美国在华风险投资及其对我国风险投资的启示

发布时间：2018-11-15 07:15

【摘要】：自从1946年以来美国研究与发展公司在美国创立以来，全球的风险投资事业成长显著。中国自己的风险投资事业是在1980年中期起步的，但在二十一世纪的头十年经历了爆炸式的增长。在这期间，国外风险资本大约占到了中国风险投资总额的四分之一，同时，他们在中国风险投资行业的许多方面都占据着主导地位。而在中国进行投资的国外风险投资机构中，又以美国的风险投资公司比例最大，投资的经验也最为丰富。因此，选取美国在华风险投资作为研究对象十分具有典型性，且对于我国风险投资行业的发展有诸多值得借鉴的方面。本文通过分析美国风险投资公司在中国投资的阶段、投资绩效与策略，找到了美国风险投资在华投资的成功要素和技巧。具体来说，通过对美国风险投资公司在华投资的数据的分析，发现风险企业的资质、风险企业高级管理者的管理经验、风险投资行业的整体发展、机构型风险投资公司现代化的企业经营管理制度都与美国风险投资在我国的投资绩效呈显著的正相关关系。通过对三个具体的美国在华投资的案例研究，可以看出美国风险投资在尽职调查、增值服务和资本退出时机的选择上的独到策略，也看到了我国风险投资企业在这些方面上的差距和发展潜力。最后，本文结合我国风险投资事业近些年来的发展现状，结合以上这些分析得出的结论，，从风险投资公司、风险企业以及风险投资行业三个层面大胆地提出了新时期我国发展风险投资事业相应的思路和建议。
[Abstract]:Since the American R & D Corporation was founded in the United States in 1946, the global venture capital industry has grown significantly. China's own venture capital business started in the mid-1980 s, but exploded in the first decade of the 21 th century. During this period, foreign venture capital accounts for about 1/4 of the total venture capital in China, and they occupy a dominant position in many aspects of the Chinese venture capital industry. Among the foreign venture capital institutions investing in China, the United States has the largest proportion of venture capital firms and the most abundant investment experience. Therefore, the selection of American venture capital in China as the research object is very typical, and for the development of China's venture capital industry, there are many aspects worthy of reference. By analyzing the investment performance and strategy of American venture capital companies in China, this paper finds out the successful elements and skills of American venture capital investment in China. Specifically, by analyzing the investment data of American venture capital companies in China, we find that the qualifications of venture enterprises, the management experience of senior managers of risk enterprises, and the overall development of the venture capital industry as a whole, There is a significant positive correlation between the modern management system of institutional venture capital companies and the investment performance of American venture capital in China. Through the case studies of three specific US investments in China, we can see the unique strategy of American venture capital in the selection of due diligence, value-added services and the timing of capital exit. Also saw our country venture capital enterprise in these aspects the disparity and the development potential. Finally, this paper combines the development of venture capital in China in recent years, combined with the conclusions of the above analysis, from the venture capital companies, Three levels of venture enterprise and venture capital industry boldly put forward the corresponding ideas and suggestions for the development of venture capital enterprise in China in the new period.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.6;F832.48

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