發(fā)布時間：2018-04-28 20:03

  本文選題：風險投資 + 契合度��； 參考：《西安理工大學》2017年碩士論文

【摘要】：為了獲得高風險下的高收益,風險投資機構不僅為創(chuàng)業(yè)企業(yè)提供其所需資金,還積極地參與創(chuàng)業(yè)企業(yè)的管理,為其提供技術支持和管理意見,以期實現(xiàn)成功退出,進而帶來高額投資回報。實現(xiàn)成功退出也就實現(xiàn)了風險投資機構與創(chuàng)業(yè)企業(yè)的共贏。然而,就目前的市場現(xiàn)狀來看,平均起來VC/PE每年只有百分之二十左右的投資項目能夠實現(xiàn)退出。中國市場退出的低下讓我們反思出現(xiàn)這種狀況的問題所在。作為風險投資領域的兩大參與主體,風險投資機構與創(chuàng)業(yè)企業(yè)兩者之間的合作關系、信息及資源的供需程度是否會對風險投資機構的投資績效(即退出方式)產(chǎn)生影響?如果會,將如何影響?為了探索上述問題,本文以2006年1月1日至2010年12月31日期間接受風險投資機構投資的創(chuàng)業(yè)企業(yè)為樣本,以中國本土風險投資機構、風險企業(yè)為研究對象,從階段、行業(yè)、投資區(qū)域三個方面實證研究了風險投資機構與創(chuàng)業(yè)企業(yè)契合度對退出績效的影響。研究發(fā)現(xiàn),中國情境下,風險投資機構與創(chuàng)業(yè)企業(yè)的契合度能對風投機構的投資績效產(chǎn)生影響。具體而言,風險投資機構與創(chuàng)業(yè)企業(yè)之間的階段契合程度越高,風險投資機構的投資績效越好;風險投資機構與創(chuàng)業(yè)企業(yè)之間的行業(yè)契合程度越高,風險投資機構的投資績效越好;風險投資機構與創(chuàng)業(yè)企業(yè)之間的投資區(qū)域契合程度越高,風險投資機構的投資績效越好,表現(xiàn)為風險資本的退出收益越高。實證結果表明,在創(chuàng)業(yè)企業(yè)接受投資時,其受益于正確的戰(zhàn)略建議以及以專業(yè)知識為基礎的資源。本文研究結果可為風險投資機構選擇投資策略以及遴選投資項目提供一些參考。
[Abstract]:In order to obtain the high return under the high risk, the venture capital organization not only provides the start-up enterprise with the funds it needs, but also actively participates in the management of the venture enterprise, and provides technical support and management advice to the venture capital enterprise in order to realize the successful exit. This in turn brings high returns on investment. Successful exit will also achieve a win-win situation between venture capital institutions and entrepreneurial enterprises. However, from the current market situation, on average, only about 20% of VC/PE investment projects can exit each year. The low exit of the Chinese market makes us reflect on the problem of this situation. As two major participants in the field of venture capital, whether the degree of supply and demand of information and resources will have an impact on the investment performance of venture capital institutions (that is, exit mode) between venture capital institutions and venture capital enterprises? If so, how will it affect it? In order to explore the above problems, this paper takes the venture capital investment enterprises from January 1, 2006 to December 31, 2010 as the sample, takes the local venture capital institutions and venture enterprises as the research object, from the stage, the industry. This paper empirically studies the influence of the fit degree between venture capital institution and venture capital enterprise on the exit performance from three aspects of investment region. It is found that the degree of compatibility between venture capital institutions and venture capital firms can affect the performance of venture capital firms in China. In particular, the higher the level of phase fit between venture capital institutions and venture capital firms, the better the investment performance of venture capital institutions, and the higher the degree of industry fit between venture capital institutions and venture enterprises. The better the investment performance of venture capital institutions; the higher the degree of regional fit between venture capital institutions and venture capital firms, the better the investment performance of venture capital institutions, the higher the return of withdrawal of venture capital. The empirical results show that when a start-up receives investment, it benefits from correct strategic advice and resources based on expertise. The results of this paper can provide some references for venture capital institutions to select investment strategies and investment projects.
【學位授予單位】：西安理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.48;F279.2

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本文編號：1816670