本文選題：私募股權(quán)投資基金 + 前沿效率��； 參考：《廣東財經(jīng)大學》2013年碩士論文

【摘要】：私募股權(quán)投資是指對處于種子期、初創(chuàng)期、發(fā)展期、擴展期、成熟期和Pre—IPO等各個時期的非上市創(chuàng)業(yè)企業(yè)進行股權(quán)投資，以期所投資創(chuàng)業(yè)企業(yè)發(fā)育成熟或相對成熟后主要通過轉(zhuǎn)讓股權(quán)獲得資本增值收益的投資方式。前沿效率是用來衡量在現(xiàn)有的技術(shù)水平下，生產(chǎn)者獲得最大產(chǎn)出的能力，它反映了現(xiàn)有技術(shù)的發(fā)揮程度。我國的私募股權(quán)基金起步比較晚，但近年來發(fā)展非常迅速，同時也存在很多問題。我國學者對私募股權(quán)投資基金的研究主要集中在運行機制和投資結(jié)構(gòu)上，效率或收益率方面的實證研究甚少，而本文以我國私募股權(quán)投資項目的前沿效率為研究對象，先通過私募股權(quán)基金的運行機制分析各種影響因素，再運用隨機前沿法(SFA)對其前沿效率及影響因素做實證分析。 本文選取深圳創(chuàng)業(yè)板成立以來至2012年10月在深圳創(chuàng)業(yè)板上市退出的我國110個本土私募股權(quán)投資項目為樣本，選取項目回收總金額為產(chǎn)出變量，項目投入總金額、企業(yè)管理團隊總?cè)藬?shù)和項目投資周期為投入變量，并盡可能全面地考慮了可能對前沿效率產(chǎn)生影響的所有影響因素，采用隨機前沿法（SFA）與Frontier4.1程序研究私募股權(quán)投資項目的相對前沿效率，以及影響效率值的因素。Frontier4.1程序首先利用生產(chǎn)函數(shù)來構(gòu)造生產(chǎn)前沿面，測算出110個樣本的相對效率值，然后判斷影響效率值的因素以及影響程度。研究表明，第一：我們私募股權(quán)投資項目的平均效率值為0.6379，效率值的分布非常分散，跨度較大，，最高為0.9541，最低為0.1503；第二，在各影響因素中，投資機構(gòu)類型、目標企業(yè)所在地與投資金額這三個因素的影響較為顯著。VC機構(gòu)的整體效率高于PE機構(gòu)；目標企業(yè)在深圳的前沿效率要顯著高于其他地區(qū)，而位于廣東（除深圳）地區(qū)的要低于其他地區(qū)；投資金額越大，項目的前沿效率越高。其他因素對相對效率值的影響均不顯著。
[Abstract]:Private equity investment refers to the seed stage, start-up stage, development stage, expansion stage, unlisted venture each period of maturity and Pre - IPO of the equity investment, the investment in enterprise development mature or relatively mainly through the transfer of equity capital gains investment frontier efficiency is used to. To measure the existing level of technology, the ability of producers to get maximum output, it reflects the degree of use of existing technologies. China's private equity fund started relatively late, but has developed rapidly in recent years, at the same time there are a lot of problems. The research of Chinese scholars on private equity investment fund mainly focused on the operation mechanism and the structure of investment, efficiency or yield little empirical research, this paper focuses on the frontier efficiency of China's private equity investment project as the research object, the first private equity fund The operating mechanism is used to analyze the various influencing factors, and then the stochastic frontier method (SFA) is used to make an empirical analysis on the efficiency and the influencing factors.
This paper selects the Shenzhen gem since its establishment to October 2012 in Shenzhen GEM listed out of China's 110 local private equity investment projects as samples, select items for the output variable recovery of the total amount of investment, the total amount of investment of the week the total number of enterprise management team and project as input variables, and as far as possible the comprehensive consideration factors all effects may have an impact on the efficiency frontier, using stochastic frontier method (SFA) relative to the frontier efficiency and Frontier4.1 program of private equity investment projects, as well as the factors affecting the efficiency value of the.Frontier4.1 program first use production function to construct the production frontier, calculate the relative efficiency of the 110 sample values, and then determine the factors affecting the efficiency value as well as the influence. The results show that: first the average efficiency of our private equity investment project value is 0.6379, the efficiency of value distribution is Dispersion, large span, up to 0.9541, the lowest was 0.1503; second in all factors, the types of investment institutions, the three factors which influence the target enterprise is the amount of investment and the overall efficiency is significantly higher than that of PE.VC mechanism; target enterprise in Shenzhen before along the efficiency should be significantly higher than in other regions, and located in Guangdong (except Shenzhen) area was lower than that of other regions; the greater the amount of investment, the higher the efficiency frontier project. Other factors on the relative efficiency values were not significant.

【學位授予單位】：廣東財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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