發(fā)布時間：2018-02-21 20:34

  本文關(guān)鍵詞： 風(fēng)險投資 聯(lián)合投資 動因 績效　出處：《東北財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著新浪、金蝶、搜狐等大批企業(yè)在境外成功上市,以及比比皆是的聯(lián)合投資案例的成功,作為其幕后重要推動力的風(fēng)險投資機構(gòu)以及聯(lián)合投資策略漸漸為人們所熟知。雖然風(fēng)險投資在中國起步較晚,僅有二十多年歷史,但在中國這個新興市場中得到了飛速發(fā)展。 國內(nèi)外學(xué)者對風(fēng)險投資領(lǐng)域各方面的理論研究都頗為詳盡。研究主要集中在投資過程中的契約安排、信息不對稱、投資模式等方面。已出版的論文研究主要側(cè)重于創(chuàng)業(yè)企業(yè)和風(fēng)險投資機構(gòu)之間的關(guān)系。相比于西方學(xué)者,我國學(xué)者對于風(fēng)險投資的研究還處于起步階段,就國內(nèi)文獻(xiàn)的研究范疇來看,我國學(xué)者對風(fēng)險投資的研究主要集中在風(fēng)險投資理論的介紹、風(fēng)險投資功能的探討、風(fēng)險投資退出機制的研究以及對于我國風(fēng)險投資發(fā)展的建議等。 聯(lián)合投資作為近年來風(fēng)險投資所采用的主流策略,相關(guān)的研究尤其是國內(nèi)的研究還存在很多空白。基于此,本文在對國內(nèi)外文獻(xiàn)進(jìn)行簡要回顧的基礎(chǔ)之上,對風(fēng)險投資聯(lián)合投資行為進(jìn)行了理論分析,然后探討國內(nèi)風(fēng)險投資領(lǐng)域是否存在聯(lián)合投資行為,重點研究國內(nèi)聯(lián)合投資模式的動因和績效問題。本文從China Venture Source數(shù)據(jù)庫整理1700多家風(fēng)險投資公司的7478項投資事件數(shù)據(jù),由此設(shè)計實證模型進(jìn)行研究。 本文使用Logistic模型來檢驗影響風(fēng)險投資聯(lián)合投資模式的相關(guān)因素以及它們是如何影響風(fēng)險投資公司的聯(lián)合投資策略。因變量使用“是否聯(lián)合投資”和“合作者數(shù)量”,二者均可體現(xiàn)聯(lián)合投資策略在風(fēng)險投資領(lǐng)域應(yīng)用的廣泛性,而影響它們的因素即自變量包括兩類,一類是創(chuàng)業(yè)企業(yè)和融資項目的特征要素：行業(yè)、融資性質(zhì)、發(fā)展階段、所在地區(qū)、融資規(guī)模；一類是風(fēng)險投資公司的特征要素：風(fēng)險投資公司的年齡、管理資金總額、歷史投資數(shù)量、是否投資本地企業(yè)。接下來,使用多元回歸模型分析了聯(lián)合投資策略是否對創(chuàng)業(yè)企業(yè)績效產(chǎn)生影響,因變量為已上市的創(chuàng)業(yè)企業(yè)的凈資產(chǎn)收益率,而自變量包含風(fēng)險投資公司的特征變量及其他控制變量。 實證結(jié)果表明,我國的風(fēng)險投資聯(lián)合投資策略特征與其他國家頗為相似。聯(lián)合投資策略傾向基本上可以由金融理論和資源基礎(chǔ)理論所解釋,但是解釋力是有限的。聯(lián)合投資更易出現(xiàn)在以下幾種行業(yè)：教育業(yè)、居民服務(wù)和其他服務(wù)業(yè)以及批發(fā)和零售業(yè),而在房地產(chǎn)業(yè)、金融業(yè)和采礦業(yè),融資項目多屬單獨投資。融資規(guī)模越大的項目,風(fēng)險投資機構(gòu)越傾向和其他公司進(jìn)行聯(lián)合投資。而創(chuàng)業(yè)企業(yè)的發(fā)展階段以及融資性質(zhì)都對聯(lián)合投資策略的形成沒有造成顯著影響。對于風(fēng)險投資公司來說,越年輕、投資經(jīng)驗越少的風(fēng)險投資公司越易于與其它公司聯(lián)合投資。項目是否異地對其選擇單獨投資還是聯(lián)合投資沒有顯著影響。值得注意的是,規(guī)模越大的風(fēng)險投資公司卻具有越強的聯(lián)合投資意愿。同時,實證結(jié)果并不完全支持投資模式的不同對創(chuàng)業(yè)企業(yè)績效的影響不同。 本文創(chuàng)新之處在于：針對風(fēng)險投資聯(lián)合投資策略的動因及績效進(jìn)行了實證研究,研究結(jié)果具有一定說服力,可以為風(fēng)險投資公司進(jìn)行投資決策時提供參考信息,如投資地區(qū)、行業(yè)以及是否選擇和他公司聯(lián)合投資,對個別風(fēng)險投資公司的戰(zhàn)略制定具有可操控性較強的指導(dǎo)意義；也可以為創(chuàng)業(yè)企業(yè)爭取融資項目選取風(fēng)險投資機構(gòu)時提供有說服力的統(tǒng)計數(shù)據(jù)：并且,可以為我國的風(fēng)險投資業(yè)的發(fā)展提供一些參考建議,對于政府進(jìn)行產(chǎn)業(yè)的調(diào)控和宏觀經(jīng)濟的引導(dǎo)也有一定的借鑒意義。本文不足之處在于：在研究風(fēng)險投資公司的特征對聯(lián)合投資規(guī)模的影響時,只關(guān)注了領(lǐng)投公司的特征,而無法加入跟投公司的信息,希望在將來的研究中能得以彌補。
[Abstract]:With sina, Kingdee, Sohu and other large enterprises listed in overseas, and successfully meet the eye everywhere joint investment case, risk investment institutions as an important driving force behind and joint investment strategy gradually known. Although the risk investment in China started late, only more than 20 years old, but has a rapid development in the emerging China in the market.
Theoretical study on all aspects of the field of venture investment of domestic and foreign scholars are quite detailed. Contract arrangement, research mainly focuses on the investment in the process of information asymmetry, investment pattern and so on. Relevant published thesis mainly focuses on the venture enterprises and venture investment institutions. Compared to western scholars, Chinese scholars to study risk investment is still in the initial stage, the research category of domestic literature, the study on venture capital of our country scholars mainly focus on the theory of venture capital, to explore the function of venture capital, research on venture capital withdrawal mechanism and the development of risk investment in China and other recommendations.
