创业投资产业链中VC和PE的共生发展状况评价研究

发布时间：2018-05-30 05:25

本文选题：创业投资产业链 + VC和PE共生系统　；参考：《东华大学》2013年硕士论文

【摘要】：近年来,无论是天使投资、VC或PE都在我国发展迅速。从天使投资、VC和PE所偏好的投资阶段来看,它们形成了一条投资创新企业的产业链,即创业投资产业链。其中,迅猛发展的VC和PE更已成为我国产业投资的主力军之一。不过,在我国创业投资行业火热的背后,也存在着令人担忧的问题。如VC投资的PE化趋势、PE机构过分看重项目短期上市、VC和PE对个别行业情有独钟等等。我国正处在经济结构战略性调整的重大转折时期,想要发展创新型经济,就迫切需要理清我国创业投资产业链的发展状况。对其中VC和PE的共生发展状况进行科学判断,才能找到它们和谐发展的最佳途径,同时政府才能够提高各种鼓励政策的有效性。基于此,论文选择了从共生的新角度来系统地研究创业投资产业链中VC和PE的共生发展状况,并建立了相应的评价体系,期望能够引导VC和PE达到最佳共生状态。首先,通过对国内外相关文献进行梳理综述后,论文定义创业投资产业链的内涵为以创业投资资本为运作对象、以追求创业投资资本增值为目标、对创新企业由种子期到成熟期的不同发展阶段进行投资运作的创业投资资本运作者依据一定逻辑关系和时空布局所形成的,前后联接、相互依赖的链条式关联组织。紧接着,对创业投资产业链中VC和PE的共生系统所包含的共生单元、共生模式、共生环境以及共生发展路径进行了详细阐述,为后续评价体系的构建提供了理论依据。其次,论文通过介绍我国创业投资产业链的发展现状,发现了我国VC和PE共生发展中存在的四大问题,说明建立VC和PE的共生发展状况评价体系的必要性。因而,构造了一个包含2个一级指标,6个二级指标和21个三级指标的VC和PE共生发展状况评价指标的基本框架。再结合专家访谈,应用层次分析法确定了各评价指标的权重,也阐述了创业投资产业链中VC和PE共生发展状况评价的模糊综合评判的详细步骤。最后,论文以上海市VC和PE的共生发展为应用案例,采用问卷形式收集了专家组的评价意见,然后运用所建立的评价模型对上海市VC和PE的共生发展状况进行了评价,得到的评价结果是上海市VC和PE的共生发展状况属于“一般”水平。评价结果基本符合实际情况,也证明了评价模型的可行性和有效性。再从定性的角度简要分析了上海市VC和PE的共生发展状况,得出目前上海市VC和PE的共生关系介于间接共生和连续共生之间,也属于非对称互惠共生模式。因此,从优化创业投资产业链和完善共生环境两个方面提出了促进上海市VC和PE和谐发展的相关政策建议。
[Abstract]:In recent years, whether angel investment VC or PE are rapidly developing in China. According to the investment stages preferred by angel investment VC and PE, they form an industrial chain of innovative enterprises, that is, venture capital industry chain. Among them, the rapid development of VC and PE has become one of the main force of industrial investment in China. However, in China's venture capital industry behind the hot, there are also worrying problems. Such as VC PE investment trend PE institutions too much value projects short-term listing VC and PE to individual industries and so on. China is at the turning point of strategic adjustment of economic structure. To develop innovative economy, it is urgent to clarify the development of industrial chain of venture capital in China. Only by scientifically judging the symbiotic development of VC and PE can they find the best way to develop harmoniously and the government can improve the effectiveness of various encouragement policies. Based on this, the paper chooses to systematically study the symbiotic development of VC and PE in the industrial chain of venture capital from a new perspective of symbiosis, and establishes a corresponding evaluation system, hoping to guide VC and PE to achieve the best symbiotic state. First of all, after combing and summarizing the relevant literature at home and abroad, the paper defines the connotation of venture capital industry chain as the operation object of venture capital, and aims at pursuing the increment of venture capital. On the basis of certain logical relationship and space-time layout, the venture capital operators who operate the venture capital in different stages of development from seed stage to mature stage are connected with each other and depend on each other. Then, the symbiotic unit, symbiotic model, symbiotic environment and symbiotic development path of VC and PE symbiotic system in the industrial chain of venture capital are elaborated in detail, which provides the theoretical basis for the construction of the follow-up evaluation system. Secondly, the paper introduces the current situation of venture capital industry chain in China, finds four problems in the co-development of VC and PE, and explains the necessity of establishing the evaluation system of VC and PE symbiotic development. Therefore, a basic framework for evaluating the symbiotic development of VC and PE with two primary indexes, six secondary indexes and 21 third-order indexes is constructed. Combined with expert interviews, the weight of each evaluation index is determined by AHP, and the detailed steps of fuzzy comprehensive evaluation of VC and PE symbiotic development evaluation in venture capital industry chain are also expounded. Finally, taking the symbiotic development of VC and PE in Shanghai as an application case, the paper collects the evaluation opinions of the expert group in the form of questionnaire, and then evaluates the symbiotic development of VC and PE in Shanghai by using the established evaluation model. The result is that the symbiotic development of VC and PE in Shanghai belongs to "general" level. The evaluation results basically accord with the actual situation, and also prove the feasibility and validity of the evaluation model. From the qualitative point of view, this paper briefly analyzes the symbiotic development of VC and PE in Shanghai, and draws the conclusion that the symbiotic relationship between VC and PE in Shanghai is between indirect symbiosis and continuous symbiosis, and belongs to asymmetric reciprocal symbiosis mode. Therefore, from the aspects of optimizing the industrial chain of venture capital and perfecting the symbiotic environment, this paper puts forward some relevant policy suggestions to promote the harmonious development of VC and PE in Shanghai.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.48;F224

【参考文献】