風投和天(tian)使投資的區(qu)別

風險投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)和天使投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)的(de)區別一、風險投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)是(shi)介于(yu)間接(jie)融(rong)(rong)資(zi)(zi)(zi)(zi)與(yu)(yu)直(zhi)(zhi)接(jie)融(rong)(rong)資(zi)(zi)(zi)(zi)之間的(de)一種融(rong)(rong)資(zi)(zi)(zi)(zi)方式(shi)，天使投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)是(shi)直(zhi)(zhi)接(jie)融(rong)(rong)資(zi)(zi)(zi)(zi)。風險投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)是(shi)從其他人那里融(rong)(rong)資(zi)(zi)(zi)(zi)過(guo)來，然后進行(xing)(xing)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)，是(shi)進行(xing)(xing)代理投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)，但同時風險投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)參與(yu)(yu)企業的(de)資(zi)(zi)(zi)(zi)金投(tou)(tou)(tou)(tou)入(ru)和管理。天使投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)是(shi)屬于(yu)直(zhi)(zhi)接(jie)融(rong)(rong)資(zi)(zi)(zi)(zi)的(de)范圍，投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)者的(de)資(zi)(zi)(zi)(zi)金是(shi)直(zhi)(zhi)接(jie)投(tou)(tou)(tou)(tou)入(ru)的(de)。

風險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)和天(tian)使(shi)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)的(de)區(qu)別二、風險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)家(jia)和天(tian)使(shi)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)家(jia)在(zai)職能(neng)和收(shou)(shou)益(yi)方式上(shang)(shang)有(you)顯著區(qu)別。風險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)家(jia)是(shi)管(guan)(guan)理(li)和投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)其(qi)他人(ren)的(de)錢，而天(tian)使(shi)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)家(jia)是(shi)管(guan)(guan)理(li)和投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)自己的(de)錢。從職能(neng)上(shang)(shang)講，前者(zhe)是(shi)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金管(guan)(guan)理(li)者(zhe)，替(ti)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金所有(you)者(zhe)管(guan)(guan)理(li)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金；而后者(zhe)既是(shi)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金管(guan)(guan)理(li)者(zhe)又是(shi)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金所有(you)者(zhe)。從收(shou)(shou)益(yi)方式看(kan)，前者(zhe)管(guan)(guan)理(li)別人(ren)的(de)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金，因而收(shou)(shou)獲一(yi)定的(de)管(guan)(guan)理(li)費(fei)用，和一(yi)部分(fen)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)利(li)(li)潤；后者(zhe)沒有(you)管(guan)(guan)理(li)費(fei)用，而獲得全(quan)部的(de)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)利(li)(li)潤。

風險(xian)(xian)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)和(he)天(tian)使(shi)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)區(qu)(qu)別三、風險(xian)(xian)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)和(he)天(tian)使(shi)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)在投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)規模(mo)、投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)偏好、投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)風格和(he)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)成(cheng)本上均有不同程(cheng)度的(de)(de)(de)區(qu)(qu)別。由于(yu)風險(xian)(xian)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)大都來(lai)源(yuan)于(yu)機(ji)構投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)者，因此(ci)其(qi)管理的(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)金(jin)數額(e)較(jiao)大。與天(tian)使(shi)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)相(xiang)(xiang)比，其(qi)每筆的(de)(de)(de)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)額(e)度也(ye)相(xiang)(xiang)對(dui)(dui)較(jiao)高。相(xiang)(xiang)對(dui)(dui)天(tian)使(shi)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)來(lai)講，風險(xian)(xian)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)規模(mo)較(jiao)大，其(qi)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)也(ye)自然偏向于(yu)成(cheng)熟一(yi)些的(de)(de)(de)企業。一(yi)般地，風險(xian)(xian)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)將(jiang)其(qi)全部投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)總額(e)的(de)(de)(de)25%投(tou)(tou)(tou)入種(zhong)子期(qi)或者早期(qi)項目；而天(tian)使(shi)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)卻有65%以上投(tou)(tou)(tou)入這些項目。從這個(ge)意義上來(lai)講，天(tian)使(shi)投(tou)(tou)(tou)資(zi)(zi)(zi)(zi)(zi)(zi)更具有“新(xin)興企業的(de)(de)(de)發動機(ji)”性質。