中美风险投资绩效差异及影响因素比较分析

发布时间：2018-04-22 12:28

本文选题：风险投资 + 绩效差异　；参考：《辽宁大学》2014年硕士论文

【摘要】：改革开放以后中国经济正以令世界称奇的速度运行，经济总量持续增长，，人民币兑美元汇率不断攀高，孕育了大量的国内风险投资公司，同时也吸引了外国风险资本家和创业资本。无论是风险投资项目数量、融资金额，还是在质量上的成功退出和内部收益率，都可以发现中国的风险投资在促进技术转化、扶持创业企业发展，支撑国家创新战略上都起到了先锋作用。相对于有六七十年的、曾扶持起微软、苹果、雅虎等一系列带动美国技术领跑全球的美国风险投资公司，中国可以从中发掘其积累的经验，同时结合这三十年来具有中国国情的风险投资手段，来提高中国风险投资市场的绩效。本文将在具备丰富风险投资经验的美国与中国在其发展历程、运行机制、政府作用和投资环境方面展开介绍。比较中美风险投资绩效的差异，分析风险投资绩效的宏、微观因素对中美风险投资绩效差异的影响。最后结合风险投资理论对中国的风险投资市场提出建设性意见。本文主要分四个部分进行论述：第一，在绪论这一章节阐述选择中美风险投资绩效这一论题的背景、目的和意义，进一步总结风险投资的理论构建，并对有关风险投资的中、外文献做了归纳、总结，找出现有风险投资领域需要解决的问题。第二，剖析了中美两国风险投资的发展概况、运行机制和市场环境概况。第三，比较中美风险投资绩效差异，并从宏、微观两个方面阐述其对中美风险投资绩效的影响作用。第四，总结并提出政策性建议。
[Abstract]:After the reform and opening up, the Chinese economy is running at a speed that makes the world wonder. The total economic volume continues to grow, and the exchange rate of the RMB against the US dollar is constantly rising, giving birth to a large number of domestic venture capital companies. It also attracts foreign venture capitalists and venture capital. Whether it is the number of venture capital projects, the amount of financing, or the successful exit in terms of quality and internal rate of return, it can be found that China's venture capital is promoting technological transformation and supporting the development of entrepreneurial enterprises. Supporting the national innovation strategy has played a pioneering role. Compared with a series of US venture capital firms that have supported Microsoft, Apple, Yahoo, and other companies that led the United States to lead the world in technology for 60 or 70 years, China can tap into its accumulated experience. At the same time, the performance of Chinese venture capital market is improved by combining the venture capital means with China's national conditions in the past 30 years. This paper will introduce the development course, operation mechanism, government role and investment environment of the United States and China with rich experience in venture capital. This paper compares the differences of venture capital performance between China and the United States, and analyzes the influence of macro and micro factors on the performance of venture capital between China and the United States. Finally, the author puts forward some constructive suggestions on China's venture capital market with the theory of venture capital. This paper is divided into four parts: First, in the introduction this chapter expounds the background, purpose and significance of choosing the performance of venture capital between China and the United States, further summarizes the theoretical construction of venture capital, and summarizes and summarizes the Chinese and foreign literatures on venture capital. Identify problems that need to be addressed in the venture capital area. Secondly, the development, operation mechanism and market environment of venture capital in China and the United States are analyzed. Third, compare the differences of venture capital performance between China and the United States, and expound its influence on the performance of venture capital in China and America from macro and micro aspects. Fourth, summarize and put forward policy recommendations.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48;F837.12

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