风险投资公司财务绩效考评实证研究

发布时间：2018-05-07 04:43

本文选题：风险投资公司 + 财务绩效　；参考：《北京邮电大学》2017年硕士论文

【摘要】：风险投资是投资者,风险投资机构以及被投资企业三大主体之间利益博弈的过程,是一种金融的创新。这种模式对推动经济市场的资本流动、高科技产业发展以及金融体系完善具有重要的作用。在我国现行的经济环境下,政府鼓励创新创业活动,需要大量的资本投入,这为风险投资的发展提供了良好的外部机会。因此,目前我国的风险投资行业发展热情高涨,涉及的领域广泛,其中企业服务、文化传媒、电子商务与移动互联网成为了重要的投资领域,风险资本活跃度也很高,对于投资项目的价值评估理性发展。因而,理论界与实践界对于风险投资的关注度也越来越高。作为风险投资的主体之一——风险投资机构,在风险投资的发展中起着关键性的桥梁作用,是连接风险资本与风险项目的重要纽带。由于我国风险投资起步较晚,学术界关于风险投资机构的研究仍处于探索阶段,主要研究点聚焦于风险投资机构的运行机制、内部治理和风险管理等多方面,但对于风险投资机构的具体财务绩效方面的研究较少。鉴于此,本文选择了风险投资公司作为研究对象,从财务绩效考评的角度进行实证研究,这对于认识和分析风险投资公司自身问题所在,以及指导风险投资公司的经营管理都具有一定的指导意义。本文通过阅读文献,研究了风险投资、风险投资公司的特点以及运作模式,构建了从募资能力、营运能力、盈利能力和风险管理能力四方面评价风险投资公司财务绩效的指标体系,并采用因子分析法对样本指标数据进行分析,提取公共因子,写出因子表达式,依据因子表达式对选取的公司财务绩效四方面的能力水平进行了评价。然后采用熵值法确定了各项指标权重,突出了评价风险公司财务绩效应关注的重要方面,写出了综合得分表达式,并计算出了样本公司的财务绩效综合得分,进行了排名。本文建立的指标体系以及进行的实证研究,使风险公司的财务绩效评价更加简洁、方便、准确,对风险投资公司的财务绩效管理和内部治理也具有发现问题及警示风险的作用。最后提出了实施财务绩效考评体系的具体措施与应该注意的问题。
[Abstract]:Venture capital is a process of interest game between investors, venture capital institutions and the three main bodies of the invested enterprises. It is a financial innovation. This model plays an important role in promoting the capital flow of the economic market, the development of high-tech industry and the perfection of the financial system. The entrepreneurial activity requires a large amount of capital investment, which provides a good external opportunity for the development of venture capital. Therefore, the development enthusiasm of the venture investment industry in our country is high and involves a wide range of fields, in which the enterprise service, cultural media, e-commerce and mobile Internet have become an important investment field, and the activity of venture capital is also active. Therefore, the value evaluation of investment projects is developing rationally. Therefore, the theoretical and practical circles are paying more and more attention to the risk investment. As one of the main body of venture investment, the venture capital institution plays a key bridge role in the development of venture capital, and is an important link between the venture capital and the risk project. At the late start of venture investment in China, the research on venture capital institutions is still in the exploration stage. The main research points are focused on the operating mechanism of venture capital institutions, internal governance and risk management, but there are few studies on the specific financial performance of venture capital institutions. The investment company, as the research object, carries out an empirical study from the perspective of financial performance evaluation, which is of certain guiding significance for understanding and analyzing the problems of the Vc firm and guiding the management of the Vc firm. This paper studies the characteristics of the venture investment, and the characteristics of Vc firm through reading the literature. In the operation mode, we construct an index system to evaluate the financial performance of Vc firm from four aspects of fund-raising capacity, operating ability, profitability and risk management ability, and use factor analysis method to analyze the sample data, extract public factors, write factor expressions, and select company financial performance according to factor expression four. The level of ability is evaluated. Then the entropy method is used to determine the weight of each index. The important aspects of the financial performance evaluation of the risk company are highlighted. The comprehensive score expression is written out. The comprehensive score of the financial performance of the Sample Firms is calculated and the ranking. The index system established in this paper and the actual situation are carried out in this paper. It makes the financial performance evaluation of the venture company more concise, convenient and accurate. It also has the role of finding problems and warning risks for the financial performance management and internal governance of the Vc firm. Finally, the concrete measures and the problems to be paid attention to the implementation of the financial performance evaluation system are put forward.

【学位授予单位】：北京邮电大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39;F830.42

【参考文献】