ꆶ뺭볃컊쳢ꆷ2002쓪뗚1웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡJan1,2002ꆡꆡNo11럧쿕춶움맀뻶닟랽램돵첽퇏첫뮪,헅ꆡ쇺(훘쟬듳톧릤짌맜샭톧풺,훘쟬ꆡ400044)햪ꆡ튪:퓚럖컶펰쿬럧쿕춶뗄룷훖틲쯘뗄믹뒡짏,붨솢쇋럧쿕춶뻶닟뗄움볛횸뇪쳥쾵,늢뛔죧뫎ퟛ뫏샻폃뚨솿뫍뚨탔뗄랽램뗃돶럧쿕춶뗄ퟛ뫏움볛횸뇪횵뷸탐쇋돌탲탔쏨쫶ꆣ맘볼듊:ꆡ럧쿕춶;펰쿬틲쯘;움볛횸뇪쳥쾵훐춼럖샠뫅:F830191ꆡꆡꆡꆡꆡ컄쿗뇪쪶싫:Aꆡꆡꆡꆡꆡ컄헂뇠뫅:1004-972X(2002)01-0013-03ꆡꆡ럧쿕춶틑뺭돉캪췆뚯떱듺룟탂벼쫵랢햹뗄훘뷨ퟔ벺뗄뺭퇩뫍횱뻵뻍쓜ퟶ돶뫏샭뗄에뛏ꆣ떫쫇,캪튪솦솿ꆣ쯼볈캪훐킡웳튵뗄뒴튵쳡릩쇋훘튪뗄죚쪹뻶닟룼뿍맛,뾼싇웤펰쿬틲쯘룼좫쏦,뻍펦뺡뿉쓜쟾뗀,춬쪱튲캪짧믡놾쳡릩쇋훘튪뗄룟믘놨뗄춶뛠뗘닉폃뚨솿럖컶뗄랽램ꆣ랽쪽ꆣ럧쿕춶ퟷ캪튻쿮춶뻶닟,웤ퟮ훕쒿뗄쫇튻럧쿕춶쿮쒿뿉볲떥뮮럖캪죽룶랢햹뷗뛎:뗚뚨럧쿕쳵볾쿂뗄샻죳벫듳뮯믲튻뚨샻죳쳵볾쿂뗄럧튻뷗뛎ꆪꆪ듓벼쫵뾪랢떽닺욷퇐훆;뗚뛾뷗뛎ꆪꆪ쿕벫킡뮯ꆣ틲듋,컒쏇뻍폐뇘튪헒떽튻룶쓜ퟛ뫏랴펳듓닺욷짺닺떽닺튵뮯뺭펪;뗚죽뷗뛎ꆪꆪ듓맦랶뮯쫕틦뫍럧쿕뗄횸뇪ퟷ캪움볛춶뻶닟뗄뇪ힼ,좻뫳뺭펪떽퓙뒴탂랢햹ꆣ평폚듳뛠쫽럧쿕춶췹췹벯훐펦쓜뛔헢룶횸뇪뷸탐럖뷢,럖뷢캪럧쿕움맀ퟓ쾵춳폚뗚뛾뷗뛎,틲듋폐죋죏캪헦헽틢틥뗄럧쿕춶(벴뫍쫕틦움맀ퟓ쾵춳살뷸탐뷸튻늽뗄럖컶ꆣ쿁틥럧쿕춶)쫇횸퓚뗚뛾뷗뛎뗄춶ꆣ늻춬뗄랢햹쒿잰,컒맺퓚럧쿕춶움맀뻶닟랽쏦,듳늿럖뷗뛎췹췹뻟폐늻춬뗄쳘뗣뫍움맀뻶닟랽램ꆣ놾컄틔쇏뗄뷩짜뮹춣쇴퓚뚨탔쏨쫶뷗뛎,횻쫇듓늻춬뗄뷇뗚뛾뷗뛎(벴뒴춶뷗뛎)뗄럧쿕춶ퟷ캪퇐뺿뛔쿳ꆣ뛈닻쫶퓚럧쿕춶뻶닟훐탨튪럖컶뫍힢틢뗄컊쳢,럧쿕춶뗄퓋ퟷ맽돌뿉틔볲떥뗘럖캪컥룶뷗뛔죧뫎ퟛ뫏룷랽쏦탅쾢뗃돶튻룶쏷좷뗄뷡싛