创投机构与创业企业双边匹配的实证研究——兼论我国创投市场的匹配效率

发布时间：2018-04-12 14:50

  本文选题：创投机构 + 双边匹配　； 参考：《系统工程》2017年03期

【摘要】：创投与创业企业的稳定匹配关系着创投市场的稳定与发展。本文用双边匹配理论分析了创投与企业的具体匹配情况,并以创投机构支持的创业板公司为样本进行了实证研究。结果发现:总体上声誉好、实力强的创投机构匹配的企业业绩好,显著偏好政策的支持;创投联合投资的企业业绩和市后回报率比创投单独投资的企业要差,但声誉好的创投单独投资和创投强强联合投资时匹配的企业业绩和回报率最好。表明创投与企业间存在稳定有效的匹配,创投市场的运行效率较好。进一步研究发现,企业的市场竞争力和技术水平、企业家的责任心、创投的综合实力水平等特征指标与匹配价值显著正相关;创投持股比和联合投资指标与匹配价值显著负相关,而且业绩好、市后回报率高的企业对应的创投持股比和联合投资情况都比较适中,表明创投的适度支持有利于共同价值的提升。
[Abstract]:The stable match between venture capital and venture capital is related to the stability and development of venture capital market.In this paper, we use the bilateral matching theory to analyze the specific matching between venture capital and enterprises, and take the gem supported by venture capital institutions as a sample to conduct empirical research.The results show that the enterprises with good reputation and strong venture capital institutions have better performance and have a significant preference for policy support, and the performance and after-market return of venture capital joint investment enterprises are worse than those of individual venture capital firms.But reputable VCs alone and VCs have the best matching performance and return.It shows that there is a stable and effective match between venture capital and enterprise, and the operation efficiency of venture capital market is better.It is found that the market competitiveness and technical level of enterprises, the sense of responsibility of entrepreneurs, and the level of comprehensive strength of venture capital are positively correlated with the matching value.The ratio of venture capital to stock and the index of joint investment are negatively correlated with the matching value, and the performance is good. The corresponding ratio of venture capital and joint investment of the enterprises with high after-market rate of return is relatively moderate.It shows that the moderate support of VC is beneficial to the promotion of common value.
【作者单位】： 重庆大学经济与工商管理学院;
【基金】：国家自然科学基金重点项目(71232004)
【分类号】：F279.2;F832.4
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本文编号：1740213