHHQ WKH ILQDQFLDO QHHGV RI \RXQJ
WHFKQRORJ\ FRPSDQLHV WKDW KDYH QRW \HW UHDFKHG WKH EUHDNHYHQ SRLQW DQG WKH
UHTXLUHPHQWV RI WUDGLWLRQDO VRXUFHV RI FDSLWDO ILQDQFLDO DQG FUHGLW LQVWLWXWLRQV
SULYDWH HTXLW\ IXQGV LQVWLWXWLRQDO LQYHVWRUV DQG FDSLWDO PDUNHW H[FKDQJH
165
LQVWUXPHQWV7KLVYHQWXUHLQYHVWPHQW LQGXVWU\ GRHVQRW RQO\VROYH WKHSUREOHP RI
UDLVLQJ FDSLWDO IRU WKH LQQRYDWLRQ VHJPHQW RI WKH HFRQRP\ EXW DOVR DFWV DV DQ
HIIHFWLYHV\VWHP RIVHOHFWLRQ IRUWKHKLJK TXDOLW\SURMHFWV FRPSHWLWLYHLQ QDWLRQDO
DQGLQWHUQDWLRQDOKLJKWHFKPDUNHWV
(DFK RI WKH GHVFULEHG DERYH VRXUFHV RI ILQDQFLQJ KDV LWV DGYDQWDJHV DQG
GLVDGYDQWDJHVWKHUHIRUHLW LVQHFHVVDU\WRGHYHORS DOWHUQDWLYH RSWLRQVEDVHGRQ D
FRPELQDWLRQ RI GLIIHUHQW IRUPV RI IXQGLQJ )RU HDFK LQQRYDWLRQ SURMHFW YDULRXV
VFKHPHVRIILQDQFLQJVKRXOGEHFDUHIXOO\DVVHVVHG
Question for discussion:
6RXUFHVRILQQRYDWLYHSURMHFWVILQDQFLQJ
:KDWHOHPHQWVRIWKHFRPSDQ\VRZQIXQGVFDQEHXVHGWRILQDQFH
LQQRYDWLRQ"
&RQGLWLRQVIRUREWDLQLQJERUURZHGIXQGVWRILQDQFHLQQRYDWLYH
DFWLYLWLHV
)XQGVUDLVHGWRILQDQFHLQQRYDWLYHDFWLYLW\
&URZGIXQGLQJWRILQDQFHLQQRYDWLYHSURMHFWV
(OHPHQWVRILQGLUHFWLQQRYDWLRQILQDQFLQJ
)HDWXUHVRIYHQWXUHILQDQFLQJ
³%XVLQHVVDQJHOV´DQGLQQRYDWLRQILQDQFLQJ
:D\VWRPLQLPL]HWKHULVNRIYHQWXUHLQYHVWRUV
,QYHVWRUV¶´H[LWVWUDWHJLHV´IURPILQDQFHGSURMHFWV
'UDIWRIWKH6WUDWHJ\IRU9&,QGXVWU\'HYHORSPHQWLQWKH5XVVLDQ)HGHUDWLRQ0RVFRZ
KWWSZZZUXVYHQWXUHUX>5XVLDQ@
166
&KDSWHU,QQRYDWLYHSURMHFWVHIILFLHQF\DQGULVNV
,QQRYDWLYHSURMHFWDQGLWVPDLQSDUWLFLSDQWV
,QQRYDWLRQ KDV EHFRPH D PDMRU IDFWRU RI HFRQRPLF JURZWK LQ WKH SRVW
LQGXVWULDO HUD 7KLV LV GXH WR WKH DFFHOHUDWLRQ RI LQIRUPDWLRQ DQG WHFKQRORJLFDO
H[FKDQJH,I WHQ \HDUVDJRDVXFFHVVIXO LQQRYDWLRQ HQDEOHGFRPSDQ\WRUHPDLQ D
OHDGHU DQG VKRZ KLJKSURILWDELOLW\ IRUVHYHUDO \HDUVWRGD\ DQ\JRRG LGHD FDQ EH
