我国联合投资的地域聚集、行为偏好及网络结构研究

发布时间：2018-01-21 17:43

本文关键词： 风险投资联合投资地域聚集投资偏好网络特征　出处：《燕山大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国的风险投资起步于20世纪80年代，2004年以后，我国风险投资进入黄金增长期，在风险资本总量和投资总量上都达到了惊人的规模。而联合投资作为风险投资中一种重要策略，越来越受到风险投资家的青睐。鉴于对联合投资的关注，我从以下几个方面进行了深入研究。首先，对我国联合投资的地域聚集问题的研究探讨。对CVSource数据库和风险投资年鉴中收集到的数据资料进行分析整理，例证了我国联合投资无论是在投资事件上还是在投资机构分布上都是存在地域聚集的现象，这种聚集产生的原因有两方面：一方面是，联合投资受经济发展、地区人才、科技进步、创新能力等诸多因素的影响，多数联合投资事件是聚集在上述条件发达地区；另一方面，联合投资机构为了方便就近监管被投资企业，在地域上也呈现一定聚集性。其次，对我国联合投资的行为偏好进行了研究。整理分析收集到的数据资料发现：我国联合受经济波动影响十分明显，在经济繁荣时期，联合投资更倾向于投资新技术行业；经济下滑时，联合投资机构会选择传统型行业投资；而且联合投资机构为规避风险获取收益，更倾向于投资发展期和扩张期的企业；风险投资机构在采取投资的过程中更倾向于在后面几个轮次进行联合投资。再次，对我国联合投资的网络结构进行分析。将收集整理的数据资料导入分析程序软件UCINet，绘制出我国联合投资的网络拓扑图，研究发现我国联合投资机构在进行联合投资时呈网络状分布。IDG、深创投等大型投资机构处于网络的中心位置，与其他机构联系紧密，控制资源和获取信息的能力较强，成为联合投资网络的中心机构。最后，通过本次调查研究，笔者认为：政府作为掌控宏观经济政策、制定微观经济方针的主导力量，应该结合地域特征，给予适当政策优惠，善加利用联合投资这一经济工具，，带动欠发达地区的经济发展；结合我国联合投资的行为偏好，根据不同行业、不同发展阶段以及不同投资轮次给予相应的帮助支持，发展壮大联合投资；重视联合投资网络的发展建设，形成以大带小、以强带弱、强强联合的局面，发展经济。希望本次研究能为政府部门、投资机构及其他相关人员提供参考依据。
[Abstract]:The venture capital of our country started on 1980s, after 2004, the venture capital of our country entered the golden growth period. As an important strategy of venture capital, joint investment has been more and more favored by venture capitalists. In view of the concern of joint investment, it has reached an amazing scale in terms of the total amount of venture capital and the total amount of investment. I have carried on the thorough research from the following several aspects. First of all, the research on the regional aggregation of joint investment in China. The data collected in the CVSource database and venture capital yearbook are analyzed and sorted out. It exemplifies the phenomenon of regional agglomeration in both the investment events and the distribution of investment institutions in China. There are two reasons for this kind of agglomeration: on the one hand, joint investment is developed by economy. The influence of many factors, such as regional talents, scientific and technological progress, innovation ability and so on, most of the joint investment events are concentrated in the developed areas with the above conditions; On the other hand, in order to facilitate the local supervision of invested enterprises, the joint investment agencies also present a certain degree of agglomeration. Secondly, the behavior preference of joint investment in China is studied, and the data collected are analyzed. It is found that the joint investment in China is obviously affected by economic fluctuations, and it is in the economic boom period. Joint investment is more inclined to invest in new technology industries; When the economy is down, the joint investment agency will choose the traditional industry investment; Moreover, in order to avoid the risk and gain income, the joint investment institutions tend to invest in the enterprises in the period of development and expansion. Venture capital institutions are more inclined to invest in the next few rounds of joint investment in the process of taking investment. Thirdly, the network structure of joint investment in China is analyzed. The data collected and collated are imported into the analysis program software UCINet, and the network topology of joint investment in China is drawn. The study found that China's joint investment institutions in the joint investment network distribution. IDG, deep venture capital and other large investment institutions in the center of the network, and other institutions are closely linked. The ability to control resources and access to information is strong, becoming the central institution of the joint investment network. Finally, through this investigation and research, the author believes that the government, as the leading force in controlling macroeconomic policy and formulating microeconomic policy, should combine the regional characteristics and give appropriate policy preference. Making good use of joint investment as an economic tool to promote economic development in less developed areas; According to the behavior preference of China's joint investment, according to different industries, different stages of development and different investment rounds to give corresponding help and support, to develop and strengthen joint investment; Attach importance to the development and construction of the joint investment network, form the situation of big and small, strong and weak, strong and strong, and develop the economy. I hope this study can provide a reference for government departments, investment institutions and other related personnel.
【学位授予单位】：燕山大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48

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