风险投资参与对创业企业业绩影响

发布时间：2018-05-27 13:30

本文选题：风险投资因子 + 分析企业　；参考：《复旦大学》2013年硕士论文

【摘要】：风险投资(Venture Capital)不仅为企业带来了发展急需的资本,也以其专业、高效的服务为企业成长保驾护航。作为一种高风险,高潜在收益的企业股权交易行为,在国外已风行数十年,它对产业发展的积极推动作用一直被人津津乐道。无论是欧美成熟市场,还是亚洲新兴市场,风险投资都已其独具魅力的一面,吸引着众人目光。作为一种实业、金融投资相结合的融资新模式,风险投资进入我国的时间并不长,但发展迅速。十年间,无论是投融资额,还是参与机构,中国风险投资行业都呈现了几何式增长,这种过快的增长也引发了人们的担忧。在资本迅速涌入的情况下,风险投资究竟是投资家的豪赌、还是仍然保持着与企业成长的良性互动?本文正是在这样的背景下,通过定性、定量的实证分析方法,对风险投资对创业企业业绩影响做了针对性的研究。本研究样本为我国创业板上市的企业。相较于主板、中小板上市企业,该类企业发展处于较早期,风险投资对其影响更为明显。本文首先从市场参与度、市场表现两个维度统计和描述了风险投资的表现。研究中发现,创业板中获得风险投资支持的企业逐年增加,目前已超过6成。在地域分布上,风险投资正越来越多关注中、西部地区,而行业上,新能源、新材料等国家大力扶持的新兴行业一直受到亲睐。本文主要分析思路是对比分析。通过有、无风险投资背景两类企业数据对比,找出差异。需要解决的问题之一是企业业绩的评价。结合风险创业企业的特点,本文选取23了个评价指标,除去传统财务指标,还引入了销售投入占比、高学历人员占比等非财务指标。借助于因子分析法,最终归纳为7个评价因子。通过这7个因子得分,能较全面的概括企业业绩表现,避免了采用单一指标的局限性。取得企业业绩表现评分后,本文根据不同因子、行业对有、无背景两类企业得分做了差异性分析。结果表明,风险投资的参与确实影响了企业业绩,这在企业整体盈利能力及高端人才投入力度上表现得最为明显。引入风险投资介入程度指标后,本文发现随着投资机构介入程度的加深,制造业企业业绩整体表现然而下降。最后,本文结合实证分析结果与风险投资行业发展情况,提出了相关的政策建议,以促进行业继续高速发展。
[Abstract]:Venture Capital not only brings the much-needed capital for the development of enterprises, but also guarantees the growth of enterprises with its professional and efficient service. As a kind of high risk and high potential income, stock trading behavior has been popular in foreign countries for decades, and its positive role in promoting the development of industry has been talked about. Both mature markets in Europe and the United States and emerging markets in Asia, venture capital has its unique charm, attracting attention. As a kind of industry, the new mode of financing combined with financial investment, venture capital has not been in our country for a long time, but it has developed rapidly. Over the past decade, China's venture capital industry has seen geometric growth, both in terms of investment and financing, and has raised concerns. In the case of the rapid influx of capital, is venture capital a gamble of the investors, or is it still maintaining a positive interaction with the growth of the enterprise? In this context, this paper makes a targeted study on the impact of venture capital on the performance of venture capital through qualitative and quantitative empirical analysis. The sample of this study is the enterprises listed on the gem of our country. Compared with the main board, the small and medium board listed enterprises, the development of this kind of enterprises is in the early stage, the impact of venture capital is more obvious. This paper first statistics and describes the performance of venture capital from two dimensions of market participation and market performance. The research found that the number of venture capital enterprises in the gem increased year by year and has exceeded 60%. In terms of geographical distribution, venture capital is paying more and more attention to the western region, and industries, new energy, new materials and other countries vigorously support the emerging industries have been favored. The main idea of this paper is comparative analysis. Through the comparison of the two kinds of enterprise data, we find out the difference. One of the problems to be solved is the evaluation of enterprise performance. Combined with the characteristics of venture enterprises, this paper selects 23 evaluation indicators, besides traditional financial indicators, it also introduces non-financial indicators, such as the proportion of sales input, the proportion of highly educated personnel, and so on. With the aid of factor analysis, it is concluded into 7 evaluation factors. Through these seven factor scores, the performance of enterprises can be summarized comprehensively and the limitation of using single index can be avoided. After obtaining the enterprise performance score, this paper makes the difference analysis according to the different factor, the industry to have, the no background two kinds of enterprise score. The results show that the participation of venture capital does affect the performance of the enterprise, which is the most obvious in the overall profitability of the enterprise and the investment of high-end talents. With the introduction of venture capital intervention index, this paper finds that with the deepening of investment institutions' involvement, the overall performance of manufacturing enterprises declines. Finally, based on the results of empirical analysis and the development of venture capital industry, this paper puts forward relevant policy recommendations to promote the industry to continue to develop at a high speed.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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