基于制度理论的中国天使投资人评价标准研究

发布时间：2018-01-03 16:32

本文关键词：基于制度理论的中国天使投资人评价标准研究　出处：《合肥工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来，中小企业在发展过程中面临的融资困难得到了普遍关注，在难以获得贷款和机构投资者投资的情况下，创业者转而向天使投资人寻求资本，天使资本在创业企业的融资渠道方面发挥了重要作用。准确理解天使投资人的决策行为直接关系到创业企业是否能够实现融资需求。然而，目前针对天使投资人评价标准的研究较少，而中国情境下的天使投资人评价标准研究更是为数不多。因此，本文从制度理论的视角，结合中国情境探讨天使投资人的评价标准，以及制度因素是否对中国天使投资人的决策产生了影响。基于制度理论，本文首先分析了三类制度性因素中可能会影响中国天使投资人决策的制度因素，再通过全球竞争力报告和全球创业观察的数据考察了中国的制度环境和创业环境。与发达经济体相比，包括中国在内的新兴经济体的制度环境相对较差，商业腐败、银行业和证券业的健全度及监管度低和对投资人的法律保护较弱是中国天使投资人面临的主要问题。在创业环境方面，近年来中国的创业活跃度很高，但是中国创业者面临创业程序繁杂和获得贷款难度大的问题。本文通过问卷调查的方法收集中国天使投资人的数据。基于获得的包含78名天使投资人的样本，本文定量地分析了中国天使投资人的评价标准。中国天使投资人在投资前进行尽职调查，创业领头人、管理团队和市场前景是影响中国天使投资人评价标准的关键因素。中国天使投资人更重视创业项目的市场因素，，而不是财务因素。对信息获取不充分的担忧以及对创业者和管理团队不满意是投资人拒绝创业项目的主要原因。制度性因素对天使投资人的评价标准产生了一定影响，制度上的不完善使得中国天使投资人与发达经济体中的天使投资人相比，更倾向于成长期和成熟期的创业企业，对地理位置的限制较大，并且由于对投资环境的不乐观而降低了对投资回报的期望。另外，数据表明投资动机和投资经验会加强（或削弱）某一因素在天使投资人评价标准中的权重。
[Abstract]:In recent years, the financing difficulties faced by small and medium-sized enterprises in the development process have received widespread attention. In the case of difficulties in obtaining loans and institutional investors, entrepreneurs turn to angel investors for capital. Angel capital plays an important role in the financing channel of the venture enterprise. An accurate understanding of the angel investor's decision-making behavior is directly related to whether the venture enterprise can meet the financing needs. However. At present, there are few researches on the evaluation criteria of angel investors, but there are few studies on the evaluation criteria of angel investors in the Chinese context. Therefore, this paper from the perspective of institutional theory. This paper discusses the evaluation criteria of angel investors and whether the institutional factors have an impact on the decision of Chinese angel investors. Based on the institutional theory, this paper first analyzes three kinds of institutional factors that may affect the decision-making of Chinese angel investors. Then through the global competitiveness report and the data of Global Entrepreneurship Watch, we examine the institutional environment and entrepreneurial environment of China. Compared with developed economies, the institutional environment of emerging economies, including China, is relatively poor. Commercial corruption, low integrity and supervision of banking and securities, and weak legal protection for investors are the main problems facing angel investors in China. In recent years, China's entrepreneurial activity is very high, but Chinese entrepreneurs are faced with complicated business process and the difficulty of obtaining loans. This paper collects the data of Chinese angel investors by questionnaire, based on a sample of 78 angel investors. This paper quantitatively analyzes the evaluation criteria of angel investors in China. Chinese angel investors do due diligence before investing and lead the business. Management team and market outlook are the key factors that affect the evaluation criteria of Chinese angel investors. Chinese angel investors pay more attention to the market factors of entrepreneurial projects. Concerns about inadequate access to information and dissatisfaction with entrepreneurs and management teams are the main reasons for investors' rejection of entrepreneurial projects. Institutional factors have given rise to certain evaluation criteria for angel investors. Influence. Institutional imperfections make Chinese angel investors more inclined to the growth and maturity of entrepreneurial enterprises than angel investors in the developed economies, the geographical location of the restrictions are greater. In addition, the data show that the investment motivation and investment experience will strengthen (or weaken) the weight of a certain factor in the evaluation criteria of angel investors.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.48

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