风险投资对中国中小板上市企业绩效影响研究

发布时间：2018-05-03 05:23

本文选题：风险投资 + 中小板上市企业　；参考：《辽宁大学》2014年硕士论文

【摘要】：风险投资起源于美国20世纪四五年代，少许甘心以高风险交换高回报的投资人缔造的。20世纪八十年代风险投资才正式进入中国，相对于国外的投资模式我国的风险投资还是显得不够成熟。然而，这并不妨碍我们对风险投资的研究。风险投资作为一种融资手段解决了企业融资问题，可是人们往往忽视了风险投资资对企业绩效的影响。中国关于对风险资本对企业的影响的研究，大多集中于理论研究，承认理论上风险投资者获得对企业监督的作用，但较少有实证研究。通过风险投资和企业绩效的研究，能够归纳出风险投资对企业绩效的影响。风险投资不仅在企业资本运作，而且在企业管理方面也有一定的影响。本文选择中小板上市企业作为样本，通过风险投资对中小板上市企业的绩效影响来验证风险投资的有效性。运用实证分析的方法来验证风险投资对中小板上市企业带来什么样的影响的研究。首先，本文阐明风险投资的概念，并且机理分析风险投资对中小板上市企业的绩效影响。在理论方面来探讨风险投资对中小板上市企业的影响，分别从企业融资、企业治理、企业股本结构来探讨风险投资对企业绩效的影响。然后，本文通过实证分析以从2010年1月1日至2010年12月31日之间的上市的中小板上市企业为样本，选取78家企业，按有无风险投资分成两组。使用财务指标来分析企业绩效。从企业的获利能力、偿债能力、运营能力和发展能力探讨风险投资对中小板上市企业的绩效影响。这样才会客观全面的衡量企业的绩效。本文采用均值差异检验方法，对样本企业的盈利能力、偿债能力、运营能力和发展能力进行统计和差异分析。再采用t检验和非参数Mann-Whitney Test对两组差异进行显著检验。从而得出检验结论并进行实例分析，风险投资对中小板上市企业的绩效是否有一定的影响。最后，，在实例分析的基础上提出结论和政策建议。并给出对本文研究的意见和问题，从而更加完善研究内容与结论。
[Abstract]:Venture capital originated in the United States in the 1940s and '50s. It was only in the 1980s that a small amount of venture capital, which was created by investors willing to exchange high risks for high returns, formally entered China. Compared with the foreign investment mode, the venture capital of our country is still not mature enough. However, this does not prevent us from studying venture capital. Venture capital as a means of financing solves the problem of enterprise financing, but people often ignore the impact of venture capital on enterprise performance. The research on the influence of venture capital on enterprises in China is mostly focused on the theoretical research, which admits that venture capital can obtain the function of supervising the enterprises in theory, but there are few empirical studies. Through the research of venture capital and enterprise performance, the influence of venture capital on enterprise performance can be concluded. Venture capital not only in the operation of enterprise capital, but also has a certain impact on enterprise management. This paper selects the small and medium-sized board listed enterprises as the sample, and verifies the effectiveness of the venture capital through the impact of venture capital on the performance of the small and medium-sized board listed enterprises. Empirical analysis is used to verify the impact of venture capital on small and medium-sized listed enterprises. Firstly, this paper clarifies the concept of venture capital, and analyzes the effect of venture capital on the performance of small and medium-sized listed enterprises. In theory, this paper discusses the influence of venture capital on the performance of small and medium-sized enterprises, and discusses the influence of venture capital on the performance of enterprises from the aspects of corporate financing, corporate governance and the structure of enterprise equity. Then, through empirical analysis, this paper takes the small and medium-sized enterprises listed between January 1, 2010 and December 31, 2010 as a sample, selects 78 enterprises, and divides them into two groups according to the risk investment. Use financial indicators to analyze corporate performance. This paper discusses the effect of venture capital on the performance of small and medium-sized listed enterprises from the aspects of profitability, solvency, operation ability and development ability. This will objectively and comprehensively measure the performance of the enterprise. In this paper, the average difference test method is used to analyze the profitability, solvency, operation ability and development ability of the sample enterprises. T test and non-parametric Mann-Whitney Test were used to test the difference between the two groups. The conclusion of this paper is that venture capital has a certain influence on the performance of small and medium-sized listed enterprises. Finally, the conclusions and policy suggestions are put forward on the basis of case analysis. The opinions and problems of this paper are given so as to perfect the research contents and conclusions.
【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】：F275;F832.51

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