天使投资作为一种旨在支持创新型企业的独特投资方式，近年来在中国经济发展中扮演着越来越重要的角色。但是，在当前尚不完全成熟的中国天使投资一级市场环境之中，由于初创小型微型企业的特殊性质和市场环境的复杂性，天使投资行业面临着一些特殊的问题和挑战。本文以天使投资公司为研究对象，通过对其投资案例的深入分析和发展方向的探讨，提出了一系列具有实际操作意义的策略建议，以期为天使投资公司的未来发展提供有益的参考。首先，本文从天使投资的定义、投资主体和行业特点出发，结合风险投资相关理论，并广泛地阅读国内外学者在天使投资、天使投资基金、天使投资风险管理等方面的各种研究文献，在总结前人研究结论的基础之上，分析了天使投资基金在投资流程及策略方面的挑战，梳理现有研究成果以及不足之处，为后续研究提供理论支撑。随后，本文对天使投资行业的历史沿革、发展概况、投资市场趋势变化及投资收益表现进行了探讨分析，指出了天使投资行业发展中存在的专业人才短缺、缺乏良性的发展环境、募资难、区域发展差异大等问题，并对中国的优质天使投资公司YN天使投资基金的业务发展现状及其成功经验进行了阐述和分析，以期从中寻找可以参考借鉴的经验。之后，以FH资本作为案例，介绍了其所管理基金的投资项目情况和业绩表现，总结了其投资实施流程。并选取FH资本投资的典型案例进行分析，总结FH资本投资成功或失败的原因与经验教训，对天使投资基金投资策略和管理方式提出优化建议。最后，结合作者多年风险投资从业经验，针对当前市场环境下FH资本的未来发展方向进行了探讨，以期促进天使投资行业更好的发展，更好地为创业公司赋能。本文重点针对天使投资基金的募、投、管、退的投资流程，结合实际投资案例，对其中存在的困难和工作重点进行分析，探讨了天使投资募资结构优化、精选投资项目、投后管理和资源匹配、拓展收入来源等方面的策略。并对当前市场环境下，天使投资公司从以募资驱动转变为以项目驱动，以财务顾问业务配合，对接地方政府，适时退出的转型策略进行了探讨。
Angel investment, as a way to support innovative enterprises, has been playing an increasingly important role in China‘s economic development in recent years. However, in the current immature primary market environment of China, the angel investment industry is faced with some special problems and challenges due to the special nature of small and micro start-ups and the complexity of the market environment.This article takes angel capital funds as the research object, propose a series of practical strategic suggestions through in-depth analysis of the investment case and discussion on the development direction of angel capital funds, in order to provide useful reference for the investment strategy of angel capital funds.Firstly, this article starts from the definition of angel investment, investment subjects and industry characteristics, combines relevant theories of venture capital, and extensively reads various research literatures of domestic and foreign scholars in angel investment, angel investment funds, start-up valuation methods, angel investment risk management and other aspects. On the basis of summarizing the conclusions of previous studies, this article analyzes the challenges of angel investment funds in terms of investment process and strategy, sorts out the existing research results and shortcomings, and provides theoretical support for subsequent studies.Subsequently, this article discusses and analyzes the history and development of the angel investment industry, the change of the investment market trend and the performance of investment returns, and points out the problems existing in the development of the angel investment industry, such as the shortage of professional talents, the lack of a benign development environment, the difficulty in raising funds, and the big differences in regional development. In addition, this article expounds and analyzes the business development status and successful experience of YN Angel Investment Fund, a high-quality angel investment company in China, in order to find some experience for reference.Afterwards, using FH Capital as a case study, introduces the investment project situation and performance of the fund under its management, summarizes its investment implementation process. In addition, the typical cases of FH capital investment are selected to analyze, summarize the reasons and lessons for the success or failure of FH capital investment, and put forward optimization suggestions for the investment strategy and management mode of angel investment fund.Finally, combined with the author‘s years of experience in venture capital, this article discusses the future development direction of FH capital under the current market environment, in order to promote the better development of the angel investment industry and better empower start-up companies.This article focuses on the angel investment process of fundraising, investment, management and withdrawal, analyzes the existing difficulties and key work points, discusses the angel investment fundraising structure optimization, selection of investment projects, post-investment management and resource matching, expand the source of income and other aspects of the strategy. And discusses the fundraising driven to project-driven of angel investment companies in the current market environment, with financial advisory business cooperation, docking with local governments, timely exit transformation strategy.
