风险投资对中小企业绩效影响的研究

发布时间：2018-03-31 21:23

本文选题：风险投资　切入点：增值服务　出处：《北京工业大学》2012年硕士论文

【摘要】：20世纪40年代，风险投资出现在美国，风险投资以其高风险高收益而闻名。在风险投资发展了几十年后的今天，高风险、高收益成为风险投资区别于其他投资最显著的特征。高新技术企业和中小企业大部分无法从传统融资渠道获得所需的资金，但却拥有巨大的发展潜力，而风险投资的投资对象正是这些企业。在提供资金的同时，风险投资还能够提供内部管理、外部市场开拓等服务，对企业经营起到监督管理作用，为创业企业提供战略规划、人际沟通、社会资源网络等方面的后续管理服务，正是这些额外的增值服务为风险投资带来了巨大的投资收益，投资收益有时能够达到几十倍甚至上百倍。在获得高收益的同时，风险投资也不得不面对极高的失败风险，只有约5%~20%的投资获得成功，其余的或是完全失败，或是受到挫折。中国的风险投资在近十几年得到了快速的发展，无论是从风险投资资本总额，，还是从机构数量和单笔投资额，都有了跨越式的发展。在研究方面，虽然在理论上早就明确了风险投资对被投资企业的作用，但国内的实证研究相对较少，而中小板又是引入风险投资较多且发展成熟的上市企业板块，因此，本文选取了35家2009年在中小板制造业上市的企业，其中有5家企业引入了风险投资机构作为前十大股东。风险投资不仅给企业带来了资金上的支持，更带来了额外的增值服务，这都将对企业的绩效产生影响，在实证方法的选择上，本文首先使用定性分析与定量分析相结合并适合分析复杂问题的层次分析法建立风险投资增值服务评价体系，从风险投资机构为上市企业带来的增值服务进行分析，找出哪些因素对于风险投资的增值服务起到较大的影响，对5家有风险投资介入的上市企业获得的风险投资增值服务进行排序；其次，采用适合解决多输入多输出问题的数据包络分析法，选取了每股净资产、无形资产占总资产比率作为输入指标，选取净资产收益率、总资产周转率、总资产增长率作为输出指标，对35家上市企业的效率进行比较，发现有风险投资介入的上市企业的绩效并没有优于无风险投资介入的上市企业，通过投影分析指出没有达到技术有效的上市企业的具体改进方向与改进数值；第三，采用Malquist指数比较风险投资退出前后上市企业绩效的变化情况，通过对2009、2010、2011年数据的分析，发现随着风险投资的退出，5家有风险投资介入的上市企业的绩效呈现出持续下降的趋势；第四，结合层次分析法和数据包络分析法的结果对风险投资的增值服务与企业绩效间的相关性进行分析，发现风险投资的增值服务与企业绩效间没有显著的相关性；最后对风险投资的发展给出了5点建议。
[Abstract]:In the 1940s, venture capital appeared in the United States, and venture capital is famous for its high risk and high return.After decades of development of venture capital, high risk and high return have become the most significant characteristics of venture capital and other investments.Most high-tech enterprises and small and medium-sized enterprises can not get the necessary funds from the traditional financing channels, but they have great development potential. The investment target of venture capital is these enterprises.While providing funds, venture capital can also provide services such as internal management, external market development, and so on, which can supervise and manage business operations, and provide strategic planning and interpersonal communication for entrepreneurial enterprises.Social resource network and other aspects of follow-up management services, it is these additional value-added services for venture capital has brought huge investment returns, investment returns can sometimes reach tens of times or even hundreds of times.At the same time, the venture capital has to face the extremely high risk of failure. Only about 5% of the investment is successful, the rest is either completely failed or frustrated.Venture capital in China has been developing rapidly in the past ten years, both from the total amount of venture capital, from the number of institutions and single investment, has developed by leaps and bounds.In terms of research, although the role of venture capital on invested enterprises has long been clarified in theory, there are relatively few empirical studies in China, and small and medium-sized boards are listed enterprises with more venture capital and mature development, so,This paper selects 35 enterprises listed in the small and medium board manufacturing industry in 2009, of which 5 have introduced venture capital institutions as the top ten shareholders.Venture capital not only brings financial support to enterprises, but also brings additional value-added services, which will have an impact on the performance of enterprises, in the choice of empirical methods,In this paper, we first use the analytic hierarchy process (AHP), which combines qualitative analysis with quantitative analysis and is suitable for analyzing complex problems, to establish a value added service evaluation system for venture capital, and analyze the value-added services brought by venture capital institutions to listed enterprises.Find out which factors have a greater impact on the value-added services of venture capital, and rank the value-added services obtained by five listed companies with venture capital intervention. Secondly,The data envelopment analysis method is adopted to solve the problem of multi-input and multi-output. The net assets per share, the ratio of intangible assets to total assets is selected as the input index, the rate of return on net assets and the turnover rate of total assets are selected.The total asset growth rate is used as an output index to compare the efficiency of 35 listed enterprises. It is found that the performance of the listed enterprises with venture capital involvement is not better than that of the non-venture capital ones.Through projection analysis, the author points out that the specific improvement direction and improvement value of listed enterprises that are not effective in technology are not reached. Thirdly, using Malquist index to compare the changes of performance of listed enterprises before and after the exit of venture capital, through the analysis of the data of 2009 / 2010 and 2011,It is found that with the exit of venture capital, the performance of five listed companies with venture capital intervention shows a continuous downward trend. Fourth,Combining the results of analytic hierarchy process and data envelopment analysis, this paper analyzes the correlation between value-added services of venture capital and enterprise performance, and finds that there is no significant correlation between value-added services of venture capital and enterprise performance.Finally, the paper gives five suggestions on the development of venture capital.
【学位授予单位】：北京工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;F276.3;F224

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