风险投资对企业技术商业化潜力的影响研究

发布时间：2018-03-12 10:40

本文选题：风险投资　切入点：投资阶段　出处：《华南理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：在当今经济全球面临金融危机的大背景下，转型中的中国面临更加严峻的考验——制造业态落后，世界工厂发生转移，环境污染加剧，能源资源紧张，食品安全问题……这一系列问题背后都折射出亚洲巨人正站在社会转型升级的拐点处。其中，经济结构转型的重任则落在了新一代信息技术、能源技术、新材料、生物工程等战略新兴产业的培育上，产业结构的转型升级依赖于企业的转型升级，，因此，如何培育一批高新技术企业从而推动产业结构转型进而推进经济结构转型升级成为未来中国经济的热点。而由于中国资本市场发展时间不长，金融体系对培育高新技术企业的力度不够，许多高新技术项目由于资金、资源问题往往死于早期甚至仅仅停留在实验室层面。现代风险投资是一种高风险高回报的股权投资方式，它专注于高新技术项目，帮助培育高新技术成功孵化，成为高新技术项目的救星。理论与实践表明，风险投资对企业技术创新绩效、企业绩效等都有显著的促进作用。本文以此切入，在以往文献研究基础上探讨风险投资与企业技术商业化的关联性与作用机制，并以技术商业化潜力作为评价指标，分资金、增值服务、风险投资契约和投资阶段四个维度探讨风险投资与技术商业化的定量关系。本研究还尝试将风险投资投资阶段分组，深入对比各阶段下风险投资投入资金、增值服务与风险契约对技术商业化潜力影响的强弱关系。实证结果表明，风险投资在企业早期进入比在中后期进入对企业技术商业化潜力的作用更显著，且该作用是正向的；在早期阶段进入的风险投资各项要素对技术商业化潜力的作用与中后期进入的相比是有显著差异的。最后，本文针对研究结果提出了对发展资本市场及政府引导基金的建议。
[Abstract]:In the background of today's global economy is facing the financial crisis, in the transition of Chinese face more severe test - making format behind the world factory shift, environmental pollution, energy shortage, food safety issues. This reflects a series of problems behind the Asian giant is standing at the turning point in the social transformation and upgrading. The task of economic restructuring, it falls on a new generation of information technology, energy technology, new materials, bio engineering and cultivation of strategic emerging industries, the transformation and upgrading of industrial structure depends on the transformation and upgrading of enterprises, therefore, how to foster a number of high-tech enterprises to promote industrial restructuring and promote economic restructuring China upgraded to become the economic focus of the future. But due to the development of the capital market is not a long time Chinese efforts, the financial system of the cultivation of high-tech enterprises is not enough, a lot of new and high technology Operation project due to funding, resources often died of early even only in the laboratory level. Modern risk investment is a high risk and high return of equity investment, it focus on high-tech projects, help cultivate high-tech hatch and become a high-tech project lifesaver. Theory and practice show that the investment risk of enterprise technological innovation the performance of enterprise performance has a significant role in promoting.
This cut, the relationship and mechanism of risk investment and enterprise technology commercialization based on previous literature, and the potential of technology commercialization as the evaluation index, money, value-added services, to explore the quantitative relationship between venture capital and technology commercialization of the four dimensions of venture capital contract and investment stage. This study also try the investment stage of venture capital group, venture capital investment in each stage of in-depth comparison, influence of value-added services and risk of contract technology commercial potential strength relations. The empirical results show that venture capital investment in the enterprise than in the late early entry into the commercial potential of the enterprise more prominent role, and the effect is positive the effect of entering; in the early stages of the investment risk of the elements of the potential for the commercialization of technology and in the late entry is compared with significant differences. Finally, the The paper puts forward some suggestions on the development of the capital market and the government guidance fund.

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F273.1;F275;F832.51

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