風投和天使投資的區(qu)別(bie)

風險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)和天(tian)使投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)的區別(bie)一、風險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)是(shi)(shi)(shi)(shi)介于間(jian)接融(rong)資(zi)(zi)(zi)(zi)(zi)與直接融(rong)資(zi)(zi)(zi)(zi)(zi)之間(jian)的一種融(rong)資(zi)(zi)(zi)(zi)(zi)方式，天(tian)使投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)是(shi)(shi)(shi)(shi)直接融(rong)資(zi)(zi)(zi)(zi)(zi)。風險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)是(shi)(shi)(shi)(shi)從其他人那里融(rong)資(zi)(zi)(zi)(zi)(zi)過來，然后進(jin)行(xing)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)，是(shi)(shi)(shi)(shi)進(jin)行(xing)代理投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)，但(dan)同時風險(xian)投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)參與企業的資(zi)(zi)(zi)(zi)(zi)金投(tou)(tou)入和管理。天(tian)使投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)是(shi)(shi)(shi)(shi)屬(shu)于直接融(rong)資(zi)(zi)(zi)(zi)(zi)的范圍，投(tou)(tou)資(zi)(zi)(zi)(zi)(zi)者的資(zi)(zi)(zi)(zi)(zi)金是(shi)(shi)(shi)(shi)直接投(tou)(tou)入的。

風險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)和(he)(he)天(tian)(tian)使投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)的(de)區別(bie)二、風險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)家(jia)和(he)(he)天(tian)(tian)使投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)家(jia)在職能和(he)(he)收(shou)益方(fang)式(shi)上有顯(xian)著區別(bie)。風險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)家(jia)是管理(li)(li)和(he)(he)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)其(qi)他人(ren)的(de)錢(qian)(qian)，而(er)天(tian)(tian)使投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)家(jia)是管理(li)(li)和(he)(he)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)自己的(de)錢(qian)(qian)。從(cong)職能上講，前者(zhe)(zhe)是資(zi)(zi)(zi)(zi)金(jin)(jin)管理(li)(li)者(zhe)(zhe)，替(ti)資(zi)(zi)(zi)(zi)金(jin)(jin)所有者(zhe)(zhe)管理(li)(li)資(zi)(zi)(zi)(zi)金(jin)(jin)；而(er)后者(zhe)(zhe)既是資(zi)(zi)(zi)(zi)金(jin)(jin)管理(li)(li)者(zhe)(zhe)又是資(zi)(zi)(zi)(zi)金(jin)(jin)所有者(zhe)(zhe)。從(cong)收(shou)益方(fang)式(shi)看，前者(zhe)(zhe)管理(li)(li)別(bie)人(ren)的(de)資(zi)(zi)(zi)(zi)金(jin)(jin)，因而(er)收(shou)獲一(yi)定的(de)管理(li)(li)費用，和(he)(he)一(yi)部(bu)分投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)利(li)潤；后者(zhe)(zhe)沒(mei)有管理(li)(li)費用，而(er)獲得全(quan)部(bu)的(de)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)利(li)潤。

風(feng)險(xian)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)和天(tian)(tian)(tian)使(shi)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)的(de)(de)區別三(san)、風(feng)險(xian)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)和天(tian)(tian)(tian)使(shi)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)在投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)規模、投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)偏好、投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)風(feng)格和投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)成本上(shang)均有不同(tong)程度的(de)(de)區別。由于風(feng)險(xian)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)的(de)(de)資(zi)(zi)(zi)(zi)金大都(dou)來(lai)源于機構投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)者，因此其(qi)管理的(de)(de)資(zi)(zi)(zi)(zi)金數額(e)較(jiao)大。與天(tian)(tian)(tian)使(shi)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)相比(bi)，其(qi)每筆的(de)(de)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)額(e)度也相對較(jiao)高。相對天(tian)(tian)(tian)使(shi)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)來(lai)講，風(feng)險(xian)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)的(de)(de)規模較(jiao)大，其(qi)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)也自然偏向于成熟一(yi)些(xie)的(de)(de)企業(ye)。一(yi)般地(di)，風(feng)險(xian)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)將(jiang)其(qi)全部投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)總額(e)的(de)(de)25%投(tou)(tou)(tou)(tou)(tou)(tou)入(ru)種(zhong)子期或者早期項目；而天(tian)(tian)(tian)使(shi)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)卻有65%以上(shang)投(tou)(tou)(tou)(tou)(tou)(tou)入(ru)這些(xie)項目。從這個意義上(shang)來(lai)講，天(tian)(tian)(tian)使(shi)投(tou)(tou)(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)更具有“新興企業(ye)的(de)(de)發(fa)動機”性質。