风险投资的退出机制研究

发布时间：2018-01-23 17:35

本文关键词： 风险投资风险资本风险投资退出退出绩效首次公开发行　出处：《天津商业大学》2013年硕士论文　论文类型：学位论文

【摘要】：在我国资本市场日趋成熟，风险资本投资在资本市场所占的比重越来越多大等宏观背景下，本文主要是对风险投资退出机制进行实证研究，分析影响退出绩效的影响因素。虽然我国风险投资业的发展取得了飞速发展，但是很存在很多问题。根据《中国风险投资年鉴2011》所示，我国风险投资业发展的主要障碍是项目估值过高带来的退出风险、优质项目源的缺乏、风险投资专业人才匮乏、宏观经济不确定性、机构诚信体系尚未建立、税收优惠措施难以落实等问题。我国的风险投资退出渠道还不是很完善，使有些投资成功的项目无法正常退出，增加了投资的不确定性，因此完善我国的风险投资退出渠道有着现实的经济意义。本文主要由五章内容组成。第一章：导言。首先介绍了本文的研究背景和研究意义，指出风险投资完善的退出渠道对风险投资业以及我国资本市场的重要性。在宏观背景下，对我国风险投资业的发展前景进行分析。其次，介绍了本文的相关文献综述，分为风险资本退出的相关文献综述和风险投资退出绩效评价的相关文献综述。综述第一部分是对退出机制总体研究进行回顾，第二部分是对退出绩效评价机制问题进行回顾。第二章：风险投资退出概述。分别从风险投资的含义、意义、退出方式和发展现状、不同市场板块比较等五方面进行写作。首先从定义的角度对风险投资进行阐述。风险投资退出对于风险资本保持流动性、行业的可持续发展、风险投资机构的后续资金募集、有效的规避损失等方面有着重要作用。接下来对风险投资退出的四种主要方式，即首次公开发行、并购、回购和清算进行详细介绍。第三章：风险资本退出的绩效评价机制。首先介绍了风险投资退出绩效的含义及评价标准，接下来主要从退出效益和退出效率两个方面对评价指标进行分析。退出效益方面的评价指标主要有退出收益、退出成本、退出价格和企业内部控制权激励等方面；退出效率方面的评价指标主要有退出市场容量、退出市场规模和退出的时效性指标。然后介绍了本文所采用的评价指标：内部收益率。第四章：风险投资退出绩效的实证研究。首先是研究假设，本文结合研究数据提出五点假设，分别是：外资的风险投资机构退出项目的回报率要高于本土的风险投资机构；通过IPO方式退出的投资回报率要高于其他方式；风险投资机构的资金管理规模越大，其风险投资回报率越高；风险投资机构的从业时间越长，所获得的投资回报率越高；风险投资机构的投资额越大，所获得的回报率越高。接下来对数据进行描述性统计，，最后是回归结果和解释。最后回归结果表明，风险投资机构的股权性质（内资还是外资）、退出方式（IPO或其他方式）与风险资本退出回报率有显著的相关关系；投资周期、投资金额和管理资金量与退出回报率没有显著的相关关系。第五章：完善我国风险投资退出机制的政策建议。首先本文认为应该建立多层次的资本市场体系，主要从新三板的建设，培育和完善我国产权交易市场等方面建议。另外，还应该在配套制度上加以完善，主要应该加强政策支持力度和培育和规范风险投资中介机构，发展行业自律组织。最后应该尝试多种退出方式，主要从灵活运用多种投资工具方便投资退出和资产证券化为风险资本的退出和再循环创造新的途径两方面进行分析。
[Abstract]:In China's capital market matures, more and more proportion of venture capital investment in the capital market for large macroscopic background, this paper mainly makes an empirical study on the venture capital exit mechanism, analysis of the factors influencing the effect of exit performance. Although the development of risk investment industry in China has achieved rapid development, but there are a lot of problems according to the Chinese. Venture capital Yearbook 2011> shows, the main obstacle to the development of China's venture capital industry project is overvalued risk exit, lack of quality projects, lack of professional talent risk investment, macro economic uncertainty, mechanism of credit system has not been established, the problem of tax incentives is difficult to implement in our country. Venture capital exit channel is not perfect, make some investment in the success of the project can not be normal exit, increase the uncertainty of investment, risk investment of our country so perfect The exit channel has a realistic economic significance. This article is mainly composed of five chapters.
The first chapter: introduction. Introduces the research background and significance of the research, pointed out that the risk investment exit channels for venture capital industry and the importance of China's capital market. In the macro background, the prospects for the development of venture capital industry in China is analyzed. Secondly, this paper introduces the related literature review, divided into the withdrawal of venture capital and venture capital exit related literature review of performance evaluation review the related literature review. The first part is a review of the overall study on exit mechanism, the second part of the performance evaluation mechanism of exit review.
The second chapter: the overview of venture capital exit. From the meaning of risk investment, meaning, status and development of exit, different market plates such as the five aspects of writing. First elaborates on the definition of risk investment. Venture capital exit for venture capital to maintain liquidity, the sustainable development of the industry, the follow-up funds for risk investment the recruitment mechanism plays an important role, effectively avoid the loss. Then the four main ways of venture capital exit, namely IPO, mergers and acquisitions, repurchaseandliquidationdescribedindetail.
The third chapter: venturecapitalexitperformanceevaluationmechanisms. First introduced the meaning and evaluation standard of the performance of venture capital exit, exit and exit from the next major benefit to analyze the evaluation index of the two aspects of efficiency. The cost of withdrawal from the benefits evaluation index are the main benefits of exit, exit, price and enterprise internal control motivation; evaluation of efficiency of the main exit exit market capacity, timeliness index out of the market scale and exit. Then introduces the evaluation index used in this paper: the internal rate of return.
The fourth chapter: An Empirical Study on the performance of venture capital exit. The first is the research hypothesis, this paper studies the data put forward five assumptions, namely: risk investment institutions, risk investment institutions of foreign capital exit project rate of return is higher than the local exit by way of IPO; the rate of return on investment is higher than other forms of risk investment institutions funds; the management of the risk investment scale is larger, the higher the rate of return; risk investment institutions working time is long, the investment return rate is high; venture capital investment amount is large, the return rate is high. The next thedatadescriptivestatistics, andfinallytheregressionresultsandivinterpretation. Finally regression the results show that the nature of equity risk investment institutions (domestic or foreign), exit (IPO or otherwise) and exit of venture capital returns have significant correlation; investment There is no significant correlation between the period of the period, the amount of investment and the amount of management funds and the return rate of withdrawal.
The fifth chapter: perfecting the policy suggestion of venture capital withdrawal mechanism. Firstly, we should establish a multi-level capital market system, mainly from the construction of the new board, cultivating and perfecting the property transaction market. In addition, it should improve the matching system, mainly to strengthen policy support and nurture and standardize the risk investment intermediaries, the development of self-discipline organization. Finally we should try a variety of exit ways, mainly from the flexible use of various investment tools to facilitate investment and asset securitization for the exit of venture capital exit and create new ways of recycling two aspects carries on the analysis.

【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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