中国风险投资退出及其IPO退出绩效的实证分析

发布时间：2018-04-15 18:49

本文选题：风险投资 + 退出方式　；参考：《湖南大学》2013年硕士论文

【摘要】：近年来，国内风险投资业发展较快，投资额逐年增长。2009年创业板启动之前，我国风险投资机构通过上市方式的退出主要在深圳中小板、香港创业板和海外上市。创业板推出以来，为国内风险资本的退出开辟了一个新的途径，风险投资机构的目光转向了创业板，通过创业板实现退出的风险投资项目越来越多，且退出回报率相当可观。由于创业板推出时间较短，我国对于风险投资退出问题的研究大多集中在政策建议层面，而基于国内创业板数据进行的风险投资IPO退出绩效的实证研究目前还非常少。鉴于此，本文对这一问题展开了研究。本文首先综述了国内外学者关于风险投资退出方式选择和退出回报影响因素的研究现状及成果。其次从风险投资的几种主要退出方式出发，分别介绍了各方式的内涵、动因及主要特点，，并从退出效益性和退出效率性两个方面建立评价风险投资退出绩效的具体指标体系，且基于以上评价指标对两种主要的退出方式进行比较。然后结合我国风险投资退出现状和障碍，通过搜集数据和实证检验来研究影响我国IPO退出回报率的宏微观因素，本文以风险投资项目退出的年回报率作为因变量，选取平均市盈率、股票周期作为宏观影响因素，从业时间、管理资本规模、投资周期、投资规模、投资行业、投资机构所在地、发行价格作为微观影响因素，基于深圳创业板上市公司的数据，通过相关性分析和回归分析对创业风险投资IPO退出回报率的影响因素进行了实证研究。其实证结果显示年回报率与风险机构投资周期和投资规模呈显著负相关关系，与股票发行价格显著正相关。而与其他解释变量（平均市盈率高低、股票周期、从业时间、管理资本规模、投资行业和投资机构所在地）并无显著相关关系。最后依据实证研究的结果，结合我国风险投资业的发展状况，提出了本文的结论和政策建议。
[Abstract]:In recent years, the domestic venture capital industry has developed rapidly and the investment has increased year by year. Before the launch of the gem in 2009, the exit of Chinese venture capital institutions through listing mainly took place in Shenzhen small and medium-sized board, Hong Kong growth enterprise market and overseas market.Since the launch of the gem, it has opened a new way for the exit of domestic venture capital. The attention of venture capital institutions has turned to the growth enterprise market. There are more and more venture capital projects that exit through the gem, and the return from exit is considerable.Because of the short launch time of gem, most of the researches on venture capital exit in China are focused on the level of policy recommendations. However, the empirical study of venture capital IPO exit performance based on domestic gem data is still very few.In view of this, this paper studies this problem.Firstly, this paper summarizes the current situation and achievements of the research on the choice of venture capital exit mode and the factors influencing the exit return of venture capital at home and abroad.Secondly, it introduces the connotation, motivation and main characteristics of each way from several main exit ways of venture capital, and sets up a specific index system to evaluate the performance of venture capital exit from two aspects: exit benefit and exit efficiency.And based on the above evaluation indicators, the two main exit methods are compared.Then combined with the current situation and obstacles of venture capital withdrawal in China, through collecting data and empirical tests to study the macro and micro factors that affect the return rate of IPO exit in China, this paper takes the annual return rate of venture capital project withdrawal as a dependent variable.Selecting average price-earnings ratio, stock cycle as macro influencing factor, working time, management capital scale, investment cycle, investment scale, investment industry, location of investment institution, issuing price as microcosmic influencing factor,Based on the data of listed companies in Shenzhen gem, this paper makes an empirical study on the influencing factors of IPO exit rate of venture capital through correlation analysis and regression analysis.In fact, the empirical results show that the annual rate of return is negatively correlated with the investment cycle and investment scale of risk institutions, and is positively correlated with the issuing price of stocks.However, there is no significant correlation with other explanatory variables (average price-earnings ratio, stock cycle, employment time, management capital size, investment industry and location of investment institutions).Finally, according to the results of empirical research and the development of venture capital industry in China, this paper puts forward the conclusions and policy recommendations.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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