创投资本对被投早期创业企业的业绩影响——来自早期创投案例的证据

发布时间：2018-06-27 06:20

本文选题：创投资本 + 早期创业企业　；参考：《产经评论》2017年05期

【摘要】：迅速发展的创投资本对我国经济发展的利弊如何,能否帮助解决早期创业企业的融资困难,如何让具有高风险、高潜在收益的创投资本更有效地促进我国技术创新创业和产业转型升级,还有许多问题值得探讨。考虑到现有研究对早期创业企业和创投机构本身的产业背景关注不足等问题,选择2000-2016年我国500个典型早期创投案例,从创投资本的背景性、联合性和产业性三个维度作深入研究。结果表明:(1)获得外资、民营、政府创投注资会明显提升早期创业企业的估值,其中外资创投带来的估值提升最大;(2)多个创投机构联合投资对早期创业企业的估值提升并不明显;(3)有高新产业背景的创投机构注资能够更加有利于早期创业企业的业绩增长。为帮助创业企业融资,应积极鼓励民
[Abstract]:What are the advantages and disadvantages of the rapidly developing venture capital for the economic development of our country, can it help solve the financing difficulties of the early start-up enterprises, and how to make the venture capital have a high risk? The venture capital with high potential income is more effective in promoting technological innovation and industrial transformation and upgrading in China, and there are still many problems to be discussed. Considering that the existing studies have not paid enough attention to the industrial background of the early venture enterprises and venture capital institutions themselves, 500 typical cases of early venture capital in China from 2000 to 2016 have been selected from the perspective of the background of venture capital. The three dimensions of union and industry are studied in depth. The results are as follows: (1) obtaining foreign capital, private investment and government venture capital injection will significantly increase the valuation of early entrepreneurial enterprises. Among them, the valuation of foreign venture capital is the biggest; (2) the joint investment of multiple venture capital institutions is not obvious to the early venture capital; (3) the investment of venture capital institutions with high-tech industry background can be more conducive to the performance growth of early venture enterprises. In order to help start-up enterprises to raise funds, we should actively encourage the people.
【作者单位】：华东师范大学经济与管理学部;
【分类号】：F279.2

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