뮹좱랦뛎,벴쿮쒿즸톡ꆢ짳짷뗷닩ꆢ붻틗릹퓬ꆢ뺭펪벰볠뿘뫍튻룶췪헻뗄쮼슷ꆣ뛸쟒듳늿럖럖컶뫍뻶닟벯훐퓚닆췋돶뷗뛎ꆣ헢컥룶뷗뛎뗄돉릦쪵쪩릲춬뻶뚨쇋럧쿕컱횸뇪랽쏦,헢뛔럧쿕춶뻶닟쫇풶풶늻릻뗄ꆣ춶쿮쒿뗄돉냜ꆣ쿂쏦,컒쏇퇐뺿죧뫎뫏샭뗘움맀춶쿮쒿뗄쫕퓚헢컥룶뷗뛎훐,럧쿕춶쿮쒿뗄짳짷뗷닩벴틦뫍럧쿕ꆣ움맀뻶닟쫇ퟮ훘튪뗄뷗뛎,룃뷗뛎쫇럱돉릦퓚뫜듳쫗쿈,컒쏇펦럖컶펰쿬럧쿕춶돉릦뗄맘볼틲돌뛈짏뻶뚨ퟅ럧쿕춶뻶닟뗄돉냜ꆣ평폚럧쿕춶쯘ꆣ럧쿕춶볒뛔럧쿕춶쿮쒿뗄움볛뿉틔룅삨캪볒뫍럧쿕웳튵횮볤벫듳뗄탅쾢늻뛔돆,튲쪹헢룶뷗튻룶볲떥뗄릫쪽:V=PSEꆣ웤훐,V(Venture뛎돉캪럧쿕춶퓋ퟷ훐ퟮ삧쓑뗄뷗뛎ꆣcapital)캪뛔춶쿮쒿뗄움볛;P(Problem)캪컊쳢믲놾컄횼퓚춨맽뛔럧쿕춶뻶닟펰쿬틲쯘뗄퇐믺믡뗄듳킡(닺튵잰뺰);S(Solution)캪뷢뻶뗄돌뛈뺿,톰헒돶룼쫊폃뗄움맀뻶닟랽램뫍뻶닟횸뇪쳥쾵ꆣ(짌튵쒣쪽);E(Entrepreneurship)캪뒴튵볒쯘훊튻ꆢ럧쿕춶뻶닟뗄펰쿬틲쯘(뒴튵췅뛓)ꆣ퓚뺭맽쿮쒿뗄즸톡뷗뛎돵늽톡돶폐춶볛횵뗄닺튵잰뺰벴춶쿮쒿쫇럱쓜뷢뻶짧믡믲닺튵훐쿮쒿뫳,뻍튪뛔웤뷸탐뷸튻늽뗄움맀ꆣ뛔폚움맀랽램쿖듦뗄튻킩훘듳좱쿝,쫇럧쿕춶쿮쒿폐컞볛횵뗄뫍움볛횸뇪쳥쾵뗄톡퓱,늻춬뗄럧쿕춶릫쮾췹췹훘튪뇪ힼꆣ럧쿕춶쿮쒿횻폐퓚뻟폐맣삫쫐뎡뿕볤폐늻춬뗄쟣쿲ꆣ폐쪱,폐뺭퇩뗄럧쿕춶볒뷶뷶욾뗄쳵볾쿂닅폐웤듦퓚뗄볛횵ꆣ쫕룥죕웚:2001-11-27ퟷ헟볲뷩:퇏첫뮪(1964ꆪ),쓐,훘쟬죋,훘쟬듳톧릤짌맜샭톧풺뢱뷌쫚,늩쪿ꆣ13' 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
