基于创业板IPO的风险投资退出回报研究

发布时间：2018-01-22 21:28

本文关键词： 风险投资退出回报创业板 IPO　出处：《陕西科技大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着知识经济的到来，风险投资以其独特的核心价值受到越来越多的关注。新经济时代，经济全球化推动风险投资国际化成为趋势。多年来，我国风险投资行业快速发展，无论风险投资的募集资金还是投资项目都在金额与数量上得到飞跃提升，为中国经济的转型和自主创新战略的实施提供强大的支撑。“募集——投资——退出”是风险投资完整的循环过程，风险投资退出是投资循环赖以为继的根本，良好的退出回报是衡量退出成果的重要标准。风险投资事业在我国能否获得健康持久的发展，关键在于投入的风险资金能否有效退出，，能否获得风险投资家满意的回报水平。2009年10月推出的创业板为我国风险投资退出回报领域的理论研究和实践发展开辟了新的市场契机。基于这样的研究背景，本文运用理论与实证相结合的方法对创业板退出的风险投资回报展开研究。论文第一章回顾了有关风险投资退出问题国内外的主要研究成果，确定了研究内容共分七部分。第二章在充分理解风险投资相关理论和概念的基础上，阐述了风险投资退出回报的具体含义。第三章通过比较风险投资主要的退出渠道及其回报表现，分析了我国风险投资IPO（Initial Public Offerings）退出回报的主要特点和发展现状。接下来分别从宏观和微观方面详细剖析了可能对风险投资退出回报产生影响的主要因素，并阐明了深圳创业板推出对我国风险投资IPO退出回报带来的效应。随后根据我国创业板IPO退出的风险投资项目的样本数据，运用多元回归的方法对风险投资IPO退出回报及其影响因素进行了实证分析。最后结合实证结果和实际现状，为完善我国风险投资退出，提高创业板风险投资退出回报给出了相关建议和对策，并指明了进一步的研究方向。总体来说，创业板IPO是我国风险投资目前最主要的退出渠道，且回报表现普遍较好。实证结果表明，在影响我国创业板风险投资IPO退出回报的因素中，风险投资周期越长，IPO退出总回报越好；初始投资规模越小的项目风险投资回报越高；其他因素并未对退出回报的效果产生显著关联。资本市场尤其是二板市场的发展完善是风险投资得以退出并获取高额回报不可或缺的重要条件，我国创业板市场的有效运行使国内风险投资的退出渠道更加丰富，在降低退出成本、提高退出时效性以及扩充市场容量方面都对风险投资回报有积极的促进作用。为进一步提高风险投资退出回报，还需从创业板入手，加强有关对赌协议的披露和上市条件的多样化；注重培养风险投资专业人才，提升风险投资机构和其他中介的服务质量；逐步完善风险投资退出相关的法律法规体系。
[Abstract]:With the advent of knowledge economy, venture capital has attracted more and more attention for its unique core value. In the new economic era, economic globalization has promoted the internationalization of venture capital into a trend. With the rapid development of venture capital industry in China, the amount and quantity of venture capital raising funds and investment projects have been improved by leaps and bounds. It provides a strong support for the transformation of Chinese economy and the implementation of independent innovation strategy. "raising-investment-exit" is a complete cycle of venture capital, and the exit of venture capital is the basis of the investment cycle. A good return on exit is an important standard to measure the result of exit. Whether the venture capital can get a healthy and lasting development in our country, the key is whether the invested venture capital can withdraw effectively. The gem launched in October 2009 has opened up a new market opportunity for the theoretical research and practical development in the field of venture capital exit returns in China. Based on this research background. This paper uses the theory and empirical method to study the venture capital return of venture capital exit. The first chapter reviews the main research results of venture capital exit at home and abroad. The research content is divided into seven parts. The second chapter is based on the full understanding of the theory and concept of venture capital. The third chapter compares the main exit channels of venture capital and its return performance. This paper analyzes IPO(Initial Public offeringsof China's venture capital. The main characteristics and development status of exit return. Then it analyzes the main factors that may affect the return of venture capital withdrawal from the macro and micro aspects in detail. It also illustrates the effect of Shenzhen gem on the return of venture capital IPO exit in China. Then according to the sample data of venture capital project of IPO exit in China gem. By using the method of multiple regression, the paper makes an empirical analysis on the return of venture capital IPO withdrawal and its influencing factors. Finally, combining the empirical results and the actual situation, it is necessary to perfect the exit of venture capital in China. This paper gives some suggestions and countermeasures to improve the return on venture capital exit of gem, and points out the direction of further research. Generally speaking, gem IPO is the most important exit channel for venture capital in China at present, and the return performance is generally good. The empirical results show that. The longer the period of venture investment, the better the total return. The smaller the initial investment scale, the higher the return on venture capital; Other factors do not have a significant impact on the effect of exit returns. The development and perfection of capital market, especially the second board market, is an indispensable condition for venture capital to withdraw and obtain high returns. The effective operation of the gem market in China makes the exit channels of domestic venture capital more abundant and reduces the exit cost. In order to further improve the return on venture capital exit, it is necessary to start with the growth Enterprise Market (gem) in order to improve the timeliness of exit and expand the market capacity to promote the return of venture capital. Strengthening the disclosure of gambling agreements and diversification of listing conditions; Pay attention to the training of venture capital professionals, improve the quality of service of venture capital institutions and other intermediaries; Gradually improve the venture capital exit related laws and regulations system.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F830.42;F832.51

【参考文献】