联合创业投资网络对IPO企业成长性的影响研究

发布时间：2018-01-05 02:20

本文关键词：联合创业投资网络对IPO企业成长性的影响研究　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,国家和地方陆续出台了相关政策鼓励创业投资的发展。比如,各地普遍为创业投资机构提供了信息交流服务,扩大政策扶持的受惠面,为创投机构的发展营造了良好的政策环境。随着创投机构经营管理水平的提高,越来越多的创投机构采取联合投资的模式,有些创业投资机构之间不止合作过一次,本文通过建立社会网络图来研究创业投资机构之间的关系。国内学者对于联合创业投资网络的研究主要集中于网络位置指标的测度,以及这种位置对投资绩效的影响,国外学者区分了有无联合投资对企业成长性产生的影响,但都没有把网络结构与企业成长性结合起来考察,本文的创新点在于把联合创业投资机构在网络中的位置与被投企业的成长性相结合,本文的研究基于创业投资理论、联合投资动因理论、社会网络理论和企业成长性理论四大理论基础,首先对我国的联合创业投资网络的总体发展状况做了一个梳理,其次运用凝聚子群分析、核心边缘分析、弱关系分析对我国联合创业投资网络的结构做了不同维度的分析,最后通过对联合创业投资网络结构的分析,找出网络中处于核心位置的创业投资机构,实证检验了创业投资机构在网络中的位置对被投企业成长性的影响,最后,本文从创业投资机构和被投企业的角度分别提出了建议。在实证研究部分,由于创投机构信息披露的不完备,因此本文综合采用清科数据库,投中数据库,Wind、格致理财网来查找创业投资的数据,时间跨度从2004年到2015年,涉及到3919个投资项目,其中有联合投资参与的项目有1227个,用这1227个项目做我国每年的创投网络。其中联合创投支持的通过IPO退出,且在A股上市的企业有152家,涉及到295家联合创投机构,用295家联合创投机构作为回归分析、独立样本T检验、凝聚子群分析等的数据来源。用国泰安数据库查找这152家被投企业的相关财务数据。通过理论和实证分析,得出了以下的结论:(1)我国联合创业投资网络规模不断扩大,但网络密度逐渐下降,不再明显的向核心的创投机构集中,联合创业投资网络围绕多个创投机构呈伞状发展。(2)创投机构在网络中位置的不同,会对被投企业的成长性产生不同的影响。创投机构在网络中的度数中心度、中间中心度、特征向量中心度、结构洞有效性对被投企业成长性有显著正向影响。(3)核心位置的创投机构之间的密度最大,网络中小团体现象明显。
[Abstract]:In recent years, the development of national and local successively promulgated relevant policies to encourage venture investment. For example, around provides information exchange services generally for venture investment institutions, expanding the benefit policy support, to create a favorable policy environment for the development of venture capital institutions. With the management level of venture capital institutions, venture capital institutions more and more take joint investment model, some venture capital institutions more than once before, in this paper, to study the relationship between venture capital institutions through the establishment of a social network graph. For measurement of the joint venture investment network of domestic scholars mainly focus on the network location index, and the impact of investment performance, foreign scholars have distinguished no effect of joint investment on the growth of the enterprise, but not the network structure and enterprise growth combined study, this paper set The new point is the location of joint venture investment institutions in the network investment and the growth of enterprises combination, this paper is based on the theory of joint venture investment, investment motivation theory, social network theory and enterprise growth theory four theory foundation, the overall development situation of joint venture investment network of China's first made a comb, followed by the use of subgroup analysis and core periphery analysis, analysis of the relationship between the weak structure of our joint venture investment network is analyzed in different dimensions, finally through the analysis of the joint venture investment network structure, find out the core position in the venture capital institutions in the network, an empirical test of venture investment institutions in the network the position of influence, investment business growth in the end, this paper from the venture investment institutions and investment companies are proposed. In the part of empirical research, as a Investment mechanism of information disclosure is not complete, so this paper adopts Zero2IPO database, hit the database, Wind, Gezhi to find venture capital financial network data, the time span from 2004 to 2015, involving 3919 projects, 1227 of which are joint investment projects, as China's annual venture capital network these 1227 projects. The joint venture backed by the IPO exit, and in the A shares listed on the 152 enterprises, involving 295 joint venture capital institutions, with 295 joint venture capital institutions as the regression analysis, independent samples T test, coagulation analysis subgroup data sources. Using Tai'an database search for the 152 home investment related financial data of the enterprise. Through theoretical and empirical analysis, draw the following conclusions: (1) the network scale of China's joint venture investment continues to expand, but the network density decreased gradually, not obvious to the core of the record Investment institutions, joint venture capital network around a number of venture capital institutions was umbrella development. (2) the position of venture capital institutions in the network is different, have different effects on the growth of investment companies. The center degrees in the network of venture capital institutions, the middle center degree, characteristic vector centrality and structural hole the effectiveness of investment companies have significant positive influence to the growth of venture capital institutions. (3) between the core position of the maximum density, small group network phenomenon is obvious.

【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F279.2;F832.48

【参考文献】