我国风险投资领域的联合投资行为研究

发布时间：2018-02-21 20:34

本文关键词： 风险投资联合投资动因绩效　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着新浪、金蝶、搜狐等大批企业在境外成功上市,以及比比皆是的联合投资案例的成功,作为其幕后重要推动力的风险投资机构以及联合投资策略渐渐为人们所熟知。虽然风险投资在中国起步较晚,仅有二十多年历史,但在中国这个新兴市场中得到了飞速发展。国内外学者对风险投资领域各方面的理论研究都颇为详尽。研究主要集中在投资过程中的契约安排、信息不对称、投资模式等方面。已出版的论文研究主要侧重于创业企业和风险投资机构之间的关系。相比于西方学者,我国学者对于风险投资的研究还处于起步阶段,就国内文献的研究范畴来看,我国学者对风险投资的研究主要集中在风险投资理论的介绍、风险投资功能的探讨、风险投资退出机制的研究以及对于我国风险投资发展的建议等。联合投资作为近年来风险投资所采用的主流策略,相关的研究尤其是国内的研究还存在很多空白。基于此,本文在对国内外文献进行简要回顾的基础之上,对风险投资联合投资行为进行了理论分析,然后探讨国内风险投资领域是否存在联合投资行为,重点研究国内联合投资模式的动因和绩效问题。本文从China Venture Source数据库整理1700多家风险投资公司的7478项投资事件数据,由此设计实证模型进行研究。本文使用Logistic模型来检验影响风险投资联合投资模式的相关因素以及它们是如何影响风险投资公司的联合投资策略。因变量使用“是否联合投资”和“合作者数量”,二者均可体现联合投资策略在风险投资领域应用的广泛性,而影响它们的因素即自变量包括两类,一类是创业企业和融资项目的特征要素：行业、融资性质、发展阶段、所在地区、融资规模；一类是风险投资公司的特征要素：风险投资公司的年龄、管理资金总额、历史投资数量、是否投资本地企业。接下来,使用多元回归模型分析了联合投资策略是否对创业企业绩效产生影响,因变量为已上市的创业企业的净资产收益率,而自变量包含风险投资公司的特征变量及其他控制变量。实证结果表明,我国的风险投资联合投资策略特征与其他国家颇为相似。联合投资策略倾向基本上可以由金融理论和资源基础理论所解释,但是解释力是有限的。联合投资更易出现在以下几种行业：教育业、居民服务和其他服务业以及批发和零售业,而在房地产业、金融业和采矿业,融资项目多属单独投资。融资规模越大的项目,风险投资机构越倾向和其他公司进行联合投资。而创业企业的发展阶段以及融资性质都对联合投资策略的形成没有造成显著影响。对于风险投资公司来说,越年轻、投资经验越少的风险投资公司越易于与其它公司联合投资。项目是否异地对其选择单独投资还是联合投资没有显著影响。值得注意的是,规模越大的风险投资公司却具有越强的联合投资意愿。同时,实证结果并不完全支持投资模式的不同对创业企业绩效的影响不同。本文创新之处在于：针对风险投资联合投资策略的动因及绩效进行了实证研究,研究结果具有一定说服力,可以为风险投资公司进行投资决策时提供参考信息,如投资地区、行业以及是否选择和他公司联合投资,对个别风险投资公司的战略制定具有可操控性较强的指导意义；也可以为创业企业争取融资项目选取风险投资机构时提供有说服力的统计数据：并且,可以为我国的风险投资业的发展提供一些参考建议,对于政府进行产业的调控和宏观经济的引导也有一定的借鉴意义。本文不足之处在于：在研究风险投资公司的特征对联合投资规模的影响时,只关注了领投公司的特征,而无法加入跟投公司的信息,希望在将来的研究中能得以弥补。
[Abstract]:With sina, Kingdee, Sohu and other large enterprises listed in overseas, and successfully meet the eye everywhere joint investment case, risk investment institutions as an important driving force behind and joint investment strategy gradually known. Although the risk investment in China started late, only more than 20 years old, but has a rapid development in the emerging China in the market.
Theoretical study on all aspects of the field of venture investment of domestic and foreign scholars are quite detailed. Contract arrangement, research mainly focuses on the investment in the process of information asymmetry, investment pattern and so on. Relevant published thesis mainly focuses on the venture enterprises and venture investment institutions. Compared to western scholars, Chinese scholars to study risk investment is still in the initial stage, the research category of domestic literature, the study on venture capital of our country scholars mainly focus on the theory of venture capital, to explore the function of venture capital, research on venture capital withdrawal mechanism and the development of risk investment in China and other recommendations.
The main strategy of joint investment in recent years as the investment risk, especially the related research there are still a lot of gaps in the domestic research. Based on this, based on the brief review of literatures on risk investment, joint investment behavior is theoretically analyzed, and then explore the domestic venture capital investment are joint investment behavior, motivation and performance on joint investment focus of domestic investment. The 7478 event data from the China Venture Source database collation more than 1700 Vc firm, the design of empirical research model.
Related factors we use Logistic model to examine the effects of combined investment mode of risk investment and they are joint investment strategy how to influence the dependent variable of the Vc firm. Use "whether the joint investment" and "the number of partners, extensive two can reflect the syndication application in the field of risk investment, and the factors affecting them as independent variables includes two categories, one is the characteristic elements of start-ups and financing project financing: industry, nature, development stage, area, financing scale; one is the Vc firm to the Vc firm: the characteristics of age, the total amount of funds management, the number of historical investment, whether to invest in local enterprises. Then, using multiple regression model analysis joint investment strategy impact on entrepreneurial performance, the dependent variable is already listed enterprise's net assets income Rate, and the independent variable contains the characteristic variables of the Vc firm and other control variables.
The empirical results show that venture capital investment strategy combined with the characteristics of Chinese and other countries are quite similar. Syndication can basically be explained by financial theory and resource based theory, but the explanatory power is limited. The joint investment occurs more easily in the following sectors: education, resident services and other services and wholesale and the retail industry, but in the real estate industry, the financial industry and the mining industry, project financing is a separate investment financing. The greater the size of the project, joint venture capital investment firms are more inclined and other companies. While the business enterprise development stage and financing nature of formation of joint investment strategy had no impact on. Vc firm, more young, less experience in investment Vc firm more easily co investment with other companies. The project is different to choose separate investment There is no significant difference in joint investment. It is worth noting that Vc firm with larger scale has stronger willingness to jointly invest. At the same time, the empirical results do not fully support the different effects of investment patterns on entrepreneurial performance.
The innovations of this paper are: motivation and performance for venture investment joint investment strategy for the empirical research, the research results have certain persuasion, can provide reference information for investment decision-making for Vc firm, such as investment in industry, and whether the joint investment choice and he can control the company, has strong guiding significance for individual Vc firm strategy; project financing can also select the risk investment institutions provide convincing statistics for the enterprise for and provide some reference suggestions for the development of China's venture capital industry, for government regulation of industry and macro economy guidance also has certain reference significance. This paper is: the characteristics of the Vc firm influence on the joint investment scale, only pay attention to the characteristics of leading investment company, We can't add information to the investment company, and hope to make up for the future research.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F224

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