The main strategy of joint investment in recent years as the investment risk, especially the related research there are still a lot of gaps in the domestic research. Based on this, based on the brief review of literatures on risk investment, joint investment behavior is theoretically analyzed, and then explore the domestic venture capital investment are joint investment behavior, motivation and performance on joint investment focus of domestic investment. The 7478 event data from the China Venture Source database collation more than 1700 Vc firm, the design of empirical research model.
Related factors we use Logistic model to examine the effects of combined investment mode of risk investment and they are joint investment strategy how to influence the dependent variable of the Vc firm. Use "whether the joint investment" and "the number of partners, extensive two can reflect the syndication application in the field of risk investment, and the factors affecting them as independent variables includes two categories, one is the characteristic elements of start-ups and financing project financing: industry, nature, development stage, area, financing scale; one is the Vc firm to the Vc firm: the characteristics of age, the total amount of funds management, the number of historical investment, whether to invest in local enterprises. Then, using multiple regression model analysis joint investment strategy impact on entrepreneurial performance, the dependent variable is already listed enterprise's net assets income Rate, and the independent variable contains the characteristic variables of the Vc firm and other control variables.
The empirical results show that venture capital investment strategy combined with the characteristics of Chinese and other countries are quite similar. Syndication can basically be explained by financial theory and resource based theory, but the explanatory power is limited. The joint investment occurs more easily in the following sectors: education, resident services and other services and wholesale and the retail industry, but in the real estate industry, the financial industry and the mining industry, project financing is a separate investment financing. The greater the size of the project, joint venture capital investment firms are more inclined and other companies. While the business enterprise development stage and financing nature of formation of joint investment strategy had no impact on. Vc firm, more young, less experience in investment Vc firm more easily co investment with other companies. The project is different to choose separate investment There is no significant difference in joint investment. It is worth noting that Vc firm with larger scale has stronger willingness to jointly invest. At the same time, the empirical results do not fully support the different effects of investment patterns on entrepreneurial performance.
The innovations of this paper are: motivation and performance for venture investment joint investment strategy for the empirical research, the research results have certain persuasion, can provide reference information for investment decision-making for Vc firm, such as investment in industry, and whether the joint investment choice and he can control the company, has strong guiding significance for individual Vc firm strategy; project financing can also select the risk investment institutions provide convincing statistics for the enterprise for and provide some reference suggestions for the development of China's venture capital industry, for government regulation of industry and macro economy guidance also has certain reference significance. This paper is: the characteristics of the Vc firm influence on the joint investment scale, only pay attention to the characteristics of leading investment company, We can't add information to the investment company, and hope to make up for the future research.

【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.48;F224

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