中国风险资本投资网络及绩效研究

发布时间：2018-01-06 10:09

本文关键词：中国风险资本投资网络及绩效研究　出处：《南京理工大学》2015年硕士论文　论文类型：学位论文

【摘要】：风险资本一般投资于未上市的新兴中小型企业,尤其是新兴高科技企业,承担高风险、谋求高回报。风险资本投资网络是一种共享信息、知识而分散风险的联合投资形态。创业企业增值说认为,联合投资有助于创业企业的增值。本文旨在研究中国风险资本投资网络的结构特性,以及这些特征对风险投资网络主体绩效的影响。本文选取1989年1月1日至2012年12月31日期间,总部位于北京的176家风险投资机构及其1813件投资事件为样本,用成功退出率、IPO与否作为绩效代理变量,采用社会网络分析方法对中国风险投资网络的结构特性进行研究,采用多元线性回归和Logit回归对投资网络特征对绩效的影响进行实证分析。发现：(1)风险资本投资网络呈现核心-边缘模式,网络密度较小,多数风险投资机构未与其他机构建立紧密联系；核心区域的机构投资活动基本围绕几家领头企业展开。(2)对风险投资机构绩效影响的实证结果表明,度数中心度、接近中心度对成功退出率的作用为正,而中介中心度对成功退出率的影响为负。(3)风险投资机构对创业企业绩效影响的实证结果表明,度数中心度对创业企业IPO的作用为负,而接近中心度、中介中心度对创业企业IPO作用为正。同时为进一步验证风险投资机构对创业企业绩效的影响,本文选取2009年9月17日至2014年3月31日在深圳创业板上市的270家上市企业为样本,对上市企业风险投资股东情况对企业营业收入增长率的影响进行实证检验,结果发现创业企业的风险投资股东持股比例越高,营业收入增长率越高。
[Abstract]:Venture capital generally invest in unlisted emerging small and medium enterprises, especially high-tech enterprises, high risk, high return. For venture capital investment is a kind of network information sharing, joint investment and risk diversification. The pattern of knowledge enterprise value added that joint investment helps enterprises structure value. This paper aims to study the characteristics of Chinese venture capital investment network, and the influence of these characteristics on the risk investment subject of network performance. This paper selected during January 1, 1989 to December 31, 2012, 176 venture investment insurance agency headquartered in Beijing and its 1813 investment events as the sample, with the successful exit rate of IPO as a performance proxy variable, using social network analysis study on structural properties of Chinese risk investment network method, multivariate linear regression and Logit regression on the investment characteristics of the network performance An empirical analysis of the impact. The results revealed that: (1) venture capital investment network presents the core periphery model, the network density is small, most of the risk investment institutions did not establish close relationship with other institutions; the core area of the basic institutions investment activities around a few leading enterprises. (2) positive effect on the performance of venture capital institutions results, degree centrality, closeness centrality of successful exit rate is positive, and the influence of centrality on their successful exit rate is negative. (3) the empirical risk investment institutions impact on entrepreneurial performance. The results show that the effect degree Center for entrepreneurial enterprises IPO is negative, but close to the center of the intermediary. The centrality of IPO enterprise is positive. At the same time in order to further verify the effect of risk investment institutions on the entrepreneurial performance, the paper selected from September 17, 2009 to March 31, 2014 in Shenzhen GEM Listing 2 70 listed companies as samples, empirically examine the impact of venture capital shareholders on the growth rate of business revenue of listed companies, and find that the higher the shareholding ratio of venture capital shareholders is, the higher the business income growth rate is.

【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.39

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