本文選題：風(fēng)險投資 + 中小板上市企業(yè)��； 參考：《遼寧大學(xué)》2014年碩士論文

【摘要】：風(fēng)險投資起源于美國20世紀(jì)四五年代，少許甘心以高風(fēng)險交換高回報的投資人締造的。20世紀(jì)八十年代風(fēng)險投資才正式進(jìn)入中國，相對于國外的投資模式我國的風(fēng)險投資還是顯得不夠成熟。然而，這并不妨礙我們對風(fēng)險投資的研究。風(fēng)險投資作為一種融資手段解決了企業(yè)融資問題，可是人們往往忽視了風(fēng)險投資資對企業(yè)績效的影響。 中國關(guān)于對風(fēng)險資本對企業(yè)的影響的研究，大多集中于理論研究，承認(rèn)理論上風(fēng)險投資者獲得對企業(yè)監(jiān)督的作用，但較少有實證研究。通過風(fēng)險投資和企業(yè)績效的研究，能夠歸納出風(fēng)險投資對企業(yè)績效的影響。風(fēng)險投資不僅在企業(yè)資本運作，而且在企業(yè)管理方面也有一定的影響。本文選擇中小板上市企業(yè)作為樣本，通過風(fēng)險投資對中小板上市企業(yè)的績效影響來驗證風(fēng)險投資的有效性。運用實證分析的方法來驗證風(fēng)險投資對中小板上市企業(yè)帶來什么樣的影響的研究。 首先，本文闡明風(fēng)險投資的概念，并且機(jī)理分析風(fēng)險投資對中小板上市企業(yè)的績效影響。在理論方面來探討風(fēng)險投資對中小板上市企業(yè)的影響，分別從企業(yè)融資、企業(yè)治理、企業(yè)股本結(jié)構(gòu)來探討風(fēng)險投資對企業(yè)績效的影響。 然后，本文通過實證分析以從2010年1月1日至2010年12月31日之間的上市的中小板上市企業(yè)為樣本，選取78家企業(yè)，按有無風(fēng)險投資分成兩組。使用財務(wù)指標(biāo)來分析企業(yè)績效。從企業(yè)的獲利能力、償債能力、運營能力和發(fā)展能力探討風(fēng)險投資對中小板上市企業(yè)的績效影響。這樣才會客觀全面的衡量企業(yè)的績效。本文采用均值差異檢驗方法，對樣本企業(yè)的盈利能力、償債能力、運營能力和發(fā)展能力進(jìn)行統(tǒng)計和差異分析。再采用t檢驗和非參數(shù)Mann-Whitney Test對兩組差異進(jìn)行顯著檢驗。從而得出檢驗結(jié)論并進(jìn)行實例分析，風(fēng)險投資對中小板上市企業(yè)的績效是否有一定的影響。 最后，，在實例分析的基礎(chǔ)上提出結(jié)論和政策建議。并給出對本文研究的意見和問題，從而更加完善研究內(nèi)容與結(jié)論。
[Abstract]:Venture capital originated in the United States in the 1940s and '50s. It was only in the 1980s that a small amount of venture capital, which was created by investors willing to exchange high risks for high returns, formally entered China. Compared with the foreign investment mode, the venture capital of our country is still not mature enough. However, this does not prevent us from studying venture capital. Venture capital as a means of financing solves the problem of enterprise financing, but people often ignore the impact of venture capital on enterprise performance. The research on the influence of venture capital on enterprises in China is mostly focused on the theoretical research, which admits that venture capital can obtain the function of supervising the enterprises in theory, but there are few empirical studies. Through the research of venture capital and enterprise performance, the influence of venture capital on enterprise performance can be concluded. Venture capital not only in the operation of enterprise capital, but also has a certain impact on enterprise management. This paper selects the small and medium-sized board listed enterprises as the sample, and verifies the effectiveness of the venture capital through the impact of venture capital on the performance of the small and medium-sized board listed enterprises. Empirical analysis is used to verify the impact of venture capital on small and medium-sized listed enterprises. Firstly, this paper clarifies the concept of venture capital, and analyzes the effect of venture capital on the performance of small and medium-sized listed enterprises. In theory, this paper discusses the influence of venture capital on the performance of small and medium-sized enterprises, and discusses the influence of venture capital on the performance of enterprises from the aspects of corporate financing, corporate governance and the structure of enterprise equity. Then, through empirical analysis, this paper takes the small and medium-sized enterprises listed between January 1, 2010 and December 31, 2010 as a sample, selects 78 enterprises, and divides them into two groups according to the risk investment. Use financial indicators to analyze corporate performance. This paper discusses the effect of venture capital on the performance of small and medium-sized listed enterprises from the aspects of profitability, solvency, operation ability and development ability. This will objectively and comprehensively measure the performance of the enterprise. In this paper, the average difference test method is used to analyze the profitability, solvency, operation ability and development ability of the sample enterprises. T test and non-parametric Mann-Whitney Test were used to test the difference between the two groups. The conclusion of this paper is that venture capital has a certain influence on the performance of small and medium-sized listed enterprises. Finally, the conclusions and policy suggestions are put forward on the basis of case analysis. The opinions and problems of this paper are given so as to perfect the research contents and conclusions.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

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相關(guān)期刊論文 前1條

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