中国天使投资市场规模及其与风险投资关系的研究

发布时间：2018-07-10 09:27

本文选题：天使投资 + 市场规模　；参考：《上海交通大学》2014年硕士论文

【摘要】：天使投资是创新型中小企业的重要融资渠道。概览关于天使投资的文献，国外已经借助问卷调查、深度访谈、上市企业财务信息、证券市场信息等渠道获取天使投资的经验数据，对现有的天使投资行为特征、组织架构以及公共政策有了多元的探讨，而国内对天使投资的研究尚处于起步阶段。本文首先对天使投资进行定义和范围界定，接着结合天使投资在中国发展的实际情况选取合适的抽样和估算方法，估算中国天使投资的市场规模。文章再根据实际调研数据对中国天使投资群体的背景特征和行为特征进行分析。在研究中国天使投资和风险投资关系上，文章筛选了China Venture数据库2415家公司的3376条交易数据为样本，建立了回归模型，，得出了以下几个结论：（1）企业获得天使投资后，会促进企业获得更多新的风险投资；（2）企业获得风险投资后，会促进企业获得更多新的风险投资；（3）有天使投资参与的企业投资退出的几率更小；（4）有天使投资参与的企业投资退出周期更长；之后通过对披露信息的天使投资方和风险投资方背景进行比对，发现先后投资同一家企业的天使投资方和风险投资方的背景存在一定的内在联系。文章最后根据相关结论从政府公共政策和其他方面提出了在中国促进天使投资发展的政策建议。
[Abstract]:Angel investment is an important financing channel for innovative small and medium-sized enterprises. An overview of the literature on angel investment, foreign countries have used questionnaires, in-depth interviews, listed enterprises financial information, securities market information and other channels to obtain angel investment experience data, to the existing angel investment behavior characteristics, Organizational structure and public policy have been discussed in many ways, but the research on angel investment in China is still in its infancy. In this paper, the definition and scope of angel investment are first defined, and then the appropriate sampling and estimation methods are selected to estimate the market size of angel investment in China in the light of the actual situation of angel investment in China. The background and behavior characteristics of Chinese angel investment group are analyzed according to the actual data. In the study of the relationship between angel investment and venture capital in China, the paper selects 3376 transaction data from 2415 companies in China Venture database as a sample, establishes a regression model, and draws the following conclusions: (1) after the enterprise obtains angel investment, It will promote the enterprise to obtain more new venture capital; (2) after the enterprise obtains the venture capital, will promote the enterprise to obtain more new venture capital; (3) the enterprise which has the angel investment participation enterprise investment exit probability is smaller; (IV) companies with angel investments had longer investment exit cycles; then, by comparing the background of angel investors and venture capitalists who disclosed information, It is found that the background of angel investors and venture capitalists investing in the same enterprise has certain internal relations. Finally, according to the relevant conclusions, the paper puts forward some policy suggestions to promote angel investment in China from government public policy and other aspects.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48

【参考文献】