風投和天使投資的區別

風(feng)(feng)險(xian)投(tou)(tou)(tou)資(zi)和(he)天(tian)使投(tou)(tou)(tou)資(zi)的(de)區別一、風(feng)(feng)險(xian)投(tou)(tou)(tou)資(zi)是(shi)(shi)介于間(jian)接(jie)融(rong)(rong)資(zi)與(yu)直接(jie)融(rong)(rong)資(zi)之間(jian)的(de)一種(zhong)融(rong)(rong)資(zi)方式，天(tian)使投(tou)(tou)(tou)資(zi)是(shi)(shi)直接(jie)融(rong)(rong)資(zi)。風(feng)(feng)險(xian)投(tou)(tou)(tou)資(zi)是(shi)(shi)從其他人那里融(rong)(rong)資(zi)過(guo)來，然后(hou)進(jin)行(xing)投(tou)(tou)(tou)資(zi)，是(shi)(shi)進(jin)行(xing)代理投(tou)(tou)(tou)資(zi)，但同時風(feng)(feng)險(xian)投(tou)(tou)(tou)資(zi)參與(yu)企(qi)業的(de)資(zi)金(jin)投(tou)(tou)(tou)入和(he)管理。天(tian)使投(tou)(tou)(tou)資(zi)是(shi)(shi)屬(shu)于直接(jie)融(rong)(rong)資(zi)的(de)范圍，投(tou)(tou)(tou)資(zi)者的(de)資(zi)金(jin)是(shi)(shi)直接(jie)投(tou)(tou)(tou)入的(de)。

風險(xian)投(tou)資(zi)(zi)(zi)(zi)和天(tian)使投(tou)資(zi)(zi)(zi)(zi)的(de)區別二(er)、風險(xian)投(tou)資(zi)(zi)(zi)(zi)家(jia)(jia)和天(tian)使投(tou)資(zi)(zi)(zi)(zi)家(jia)(jia)在職能(neng)(neng)和收益(yi)方式上有顯著(zhu)區別。風險(xian)投(tou)資(zi)(zi)(zi)(zi)家(jia)(jia)是(shi)(shi)管(guan)(guan)(guan)理(li)和投(tou)資(zi)(zi)(zi)(zi)其他人(ren)的(de)錢，而(er)天(tian)使投(tou)資(zi)(zi)(zi)(zi)家(jia)(jia)是(shi)(shi)管(guan)(guan)(guan)理(li)和投(tou)資(zi)(zi)(zi)(zi)自己的(de)錢。從(cong)職能(neng)(neng)上講(jiang)，前者是(shi)(shi)資(zi)(zi)(zi)(zi)金(jin)管(guan)(guan)(guan)理(li)者，替資(zi)(zi)(zi)(zi)金(jin)所(suo)有者管(guan)(guan)(guan)理(li)資(zi)(zi)(zi)(zi)金(jin)；而(er)后(hou)者既是(shi)(shi)資(zi)(zi)(zi)(zi)金(jin)管(guan)(guan)(guan)理(li)者又是(shi)(shi)資(zi)(zi)(zi)(zi)金(jin)所(suo)有者。從(cong)收益(yi)方式看，前者管(guan)(guan)(guan)理(li)別人(ren)的(de)資(zi)(zi)(zi)(zi)金(jin)，因(yin)而(er)收獲一(yi)定的(de)管(guan)(guan)(guan)理(li)費用，和一(yi)部(bu)分投(tou)資(zi)(zi)(zi)(zi)利潤(run)；后(hou)者沒(mei)有管(guan)(guan)(guan)理(li)費用，而(er)獲得全(quan)部(bu)的(de)投(tou)資(zi)(zi)(zi)(zi)利潤(run)。

風(feng)險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)和天(tian)(tian)使投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)的區別三、風(feng)險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)和天(tian)(tian)使投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)在(zai)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)規模(mo)、投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)偏(pian)好、投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)風(feng)格和投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)成(cheng)本上均有(you)不(bu)同程(cheng)度的區別。由于(yu)風(feng)險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)的資(zi)(zi)(zi)(zi)(zi)金大(da)(da)都(dou)來(lai)源于(yu)機構投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)者，因此其管理(li)的資(zi)(zi)(zi)(zi)(zi)金數額較(jiao)(jiao)大(da)(da)。與天(tian)(tian)使投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)相(xiang)(xiang)比，其每(mei)筆的投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)額度也相(xiang)(xiang)對較(jiao)(jiao)高。相(xiang)(xiang)對天(tian)(tian)使投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)來(lai)講，風(feng)險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)的規模(mo)較(jiao)(jiao)大(da)(da)，其投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)也自然(ran)偏(pian)向于(yu)成(cheng)熟一些(xie)的企業。一般地(di)，風(feng)險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)將其全部投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)總額的25%投(tou)(tou)入種子期(qi)或者早期(qi)項(xiang)目；而(er)天(tian)(tian)使投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)卻有(you)65%以上投(tou)(tou)入這(zhe)些(xie)項(xiang)目。從這(zhe)個(ge)意義上來(lai)講，天(tian)(tian)使投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)更具有(you)“新興企業的發動機”性質。