퇏첫뮪,헅ꆡ쇺:ꆡ럧쿕춶움맀뻶닟랽램돵첽ꆡꆡ짌튵쒣쪽쫇쇭튻룶훘튪뗄틲쯘ꆣ쯹캽짌튵쒣쪽,(3)쫐뎡퓶뎤잱솦:쫐뎡탨쟳랢햹쟷쫆풤닢ꆣ쫇횸춶쿮쒿쫇럱뻟폐늻틗놻쒣럂뗄뛀떽횮뒦늢뻟(4)뷸죫쫐뎡쟾뗀:튻쫇쫐뎡뷸죫뗄쓑틗돌뛈;폐솼뫃뗄펯샻잰뺰ꆣ뻟폐뿉돖탸뗄뺺헹폅쫆늢쓜샻뛾쫇쫇럱듦퓚뷸죫쫐뎡뗄ퟨ솦뫍늻샻틲쯘ꆣ폃웤믱뗃룟뛮샻죳쫇놣횤춶쿮쒿믱좡룟뛮믘놨뗄(5)헾닟벰엤쳗풴뫍짨쪩:럖컶맺볒닺튵헾닟훘튪쳵볾,튲쫇럧쿕춶헟ퟶ돶춶뻶닟뗄ퟮ훕뚯뫍쮰쫕헾닟뗄횧돖솦뛈틔벰쿠맘닺튵뛔웤횧돖뗄솦믺ꆣ짌튵쒣쪽뿉틔럖뷢캪솽룶랽쏦살뷸탐럖컶,벴닺뛈ꆣ욷쳘탔랽쏦뫍닆컱랽쏦ꆣ21닺욷틲쯘맜샭틲쯘튲쫇펰쿬럧쿕춶볛횵뗄훘튪틲쯘ꆣ(1)닺욷뛀쳘탔:폐쎻폐쓑틔쒣럂뗄뛀쳘탔ꆣ퓚틔췹뗄탭뛠쪵횤퇐뺿뷡맻훐,맜샭틲쯘뚼쫇뻶뚨(2)닺욷뗄뿉쿺쫛탔:룃닺욷쫇럱쫇쫐뎡훐뗄쾡춶쿮쒿쓜럱돉릦뗄ퟮ맘볼뗄틲쯘ꆣ뒴튵볒쫇럱뻟좱닺욷ꆣ폐맜샭쓜솦살놣돖웤벼쫵폅쫆늢붫웤뮯캪짌튵샻(3)벼쫵쮮욽:퓚맺볊ꆢ맺쓚뫍춬탐튵뒦폚쪲쎴죳,헢쫇럧쿕춶움볛훐ퟮ훘튪뗄랽쏦ꆣ듓쒳훖틢틥퇹뗄벼쫵뗘캻ꆣ짏쮵,맜샭틲쯘뻶뚨ퟅ춶뻶닟뗄돉냜ꆣ틲듋,듳뛠(4)닺욷뗄샻뮯돌뛈:닺욷훐쫇럱냼몬뛠훖쫽럧쿕춶볒쓾풸톡퓱튻쇷뗄럧쿕웳튵볒뫍뛾쇷뗄샻벼쫵ꆣ벼쫵뛸늻풸톡퓱튻쇷뗄벼쫵뫍뛾쇷뗄럧쿕웳튵볒ꆣ31닆컱틲쯘퓚틔짏뗄틲쯘훐,펰쿬쫕틦뗄틲쯘훷튪캪닺튵(1)춶믘놨:훷튪럖컶춶믘쫕웚ꆢ춶놨돪잰뺰ꆢ닺욷틲쯘뫍닆컱틲쯘ꆣ평폚놾컄틔럧쿕춶뗄싊뫍뺻쿖횵죽룶횸뇪ꆣ퓚맺췢,폐쪱틔쓜럱퓚10쓪뒴춶뷗뛎ퟷ캪퇐뺿뛔쿳,듋쪱,펰쿬럧쿕뗄틲쯘훷튪쓚듯떽풭쪼춶뛮10놶뗄믘놨ퟷ캪움볛뇪ힼꆣ쫇맜샭틲쯘뫍쫐뎡틲쯘ꆣ(2)뇤쿖쓜솦:튻쫇뇤쿖쓑틗;뛾쫇뇤쿖랽쪽뗄룷훖틲쯘뗄싟벭맘쾵죧쿂춼쯹쪾:톡퓱폠뗘ꆣ(뛾)럧쿕탔횸뇪11맜샭쓜솦(1)웳튵볒쯘훊:뿉틔듓틔쿂벸룶랽쏦훘뗣뾼달,튻쫇헽횱돏쪵;뛾쫇짭쳥붡뾵,뺫짱솼뫃;죽쫇뚯믺폫퓰죎룐;쯄쫇럖컶쓜솦ꆣ(2)맜샭벼쓜:튻쫇맜샭췅뛓돉풱퓚탐튵훐뗄뺭퇩뫍놳뺰;뛾쫇맜샭췅뛓뗄뺭펪샭쓮;죽쫇쇬떼헟뗄맜샭쓜솦;쯄쫇맜샭췅뛓돉풱뗄뎤쓜솦ꆣ뛾ꆢ럧쿕춶뻶닟뗄움맀횸뇪쳥쾵(3)닆컱벼쓜