基于SFA的我国私募股权投资前沿效率及其影响因素实证分析

发布时间：2018-04-15 11:05

本文选题：私募股权投资基金 + 前沿效率　；参考：《广东财经大学》2013年硕士论文

【摘要】：私募股权投资是指对处于种子期、初创期、发展期、扩展期、成熟期和Pre—IPO等各个时期的非上市创业企业进行股权投资，以期所投资创业企业发育成熟或相对成熟后主要通过转让股权获得资本增值收益的投资方式。前沿效率是用来衡量在现有的技术水平下，生产者获得最大产出的能力，它反映了现有技术的发挥程度。我国的私募股权基金起步比较晚，但近年来发展非常迅速，同时也存在很多问题。我国学者对私募股权投资基金的研究主要集中在运行机制和投资结构上，效率或收益率方面的实证研究甚少，而本文以我国私募股权投资项目的前沿效率为研究对象，先通过私募股权基金的运行机制分析各种影响因素，再运用随机前沿法(SFA)对其前沿效率及影响因素做实证分析。本文选取深圳创业板成立以来至2012年10月在深圳创业板上市退出的我国110个本土私募股权投资项目为样本，选取项目回收总金额为产出变量，项目投入总金额、企业管理团队总人数和项目投资周期为投入变量，并尽可能全面地考虑了可能对前沿效率产生影响的所有影响因素，采用随机前沿法（SFA）与Frontier4.1程序研究私募股权投资项目的相对前沿效率，以及影响效率值的因素。Frontier4.1程序首先利用生产函数来构造生产前沿面，测算出110个样本的相对效率值，然后判断影响效率值的因素以及影响程度。研究表明，第一：我们私募股权投资项目的平均效率值为0.6379，效率值的分布非常分散，跨度较大，，最高为0.9541，最低为0.1503；第二，在各影响因素中，投资机构类型、目标企业所在地与投资金额这三个因素的影响较为显著。VC机构的整体效率高于PE机构；目标企业在深圳的前沿效率要显著高于其他地区，而位于广东（除深圳）地区的要低于其他地区；投资金额越大，项目的前沿效率越高。其他因素对相对效率值的影响均不显著。
[Abstract]:Private equity investment refers to the seed stage, start-up stage, development stage, expansion stage, unlisted venture each period of maturity and Pre - IPO of the equity investment, the investment in enterprise development mature or relatively mainly through the transfer of equity capital gains investment frontier efficiency is used to. To measure the existing level of technology, the ability of producers to get maximum output, it reflects the degree of use of existing technologies. China's private equity fund started relatively late, but has developed rapidly in recent years, at the same time there are a lot of problems. The research of Chinese scholars on private equity investment fund mainly focused on the operation mechanism and the structure of investment, efficiency or yield little empirical research, this paper focuses on the frontier efficiency of China's private equity investment project as the research object, the first private equity fund The operating mechanism is used to analyze the various influencing factors, and then the stochastic frontier method (SFA) is used to make an empirical analysis on the efficiency and the influencing factors.
This paper selects the Shenzhen gem since its establishment to October 2012 in Shenzhen GEM listed out of China's 110 local private equity investment projects as samples, select items for the output variable recovery of the total amount of investment, the total amount of investment of the week the total number of enterprise management team and project as input variables, and as far as possible the comprehensive consideration factors all effects may have an impact on the efficiency frontier, using stochastic frontier method (SFA) relative to the frontier efficiency and Frontier4.1 program of private equity investment projects, as well as the factors affecting the efficiency value of the.Frontier4.1 program first use production function to construct the production frontier, calculate the relative efficiency of the 110 sample values, and then determine the factors affecting the efficiency value as well as the influence. The results show that: first the average efficiency of our private equity investment project value is 0.6379, the efficiency of value distribution is Dispersion, large span, up to 0.9541, the lowest was 0.1503; second in all factors, the types of investment institutions, the three factors which influence the target enterprise is the amount of investment and the overall efficiency is significantly higher than that of PE.VC mechanism; target enterprise in Shenzhen before along the efficiency should be significantly higher than in other regions, and located in Guangdong (except Shenzhen) area was lower than that of other regions; the greater the amount of investment, the higher the efficiency frontier project. Other factors on the relative efficiency values were not significant.

【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】