我国风险投资的发展及其退出机制研究

发布时间：2018-09-05 14:16

【摘要】：本文首先对风险投资的定义和特征做了简单地介绍,并且阐明了发展风险投资的必要性和重要性。本文还对影响风险资本市场发展的因素做了理论和实证分析,这些因素包括国内生产总值、消费者物价指数、法律制度、技术和人力资本因素、政府因素、、退出渠道。在实证部分,本文采用了VAR模型对2010-2010之间的数据进行了分析,研究的结果表明科技从业人员也即技术因素对我国风险资本市场的发展具有积极的作用。同时,风险资本市场的发展也能反过来提高我国的技术创新能力。而股票市场表现在理论上可以影响到风险资本市场的发展,但是实证结果并没有验证这一理论。风险资本的退出方式可以分为公开上市、股权转让、清算三大类。本文还从退出环境的角度对风险资本的退出方式的选择问题进行了研究。本文考虑的控制变量包括：国内生产总值、货币供应量、股票市场的收益率,创业板的推出。运用多元线性回归模型对2007年第一季度到2011年第一季度期间的数据进行了分析,研究结果表明：国内生产总值的增加导致上市退出比例的增加；货币供应量增加会导致上市退出的比例增加,资本市场的繁荣,股票市场收益率的增加有利于风险资本选择上市方式退出,引起上市退出比例增加。最后,本文还对中国风险资本市场的现状进行了分析,并结合前面的分析提出了一些政策建议。
[Abstract]:This paper first introduces the definition and characteristics of venture capital, and expounds the necessity and importance of developing venture capital. This paper also makes a theoretical and empirical analysis of the factors affecting the development of venture capital market, including GDP, consumer price index, legal system, technical and human capital factors, government factors and exit channels. In the empirical part, the VAR model is used to analyze the data between 2010 and 2010. The results show that the technical factors have a positive effect on the development of China's venture capital market. At the same time, the development of venture capital market can also improve our technological innovation ability. The performance of stock market can affect the development of venture capital market theoretically, but the empirical results do not verify this theory. The exit of venture capital can be divided into public listing, equity transfer and liquidation. This paper also studies the choice of exit mode of venture capital from the angle of exit environment. The control variables considered in this paper include GDP, money supply, stock market yield and the launch of gem. The multivariate linear regression model is used to analyze the data from the first quarter of 2007 to the first quarter of 2011. The results show that the increase of GDP leads to the increase of the proportion of listing out; The increase of money supply will lead to the increase of the proportion of listed withdrawal, the prosperity of capital market, and the increase of return rate of stock market, which will benefit venture capital to choose the exit mode of listing, which will lead to the increase of the proportion of listing out. Finally, this paper analyzes the current situation of China's venture capital market, and puts forward some policy suggestions combined with the previous analysis.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.48;F832.5

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