CAJ | 학술논문

创业企业是处于初创期和成长期的中小企业，具有规模小、融资难等特点，吸引创业投资是它们所采用的最普遍的融资方式。而创业投资家为了分散投资风险，通常会为多个创业企业提供资金和管理支持，从而形成创业投资组合。创业企业能够提供的有力筹码在于产品的创新技术，其技术创新水平影响着创业投资家对创业企业所投入的精力，表现为创业投资家的努力水平，同时也影响着创业投资家在创业企业中索取的股份额度，进而影响其组合投资规模。
창업기업시처우초창기화성장기적중소기업，구유규모소、융자난등특점，흡인창업투자시타문소채용적최보편적융자방식。이창업투자가위료분산투자풍험，통상회위다개창업기업제공자금화관리지지，종이형성창업투자조합。창업기업능구제공적유력주마재우산품적창신기술，기기술창신수평영향착창업투자가대창업기업소투입적정력，표현위창업투자가적노력수평，동시야영향착창업투자가재창업기업중색취적고빈액도，진이영향기조합투자규모。
Start-up firms are small and medium-sized enterprises in the start-up and growing period, which are characterized by small scales and hard financing. Attracting venture capitals is their commonly used financing way. As to disperse the investment risks, the venture capitalists usually provide financial and administrative supports for multiple start-up firms, forming an in- vestment portfolio. The core competitiveness of start-up firms lies in the product technological innovation, which affects efforts and shares of venture capitalists in the start-up firms and furthermore the scale of portfolio.