本文關(guān)鍵詞：基于制度理論的中國天使投資人評價標準研究　出處：《合肥工業(yè)大學》2013年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 天使投資人 決策 制度理論 評價標準

【摘要】：近年來，中小企業(yè)在發(fā)展過程中面臨的融資困難得到了普遍關(guān)注，在難以獲得貸款和機構(gòu)投資者投資的情況下，創(chuàng)業(yè)者轉(zhuǎn)而向天使投資人尋求資本，天使資本在創(chuàng)業(yè)企業(yè)的融資渠道方面發(fā)揮了重要作用。準確理解天使投資人的決策行為直接關(guān)系到創(chuàng)業(yè)企業(yè)是否能夠?qū)崿F(xiàn)融資需求。然而，目前針對天使投資人評價標準的研究較少，而中國情境下的天使投資人評價標準研究更是為數(shù)不多。因此，本文從制度理論的視角，結(jié)合中國情境探討天使投資人的評價標準，以及制度因素是否對中國天使投資人的決策產(chǎn)生了影響。 基于制度理論，本文首先分析了三類制度性因素中可能會影響中國天使投資人決策的制度因素，再通過全球競爭力報告和全球創(chuàng)業(yè)觀察的數(shù)據(jù)考察了中國的制度環(huán)境和創(chuàng)業(yè)環(huán)境。與發(fā)達經(jīng)濟體相比，包括中國在內(nèi)的新興經(jīng)濟體的制度環(huán)境相對較差，商業(yè)腐敗、銀行業(yè)和證券業(yè)的健全度及監(jiān)管度低和對投資人的法律保護較弱是中國天使投資人面臨的主要問題。在創(chuàng)業(yè)環(huán)境方面，近年來中國的創(chuàng)業(yè)活躍度很高，但是中國創(chuàng)業(yè)者面臨創(chuàng)業(yè)程序繁雜和獲得貸款難度大的問題。 本文通過問卷調(diào)查的方法收集中國天使投資人的數(shù)據(jù)。基于獲得的包含78名天使投資人的樣本，本文定量地分析了中國天使投資人的評價標準。中國天使投資人在投資前進行盡職調(diào)查，創(chuàng)業(yè)領(lǐng)頭人、管理團隊和市場前景是影響中國天使投資人評價標準的關(guān)鍵因素。中國天使投資人更重視創(chuàng)業(yè)項目的市場因素，，而不是財務(wù)因素。對信息獲取不充分的擔憂以及對創(chuàng)業(yè)者和管理團隊不滿意是投資人拒絕創(chuàng)業(yè)項目的主要原因。制度性因素對天使投資人的評價標準產(chǎn)生了一定影響，制度上的不完善使得中國天使投資人與發(fā)達經(jīng)濟體中的天使投資人相比，更傾向于成長期和成熟期的創(chuàng)業(yè)企業(yè)，對地理位置的限制較大，并且由于對投資環(huán)境的不樂觀而降低了對投資回報的期望。另外，數(shù)據(jù)表明投資動機和投資經(jīng)驗會加強（或削弱）某一因素在天使投資人評價標準中的權(quán)重。
[Abstract]:In recent years, the financing difficulties faced by small and medium-sized enterprises in the development process have received widespread attention. In the case of difficulties in obtaining loans and institutional investors, entrepreneurs turn to angel investors for capital. Angel capital plays an important role in the financing channel of the venture enterprise. An accurate understanding of the angel investor's decision-making behavior is directly related to whether the venture enterprise can meet the financing needs. However. At present, there are few researches on the evaluation criteria of angel investors, but there are few studies on the evaluation criteria of angel investors in the Chinese context. Therefore, this paper from the perspective of institutional theory. This paper discusses the evaluation criteria of angel investors and whether the institutional factors have an impact on the decision of Chinese angel investors. Based on the institutional theory, this paper first analyzes three kinds of institutional factors that may affect the decision-making of Chinese angel investors. Then through the global competitiveness report and the data of Global Entrepreneurship Watch, we examine the institutional environment and entrepreneurial environment of China. Compared with developed economies, the institutional environment of emerging economies, including China, is relatively poor. Commercial corruption, low integrity and supervision of banking and securities, and weak legal protection for investors are the main problems facing angel investors in China. In recent years, China's entrepreneurial activity is very high, but Chinese entrepreneurs are faced with complicated business process and the difficulty of obtaining loans. This paper collects the data of Chinese angel investors by questionnaire, based on a sample of 78 angel investors. This paper quantitatively analyzes the evaluation criteria of angel investors in China. Chinese angel investors do due diligence before investing and lead the business. Management team and market outlook are the key factors that affect the evaluation criteria of Chinese angel investors. Chinese angel investors pay more attention to the market factors of entrepreneurial projects. Concerns about inadequate access to information and dissatisfaction with entrepreneurs and management teams are the main reasons for investors' rejection of entrepreneurial projects. Institutional factors have given rise to certain evaluation criteria for angel investors. Influence. Institutional imperfections make Chinese angel investors more inclined to the growth and maturity of entrepreneurial enterprises than angel investors in the developed economies, the geographical location of the restrictions are greater. In addition, the data show that the investment motivation and investment experience will strengthen (or weaken) the weight of a certain factor in the evaluation criteria of angel investors.
【學位授予單位】：合肥工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.48

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