风险投资促进生物技术产业发展作用的研究
发布时间：2018-07-18 15:39
【摘要】：摘要：发源于20世纪中后期的风险投资,曾推动了世界许多国家及地区高新技术创业企业的成长,它最早成功支撑了美国诸多高新技术创业企业的发展,并显现出巨大的财富增值能力。近十年来我国生物技术产业年产值以28%的年平均增长率快速增加,同时中国风险投资事业迅速发展。风险资本是资本市场资金来源的重要组成部分,而生物技术产业则是21世纪高新技术产业的领军产业,二者的发展对一个国家的经济发展具有巨大的推动作用。 本文将生物技术产业与投资经济学结合起来,借鉴前人对风险投资的研究经验,运用统计分析的方法和计量经济学的模型,在对生物技术产业的风险投资定性分析的基础上将风险投资对生物技术产业的影响定量化,剖析风险投资对整个生物技术产业发展的促进作用的大小。本文首先在理论上对风险投资与生物技术产业的基本理论进行概述并对生物技术产业风险投资的作用机制进行了分析。其次研究了风险投资对生物技术产业发展促进作用的机理,包括风险投资与生物技术产业的良性互动作用,风险投资对生物技术产业的培育功能、风险分散分担作用及风险投资的要素集成作用。然后运用行业数据及上市公司数据对生物技术产业发展及企业绩效进行实证研究；第一、从宏观上研究风险投资与生物技术产业发展之间的作用关系,建立一元回归模型,研究得出风险投资对生物技术产业发展具有正向促进作用。第二、从微观上研究风险投资对生物技术公司的绩效的影响作用,经检验有风险投资参与和无风险投资参与的公司绩效及财务能力存在一定的差异但并不显著；根据样本公司数据建立横截面模型,引入风险投资作为虚拟变量,研究风险投资对生物技术公司的作用,并探讨风险投资特征对被投资公司的绩效影响。最后分析了本文的研究结论,即风险投资能够促进生物技术产业的发展,对生物技术公司的绩效具有一定的积极影响,并对我国生物技术产业风险投资的发展提出建议。 本文的创新之处在于将研究范围缩小为生物技术产业,采用定性与定量研究相结合的方法。不仅从理论上系统的总结风险投资对生物技术产业发展的作用机理；并对风险投资对生物技术产业及生物技术公司的绩效的进行了实证研究,样本具有较好的可比性,行业专业化研究具有前瞻性。
[Abstract]:Absrtact: venture capital, which originated in the middle and late 20th century, has promoted the growth of high-tech start-ups in many countries and regions of the world, and it has successfully supported the development of many high-tech startups in the United States. And show huge wealth appreciation ability. In the past ten years, the annual output value of the biotechnology industry in China has increased rapidly by an average annual growth rate of 28%, and the venture capital industry in China has developed rapidly. Venture capital is an important part of the capital market capital source, while the biotechnology industry is the leading industry of the high-tech industry in the 21st century. The development of both plays a huge role in promoting the economic development of a country. This paper combines biotechnology industry with investment economics, draws lessons from previous research experience on venture capital, uses statistical analysis method and econometrics model. Based on the qualitative analysis of the venture capital of the biotechnology industry, the influence of the venture capital on the biotechnology industry is quantified, and the extent of the promoting effect of the venture capital on the development of the whole biotechnology industry is analyzed. In this paper, the basic theories of venture capital and biotechnology industry are summarized theoretically and the mechanism of venture capital in biotechnology industry is analyzed. Secondly, the paper studies the mechanism of the promotion effect of venture capital on the development of biotechnology industry, including the positive interaction between venture capital and biotechnology industry, and the cultivation function of venture capital on biotechnology industry. The role of risk decentralization and the integration of risk investment elements. Then we use industry data and listed company data to do empirical research on the development of biotechnology industry and enterprise performance. First, we study the relationship between venture capital and biotechnology industry development from the macro perspective, and establish a univariate regression model. It is concluded that venture capital has a positive effect on the development of biotechnology industry. Secondly, the effect of venture capital on the performance of biotechnology companies is studied from the micro perspective. The results show that there are some differences in the performance and financial ability of the companies with venture capital participation and no venture capital participation, but they are not significant. Based on the sample company data, the cross-section model is established, and the venture capital is introduced as a virtual variable to study the effect of venture capital on the biotech company, and to explore the effect of venture capital characteristics on the performance of the invested company. Finally, the conclusion of this paper is analyzed, that venture capital can promote the development of biotechnology industry, has a certain positive impact on the performance of biotechnology companies, and puts forward some suggestions for the development of venture capital of biotechnology industry in China. The innovation of this paper is to narrow the scope of research into biotechnology industry and adopt the method of combining qualitative and quantitative research. This paper not only summarizes the mechanism of venture capital on the development of biotechnology industry in theory, but also makes an empirical study on the performance of venture capital to biotechnology industry and biotechnology company. The industry specialization research has the foresight.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48;F426.72
本文编号：2132367
[Abstract]:Absrtact: venture capital, which originated in the middle and late 20th century, has promoted the growth of high-tech start-ups in many countries and regions of the world, and it has successfully supported the development of many high-tech startups in the United States. And show huge wealth appreciation ability. In the past ten years, the annual output value of the biotechnology industry in China has increased rapidly by an average annual growth rate of 28%, and the venture capital industry in China has developed rapidly. Venture capital is an important part of the capital market capital source, while the biotechnology industry is the leading industry of the high-tech industry in the 21st century. The development of both plays a huge role in promoting the economic development of a country. This paper combines biotechnology industry with investment economics, draws lessons from previous research experience on venture capital, uses statistical analysis method and econometrics model. Based on the qualitative analysis of the venture capital of the biotechnology industry, the influence of the venture capital on the biotechnology industry is quantified, and the extent of the promoting effect of the venture capital on the development of the whole biotechnology industry is analyzed. In this paper, the basic theories of venture capital and biotechnology industry are summarized theoretically and the mechanism of venture capital in biotechnology industry is analyzed. Secondly, the paper studies the mechanism of the promotion effect of venture capital on the development of biotechnology industry, including the positive interaction between venture capital and biotechnology industry, and the cultivation function of venture capital on biotechnology industry. The role of risk decentralization and the integration of risk investment elements. Then we use industry data and listed company data to do empirical research on the development of biotechnology industry and enterprise performance. First, we study the relationship between venture capital and biotechnology industry development from the macro perspective, and establish a univariate regression model. It is concluded that venture capital has a positive effect on the development of biotechnology industry. Secondly, the effect of venture capital on the performance of biotechnology companies is studied from the micro perspective. The results show that there are some differences in the performance and financial ability of the companies with venture capital participation and no venture capital participation, but they are not significant. Based on the sample company data, the cross-section model is established, and the venture capital is introduced as a virtual variable to study the effect of venture capital on the biotech company, and to explore the effect of venture capital characteristics on the performance of the invested company. Finally, the conclusion of this paper is analyzed, that venture capital can promote the development of biotechnology industry, has a certain positive impact on the performance of biotechnology companies, and puts forward some suggestions for the development of venture capital of biotechnology industry in China. The innovation of this paper is to narrow the scope of research into biotechnology industry and adopt the method of combining qualitative and quantitative research. This paper not only summarizes the mechanism of venture capital on the development of biotechnology industry in theory, but also makes an empirical study on the performance of venture capital to biotechnology industry and biotechnology company. The industry specialization research has the foresight.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48;F426.72
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