TXLFNO\UHSOLFDWHG,QUHVXOWWKHOHDGHUTXLFNO\ORVHVLWVFRPSHWLWLYHDGYDQWDJHWKDW
IRUFHVKLPWRGHYHORSDQGLPSOHPHQWQHZLQQRYDWLRQ
7RGD\LQQRYDWLRQLVQRWDRQHWLPHHYHQWEXWDFRQWLQXRXVSURFHVVDNLQG
RI DVVHPEO\ OLQH ZKHQ D VWUHDP RI QHZ LGHDV LV EURXJKW WR WKHLU SUDFWLFDO
LPSOHPHQWDWLRQ LQ WKH ILQLVKHG SURGXFWV 6WDWLVWLFV VKRZ WKDW OHVVWKDQ RXW RI
LGHDVFRPHWRLPSOHPHQWDWLRQVWDJHDQG RQO\ RQH RIWKHP JLYHVD VLJQLILFDQW
HFRQRPLF HIIHFW 7KH HIIHFWLYHQHVV RI LQQRYDWLRQ SURMHFWV LV KDUG WR SUHGLFW LQ
DGYDQFH DQG RIWHQ IRUHFDVWV DUH RQO\ TXDOLWDWLYH 7KDW XQFHUWDLQW\ RI WKH ZRUN
GXUDWLRQ XQSUHGLFWDELOLW\ RI FRVWV DQG VFLHQWLILF UHVXOWV GLVWLQJXLVK LQQRYDWLYH
SURMHFWV IURP RUGLQDU\ LQYHVWPHQW SURMHFWV ,QQRYDWLRQ SURMHFWV UHTXLUH VSHFLDO
DSSURDFKHVWRWKHRUJDQL]DWLRQRIZRUNILQDQFLQJDQGSURMHFWHYDOXDWLRQ
'HYHORSPHQWDQGLPSOHPHQWDWLRQRILQQRYDWLRQVLVFDUULHGRXWLQLQQRYDWLYH
SURMHFWV 3URMHFW LV D WHPSRUDU\ DFWLYLW\ GHVLJQHG WR FUHDWH XQLTXH SURGXFWV
VHUYLFHVRURWKHUUHVXOWV
,Q SUDFWLFH LW LV GLIILFXOW WR GLIIHUHQWLDWH EHWZHHQ LQQRYDWLYH DQG RUGLQDU\
LQYHVWPHQWSURMHFW 3URMHFW ZRUNLV XVXDOO\FRPELQHGZLWK WKHRQJRLQJRSHUDWLQJ
DFWLYLW\RIWKHFRPSDQ\ 7KH $PHULFDQDQG(XURSHDQPDQDJHPHQW WHQG WR VLQJOH
RXW SURMHFWV LQWR D VHSDUDWH RUJDQL]DWLRQDO WHDP ZLWK EURDG SRZHUV ,W DOORZV
TXLFNO\VROYLQJPDQDJHPHQWSUREOHPVDQGGHILQHVVWULFWUHVSRQVLELOLW\RIWKHWHDP
PHPEHUVIRU WKHILQDO UHVXOW)RU 5XVVLD PRUHW\SLFDO LVWKH IXQFWLRQDOPRGHO RI
$ JXLGH WR WKH SURMHFW PDQDJHPHQWERG\ RI NQRZOHGJH 30%2. JXLGH )LIWK HGLWLRQ
3URMHFW0DQDJHPHQW,QVWLWXWHKWWSZZZSPLRUJ30%2.*XLGHDQG6WDQGDUGVDVS[
167
SURMHFW LPSOHPHQWDWLRQ ZKHQ SURMHFW ZRUN LV GLVWULEXWHG DPRQJ H[LVWLQJ
IXQFWLRQDO GHSDUWPHQWV DQG SURMHFW ZRUN PHUJHV ZLWK RWKHU DFWLYLWLHV RI WKH
