政府与私人背景风险投资对企业效率的影响差异研究

发布时间：2018-01-03 21:36

本文关键词：政府与私人背景风险投资对企业效率的影响差异研究　出处：《上海社会科学院》2017年硕士论文　论文类型：学位论文

【摘要】：在很多国家,风险投资产业是由制度环境塑造的,中国也不例外,都是先从设立以政府引导的创业投资基金开始,进而引导金融机构、企业和私人投资者等进入风险资本市场。客观上说,与欧美等发达国家相比,我国国有资产在创业主体中的占比更大,但这并不意味着其会带来更好的投资效率。基于此选题背景,论文在上半部分先简要介绍了风险投资在国内外的发展概况、运作机制、投资主体等内容,并从资本归属性质出发,根据风险资金的提供者是政府、企业、个人及外资等,或是多重来源,将风险投资划分具有政府背景、私人背景和混合背景三种情形,并在文献综述部分简要概括了国内外学者对风险投资背景与企业效率之间关系的研究成果。接着在理论部分着重运用信息经济学中的委托-代理理论、认证假说和监督假说等内容,并结合我国发展实际详细从初衷、动机以及运作机制等角度对我国政府与私人背景风险投资做对比分析,探讨因资本背景不同而可能导致对企业效率产生差异化影响的缘由。下半部分论文在肯定风险投资的加入对企业经营表现存在一定正效应的前提下,选取我国2004-2012年所有在中小板上市的企业作为样本,综合运用数据包络分析模型和多元线性回归模型进行实证研究。最终得出如下三点结论:总体上看政府背景风险投资的参与度显著高于私人背景;并且风险投资的背景差异会对企业经营效率带来差异化影响,政府背景风险投资对提升企业经营效率的影响不及私人背景;最后,混合背景风险投资对企业经营表现有正向积极影响,且其参股下的企业效率值最高。导致上述结果的原因,论文认为一是由于政府背景风险投资从发展初期就背负了一定的政策初衷,因而在政府干预程度与市场化发展程度的权衡上存在一定偏颇之处,而私人背景风险投资以逐利为第一要义,因而能更好适应风险投资充分市场化的运作需要;二是由于政府与私人背景风险投资在运作机制、监督管理等方面存在差异,前者较之后者受体制等方面的诸多约束,面临更高的委托代理成本;三是混合背景风险投资能通过资源共享、风险分摊以充分发挥联合投资的优势。综合理论和实证两部分,论文认为我国风险投资市场的发展必然会有一个过渡期,中央及地方政府可以效仿美国等的经验,采取措施以提升政府背景风险投资的市场表现,促进我国风险投资市场的整体全面发展。
[Abstract]:In many countries, venture capital industry is shaped by institutional environment, China is no exception, is the first from the venture investment fund set up by the government to guide, and guide financial institutions, enterprises and private investors to enter the venture capital market. Objectively speaking, compared with Europe and other developed countries, China's state-owned assets in the main business in the proportion of larger, but this does not mean that it will bring better investment efficiency. This paper based on the background, in the first half part briefly introduces the development of risk investment in the domestic and foreign investment operation mechanism, main content, and starting from the nature of capital ownership, according to venture capital the provider is the government, enterprises, individuals and foreign capital, or multiple sources, the risk investment division with government background, personal background and mixed background of three kinds of situations, and in the literature review part briefly summarizes the domestic Foreign scholars on the relationship between venture capital background and enterprise efficiency research results. Then in the theory part focuses on the use of principal - agent theory in information economics, the certification hypothesis and monitoring hypothesis and other content, combined with China's actual development in detail from the original intention, motivation and operation mechanism of the comparative analysis of the investment and government of our country personal background risk, and may be due to different background of capital cause bring different impacts on the efficiency of the enterprises. The second part of the thesis based on the risk investment added there was a positive effect on the business performance, selection of 2004-2012 in our country all in the small board listed companies as a sample, using data envelopment analysis model and multiple linear regression model for empirical research. Finally draws the following three conclusions: on the whole background of government participation in higher risk investment In the private background; and differences of risk investment will bring different influence on the operating efficiency of enterprises, government background risk investment to improve business efficiency than private background; finally, there is a positive influence on performance of mixed background of venture capital on enterprise management, and the efficiency of its shares under the enterprise value is the highest. The reasons resulting in the above results the paper argues that the government is due to background risk investment from the early stages of development have certain policy intention, and thus must weigh the degree of biased development in the extent of government intervention and market, and private background risk investment to care for the first meaning, so it can better adapt to the venture capital fully market-oriented operation needs; two is due to government investment and private background risk in operation mechanism, differences in terms of supervision and management, the former than the latter by the system. Many of the constraints facing higher agency costs; three is a mixture of background risk investment through resource sharing, risk sharing in order to give full play to the advantages of joint investment. The two part of a comprehensive theoretical and empirical analysis, the development of China's venture capital market will have a transitional period, the central and local governments can follow the United States the experience of market performance measures to enhance the background of risk investment, promote the overall venture capital market of China's overall development.

【学位授予单位】：上海社会科学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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