本文關鍵詞：風險投資介入創(chuàng)業(yè)企業(yè)偏好及其方式研究——基于中國創(chuàng)業(yè)板上市公司的經(jīng)驗數(shù)據(jù)，，由筆耕文化傳播整理發(fā)布。

風險投資介入創(chuàng)業(yè)企業(yè)偏好及其方式研究——基于中國創(chuàng)業(yè)板上市公司的經(jīng)驗數(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]廈門理工學院商學院; [2]廈門大學管理學院

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家公司為研究對象,研究了風險投資介入中國創(chuàng)業(yè)企業(yè)的偏好及其方式問題,研究結論如下：（1）在投資偏好上,當風險投資距離創(chuàng)業(yè)企業(yè)很近,或創(chuàng)業(yè)企業(yè)有財務性競爭優(yōu)勢時,即擁有負債不付息與負債賺息的盈利模式時,風險投資介入創(chuàng)業(yè)企業(yè)的可能性更大;（2）在聯(lián)盟介入方式上,當風險投資距離創(chuàng)業(yè)企業(yè)較近,或當風險投資距離創(chuàng)業(yè)企業(yè)較近又同時擁有創(chuàng)業(yè)板IPO的經(jīng)驗時,或當風險投資與承銷商是母子公司或財務顧問等利益關系時,風險投資單獨投資的可能性更大;（3）在同一風險投資重復介入方式上,當風險投資介入后創(chuàng)業(yè)企業(yè)上市所需時間越長,或當風險投資距離創(chuàng)業(yè)企業(yè)較遠,或當風險投資越成熟,同一風險投資再次介入的可能性越大;（4）在不同風險投資分批介入方式上,后期介入的風險投資更年輕,但介入價格更高、投資額更大、持股比例更低,說明年輕的風險投資通常不輕易做＂第一個吃螃蟹的人＂,而更多地搭載成熟風險投資的＂順風車＂來分享投資收益,但同時付出的代價也比前期介入風險投資的要高。

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

文章關鍵詞：

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

課題項目：國家自然科學基金面上項目（71272082）; 廈門理工學院高層次人才項目（YSK14007R）資助

  本文關鍵詞：風險投資介入創(chuàng)業(yè)企業(yè)偏好及其方式研究——基于中國創(chuàng)業(yè)板上市公司的經(jīng)驗數(shù)據(jù)，由筆耕文化傳播整理發(fā)布。