基于VAR模型风险投资IPO退出投资回报影响因素的实证研究

发布时间：2018-05-19 22:04

本文选题：风险投资 + IPO退出　；参考：《哈尔滨工业大学》2013年硕士论文

【摘要】：随着知识经济全球一体化进程的加快，各国都在积极寻求促进本国经济发展的有效途径，而风险投资作为一种新兴行业引起了各国的关注，其在推动科技产业化、帮助风险企业做大方面发挥着重要的作用。我国的风险投资业于20世纪80年代开始起步，发展到现在已经取得了一些实质性的成果。尤其是在2009年创业板启动之后，，风险投资的变现和退出有了更好的平台，IPO已经成为我国风险投资最主要的、回报最高的退出方式。同时，鉴于风险投资的成功退出是以获得高额投资回报为前提，而伴随上市公司相关信息的披露，对风险投资IPO退出投资回报进行研究具有重要的理论和实践意义。本文首先对风险投资IPO退出投资回报及影响因素进行了理论分析，界定了风险投资IPO退出投资回报的衡量指标，并从风险投资机构、风险投资项目、风险控制及其他四个层面分析了可能影响风险投资IPO退出投资回报的因素；然后利用我国创业板上近三年具有风险投资背景企业的相关数据进行相关性分析，得出对风险投资IPO退出投资回报存在显著相关性的7个影响因素，即风险投资机构持股率、机构组织结构模式、机构从业时间、风险企业净资产收益率、股权集中度、深圳新指数和发行市盈率；随后，假设所有不同风险投资机构投资的项目为一个单一的大项目且以上市时间为基础构成时间序列来构建VAR模型进行进一步的分析，了解7个不同影响因素对风险投资IPO退出投资回报的影响强度和影响持续时间，发现风险投资IPO退出投资回报对组织结构模式、从业时间、净资产收益率以及股权集中度的冲击反应最为迅速，而发行市盈率对风险投资IPO退出投资回报的影响最大，深圳新指数及持股率对其影响比较小；最后，结合实证结果及实际情况，从外部环境及风险投资机构内部运作等方面对我国风险投资如何获得高额IPO退出投资回报，进而实现健康发展提出了建议。
[Abstract]:With the acceleration of the process of global integration of knowledge economy, all countries are actively seeking effective ways to promote their economic development, and venture capital, as a new industry, has attracted the attention of all countries, which is promoting the industrialization of science and technology. Helping venture enterprises to do so is playing an important role. The venture capital industry in China started in 1980's and has made some substantial achievements. Especially after the launch of gem in 2009, the realization and exit of venture capital has become a better platform for IPO, which has become the most important and highest return exit mode of venture capital in China. At the same time, since the successful exit of venture capital is based on the high return on investment, and with the disclosure of relevant information of listed companies, it is of great theoretical and practical significance to study the return on venture capital IPO withdrawal from investment. This paper first analyzes the return on venture capital IPO exit investment and its influencing factors, defines the index of venture capital IPO exit investment return, and analyzes the risk investment institution, venture capital project. The risk control and other four levels analyze the factors that may affect the return of venture capital IPO out of investment, and then use the relevant data of enterprises with venture capital background in recent three years on the gem to carry on the correlation analysis. It is concluded that there are seven factors that have significant correlation to the return on IPO exit from venture capital, that is, the shareholding ratio of venture capital institution, the organizational structure of the institution, the working time of the institution, the return on net assets of the venture enterprise, and the degree of equity concentration. Shenzhen new index and IPO price-earnings ratio; then, assume that all the different venture capital institutions invest in a single large project and based on the time to market to form a time series to construct VAR model for further analysis. To understand the impact of seven different factors on the return of venture capital IPO exit investment and the duration of the impact, we found that the return on venture capital IPO exit investment on the organizational structure model, employment time, The impact of ROE and equity concentration is the most rapid, and the price-earnings ratio has the greatest impact on the return on the exit of venture capital IPO, while Shenzhen's new index and shareholding ratio have little effect on it. Finally, Based on the empirical results and the actual situation, this paper puts forward some suggestions on how to obtain the high return on IPO exit investment from the external environment and the internal operation of venture capital institutions in China, so as to realize the healthy development.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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