本文關(guān)鍵詞：風(fēng)險(xiǎn)投資介入創(chuàng)業(yè)企業(yè)偏好及其方式研究——基于中國(guó)創(chuàng)業(yè)板上市公司的經(jīng)驗(yàn)數(shù)據(jù)，，由筆耕文化傳播整理發(fā)布。

風(fēng)險(xiǎn)投資介入創(chuàng)業(yè)企業(yè)偏好及其方式研究——基于中國(guó)創(chuàng)業(yè)板上市公司的經(jīng)驗(yàn)數(shù)據(jù)

A Study on the Investment Preference and Pattern of Venture Capital： Evidence from Chinese Listed Companies on the GEM

[1] [2] [3]

Wu Cuifeng, Wu Shinong, Liu Wei（ 1. School of Business, Xiamen University of Technology; 2. School of Management, Xiamen University）

[1]廈門理工學(xué)院商學(xué)院; [2]廈門大學(xué)管理學(xué)院

文章摘要：本文以2009年10月30日至2013年12月31日在創(chuàng)業(yè)板上市的355家公司為研究對(duì)象,研究了風(fēng)險(xiǎn)投資介入中國(guó)創(chuàng)業(yè)企業(yè)的偏好及其方式問(wèn)題,研究結(jié)論如下：（1）在投資偏好上,當(dāng)風(fēng)險(xiǎn)投資距離創(chuàng)業(yè)企業(yè)很近,或創(chuàng)業(yè)企業(yè)有財(cái)務(wù)性競(jìng)爭(zhēng)優(yōu)勢(shì)時(shí),即擁有負(fù)債不付息與負(fù)債賺息的盈利模式時(shí),風(fēng)險(xiǎn)投資介入創(chuàng)業(yè)企業(yè)的可能性更大;（2）在聯(lián)盟介入方式上,當(dāng)風(fēng)險(xiǎn)投資距離創(chuàng)業(yè)企業(yè)較近,或當(dāng)風(fēng)險(xiǎn)投資距離創(chuàng)業(yè)企業(yè)較近又同時(shí)擁有創(chuàng)業(yè)板IPO的經(jīng)驗(yàn)時(shí),或當(dāng)風(fēng)險(xiǎn)投資與承銷商是母子公司或財(cái)務(wù)顧問(wèn)等利益關(guān)系時(shí),風(fēng)險(xiǎn)投資單獨(dú)投資的可能性更大;（3）在同一風(fēng)險(xiǎn)投資重復(fù)介入方式上,當(dāng)風(fēng)險(xiǎn)投資介入后創(chuàng)業(yè)企業(yè)上市所需時(shí)間越長(zhǎng),或當(dāng)風(fēng)險(xiǎn)投資距離創(chuàng)業(yè)企業(yè)較遠(yuǎn),或當(dāng)風(fēng)險(xiǎn)投資越成熟,同一風(fēng)險(xiǎn)投資再次介入的可能性越大;（4）在不同風(fēng)險(xiǎn)投資分批介入方式上,后期介入的風(fēng)險(xiǎn)投資更年輕,但介入價(jià)格更高、投資額更大、持股比例更低,說(shuō)明年輕的風(fēng)險(xiǎn)投資通常不輕易做＂第一個(gè)吃螃蟹的人＂,而更多地搭載成熟風(fēng)險(xiǎn)投資的＂順風(fēng)車＂來(lái)分享投資收益,但同時(shí)付出的代價(jià)也比前期介入風(fēng)險(xiǎn)投資的要高。

Abstr：This article examines the investment preference and pattern of venture capital firms, using a sample of 355 companies listed on the Growth Enterprise Market（GEM） in China between October 30 th, 2009 and December 31 th, 2013. The empirical results are as follows： first, from the perspective of the investment preference, when the geographic distance between the venture capital firm and the entrepreneurial firm is shorter, or when the entrepreneurial firm has financial strength, which means that it has the earnings model of OPM, then the probability of the venture capital firm＇s investment will be higher; second, from the perspective of the investment pattern of syndication, when the geographic distance between the venture capital firm and the entrepreneurial firm is shorter, or when the venture capital firm that is proximate to the entrepreneurial firm has the experience of IPO at the same time, or when the underwriter is the venture capital firm＇s parent company or financial consultant, then the probability of the venture capital firm＇s investing on its own is higher; third, from the perspective of the multiple investment by the venture capital firm, the longer it takes a entrepreneurial firm to go public, or the longer geographic distance between the entrepreneurial firm and the venture capital firm, or the older the venture capital firm is, then the higher probability of the venture capital firm＇s repetitive investment; fourth, compared to the venture capital firms in the first financing round, new venture capital firms in the second financing round are much younger, but the offer price are higher, the investment amount are larger, and the equity percent is lower, which means that young venture cap

文章關(guān)鍵詞：

Keyword：:Venture Capital Investment Preference Investment Pattern Growth Enterprise Market（GEM）

課題項(xiàng)目：國(guó)家自然科學(xué)基金面上項(xiàng)目（71272082）; 廈門理工學(xué)院高層次人才項(xiàng)目（YSK14007R）資助

  本文關(guān)鍵詞：風(fēng)險(xiǎn)投資介入創(chuàng)業(yè)企業(yè)偏好及其方式研究——基于中國(guó)創(chuàng)業(yè)板上市公司的經(jīng)驗(yàn)數(shù)據(jù)，由筆耕文化傳播整理發(fā)布。