中小高科技企业风险投资退出与绩效研究

发布时间：2018-09-05 21:23

【摘要】： 中小高科技企业通常是特指那些具有高科技知识产权、具有巨大发展潜力和良好发展前景的中小型企业。中小高科技企业与一般中小企业不同,主要表现出高风险、高投入和高收益的“三高”特点。这些特点与商业银行稳健经营的原则是有矛盾的,使得中小高科技企业很难获得银行的贷款支持。而风险投资同样也具有高投入、高收益和高风险的特点,其主要投资对象就是那些具有巨大发展潜力的中小高科技企业。风险投资与中小高科技企业共有的“三高性”,使得风险投资既可以满足中小高科技企业直接融资的需求,又可以达到风险共担、收益共享的目标。风险投资本身是一个资本循环的过程,风险投资家之所以会投入资本到中小高科技企业中,正是因为被其高收益的特点所吸引,但是为了实现这种高额投资回报,风险投资活动就需要一个安全可靠的退出机制为之提供保障。因此,风险投资的退出作为风险投资运作的最后一个环节,也是获得高额投资回报的关键环节,它是关系着风险投资能否成功的一个重要因素。但是我国中小高科技企业风险投资退出机制仍没有完全建立起来,还存在许多问题,特别是风险投资退出渠道的狭窄,大大地制约了中国风险投资事业的发展和中小高科技企业的成长。因此,如何完善风险投资退出机制,是推动我国风险投资业发展和促进中小高科技企业成长的一个亟待解决的重要问题。鉴于此,风险投资退出机制成为了本文研究的基本立足点,本文从七个部分对中小高科技企业风险投资退出机制进行了系统的研究论证：第一部分为引言,介绍了论文的选题意义、研究背景、国内外研究现状以及研究思路与方法。第二部分从风险投资退出机制的机理分析入手,通过对风险投资与中小高科技企业的关系以及风险投资退出机制的概述,揭示了风险投资退出机制在整个风险投资运作过程中的重要作用,以及风险投资对中小高科技企业的发展起到积极地推动作用。第三部分对中小高科技企业风险投资退出时机和各种退出方式进行了介绍,并运用数学分析得出理论上的最佳退出方式。第四部分通过“清华力合成功退出清华深讯”这一具体案例比较分析了中小高科技企业各主要退出方式,并对各主要退出方式的退出绩效做出了评价,着重对首次公开发行(IPO)和并购(M＆A)两种退出方式进行了比较,就如何选择恰当的退出时机与适合的退出方式给出了初步建议。第五部分进行了中小高科技企业风险投资退出方式的障碍分析,分别从政府支持、法律支持、中介服务机构和资本市场几个方面进行了论证。第六部分针对各主要退出方式存在的问题以及绩效评价的结果,对如何构建新型的中小高科技企业风险投资退出机制进行了战略性分析,并着重针对目前我国创业板开设的具体情况,对中小高科技企业如何选择退出方式提出了个人的建议。第七部分为结论,阐述了论文的特色和创新性观点,并指出了论文的不足之处以及需要进一步研究讨论的问题。本文的创新之处在于：第一,运用数学方法分析风险投资退出决策,求出各种退出方式的最大退出收益率,从而从理论上确定最佳退出方式；接着从一个具体案例着手,比较了风险投资各种退出方式的实际可操作性。第二,本文在新《公司法》、《证券法》已实施、中小企业板股改已完成的条件下,在专门面向中小高科技企业和新兴企业的创业板已经推出的基础上,就创业板的推出能否对完善中小高科技企业风险投资退出机制产生影响进行了论述。
[Abstract]:Small and medium-sized high-tech enterprises usually refer to those small and medium-sized enterprises with high-tech intellectual property rights, great potential for development and good prospects for development. There is a contradiction, which makes it difficult for small and medium-sized high-tech enterprises to obtain bank loan support. And venture capital also has the characteristics of high investment, high income and high risk. Its main investment object is those small and medium-sized high-tech enterprises with great development potential. Venture capital can not only meet the direct financing needs of small and medium-sized high-tech enterprises, but also achieve the goal of risk sharing and profit sharing.
Venture capital is a process of capital cycle. Venture capitalists are attracted by the characteristics of high returns, but in order to achieve such high returns, venture capital activities need a safe and reliable exit mechanism to provide protection. As the last link of venture capital operation and the key link to obtain high return on investment, the withdrawal of investment is an important factor to the success of venture capital. The narrow outlet restricts the development of venture capital and the growth of small and medium-sized high-tech enterprises in China. Therefore, how to improve the withdrawal mechanism of venture capital is an important problem to be solved urgently to promote the development of venture capital industry and promote the growth of small and medium-sized high-tech enterprises.
In view of this, the exit mechanism of venture capital has become the basic foothold of this paper. This paper makes a systematic study on the exit mechanism of venture capital in small and medium-sized high-tech enterprises from seven parts. The first part is the introduction, which introduces the significance of the topic, research background, research status at home and abroad, and research ideas and methods. The part begins with the analysis of the mechanism of venture capital withdrawal, summarizes the relationship between venture capital and small and medium-sized high-tech enterprises and the withdrawal mechanism of venture capital, reveals the important role of the withdrawal mechanism of venture capital in the whole process of venture capital operation, and the positive effect of venture capital on the development of small and medium-sized high-tech enterprises. The third part introduces the exit opportunity and various exit modes of venture capital in small and medium-sized high-tech enterprises, and obtains the best exit mode in theory through mathematical analysis. The fourth part compares and analyzes the main withdrawals of small and medium-sized high-tech enterprises through the specific case of "Tsinghua Power Co-operative Successful Withdrawal from Tsinghua Shenzhen News". The paper also evaluates the exit performance of the main exit modes, compares the two exit modes of IPO and M&A, and gives some preliminary suggestions on how to choose the right exit time and exit mode. In the sixth part, the author makes a strategic analysis on how to construct a new venture capital withdrawal mechanism for small and medium-sized high-tech enterprises, focusing on the existing problems and the results of performance evaluation. The seventh part is the conclusion. It expounds the characteristics and innovative viewpoints of the paper, and points out the shortcomings of the paper and the problems that need further study and discussion.
The innovations of this paper lie in: firstly, using mathematical methods to analyze the decision-making of venture capital withdrawal, find out the maximum return rate of various withdrawal modes, and then theoretically determine the best way to withdraw; secondly, starting from a specific case, compare the practical feasibility of various withdrawal modes of venture capital. Judicial >, < Securities Law > has been implemented, SMEs board reform has been completed, in the small and medium-sized high-tech enterprises and emerging enterprises specially for the GEM has been launched on the basis of the GEM, on whether the GEM can improve the small and medium-sized high-tech enterprises venture capital exit mechanism has been discussed.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F276.44;F832.48

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