我国风险投资业联合投资动机影响因素及绩效水平研究

发布时间：2018-04-15 11:04

本文选题：风险投资 + 联合投资　；参考：《上海交通大学》2013年硕士论文

【摘要】：近十年来，中国的经济迅猛发展，并保持了较高的增长速度。中小企业是中国经济的重要组成部分，也是经济发展的重要推动力量之一。中小企业的发展与风险投资在中国的繁盛是分不开的。中国风险投资业的开端始于上世纪80年代中叶，在本世纪迎来了黄金发展的十年，无论从投资金额、投资项目数、募集资本数都取得了长足的进步。得益于这种发展，学术界对中国的风险投资行业产生了浓厚的兴趣，研究成果日趋增多。联合投资作为一种有效的投资策略，是学术界讨论的重点领域之一。联合投资与中国风险投资业相伴相生，日益普遍。本文以中国风险投资行业联合投资为切入点，选取了1993年初至2011年底近20年的4740条投资数据作为研究对象，运用计量经济学的模型对联合投资动机、绩效以及联合投资水平等相关问题进行了实证研究，重点考察了在中国特有的法律、制度、文化背景下联合投资行为所展现出的特点，将前人的研究推进了一步。本文在回顾前人研究文献的基础上，结合中国特殊的法律、制度、文化背景提出了12条关于联合投资动机及绩效的假设，并建立了多个模型讨论决定联合投资动机的关键因素及绩效的相关问题。通过使用逻辑回归的方法，对数据进行了处理和分析，得出了实证研究结果；此外，本文还将联合投资决策推广到一般情况，引入联合投资水平（即联合投资中公司数目），认为独立投资等价于联合投资水平=1，参与联合投资等价于联合投资水平＞1，利用现有数据，运用Ordinal回归得到了结果。本文的主要结论如下：在联合投资动机方面，研究结果发现，融资规模越大，投资经验和行业经验越少的风险投资公司，以及投资高新技术企业的风险投资公司更加倾向于联合投资；外资背景和非政府背景的风险投资公司更加倾向于参加联合投资；绩效方面，运用项目退出情况检验的结果表明联合投资的投资绩效显著优于独立投资，，而外资背景风险投资公司与本土风险投资公司的投资绩效并无很大差异；联合投资水平方面，融资规模、融资轮次、风险投资公司的规模、风险投资公司的投资专业性、风险投资公司的国别、风险投资公司的政府背景、风险投资公司的地址、被投资企业的行业、被投资企业所在地区都对联合投资合作伙伴的数量有显著的影响，其中除风险投资公司规模、风险投资公司行业经验对联合投资伙伴数量负相关外，其余的变量均对其有正向作用。该模型也为理论上确定联合投资最佳伙伴数提供了一种思路。
[Abstract]:In the past decade, China's economy has developed rapidly and maintained a high growth rate.Small and medium-sized enterprises are an important part of Chinese economy and one of the important driving forces of economic development.The development of small and medium-sized enterprises is inseparable from the prosperity of venture capital in China.The beginning of China's venture capital industry began in the mid-1980s and ushered in a decade of gold development in this century. No matter the amount of investment, the number of investment projects, and the number of capital raised, great progress has been made.Thanks to this development, Chinese venture capital industry has generated strong interest in academia, research results are increasing day by day.As an effective investment strategy, joint investment is one of the key areas discussed in academia.Joint investment and China's venture capital industry accompany, increasingly common.This paper selects 4740 investment data from the beginning of 1993 to the end of 2011 as the research object, and applies econometrics model to analyze the motivation of joint investment.The performance and the level of joint investment and other related issues are empirically studied, focusing on the characteristics of joint investment behavior in the unique legal, institutional and cultural background of China.On the basis of reviewing the previous research literature, this paper puts forward 12 hypotheses on the motivation and performance of joint investment, combined with the special legal, institutional and cultural background of China.Several models are established to discuss the key factors to determine the motivation of joint investment and the related problems of performance.By using the method of logical regression, the data are processed and analyzed, and the empirical results are obtained. In addition, the joint investment decision is extended to the general situation.By introducing the level of joint investment (that is, the number of companies in joint investment), it is considered that independent investment is equivalent to the level of joint investment, and participation in joint investment is equivalent to the level of joint investment > 1.Using the existing data and using Ordinal regression, the results are obtained.The main conclusions of this paper are as follows: in terms of joint investment motivation, the research results show that the larger the financing scale, the less the investment experience and industry experience of venture capital firms.And venture capital companies that invest in high-tech enterprises are more inclined to joint investment; venture capital companies with foreign and non-governmental backgrounds are more inclined to participate in joint investment; performance,The results of project exit test show that the investment performance of joint investment is significantly better than that of independent investment, but there is no significant difference between foreign background venture capital companies and local venture capital companies.The scale of financing, the number of financing rounds, the size of the venture capital company, the investment specialization of the venture capital company, the country of the venture capital company, the government background of the venture capital company, the address of the venture capital company, the industry of the invested enterprise,The number of joint investment partners is significantly affected by the region where the invested enterprises are located, except for the scale of venture capital companies and the negative correlation between the industry experience of venture capital companies and the number of joint investment partners.The rest of the variables have positive effects on them.The model also provides a way to determine the optimal number of joint investment partners in theory.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.48;F224

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