發(fā)布時(shí)間：2018-03-17 18:07

  本文選題：創(chuàng)業(yè)投資　切入點(diǎn)：績(jī)效變化　出處：《浙江大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：創(chuàng)業(yè)投資的投資目的是通過資金和管理等方面的幫助,促進(jìn)創(chuàng)業(yè)公司的發(fā)展,并在公司成長(zhǎng)到一定階段時(shí)通過IPO、并購等多種退出渠道收回投資資本,獲取投資收益。隨著創(chuàng)業(yè)投資在我國的迅速發(fā)展,大量被投資企業(yè)得以改制上市,登陸資本市場(chǎng)。然而,創(chuàng)業(yè)投資能否有效提升被投資公司的績(jī)效這一問題,無論是對(duì)企業(yè)還是對(duì)研究者來說,都顯得非常重要,而人們對(duì)這一問題卻沒有足夠的重視。我國關(guān)于創(chuàng)業(yè)投資對(duì)公司績(jī)效影響的研究一般只限于探討有無投資機(jī)構(gòu)支持對(duì)公司績(jī)效的影響。本文主要研究創(chuàng)業(yè)投資對(duì)我國創(chuàng)業(yè)板上市公司績(jī)效的影響,選取近幾年在創(chuàng)業(yè)板上市的公司為研究樣本,探討創(chuàng)業(yè)投資是否有利于公司績(jī)效提升。本文的重點(diǎn)及創(chuàng)新在于通過多個(gè)時(shí)間段的分析,研究創(chuàng)業(yè)投資能否真正地提升被投資公司的績(jī)效。在相關(guān)理論研究評(píng)述、創(chuàng)業(yè)投資及被投資公司現(xiàn)狀的定性分析基礎(chǔ)上,為了進(jìn)一步深入研究創(chuàng)業(yè)投資對(duì)創(chuàng)業(yè)板上市公司績(jī)效的影響渠道及效應(yīng),本文建立截面數(shù)據(jù)模型,分階段定量分析了創(chuàng)業(yè)投資的持股比例和聯(lián)合投資機(jī)構(gòu)數(shù)量等微觀因素是否對(duì)被投資公司績(jī)效起重要的作用,創(chuàng)投的退出是否對(duì)公司績(jī)效產(chǎn)生影響,從而為促進(jìn)和完善我國創(chuàng)業(yè)投資的發(fā)展提供理論及實(shí)證方面的支持。通過定性及定量的分析,本文得出以下結(jié)論:有創(chuàng)投支持和無創(chuàng)投支持的公司績(jī)效變化差異體現(xiàn)在公司IPO之前,聯(lián)合投資的創(chuàng)投機(jī)構(gòu)數(shù)量及創(chuàng)業(yè)投資時(shí)間均可能在一定階段影響到被投資公司的績(jī)效,而創(chuàng)投機(jī)構(gòu)的持股比例對(duì)被投資公司的績(jī)效影響并不顯著。有關(guān)監(jiān)管部門及機(jī)構(gòu)可以從提高創(chuàng)投機(jī)構(gòu)自身專業(yè)能力、強(qiáng)化創(chuàng)業(yè)投資的信息披露、完善創(chuàng)業(yè)投資的監(jiān)管制度等角度,規(guī)范創(chuàng)業(yè)投資的運(yùn)作,以促進(jìn)我國金融業(yè)的平穩(wěn)、健康發(fā)展。
[Abstract]:The purpose of venture capital investment is to promote the development of start-up companies through the help of capital and management, and to recover their investment capital through IPO, mergers and acquisitions and other exit channels when the company grows to a certain stage. With the rapid development of venture capital in China, a large number of invested enterprises can be restructured and listed, landing on the capital market. However, whether venture capital can effectively improve the performance of invested companies, It's very important for both companies and researchers, However, people do not pay enough attention to this problem. The research on the impact of venture capital on corporate performance in China is generally limited to the impact of investment institutions on corporate performance. This paper focuses on the impact of venture capital on corporate performance. The impact of the performance of listed companies on the gem in China, In recent years, companies listed on the gem are selected as the research samples to explore whether venture capital is conducive to the improvement of corporate performance. The emphasis and innovation of this paper lies in the analysis of several time periods. Research on whether venture capital can really improve the performance of invested companies. Based on the relevant theoretical review, venture capital and the qualitative analysis of the current situation of invested companies, In order to further study the impact of venture capital on the performance of listed companies on the gem, this paper establishes a cross-section data model. In this paper, the author quantitatively analyzes whether the micro factors such as the proportion of venture capital holding and the number of joint investment institutions play an important role in the performance of the invested company, and whether the withdrawal of venture capital has an impact on the performance of the company. In order to promote and improve the development of venture capital in China to provide theoretical and empirical support. Through qualitative and quantitative analysis, In this paper, the following conclusions are drawn: the difference of performance between venture capital support and non-venture capital support is reflected before the IPO, and the number of venture capital institutions and the time of venture capital investment may affect the performance of the invested company at a certain stage. However, the proportion of VCs holding shares has no significant impact on the performance of invested companies. Relevant regulators and institutions can enhance the professional ability of VCs and enhance the disclosure of venture capital information. In order to promote the steady and healthy development of our financial industry, we should perfect the supervision system of venture capital and standardize the operation of venture capital.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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