公司创业投资（CVC）的投资绩效研究

发布时间：2018-02-28 13:22

本文关键词： 公司创业投资独立创业投资投资绩效　出处：《东华大学》2014年硕士论文　论文类型：学位论文

【摘要】：创业投资在我国的蓬勃发展,一方面对国内科技型中小企业的融资环境和成长发展起到了极大的促进作用。另一方面,也对我国建立多层次资本市场提供了更广阔的发展空间。但由于国内监管不健全,以及行业内“逐利行为”的影响下,我国创业投资行业正面临着前所未有的市场危机。公司创业投资(Corporate Venture Capital)近年来逐渐受到国外学术界的普遍关注,从国外的发展历程来看,公司创业投资能够在创业投资行业整体萎靡状态下,仍保持稳定的收益与投资态势。因此,对于公司创业投资的研究,有助于帮助我国创业投资行业拓展出一条摆脱当前无序竞争发展的新途径。近年来,国内外学者,无论在理论上,还是在实践中都对CVC活动展现出极大的关注,但相关研究体系还处于初期阶段,就现有研究成果来看,主要研究是基于相关理论方面展开的,并无相关实证分析。因此,对于CVC活动的绩效研究开展相关实证分析是极为必要的。本文以参与CVC活动的相关上市公司为研究对象,并结合CVC投资活动和绩效的特点进行分析与研究。首先,通过现有的国内外对公司创业投资和投资绩效的相关研究进行梳理,提出本文的研究依据,并寻找出现有理论研究中不足的部分,确定出本文的研究方向。同时,基于对国内公司创业投资的当前发展情况的统计与总结的基础上,分析出国内公司创业投资所遇到的问题。然后,本文利用相关研究方法,分别从大公司角度与创业企业角度出发,开展CVC与IVC对创业企业绩效的比较实证研究与创业企业经营绩效影响因素研究两方面的实证分析,得出本文研究结论。最后,根据相关研究结果,分别从政府角度、大公司角度和创业企业角度提出可操作性的政策建议。通过理论与实证研究,本文主要得出以下结论：在IPO表现方面,CVC参与投资的上市公司在首发价格、发行费用比和抑价程度要比配对具有IVC参与投资的上市公司略低,且筹备的上市时间稍长,但都并不显著。这表明IVC与CVC在创业企业上市过程对企业的IPO表现所带来的提升作用上,并无显著差别；在创业企业上市后经营表现方面,CVC参与投资的上市公司在净资产收益增长率、基本每股收益增长率、销售利润增长率和净利润增长率均比配对IVC投资的上市公司高。这表明,相对于IVC来说,CVC在提升对创业企业上市后经营绩效方面的能力要更为突出。在创业企业上市后市场表现方面,CVC参与投资的上市公司的一年期超额收益率比配对IVC参与投资的上市公司高。这表明,相对于IVC来说,CVC在提升创业企业上市后市场表现方面的效果更优。上市公司参与CVC活动时,其投资强度、进入时间对创业企业上市后综合经营绩效水平有正向影响,管理参与变量则对创业企业上市后综合经营绩效水平有负向影响。行业相关与参股比例则对创业企业上市后综合经营绩效水平的影响结果无统计学意义。
[Abstract]:Venture investment boom in China, on the one hand, the domestic SME financing environment and development has played a great role in promoting. On the other hand, it provides wider development space for the establishment of a multi-level capital market in China. But because of the domestic regulation is not complete, and the influence in the industry "the fame", China's venture capital industry is faced with hitherto unknown market crisis.
Venture capital company (Corporate Venture Capital) in recent years has attracted widespread attention in academic circles abroad, from the development of foreign companies, venture capital in the venture capital industry overall sluggish state, still maintain the trend of income and investment stable. Therefore, for the study of venture capital company, to help our business the investment industry to develop a new way to get rid of the current development of disorderly competition. In recent years, scholars at home and abroad, either in theory or in practice, the CVC activity showed great concern, but the related research system is still in its early stages, the existing research results, the main study is based on the relevant theory the empirical analysis is not. Therefore, the empirical analysis to study the performance for the CVC activity is extremely necessary.
In this paper, to participate in CVC activities related to listed companies as the research object, combined with the characteristics of CVC investment activities and performance analysis and research. Firstly, through the existing domestic and foreign related research on venture capital company and investment performance analysis, puts forward the research foundation of this thesis, and find out the problems in the theoretical research part. Determine the direction of this research. At the same time, based on the statistics of the current development of domestic venture capital company and summary and analysis of domestic venture capital companies encountered problems. Then, by using the relevant research methods, respectively, from large companies and venture enterprise angle angle, carry out an empirical study of two factors analysis of the influence of the empirical research on entrepreneurship and business performance of CVC and IVC on the entrepreneurial performance, the article draws a conclusion. At last, according to the relevant research results, points Do not propose policy recommendations from the government perspective, the big company perspective and the entrepreneurial perspective.
Through theoretical and empirical research, the main conclusions of this paper are as follows:
The performance in IPO, CVC to invest in Listed Companies in the starting price, issuance costs ratio and the degree of underpricing should have IVC to participate in the investment of listed companies is slightly lower than the pair, and the preparatory time to market a bit longer, but are not significant. This shows that enhance IPO performance for the enterprise IVC and CVC listed in the business enterprise process brought on, there was no significant difference;
Performance management in the enterprise market, CVC investment in Listed Companies in the growth rate of return on net assets, the growth rate of basic earnings per share of sales, profit growth and net profit growth rate than the paired IVC investment of the listed company. This shows that, compared to IVC, CVC to improve the ability of the business enterprise performance after the listing is more prominent.
In terms of market performance of listed companies, CVC's participation rate is higher than that of IVC listed companies. This indicates that compared with IVC, CVC has a better effect in improving market performance of listed companies.
Listed companies to participate in CVC activities, the investment intensity, enter the time has a positive effect on comprehensive management of listed enterprise performance level, management participation variables to the integrated management of listed enterprise performance level has a negative impact. The related industries impact on the equity ratio of listed enterprise after the comprehensive performance level showed no statistically significant meaning.

【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48;F272

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