摘 要
风险投资在发展中国家发展迅速,但是对其研究并不太多，本文对俄罗斯风险投资
的研究有助于我们了解风险投资。发展中国家从俄罗斯开始学习风险投资是比较合适
的，因为俄罗斯已经建立了国家风险资本投资项目——Skolkovo。

俄罗斯的风险投资基金优势在于俄罗斯经济不景气，制度也不太完善（审判系
统、贪污、恐怖主义）。1990 年，风险投资者对低技术型行业(如军事工业) 特别感兴
趣，然而，到 2000年后，IT企业占据了风险投资者支持企业的一半，在俄罗斯也有类
似的情况。在初期，由于不确定性和信息部队成，风险投资者对企业的金融支持是有
限的。为了说服风险投资者给与更多投资，企业家必须从财务指标上说服风险投资者
进一步投资。

以往的研究大多集中在私人风险投资家关注的财务指标上，而很少注意公共风险
投资者关注的财务指标。根据资本来源不同可以划分风险资本类型，本文则要研究在
选择投资企业时，公共和私人风险投资家在选择相关财务指标时有何不同。本文首先
回顾了相关文献，通过访谈法，走访了 15 个风险投资者，收集了他们关于目标、决策
过程、关注指标的信息，研究了不同风险投资者在这些信息方面的不同。

关键字：风险投资评价 风险企业 制药公司1.Introduction
Increase in competition and change in demographic trends and demand structures lead
developing countries to follow different growth strategies and transform their economies.
Knowledge-based sectors constitute the most significant component of the transformed new
economies. Life sciences encompassing many sectors including healthcare is among the top
fields that influence this transformation.
In 2050, the World population will reach 9.3 billion. Apart from the increase, it is also
aging rapidly. Aging, which has been a problem especially in the developed countries in the
past, has rapidly felt in developing countries in recent years. The share of the population over
age 65 in the World is expected to be 16% in 2010 (UN, Population Division Statistics, 2012).
The world population will stay on the level of 140 million; the share of the population over
the age of 65 will reach 22% by 2050 in Russia (UN, Population Division Statistics, 2012).
Depending on these changes in the population composition, demand level and structure will
also change. The demand for health services, food, water and energy will increase (0ECD,
2009). The expenditures on health services are increasing together with the changing illnesses
and health service quality. This brings along quests of cost control and productivity increase.
Along with the changes in trends, all these needs bring medical and pharmaceutical
technologies to forefront and stimulate scientific publications and patents in the field. The
commercialization activities intensify and the amount and size of medical technology firms
rise.
0n the other hand, in developing countries in other parts of the World, where the
expansion of medical and pharmaceutical technology sector is relatively slow, such as Russia,
financial support mechanisms and legal infrastructures concerning the protection of
intellectual property must be formed. These mechanisms and the infrastructure enable
innovations, facilitate economic transactions and create benefit. In spite of the uncertainty, it
can provide financial support to these activities and venture capital markets as well as
institutional infrastructures that assume the role of these markets. Therefore, measurement of
the efficiency and success of R&D supports in any form becomes crucial for both policy
makers and investors in the market. This measurement requires liquidation of economic
values of R&D processes and other intangible assets. Valuation is an established breakdown
in the areas of business and economics. It takes into account country, sector and firm peculiars.