FRPSDQ\7KHUHIRUHLQ5XVVLDLQQRYDWLRQVDUHRIWHQDVVRFLDWHGZLWKEXVLQHVVHVDV
D ZKROH UDWKHU WKDQ ZLWK LQGLYLGXDO SURMHFWV 8VXDOO\ FRPSDQ\ LV FRQVLGHUHG
³LQQRYDWLYH´RQWKHIROORZLQJJURXQGV
KLJKVKDUHRI5'VSHQGLQJLQWKHWRWDOFRVWVRIWKHFRPSDQ\
KLJKVKDUHRILQQRYDWLYHSURGXFWVLQWKHFRPSDQ\¶VRXWSXW
QXPEHURIDGYDQFHGSURGXFWLRQWHFKQRORJLHV
QXPEHURISDWHQWVRQLQWHOOHFWXDOSURSHUW\
QXPEHURIHPSOR\HHVHQJDJHGLQ5'
7KH SURFHVV RI LQQRYDWLRQ FUHDWLRQ JRHV WKURXJK VHYHUDO VWDJHV NQRZQ DV
5'
&UHDWLRQ DQG LPSOHPHQWDWLRQ RI LQQRYDWLRQV LV D NLQG RI EXVLQHVV ZKLFK
VKRXOG SURYLGH SURILW 7KHUHIRUH D V\VWHPLF YLHZ RQ DOO WKH ZRUN IURP LGHD WR
GLVSRVDORI SURGXFWLRQLV QHHGHG ,QIRUHLJQ SUDFWLFH LWLV FDOOHGproduct lifecycle
management 3/0 ZKLFK LV EDVHG RQ VSHFLDO LQWHJUDWHG LQIRUPDWLRQ V\VWHPV
&RQWLQXRXV$FTXLVLWLRQDQG/LIHɋ\FOH6XSSRUW&$/6
,Q PRVW FDVHV WKH ZRUN RQ FUHDWLRQ DQG LPSOHPHQWDWLRQ RI LQQRYDWLRQVLV
FDUULHG RXW E\ VHYHUDO GLIIHUHQW RUJDQL]DWLRQV WKDW XVH GLIIHUHQW PDQDJHPHQW
PHWKRGV DQG GLIIHUHQW VRXUFHV RI IXQGLQJ 7KH PRVW VLJQLILFDQW VFLHQWLILF
GHYHORSPHQWV DUH FUHDWHG DV UHVXOWV RI IXQGDPHQWDO UHVHDUFK FDUULHG RXW DW
DFDGHPLF LQVWLWXWLRQV DQG XQLYHUVLWLHV 7KH\ DUH IXQGHG WKURXJK WDUJHWHG SXEOLF
UHVHDUFK SURJUDPV DQG UHVHDUFK IRXQGDWLRQV 7KH GLVFRYHU\RI D VFLHQWLILF UHVXOW
JHQHUDWHVWKHGHVLUHWRILQGDSUDFWLFDODSSOLFDWLRQ$WWKLVVWDJHQXPHURXVSULYDWH
ODERUDWRULHV MRLQ WKH UHVHDUFK DFWLYLW\ WKH\ DUH WU\LQJ WR FUHDWH SURWRW\SHV RI
SURGXFWVRUZRUNLQJ PRGHOV RILQQRYDWLYHHTXLSPHQW7KH GLIILFXOW\WRDQWLFLSDWH
WKHIXWXUHUHVXOWVPDNHVWKHLQYHVWPHQWLQVXFKUHVHDUFKWRRULVN\WKHUHIRUHVSHFLDO
LQYHVWRUV DUH QHHGHG YHQWXUH FDSLWDO IXQGV 7KHVHILQDQFLDO LQVWLWXWLRQV FRPELQH
168
PHDQVRIPDQ\LQYHVWRUVLQWRDVLQJOHSRROWRIXQGVHYHUDOSURMHFWVVLPXOWDQHRXVO\
ZKLFKDOORZVVSUHDGLQJLQYHVWPHQWULVNV
