【摘要】：我國(guó)風(fēng)險(xiǎn)投資經(jīng)過二十多年的發(fā)展,已逐步形成了政府、企業(yè)和個(gè)人參與投資的局面,不同背景風(fēng)險(xiǎn)投資機(jī)構(gòu)的資本來(lái)源和所有權(quán)不同,其在選擇風(fēng)險(xiǎn)企業(yè)方面也會(huì)有所差異,該差異會(huì)體現(xiàn)在其選擇風(fēng)險(xiǎn)企業(yè)的發(fā)展階段上有所傾向。本文以投中集團(tuán)CVSource數(shù)據(jù)庫(kù)2005年至2013年的VC投資事件為樣本,實(shí)證分析與獨(dú)立風(fēng)險(xiǎn)投資機(jī)構(gòu)(IVC)相比,公司風(fēng)險(xiǎn)投資機(jī)構(gòu)(CVC)與風(fēng)險(xiǎn)企業(yè)發(fā)展階段的關(guān)系,并進(jìn)一步分析風(fēng)險(xiǎn)投資機(jī)構(gòu)的政府背景對(duì)上述關(guān)系的調(diào)節(jié)作用。結(jié)果表明不同類型風(fēng)險(xiǎn)投資機(jī)構(gòu)對(duì)風(fēng)險(xiǎn)企業(yè)發(fā)展階段的選擇顯著不同,與IVC與相比,CVC更多地投資處于早期和發(fā)展期的風(fēng)險(xiǎn)企業(yè);而且,CVC若為政府背景,則會(huì)強(qiáng)化上述相關(guān)關(guān)系。本文不同于傳統(tǒng)的法律角度分類,按照資本來(lái)源和所有權(quán)的不同對(duì)風(fēng)險(xiǎn)投資機(jī)構(gòu)進(jìn)行分類,從不同的視角深刻揭示了不同類型風(fēng)險(xiǎn)投資與風(fēng)險(xiǎn)企業(yè)發(fā)展階段的關(guān)系,并分析了政府背景對(duì)上述關(guān)系的調(diào)節(jié)作用。通過本文的研究,可以比較不同類型風(fēng)險(xiǎn)投資機(jī)構(gòu)在投資目標(biāo)和項(xiàng)目選擇上的差異,對(duì)明確我國(guó)風(fēng)險(xiǎn)投資市場(chǎng)各參與主體的角色定位(政府、企業(yè)和個(gè)人)和提升我國(guó)企業(yè)融資決策質(zhì)量具有重要現(xiàn)實(shí)意義。同時(shí),本文的研究也有一定的局限性,僅對(duì)風(fēng)險(xiǎn)投資機(jī)構(gòu)類型與風(fēng)險(xiