本文選題：風險投資 + 退出方式��； 參考：《湖南大學》2013年碩士論文

【摘要】：近年來，國內風險投資業(yè)發(fā)展較快，投資額逐年增長。2009年創(chuàng)業(yè)板啟動之前，我國風險投資機構通過上市方式的退出主要在深圳中小板、香港創(chuàng)業(yè)板和海外上市。創(chuàng)業(yè)板推出以來，為國內風險資本的退出開辟了一個新的途徑，風險投資機構的目光轉向了創(chuàng)業(yè)板，通過創(chuàng)業(yè)板實現(xiàn)退出的風險投資項目越來越多，且退出回報率相當可觀。由于創(chuàng)業(yè)板推出時間較短，我國對于風險投資退出問題的研究大多集中在政策建議層面，而基于國內創(chuàng)業(yè)板數據進行的風險投資IPO退出績效的實證研究目前還非常少。鑒于此，本文對這一問題展開了研究。 本文首先綜述了國內外學者關于風險投資退出方式選擇和退出回報影響因素的研究現(xiàn)狀及成果。其次從風險投資的幾種主要退出方式出發(fā)，分別介紹了各方式的內涵、動因及主要特點，，并從退出效益性和退出效率性兩個方面建立評價風險投資退出績效的具體指標體系，且基于以上評價指標對兩種主要的退出方式進行比較。然后結合我國風險投資退出現(xiàn)狀和障礙，通過搜集數據和實證檢驗來研究影響我國IPO退出回報率的宏微觀因素，本文以風險投資項目退出的年回報率作為因變量，選取平均市盈率、股票周期作為宏觀影響因素，從業(yè)時間、管理資本規(guī)模、投資周期、投資規(guī)模、投資行業(yè)、投資機構所在地、發(fā)行價格作為微觀影響因素，基于深圳創(chuàng)業(yè)板上市公司的數據，通過相關性分析和回歸分析對創(chuàng)業(yè)風險投資IPO退出回報率的影響因素進行了實證研究。其實證結果顯示年回報率與風險機構投資周期和投資規(guī)模呈顯著負相關關系，與股票發(fā)行價格顯著正相關。而與其他解釋變量（平均市盈率高低、股票周期、從業(yè)時間、管理資本規(guī)模、投資行業(yè)和投資機構所在地）并無顯著相關關系。最后依據實證研究的結果，結合我國風險投資業(yè)的發(fā)展狀況，提出了本文的結論和政策建議。
[Abstract]:In recent years, the domestic venture capital industry has developed rapidly and the investment has increased year by year. Before the launch of the gem in 2009, the exit of Chinese venture capital institutions through listing mainly took place in Shenzhen small and medium-sized board, Hong Kong growth enterprise market and overseas market.Since the launch of the gem, it has opened a new way for the exit of domestic venture capital. The attention of venture capital institutions has turned to the growth enterprise market. There are more and more venture capital projects that exit through the gem, and the return from exit is considerable.Because of the short launch time of gem, most of the researches on venture capital exit in China are focused on the level of policy recommendations. However, the empirical study of venture capital IPO exit performance based on domestic gem data is still very few.In view of this, this paper studies this problem.Firstly, this paper summarizes the current situation and achievements of the research on the choice of venture capital exit mode and the factors influencing the exit return of venture capital at home and abroad.Secondly, it introduces the connotation, motivation and main characteristics of each way from several main exit ways of venture capital, and sets up a specific index system to evaluate the performance of venture capital exit from two aspects: exit benefit and exit efficiency.And based on the above evaluation indicators, the two main exit methods are compared.Then combined with the current situation and obstacles of venture capital withdrawal in China, through collecting data and empirical tests to study the macro and micro factors that affect the return rate of IPO exit in China, this paper takes the annual return rate of venture capital project withdrawal as a dependent variable.Selecting average price-earnings ratio, stock cycle as macro influencing factor, working time, management capital scale, investment cycle, investment scale, investment industry, location of investment institution, issuing price as microcosmic influencing factor,Based on the data of listed companies in Shenzhen gem, this paper makes an empirical study on the influencing factors of IPO exit rate of venture capital through correlation analysis and regression analysis.In fact, the empirical results show that the annual rate of return is negatively correlated with the investment cycle and investment scale of risk institutions, and is positively correlated with the issuing price of stocks.However, there is no significant correlation with other explanatory variables (average price-earnings ratio, stock cycle, employment time, management capital size, investment industry and location of investment institutions).Finally, according to the results of empirical research and the development of venture capital industry in China, this paper puts forward the conclusions and policy recommendations.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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本文編號：1755341