创业投资对企业长期成长能力的影响研究

发布时间：2018-05-05 08:22

本文选题：创业投资 + 创业企业　；参考：《兰州财经大学》2017年硕士论文

【摘要】：随着国家对创业领域的高度重视和大力支持,创业投资行业进入了快速的发展阶段:大量本土创业投资机构迅速崛起,越来越多的国外创业投资机构涌入中国。创业投资行业的快速发展对创业企业而言无疑是最大的利好。从整体来看,2015年融资案例总数达到3932个,较过去五年表现出大幅增长。创投机构的投资领域已经扩展到电商融资、本地生活、企业服务、金融融资等。值得一提的是,电商、本地生活等行业成为近年来的创业热门领域。目前,创业投资对企业的影响范围越来越广,影响时间越来越长,创投机构能否帮助企业建立长期增长的经营模式,实现企业长期成长,成为评价创投机构实力的标准之一。文章首先从创投功效理论分析创业投资是否对企业长期成长方面有积极的影响。通过对创业板152家上市企业经营绩效进行描述性分析,证明创业投资参与对企业有积极的作用。另一方面,文章对创业投资影响企业的两种方式,即增值服务和联合投资进行了论述和分析,并对符合研究条件的69家创业板上市企业进行了相关性分析和多元线性回归分析。文章从创投持股比例、参与管理、进入企业时间、创投声誉及联合投资五个方面探讨创业投资对企业长期成长能力的影响。本文通过研究得出以下结论:第一,创投机构的高声誉、其进入创业企业的时间长短和创投持股比例对企业的长期成长并没有起到积极的作用,可能是因为我国早期的投资项目还处于投资的初级阶段,即重视资本投资阶段,没有发挥创业投资对企业价值的提升功能;第二,创投机构在参与企业的经营管理后,能够为企业带来积极的影响,有利于创业企业的长期成长;第三,创投机构在联合投资的情况下,有助于创业企业的净资产长期成长,但对企业的总资产的成长性效果有限可能是因为部分创投机构更注重股东资本的成长性。本文力图结合我国国情阐述创投对企业长期成长能力的影响,分析创业投资如何影响企业长期发展能力,对创业投资如何能更有效的提高企业长期发展能力具有启示作用。
[Abstract]:With the great importance and support of the state in the field of entrepreneurship, the venture capital industry has entered a rapid development stage: a large number of local venture capital institutions have risen rapidly, and more and more foreign venture capital institutions are pouring into China. The rapid development of the venture investment industry is undoubtedly the greatest benefit for the enterprise. From the whole, 20 The total number of financing cases in the past 15 years has reached 3932, showing a significant increase over the past five years. The investment sector of the venture capital institutions has expanded to e-commerce financing, local life, business services, financial financing and so on. It is worth mentioning that business and local life industries have become the hot areas of entrepreneurship in recent years. At present, the impact of venture capital on Enterprises More and more wide, the impact of more and more time, the venture capital organization can help enterprises to establish long-term growth model, to achieve long-term growth of enterprises, to become one of the criteria to evaluate the strength of the venture capital organization. A descriptive analysis of the operating performance of the listed companies proves that the participation of the venture capital has a positive effect on the enterprise. On the other hand, the article discusses and analyzes the two ways that the venture capital affects the enterprise, namely the value-added service and the joint investment, and carries out the correlation analysis and the analysis of the 69 GEM listed companies that meet the research conditions. Multiple linear regression analysis. The article discusses the influence of venture capital on the long-term growth ability of the enterprise from five aspects: the proportion of the venture capital, the participation management, the enterprise time, the reputation of the venture capital and the joint investment. The proportion has not played a positive role in the long-term growth of the enterprise. It may be because the early investment projects in our country are still in the primary stage of investment, that is, to pay attention to the capital investment stage and not give full play to the promotion function of the venture capital to the enterprise value. Second, the venture capital organization can bring positive effect to the enterprise after participating in the management of the enterprise. The impact of the enterprise is conducive to the long-term growth of the enterprise; third, the venture capital organization in the case of joint investment will help the long-term growth of the net assets of the enterprise, but the growth effect of the total assets of the enterprise is limited because some of the venture capital institutions pay more attention to the growth of the shareholders' capital. The influence on the long-term growth ability of the enterprise, and the analysis of how the venture capital affects the long-term development ability of the enterprise, has an inspiration for how the venture capital can more effectively improve the long-term development ability of the enterprise.

【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F279.2;F832.48

【参考文献】