:럖컶웳튵뗄닆컱럖컶뫍닆컱풤닢럧쿕춶움맀뻶닟횸뇪쳥쾵뗄붨솢퓚컒맺뮹뒦쓜솦,럖컶뒴튵릫쮾닆컱볆뮮뗄뫏샭탔ꆣ폚돵늽첽쯷뷗뛎ꆣ뛸쟒,평폚컒맺뗄럧쿕춶뮹뒦폚(4)펪쿺쓜솦:폐컞솼뫃뗄펪쿺볆뮮뫍돶즫뗄펪웰늽뷗뛎,틲듋췹췹좱짙쪵볊뗄낸샽움볛횸뇪쳥쾵쿺죋닅ꆣ뷸탐쪵횤럖컶ꆣ21쫐뎡럧쿕뷨본쏀맺럧쿕춶움볛횸뇪쳥쾵뗄퇐뺿뷡맻,(1)럀횹닺욷믲벼쫵샏뮯뗄쓜솦:웳튵쫇럱뻟폐뷡뫏컒맺럧쿕춶뗄뻟쳥쟩뿶,컒쏇톡퓱틔쿂횸뇪솼뫃뗄벼쫵뒴탂쓜솦ꆣퟷ캪움볛럧쿕폫쫕틦뗄움볛횸뇪ꆣ떱좻,헢킩횸뇪뚼(2)럀횹뺺헹헟뷸죫뗄쓜솦:웳튵닉좡쪲쎴퇹뗄폐듽컒맺럧쿕춶쪵볹뗄볬퇩ꆣ햽싔쒿뇪살뛔뢶뺺헹뛔쫖뗄췾킲ꆣ럧쿕춶움맀뻶닟횸뇪쳥쾵릲톡퓱18룶횸뇪,(3)뛔뢶뺭볃쳵볾뇤뮯뗄쓜솦:떱돶쿖뺭볃뮷뺳웤훐,쫕틦탔움볛횸뇪11룶,럧쿕탔움볛횸뇪7룶ꆣ뗄늻샻뇤뮯,웳튵폐컞펦뛔늻샻쫂볾뗄쓜솦ꆣ(튻)쫕틦탔횸뇪퓚틔짏움볛횸뇪훐,횻폐닆컱틲쯘죝틗뚨솿뮯,11닺튵잰뺰웤쯻틲쯘횻쓜ퟶ돶뚨탔에뛏ꆣ뛸쟒,늻춬뗄움볛횸뇪(1)쫐뎡맦쒣:웳튵쫇럱뻖쿞폚쒳튻뗘폲믲쒳튻뿉쓜룸돶쿠랴뗄탅쾢ꆣ틲듋,횻폐뛔움볛뷡맻ퟶ돶뫏쾸럖쫐뎡ꆣ샭뗄뒦샭,닅쓜쪹헢킩횸뇪헦헽ퟷ캪럧쿕춶뗄움(2)쫐뎡탨쟳:쫐뎡탨쟳잱솿풤닢ꆣ볛뇪ힼꆣ14' 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
퇏첫뮪,헅ꆡ쇺:ꆡ럧쿕춶움맀뻶닟랽램돵첽죽ꆢ뛔움맀뷡맻뗄뒦샭뗃떽웤뗈벶뫍럖횵ꆣ춨맽헢훖랽램,컒쏇뻍뿉틔ퟛ뫏뛔틔짏횸뇪쳥쾵훐뗄뚨탔횸뇪,뿉틔닉폃죧쿂퓋폃뚨탔횸뇪뫍뚨솿횸뇪,캪컒쏇뗄뻶닟쳡릩뫏샭랽쪽뛔웤뷸탐듲럖(죧뇭1뫍뇭2):뗄틀뻝ꆣ뇭1럧쿕틲쯘움볛횸뇪뇪ힼ뇭돽쇋틔짏횸뇪,럧쿕춶퓚ퟮ훕뗄뻶닟훐뮹튪럧쿕돌뛈룟뷏룟튻냣뷏뗍뗍뾼싇쇭췢뗄튻킩틲쯘:쫗쿈쫇쿮쒿쯹퓚탐튵,럧쿕춶뗈벶EDCBA릫쮾폐쪱퓚탐튵뗄톡퓱짏폐늻춬뗄욫뫃;웤듎쫇럖횵60럖틔쿂60ꆫ6970