风险投资机构与创业企业的契合度对投资绩效的影响研究

发布时间：2018-04-28 20:03

本文选题：风险投资 + 契合度　；参考：《西安理工大学》2017年硕士论文

【摘要】：为了获得高风险下的高收益,风险投资机构不仅为创业企业提供其所需资金,还积极地参与创业企业的管理,为其提供技术支持和管理意见,以期实现成功退出,进而带来高额投资回报。实现成功退出也就实现了风险投资机构与创业企业的共赢。然而,就目前的市场现状来看,平均起来VC/PE每年只有百分之二十左右的投资项目能够实现退出。中国市场退出的低下让我们反思出现这种状况的问题所在。作为风险投资领域的两大参与主体,风险投资机构与创业企业两者之间的合作关系、信息及资源的供需程度是否会对风险投资机构的投资绩效(即退出方式)产生影响?如果会,将如何影响?为了探索上述问题,本文以2006年1月1日至2010年12月31日期间接受风险投资机构投资的创业企业为样本,以中国本土风险投资机构、风险企业为研究对象,从阶段、行业、投资区域三个方面实证研究了风险投资机构与创业企业契合度对退出绩效的影响。研究发现,中国情境下,风险投资机构与创业企业的契合度能对风投机构的投资绩效产生影响。具体而言,风险投资机构与创业企业之间的阶段契合程度越高,风险投资机构的投资绩效越好;风险投资机构与创业企业之间的行业契合程度越高,风险投资机构的投资绩效越好;风险投资机构与创业企业之间的投资区域契合程度越高,风险投资机构的投资绩效越好,表现为风险资本的退出收益越高。实证结果表明,在创业企业接受投资时,其受益于正确的战略建议以及以专业知识为基础的资源。本文研究结果可为风险投资机构选择投资策略以及遴选投资项目提供一些参考。
[Abstract]:In order to obtain the high return under the high risk, the venture capital organization not only provides the start-up enterprise with the funds it needs, but also actively participates in the management of the venture enterprise, and provides technical support and management advice to the venture capital enterprise in order to realize the successful exit. This in turn brings high returns on investment. Successful exit will also achieve a win-win situation between venture capital institutions and entrepreneurial enterprises. However, from the current market situation, on average, only about 20% of VC/PE investment projects can exit each year. The low exit of the Chinese market makes us reflect on the problem of this situation. As two major participants in the field of venture capital, whether the degree of supply and demand of information and resources will have an impact on the investment performance of venture capital institutions (that is, exit mode) between venture capital institutions and venture capital enterprises? If so, how will it affect it? In order to explore the above problems, this paper takes the venture capital investment enterprises from January 1, 2006 to December 31, 2010 as the sample, takes the local venture capital institutions and venture enterprises as the research object, from the stage, the industry. This paper empirically studies the influence of the fit degree between venture capital institution and venture capital enterprise on the exit performance from three aspects of investment region. It is found that the degree of compatibility between venture capital institutions and venture capital firms can affect the performance of venture capital firms in China. In particular, the higher the level of phase fit between venture capital institutions and venture capital firms, the better the investment performance of venture capital institutions, and the higher the degree of industry fit between venture capital institutions and venture enterprises. The better the investment performance of venture capital institutions; the higher the degree of regional fit between venture capital institutions and venture capital firms, the better the investment performance of venture capital institutions, the higher the return of withdrawal of venture capital. The empirical results show that when a start-up receives investment, it benefits from correct strategic advice and resources based on expertise. The results of this paper can provide some references for venture capital institutions to select investment strategies and investment projects.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.48;F279.2

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