创业投资对创业板上市公司绩效的影响分析

发布时间：2018-03-17 18:07

本文选题：创业投资　切入点：绩效变化　出处：《浙江大学》2017年硕士论文　论文类型：学位论文

【摘要】：创业投资的投资目的是通过资金和管理等方面的帮助,促进创业公司的发展,并在公司成长到一定阶段时通过IPO、并购等多种退出渠道收回投资资本,获取投资收益。随着创业投资在我国的迅速发展,大量被投资企业得以改制上市,登陆资本市场。然而,创业投资能否有效提升被投资公司的绩效这一问题,无论是对企业还是对研究者来说,都显得非常重要,而人们对这一问题却没有足够的重视。我国关于创业投资对公司绩效影响的研究一般只限于探讨有无投资机构支持对公司绩效的影响。本文主要研究创业投资对我国创业板上市公司绩效的影响,选取近几年在创业板上市的公司为研究样本,探讨创业投资是否有利于公司绩效提升。本文的重点及创新在于通过多个时间段的分析,研究创业投资能否真正地提升被投资公司的绩效。在相关理论研究评述、创业投资及被投资公司现状的定性分析基础上,为了进一步深入研究创业投资对创业板上市公司绩效的影响渠道及效应,本文建立截面数据模型,分阶段定量分析了创业投资的持股比例和联合投资机构数量等微观因素是否对被投资公司绩效起重要的作用,创投的退出是否对公司绩效产生影响,从而为促进和完善我国创业投资的发展提供理论及实证方面的支持。通过定性及定量的分析,本文得出以下结论:有创投支持和无创投支持的公司绩效变化差异体现在公司IPO之前,联合投资的创投机构数量及创业投资时间均可能在一定阶段影响到被投资公司的绩效,而创投机构的持股比例对被投资公司的绩效影响并不显著。有关监管部门及机构可以从提高创投机构自身专业能力、强化创业投资的信息披露、完善创业投资的监管制度等角度,规范创业投资的运作,以促进我国金融业的平稳、健康发展。
[Abstract]:The purpose of venture capital investment is to promote the development of start-up companies through the help of capital and management, and to recover their investment capital through IPO, mergers and acquisitions and other exit channels when the company grows to a certain stage. With the rapid development of venture capital in China, a large number of invested enterprises can be restructured and listed, landing on the capital market. However, whether venture capital can effectively improve the performance of invested companies, It's very important for both companies and researchers, However, people do not pay enough attention to this problem. The research on the impact of venture capital on corporate performance in China is generally limited to the impact of investment institutions on corporate performance. This paper focuses on the impact of venture capital on corporate performance. The impact of the performance of listed companies on the gem in China, In recent years, companies listed on the gem are selected as the research samples to explore whether venture capital is conducive to the improvement of corporate performance. The emphasis and innovation of this paper lies in the analysis of several time periods. Research on whether venture capital can really improve the performance of invested companies. Based on the relevant theoretical review, venture capital and the qualitative analysis of the current situation of invested companies, In order to further study the impact of venture capital on the performance of listed companies on the gem, this paper establishes a cross-section data model. In this paper, the author quantitatively analyzes whether the micro factors such as the proportion of venture capital holding and the number of joint investment institutions play an important role in the performance of the invested company, and whether the withdrawal of venture capital has an impact on the performance of the company. In order to promote and improve the development of venture capital in China to provide theoretical and empirical support. Through qualitative and quantitative analysis, In this paper, the following conclusions are drawn: the difference of performance between venture capital support and non-venture capital support is reflected before the IPO, and the number of venture capital institutions and the time of venture capital investment may affect the performance of the invested company at a certain stage. However, the proportion of VCs holding shares has no significant impact on the performance of invested companies. Relevant regulators and institutions can enhance the professional ability of VCs and enhance the disclosure of venture capital information. In order to promote the steady and healthy development of our financial industry, we should perfect the supervision system of venture capital and standardize the operation of venture capital.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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