ꆫ7980ꆫ8990럖틔짏쿮쒿춶맦쒣,늻춬뗄릫쮾뿉쓜룹뻝ퟔ벺릫쮾뗄쪵솦뫍쿮쒿뗄쪵볊쟩뿶ퟶ돶늻춬뗄톡퓱;퓙듎쫇쿮쒿뇭2쫕틦틲쯘움볛횸뇪뇪ힼ뇭쯹뒦뗄랢햹뷗뛎,늻춬뗄럧쿕춶릫쮾뛔춶쿮쒿럧쿕돌뛈룟뷏룟튻냣뷏뗍뗍쯹뒦뗄랢햹뷗뛎튲폐늻춬뗄톡퓱;ퟮ뫳쫇뗘폲뗄톡뗈벶ABCDE럖횵퓱,퓚뗘폲뗄톡퓱짏늻춬뗄릫쮾튲폐늻춬뗄욫뫃,헢90럖틔짏80ꆫ8970ꆫ7960ꆫ6960럖틔쿂훷튪쫇뇣폚럧쿕춶릫쮾쇋뷢놻춶웳튵뗄쟩뿶,틲캪퓚ퟜ쳥짏살쮵듓뛸볠뚽믲킭훺놻춶웳튵ퟶ돶뫏샭뗄뻶닟ꆣ,죋쏇뚼쫇퇡뛱럧쿕뗄,틲듋컥ꆢ뷡쫸폯,럧쿕풽듳뗃럖풽뗍ꆣ뛸뛔쫕틦횸뇪,펦캪쫕틦풽듳뗃럖풽룟ꆣ럧쿕춶뗄쿮쒿움볛쫇튻룶뛠쒿뇪ꆢ뛠틲쯘뗄뛔폚뚨솿횸뇪ퟛ뫏뻶닟맽돌,짦벰뛠훖뚨탔뗄뫍뚨솿뗄틲쯘ꆣ퓚움,컒쏇뿉틔룹뻝웤횸뇪횵캪웤움뚨튻룶럖횵ꆣ틔뛔춶놨돪싊움볛횸뇪뗄뒦샭캪샽볛맽돌훐,폐뇘튪캪웤붨솢튻룶뿆톧뗄쒣탍ꆣ떫튲뇘탫돐죏,럧쿕춶움맀튲뻟폐뫜듳뗄틕쫵탔ꆣ(죧뇭3):뇭돽쇋놾컄쯹쇐뗄움볛횸뇪,럧쿕춶뮹쫜탭뛠3춶놨돪싊움볛뇭웤쯻듎튪틲쯘뗄펰쿬ꆣ뛸쟒,맺췢뗄퇐뺿튲횤쪵,늻쟸볤뗈벶뗈벶뗣럖횵춬뗄컄뮯뮷뺳뫍뺭볃뮷뺳믡뛔헢킩움볛횸뇪닺짺뫜벫뫃IRR>40%A45%90럖틔짏듳뗄펰쿬ꆣ퓚컒맺,쒿잰뮹좱랦쪵볊뗄낸샽뛔룷룶움뷏뫃30%<IRRꇜ40%B35%80ꆫ89볛횸뇪뗄훘튪탔뷸탐퇩횤ꆣ뛔쎿훖틲쯘뗄좨훘틔벰튻냣20%<IRRꇜ30%C25%70ꆫ79ퟛ뫏움볛횸뇪뿉틔춶뗄쇙뷧횵,놾컄튲컞램짨뚨뷏닮10%<IRRꇜ20%D15%60ꆫ69튻룶ힼ좷뗄럖횵뇪ힼ,헢뚼폐듽퓚뷱뫳뗄샭싛퇐뺿뫜닮IRRꇜ10%E5%60럖틔쿂뫍쪵횤럖컶살뷸튻늽췪짆ꆣ닎뾼컄쿗:퓚뗃돶쯹폐횸뇪뗄럖횵틔뫳\[1\췵]ꆡ폮,솺뒺싺,폚뮪튵1쿖듺럧쿕놾[,컒쏇뻍뿉틔캪쎿M]1놱뺩:훐맺튻룶움볛횸뇪뢳폨튻뚨뗄좨훘늢붫웤쿠볓뻍뿉틔럖뷰죚돶냦짧,20001뇰뗃떽럧쿕틲쯘뫍쫕틦틲쯘뗄럖횵ꆣ\[2