風投和天使(shi)投資的(de)區別(bie)

風(feng)險投(tou)(tou)資(zi)(zi)(zi)和(he)天(tian)(tian)使投(tou)(tou)資(zi)(zi)(zi)的區別一、風(feng)險投(tou)(tou)資(zi)(zi)(zi)是(shi)介(jie)于間接融(rong)資(zi)(zi)(zi)與(yu)直接融(rong)資(zi)(zi)(zi)之間的一種融(rong)資(zi)(zi)(zi)方式，天(tian)(tian)使投(tou)(tou)資(zi)(zi)(zi)是(shi)直接融(rong)資(zi)(zi)(zi)。風(feng)險投(tou)(tou)資(zi)(zi)(zi)是(shi)從其他人那里(li)融(rong)資(zi)(zi)(zi)過來，然(ran)后進行投(tou)(tou)資(zi)(zi)(zi)，是(shi)進行代理投(tou)(tou)資(zi)(zi)(zi)，但同(tong)時風(feng)險投(tou)(tou)資(zi)(zi)(zi)參與(yu)企業的資(zi)(zi)(zi)金投(tou)(tou)入和(he)管理。天(tian)(tian)使投(tou)(tou)資(zi)(zi)(zi)是(shi)屬于直接融(rong)資(zi)(zi)(zi)的范圍，投(tou)(tou)資(zi)(zi)(zi)者(zhe)的資(zi)(zi)(zi)金是(shi)直接投(tou)(tou)入的。

風(feng)險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)和天(tian)使投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)的區別(bie)二、風(feng)險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)家(jia)和天(tian)使投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)家(jia)在職能和收益(yi)方式上有(you)(you)顯著(zhu)區別(bie)。風(feng)險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)家(jia)是(shi)(shi)管(guan)理(li)和投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)其他人的錢(qian)，而天(tian)使投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)家(jia)是(shi)(shi)管(guan)理(li)和投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)自己的錢(qian)。從職能上講，前(qian)者(zhe)(zhe)是(shi)(shi)資(zi)(zi)(zi)(zi)金管(guan)理(li)者(zhe)(zhe)，替資(zi)(zi)(zi)(zi)金所有(you)(you)者(zhe)(zhe)管(guan)理(li)資(zi)(zi)(zi)(zi)金；而后者(zhe)(zhe)既是(shi)(shi)資(zi)(zi)(zi)(zi)金管(guan)理(li)者(zhe)(zhe)又是(shi)(shi)資(zi)(zi)(zi)(zi)金所有(you)(you)者(zhe)(zhe)。從收益(yi)方式看，前(qian)者(zhe)(zhe)管(guan)理(li)別(bie)人的資(zi)(zi)(zi)(zi)金，因而收獲(huo)一定的管(guan)理(li)費用，和一部(bu)分(fen)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)利潤；后者(zhe)(zhe)沒有(you)(you)管(guan)理(li)費用，而獲(huo)得(de)全部(bu)的投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)利潤。

風(feng)(feng)(feng)險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)和天使(shi)(shi)(shi)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)的(de)(de)區(qu)(qu)別三、風(feng)(feng)(feng)險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)和天使(shi)(shi)(shi)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)在投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)規模(mo)(mo)、投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)偏好、投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)風(feng)(feng)(feng)格和投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)成(cheng)本上(shang)均有(you)不同程度(du)的(de)(de)區(qu)(qu)別。由于風(feng)(feng)(feng)險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)的(de)(de)資(zi)(zi)(zi)(zi)金(jin)大都(dou)來(lai)源于機構投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)者，因此其管理的(de)(de)資(zi)(zi)(zi)(zi)金(jin)數額較大。與(yu)天使(shi)(shi)(shi)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)相比(bi)，其每筆(bi)的(de)(de)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)額度(du)也相對(dui)較高。相對(dui)天使(shi)(shi)(shi)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)來(lai)講(jiang)(jiang)，風(feng)(feng)(feng)險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)的(de)(de)規模(mo)(mo)較大，其投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)也自然偏向于成(cheng)熟一(yi)些(xie)的(de)(de)企業。一(yi)般地，風(feng)(feng)(feng)險(xian)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)將其全(quan)部投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)總(zong)額的(de)(de)25%投(tou)(tou)(tou)(tou)入(ru)種子期或者早期項目；而天使(shi)(shi)(shi)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)卻有(you)65%以上(shang)投(tou)(tou)(tou)(tou)入(ru)這些(xie)項目。從這個(ge)意義上(shang)來(lai)講(jiang)(jiang)，天使(shi)(shi)(shi)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)更(geng)具有(you)“新興企業的(de)(de)發(fa)動機”性質。