7KH UHVXOW RI 5' LV WKH FUHDWLRQ RI LQWHOOHFWXDO SURSHUW\ REMHFWV DQG
SURWRW\SHV WKDW ZLOO GHPRQVWUDWH WKH SURVSHFWV RI QHZ SURGXFWV VHUYLFHV )URP
WKLVSRLQW LW LVSRVVLEOH WRHVWLPDWH WKH FRVWRI SURGXFWVWKHLUFRPSHWLWLYHQHVV WR
PDNH SUHOLPLQDU\ FDOFXODWLRQV RI FRVWHIIHFWLYHQHVV DQG WR FRPSRVH D EXVLQHVV
SODQIRUWKHLQYHVWPHQWSURMHFW
$WWKLVVWDJHRIWKHSURMHFWLQGXVWULDOFRPSDQLHV EDQNVDQGDZLGHUDQJHRI
RWKHULQYHVWRUVUHYHDO WKHLULQWHUHVWWR WKH SURMHFW1RZGHYHORSHUV FDQERUURZWR
GHYHORSSURGXFWLRQVHOOVWDNHVLQWKHLUDVVHWVWRLQYHVWRUVWRLVVXHOLFHQVHVIRUWKHLU
LQWHOOHFWXDOSURSHUW\WRLQGXVWULDOFRPSDQLHVDQGDWWUDFWILQDQFLQJLQRWKHUZD\V
7KXVWKH LQQRYDWLYHSURMHFW FRQVLVWVRI VHYHUDOVWDJHV DQGFRPELQHV PDQ\
SDUWLFLSDQWV7KHPDLQSDUWLFLSDQWVRIWKHLQQRYDWLRQSURMHFWDUH
Customer LVWKHLQGLYLGXDORUOHJDOHQWLW\WKDWZLOORZQDQGXVHWKHUHVXOWVRI
WKHSURMHFW
Investor LVWKHLQGLYLGXDORUOHJDOHQWLW\WKDWLQYHVWVLQWKHSURMHFW
DesignerplannerLVWKHSURMHFWGHYHORSHUWKDWLVW\SLFDOO\DVSHFLDOL]HG
GHVLJQRUJDQL]DWLRQZKLFKGHYHORSVSURMHFWGRFXPHQWDWLRQ
ProviderLVWKHSHUVRQXVXDOO\OHJDOZKRSURYLGHVORJLVWLFVIRUWKHSURMHFW
ContractorLVDSHUVRQUHVSRQVLEOHIRUWKHWLPHO\H[HFXWLRQRIZRUNV
FRQWUDFW
Project ManagerLVWKHSHUVRQZKRLVDXWKRUL]HGE\WKHFXVWRPHUWR
LPSOHPHQWWKHSURMHFW
0XOWLSOLFLW\RISDUWLFLSDQWVDQGZRUNVWDJHVOHDGVWRGLIIHUHQWXQGHUVWDQGLQJ
RIWKHQRWLRQHIILFLHQF\RIWKHSURMHFW2QHFDQWKLQNRISULYDWHHFRQRPLFHIIHFWV
IRU WKH LQGLYLGXDO SDUWLFLSDQWV RU WKH LQWHJUDO HIIHFW DV WRWDO EHQHILWV YHUVXV WRWDO
FRVWV GXULQJ WKH HQWLUH SHULRG RI WKH SURGXFW OLIHF\FOH ,W LV DOVR LPSRUWDQW WKDW
PDQ\UHVHDUFKVWXGLHVQRWRQO\VROYHFHUWDLQVFLHQWLILFSUREOHPVEXWDOVRJHQHUDWH
QXPHURXV V\QHUJLHV LQ UHODWHG DUHDV RI WKH HFRQRP\ )RU H[DPSOH LQ VSDFH
169
H[SORUDWLRQ WKH HIIHFW RI WKH XVH RI VSDFH WHFKQRORJLHV LQ RWKHU LQGXVWULHV IRXU
