摘 要 当今世界大部分国家都已经将精细化工作为发展化学工业的战略重点，而医药中间体是精细化工的重要组成，所以，医药中间体的发展水平也在很大程度上反映了一个国家的化工现代化水平，同时也代表了化学工业集约化的程度。医药产业的平稳迅速发展离不开社会资本的支持，而社会资本中风险资本是医药行业的主要资金来源之一。风险资本和医药中间体企业之间存在着相互吸引的关系，医药中间体企业的发展有利于风险资本获得更高收益，医药中间体企业本身的特点也形成了较强的风险投资吸引。与其他行业相比，医药中间体企业更容易获得风险投资的青睐。 医药中间体行业有其自身的特征，按照通用的风险投资方式进行风险投资运作就不可避免的出现了种种盲目投资的现象。因此，本文结合风险投资的基本理论和医药中间体行业分析，在风险投资基础理论的基础上对医药中间体项目风险投资运作的流程进行了改进，基于医药中间体的风险投资的运作流程包括：搜寻医药中间体项目的投资机会、医药中间体项目的初选、医药中间体项目的评估、医药中间体项目的尽职调查与终选、医药中间体项目风险投资合同谈判、医药中间体项目风险投资后管理和医药中间体项目风险投资的退出等七个步骤。文章最后结合作者本人所参与实施的，某医药中间体项目风险投资的运作流程，详细的阐述了这七个步骤在实际的运作流程中是如何应用的。

ABSTRACT Today, most countries of the world regard the fine chemical industry as a strategic priority for the development of chemical industry, and pharmaceutical intermediates play an important role in fine chemicals fields. Therefore, the development of pharmaceutical intermediates to a large extent reflects a country's level of chemical modernization, and also represents the intensive degree of chemical industry. The development of medicine industry inseparable from the supporting of social capital, and the venture capital is one of the main sources of funds for the pharmaceutical industry. Venture capital and pharmaceutical intermediates enterprises attract each other. The pharmaceutical intermediates enterprises is conducive to improving the benefits of venture capital firms. Compared with other industries, pharmaceutical intermediates enterprises are more likely to get the favor of venture capital. Pharmaceutical intermediates industry has its own characteristics, if we invest in this field in accordance with the general way of venture capital, it will inevitably appear the phenomenon of blind investment. Therefore, this paper combined with the basic theory of venture capital and pharmaceutical intermediates industry analysis, improved the venture capital operating process of pharmaceutical intermediates projects on the basic of venture capital theories. The process of the venture capital operation based on pharmaceutical intermediates including six steps: searching for the pharmaceutical intermediates projects, simple check on pharmaceutical intermediates projects, and pharmaceutical intermediates projects evaluation, due diligence to the pharmaceutical intermediates projects, contract negotiations of investment, post-investment management and exiting of venture capital. Finally, the paper describes how to apply the seven steps in the actual operation in details with a specific pharmaceutical intermediates project participated by the author.