风险投资人金融关联对被投企业绩效的影响研究

发布时间：2018-01-12 07:37

本文关键词：风险投资人金融关联对被投企业绩效的影响研究　出处：《广东外语外贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来我国风险投资行业迅速崛起,对我国企业的成长发展做出了巨大贡献,同时也推动了科技创新进步。风险资本不仅可以为企业提供资金支持,而且风险投资人的社会关系资源可以为企业带来附加价值。我国处于经济转型时期,市场机制有待进一步完善,非正式的社会关联可以弥补正式机制的不足,为企业带来支持作用。金融关联是企业拥有的一种与金融机构的社会关系,作为一种重要的关系和声誉机制,金融关联对资源配置起到积极的影响作用。资料显示,许多风险投资人具有银行、证券等金融机构从业经历。风险投资人的金融关联是企业与金融机构建立关系的重要渠道,因此研究风险投资人的金融关联具有重要意义。现有文献对金融关联的研究多集中于企业董事和其他高管,鲜有学者研究企业风险投资人的金融关联,相关实证研究更是缺乏。为了研究风险投资人金融关联与被投资企业绩效之间是否存在相关关系,本文通过文献综述、理论分析和实证检验,对该问题进行了系统的研究。本文的研究结论如下:第一,总体来说,我国风险投资人金融关联对被投企业绩效在一定期间内起到促进作用。第二,风险投资人金融关联对高成长企业的绩效有显著的促进作用,对非高成长企业绩效的影响不显著。第三,在一定时期内,风险投资人金融关联对金融发展程度较低地区的企业的绩效提升作用更大。以上结论说明风险投资人金融关联对被投资企业绩效的影响作用由于条件不同而有所差异。企业应当根据自身状况合理利用风险投资人的金融关联来提升企业绩效,发挥风险投资的增值效应。
[Abstract]:In recent years, the rapid rise of venture capital industry in China has made a great contribution to the growth and development of Chinese enterprises, but also promoted the progress of scientific and technological innovation. Venture capital can not only provide financial support for enterprises. Moreover, the social relationship resources of venture capitalists can bring added value to enterprises. Our country is in the period of economic transformation, the market mechanism needs to be further improved, informal social association can make up for the lack of formal mechanisms. Financial connection is a kind of social relationship with financial institutions, which is an important relationship and reputation mechanism. Financial linkages play a positive role in resource allocation. Data show that many venture capitalists have banks. The financial connection of venture capitalists is an important channel to establish the relationship between enterprises and financial institutions. Therefore, it is of great significance to study the financial association of venture capitalists. Most of the existing literatures focus on corporate directors and other senior executives, and few scholars study the financial linkages of venture capitalists. In order to study whether there is a correlation between the financial association of venture capitalists and the performance of the invested enterprises, this paper through literature review, theoretical analysis and empirical test. The conclusions of this paper are as follows: first, in general, the financial association of venture capitalists plays a role in promoting the performance of the invested enterprises in a certain period of time. Second, the financial association of venture capitalists plays a role in promoting the performance of the invested enterprises in a certain period of time. Venture capital financial association has a significant impact on the performance of high-growth firms, but not on the performance of non-high-growth firms. Third, in a certain period of time. The conclusion above shows that the effect of venture capital financial association on the performance of the invested firm is different due to the different conditions. The enterprise should make use of the financial connection of venture capital reasonably according to its own condition to improve the enterprise performance. Bring into play the value added effect of venture capital.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.48;F275

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