风险投资对我国上市企业X效率影响研究

发布时间：2018-03-26 08:50

本文选题：风险投资　切入点：X效率　出处：《广东财经大学》2016年硕士论文

【摘要】：风险投资不仅能够发挥监督作用减少逆向选择和道德风险,还能够减少投资者和风险企业的信息不对称。从国内外的研究发现,近些年来风险投资和X效率各自研究已十分深入,X效率一般指经济单位由于各种内部原因没有完全利用获利机会或现有条件。但是关于风险投资对企业X效率研究较少,本文尝试研究风险投资对创业板上市企业的X效率将产生怎样的影响。为了研究风险投资对创业板上市企业X效率的影响。本文先介绍了国内外关于风险投资以及X效率的相关文献。然后介绍了风险投资对企业X效率的影响机制和研究X效率的参数法和非参数法。随后采用SBM超效率模型对样本企业进行X效率实证检验,再对X效率进行Tobit回归分析,最终分析得出风险投资背景企业对其X效率提升有积极作用的实证结论。因此可以采取以下措施提升X效率:(1)加强风险投资企业人才培养;(2)发挥政府的宏观调控作用;(3)加强国内外风险投资机构之间的合作;(4)建立多层次的风险投资机构;(5)积极鼓励风险投资行业的发展,并且改善风险投资行业的发展环境。(6)积极完善风险投资退出渠道。
[Abstract]:Venture capital can not only play a supervisory role to reduce adverse selection and moral hazard, but also reduce the information asymmetry of investors and venture enterprises. In recent years, the research on venture capital and X efficiency has been very deep. Generally speaking, economic units have not fully utilized profit opportunities or existing conditions due to various internal reasons. However, there is little research on the X efficiency of enterprises on venture capital. In order to study the influence of venture capital on the X efficiency of the listed enterprises on the gem, this paper first introduces the domestic and foreign venture capital on the X efficiency of listed enterprises on the growth enterprise board (gem) in order to study the impact of venture capital on the X efficiency of listed enterprises on the gem. Then it introduces the influence mechanism of venture capital on X efficiency and the parametric method and nonparametric method to study X efficiency. Then it uses SBM superefficiency model to test the X efficiency of sample enterprises. Then the Tobit regression analysis of X efficiency is carried out. Finally, the empirical conclusion that venture capital background enterprises play a positive role in promoting X efficiency is concluded. Therefore, the following measures can be taken to enhance X efficiency: 1) strengthen the personnel training of venture capital enterprises and give full play to the government's macro regulation and control. Strengthen the cooperation between domestic and foreign venture capital institutions. (4) establish multi-level venture capital institutions. (5) actively encourage the development of the venture capital industry. And improve the development environment of venture capital industry. 6) actively improve the exit channel of venture capital.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.48;F832.51

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