本文選題：風(fēng)險(xiǎn)投資 + 退出方式　； 參考：《湖南大學(xué)》2013年碩士論文

【摘要】：近年來，國內(nèi)風(fēng)險(xiǎn)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(dòng)之前，我國風(fēng)險(xiǎn)投資機(jī)構(gòu)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(nèi)風(fēng)險(xiǎn)資本的退出開辟了一個(gè)新的途徑，風(fēng)險(xiǎn)投資機(jī)構(gòu)的目光轉(zhuǎn)向了創(chuàng)業(yè)板，通過創(chuàng)業(yè)板實(shí)現(xiàn)退出的風(fēng)險(xiǎn)投資項(xiàng)目越來越多，且退出回報(bào)率相當(dāng)可觀。由于創(chuàng)業(yè)板推出時(shí)間較短，我國對(duì)于風(fēng)險(xiǎn)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(nèi)創(chuàng)業(yè)板數(shù)據(jù)進(jìn)行的風(fēng)險(xiǎn)投資IPO退出績效的實(shí)證研究目前還非常少。鑒于此，本文對(duì)這一問題展開了研究。 本文首先綜述了國內(nèi)外學(xué)者關(guān)于風(fēng)險(xiǎn)投資退出方式選擇和退出回報(bào)影響因素的研究現(xiàn)狀及成果。其次從風(fēng)險(xiǎn)投資的幾種主要退出方式出發(fā)，分別介紹了各方式的內(nèi)涵、動(dòng)因及主要特點(diǎn)，，并從退出效益性和退出效率性兩個(gè)方面建立評(píng)價(jià)風(fēng)險(xiǎn)投資退出績效的具體指標(biāo)體系，且基于以上評(píng)價(jià)指標(biāo)對(duì)兩種主要的退出方式進(jìn)行比較。然后結(jié)合我國風(fēng)險(xiǎn)投資退出現(xiàn)狀和障礙，通過搜集數(shù)據(jù)和實(shí)證檢驗(yàn)來研究影響我國IPO退出回報(bào)率的宏微觀因素，本文以風(fēng)險(xiǎn)投資項(xiàng)目退出的年回報(bào)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(shí)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(jī)構(gòu)所在地、發(fā)行價(jià)格作為微觀影響因素，基于深圳創(chuàng)業(yè)板上市公司的數(shù)據(jù)，通過相關(guān)性分析和回歸分析對(duì)創(chuàng)業(yè)風(fēng)險(xiǎn)投資IPO退出回報(bào)率的影響因素進(jìn)行了實(shí)證研究。其實(shí)證結(jié)果顯示年回報(bào)率與風(fēng)險(xiǎn)機(jī)構(gòu)投資周期和投資規(guī)模呈顯著負(fù)相關(guān)關(guān)系，與股票發(fā)行價(jià)格顯著正相關(guān)。而與其他解釋變量（平均市盈率高低、股票周期、從業(yè)時(shí)間、管理資本規(guī)模、投資行業(yè)和投資機(jī)構(gòu)所在地）并無顯著相關(guān)關(guān)系。最后依據(jù)實(shí)證研究的結(jié)果，結(jié)合我國風(fēng)險(xiǎn)投資業(yè)的發(fā)展?fàn)顩r，提出了本文的結(jié)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(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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