\죎]쳬풪1럧쿕춶뗄퓋ퟷ폫움맀[M]1놱뺩:훐맺뺭볃좻뫳뿉룹뻝춶헟뛔럧쿕폫쫕틦뗄욫뫃돌뛈캪돶냦짧,20001럧쿕뫍쫕틦짨훃튻룶좨훘ꆣퟮ뫳뗃돶튻룶ퟛ뫏뗄럖\[3\폡]ퟔ냗,샮쯉쳎,헔죙탅1럧쿕춶샭싛폫쪵볹[M]1짏횵몣:짏몣닆뺭듳톧돶냦짧,20011,퓙뷡뫏돵늽즸톡뗄움볛뷡맻뻶뚨쫇럱뷸탐춶ꆣ\[4\놱]뺩럧쿕춶막럝폐쿞릫쮾1럧쿕춶폫탂뺭볃[M]1죧뗃돶뗄움볛쫕틦뗄럖횵캪m,움볛럧쿕뗄럖놱뺩:뺭볃맜샭돶냦짧,20011횵캪n,컒쏇뿉틔짨뚨럧쿕뗄좨훘캪Η,퓲쫕틦뗄좨\[5\쪢]솢뻼1럧쿕춶닙ퟷꆢ믺훆폫닟싔[M]1짏몣:짏몣풶훘캪1-Η,헢퇹ퟛ뫏움볛횸뇪V=Ηn+(1-Η)mꆣ룹뚫돶냦짧,19991뻝헢룶ퟛ뫏움볛횸뇪횵뗄룟뗍,컒쏇뻍뿉틔뛔럧쿕\[6W\]ee-liangTan,DattatreyaG1Allampalli1,Investment춶쿮쒿뷸탐좡짡ꆣCriteriaofSingaporeCapitalists,1997international쯄ꆢ럧쿕춶움맀뻶닟랽램쏨쫶councilforsmallbusiness,SanFrancisco,California,퓚움볛뗄맽돌훐June19971,컒쏇횻탨룹뻝룷룶횸뇪뗄늻춬탔훊닉폃늻춬뗄랽램살좷뚨웤럖횵ꆣ뛔폚뚨탔횸\[7\M]ichaelHenos,TheRoadtoVentureFinancing:뇪GuidelinesforEntrepreneurs,R&Dstrategist,컒쏇뿉틔닉폃볒뗷닩램뫍쪵볊럃첸뗄랽램살볆쯣웤럖횵ꆣ뛔폚뚨솿횸뇪magazine,Summer19911,컒쏇뿉틔뺭맽튻쾵쇐럖(컶뫍풤닢살뗃떽웤좡횵퓰죎뇠벭:몫뿋폂),듓뛸샻폃죧짏뇭훐뗄랽램15' 1995-2005 Tsinghua Tongfang Optical Disc Co., Ltd. All rights reserved.
