中国TMT行业风险投资收益的影响因素研究

发布时间：2018-01-22 21:57

本文关键词： 风险投资 TMT行业相关分析影响因素　出处：《上海师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：风险投资行业是中国目前最具有发展潜力的新兴行业，其中风险资本追逐的热点领域集中在TMT行业、金融服务行业、能源行业以及传统的制造业。而本文主要的研究内容就是以中国TMT行业为例，分析风险投资收益的影响因素。所谓TMT行业，，就是对Telecommunication（电信）, Media（媒体）, Technology（技术）的统称。一般而言，TMT行业以媒体行业为桥梁，连通电信行业与技术行业。TMT行业与现代网络技术和高新科技的发展紧密相随，TMT行业不仅仅是先进技术的代表性产业，也是国家大力扶持的战略性产业。TMT行业的发展与风险资本的进入密切相关，风险投资是促使TMT行业加速发展的“催化剂”。本文的研究目的和意义在于通过研究中国TMT行业内风险投资收益的影响因素，确定影响风险投资收益的主要因素，为提高风险资本在中国TMT行业内的投资成功率提供理论参考，为推动中国TMT行业的快速发展打好基石。本文的研究涉及到产业经济学、金融学、风险投资学等多门学科，所以本文的研究内容不仅丰富和发展了产业经济理论和风险投资理论，而且真切的反映了现实经济的发展状况的需求，因此无论是从理论的角度还是现实经济的角度，本文的选题都具有十分重要的研究意义。本文在文献综述的基础上，从理论的角度确定和分析了影响中国TMT行业内风险投资收益的具体因素，同时选取了2005年至2013年的101个风险投资样本数据，采用回归分析的方法、利用SPSS软件对选题做出了实证研究。实证研究的结果表明：第一、在TMT行业内，影响风险投资收益的具体因素包括了投资所在行业因素、投资周期因素、风险投资地域因素、风险投资规模因素、被投企业质量因素、风险投资经验因素以及联合风险投资因素（即参与同一个风险投资项目的风险投资企业数目）。第二、在研究的过程当中，分别选取了相应的指标来具体量化上述影响因素，结果表明上述因素的变化会直接导致中国TMT行业投资收益发生变化。第三、通过实证分析的研究结果表明，决定中国TMT行业内风险投资收益高低的最主要因素就是风险投资规模因素和被投企业质量因素。具体而言，风险投资数额越大，被投企业的增长速度越快，风险投资所获得的账面回报倍数越多；联合风险投资一定程度上决定了风险投资规模数额的大小，因而联合风险投资的大小会导致风险投资回报倍数相应的提高或者降低；投资周期越长，风险投资在TMT行业内所获得的风险投资回报倍数也就越高；在中国TMT行业内，风险投资回报倍数从高到低分别为电信行业、媒体行业以及网络技术行业和互联网行业；一线城市的风险投资成功的投资回报倍数要高于非一线城市；风险投资机构的经验与TMT行业内风险投资收益的高低没有必然的联系。相对于此前已有的研究，本文的新见解之处在于：从中观经济学的角度出发，将风险投资收益的影响因素与TMT行业相联系，而非分析整个中国风险投资收益影响因素；引入企业发展潜力指标，分析标的企业的选择对于风险投资收益的影响，使得实证研究的结果更具有现实意义。
[Abstract]:The venture capital industry is one of the most potential emerging industries in China , in which the hot spot of venture capital pursuit is concentrated in the industry , the financial services industry , the energy industry and the traditional manufacturing industry . The purpose and significance of this paper is to determine the main factors that affect the return of venture capital by studying the influencing factors of risk investment income in the industry in China , and provide theoretical reference for improving the success rate of venture capital in the industry in China . Therefore , the research of this paper involves many subjects such as industrial economics , finance and venture capital . Based on the literature review , this paper determines and analyzes the specific factors that affect the return of venture investment in the industry in China from the angle of theory , and selects 101 venture capital sample data from 2005 to 2013 , and uses the regression analysis method to make an empirical study on the selection problem by SPSS software . The results show that : First , the factors that affect the return of risk investment include the factors of investment , the factors of investment cycle , the geographical factors of venture capital , the scale factor of venture capital , the factors of venture capital , the factors of venture capital and the factors of joint venture capital ( that is , the number of venture capital enterprises participating in the same venture capital project ) . Secondly , in the course of the research , the corresponding indexes are selected to quantify the above - mentioned factors , and the results show that the change of the above factors can directly lead to the change of investment income in the industry in China . Third , through the empirical analysis , the results show that the most important factor in determining the risk investment income is the scale factor of venture capital and the quality factor of venture capital . Compared with previous researches , the new insight of this paper lies in that , from the perspective of meso - economics , the influencing factors of risk investment income are connected with that of the industry , rather than to analyze the influencing factors of risk investment income in China as a whole , and the impact of the choice of the target enterprise on the risk investment income is analyzed , which makes the result of the empirical study more realistic .

【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48;F830.42

【参考文献】