WLPHV H[FHHGV WKH HIIHFW IURP WKH VSDFH DFWLYLWLHV WKHPVHOYHV $WWKHVDPHWLPH
WKHVHUHODWHG HIIHFWV DUHQRW NQRZQWRGHYHORSHUV EHIRUHKDQGDQGWKHUHIRUH PD\
QRW EH WDNHQ LQWR DFFRXQW LQ WKH IRUPDWLRQ RI EXVLQHVV SODQV DQG YDOXDWLRQ RI
LQYHVWPHQWV
7KH PRGHUQ SUDFWLFH RI LQQRYDWLYH SURMHFWV HYDOXDWLRQ LV EDVHG RQ V\VWHP
DSSURDFK3/0EXWIRUWKLVSXUSRVHDERG\ WKDW ZLOO PRQLWRU WKHHQWLUHFKDLQRI
ZRUNV RQ FUHDWLRQ DQG LPSOHPHQWDWLRQ RI LQQRYDWLRQ LV QHHGHG 8VXDOO\ WKLV
IXQFWLRQLVWDNHQRQE\DODUJHFRUSRUDWLRQRUSXEOLFFXVWRPHUPLQLVWU\DJHQF\
ZKLFKZLOOEHFRPHDSRWHQWLDOXVHURIWKHLQQRYDWLRQ7KLVERG\GHILQHVWKHZRUN
REMHFWLYHVIRUPVSODQVVHOHFWVWKHSDUWLFLSDQWVSURYLGHVIXQGLQJDQG RQWKHEDVLV
RI&$/6V\VWHPVPRQLWRUVWKH DFKLHYHPHQW RIWKH GHVLUHGUHVXOWV,QWKHDEVHQFH
RI D FRRUGLQDWLQJ ERG\ LW LV LPSRVVLEOH WR FUHDWH D FRQVROLGDWHG SODQ DQG WKH
SURMHFWVSOLWVLQWRVHYHUDOVXESURMHFWVFDUULHG RXW E\ GLIIHUHQWRUJDQL]DWLRQV 5
'SURMHFWFRQVWUXFWLRQZRUNDQGLQGXVWULDOSURMHFWIRUWKHSURGXFWLRQRILQQRYDWLYH
SURGXFWV HWF ,W LV LPSRUWDQW WR XQGHUVWDQG WKDW DQ HFRQRPLF DVVHVVPHQW RI WKH
LQQRYDWLRQ SURMHFW HIILFLHQF\ FDQ EH PDGH RQO\ DW WKH ILQDO VWDJHV RI SURWRW\SH
GHYHORSPHQW,QWKHHDUO\ VWDJHV RI5 ' WKHHIIHFW LVPHDVXUHGRQO\E\FHUWDLQ
VFLHQWLILFDQGWHFKQLFDOUHVXOWVFRPSDUHGZLWKWRWDOUHVRXUFHVDOORFDWHG
6SHFLILFIHDWXUHVRILQQRYDWLYHSURMHFWVHIILFLHQF\HYDOXDWLRQ
$Q LQQRYDWLYH SURMHFW LV UHDOL]HG LQ VHYHUDO VWHSV (DFK GHYHORSPHQW DQG
LPSOHPHQWDWLRQ VWDJH RI WKH SURMHFW KDV LWV RZQ REMHFWLYHV WDVNV DQG
LPSOHPHQWDWLRQ DSSURDFKHV WKDWCV ZK\ WKH HIILFLHQF\ DVVHVVPHQWEUHDNVXSLQWR
WZRVWDJHV
(IILFLHQF\DVVHVVPHQWRI5'VWDJHLQWKH3URMHFW
3URMHFWHIILFLHQF\DVVHVVPHQWDWDVWDJHRIFRPPHUFLDOL]DWLRQRIUHVXOWV
170
Соседние файлы в предмете [НЕСОРТИРОВАННОЕ]