中国CVC与风险企业发展阶段研究
发布时间：2018-10-11 11:22
【摘要】：我国风险投资经过二十多年的发展,已逐步形成了政府、企业和个人参与投资的局面,不同背景风险投资机构的资本来源和所有权不同,其在选择风险企业方面也会有所差异,该差异会体现在其选择风险企业的发展阶段上有所倾向。本文以投中集团CVSource数据库2005年至2013年的VC投资事件为样本,实证分析与独立风险投资机构(IVC)相比,公司风险投资机构(CVC)与风险企业发展阶段的关系,并进一步分析风险投资机构的政府背景对上述关系的调节作用。结果表明不同类型风险投资机构对风险企业发展阶段的选择显著不同,与IVC与相比,CVC更多地投资处于早期和发展期的风险企业;而且,CVC若为政府背景,则会强化上述相关关系。本文不同于传统的法律角度分类,按照资本来源和所有权的不同对风险投资机构进行分类,从不同的视角深刻揭示了不同类型风险投资与风险企业发展阶段的关系,并分析了政府背景对上述关系的调节作用。通过本文的研究,可以比较不同类型风险投资机构在投资目标和项目选择上的差异,对明确我国风险投资市场各参与主体的角色定位(政府、企业和个人)和提升我国企业融资决策质量具有重要现实意义。同时,本文的研究也有一定的局限性,仅对风险投资机构类型与风险企业发展阶段的关系进行了研究,风险投资机构对风险企业其他方面的标准和偏好,以及其运用自身资源帮助风险企业发展壮大等方面的差异还有待进一步的研究。
[Abstract]:After more than 20 years' development, venture capital in China has gradually formed the situation of government, enterprises and individuals participating in investment. The capital sources and ownership of venture capital institutions in different backgrounds are different, and their choice of venture enterprises will also be different. The difference will be reflected in the choice of venture enterprises in the development phase of the trend. This paper takes the VC investment events in the CVSource database of China Investment Group from 2005 to 2013 as a sample, and empirically analyzes the relationship between (CVC) and the stage of development of venture capital, compared with (IVC), an independent venture capital institution. And further analyze the regulatory role of the government background of venture capital institutions on the above-mentioned relationship. The results show that different types of venture capital institutions choose different stages of development of venture enterprises. Compared with IVC, CVC invest more in venture enterprises in the early and developing stages, and if CVC is the background of government, it will strengthen the above correlation. Different from the traditional legal classification, this paper classifies venture capital institutions according to the different sources of capital and ownership, and reveals the relationship between different types of venture capital and the development stage of venture enterprises from different perspectives. And analyzed the government background to the above relation adjustment function. Through the research of this paper, we can compare the differences of different types of venture capital institutions in investment objectives and project selection, and define the roles of the participants in the venture capital market in China (the government, the government, Enterprises and individuals) and improve the quality of corporate financing decision-making in China has important practical significance. At the same time, the study of this paper also has some limitations, only to study the relationship between the types of venture capital institutions and the development stage of venture enterprises, and the standards and preferences of venture capital institutions to other aspects of venture enterprises. And the differences in using their own resources to help venture enterprises develop and grow need further study.
【学位授予单位】：上海大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F724.6
本文编号：2264009
[Abstract]:After more than 20 years' development, venture capital in China has gradually formed the situation of government, enterprises and individuals participating in investment. The capital sources and ownership of venture capital institutions in different backgrounds are different, and their choice of venture enterprises will also be different. The difference will be reflected in the choice of venture enterprises in the development phase of the trend. This paper takes the VC investment events in the CVSource database of China Investment Group from 2005 to 2013 as a sample, and empirically analyzes the relationship between (CVC) and the stage of development of venture capital, compared with (IVC), an independent venture capital institution. And further analyze the regulatory role of the government background of venture capital institutions on the above-mentioned relationship. The results show that different types of venture capital institutions choose different stages of development of venture enterprises. Compared with IVC, CVC invest more in venture enterprises in the early and developing stages, and if CVC is the background of government, it will strengthen the above correlation. Different from the traditional legal classification, this paper classifies venture capital institutions according to the different sources of capital and ownership, and reveals the relationship between different types of venture capital and the development stage of venture enterprises from different perspectives. And analyzed the government background to the above relation adjustment function. Through the research of this paper, we can compare the differences of different types of venture capital institutions in investment objectives and project selection, and define the roles of the participants in the venture capital market in China (the government, the government, Enterprises and individuals) and improve the quality of corporate financing decision-making in China has important practical significance. At the same time, the study of this paper also has some limitations, only to study the relationship between the types of venture capital institutions and the development stage of venture enterprises, and the standards and preferences of venture capital institutions to other aspects of venture enterprises. And the differences in using their own resources to help venture enterprises develop and grow need further study.
【学位授予单位】：上海大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F724.6
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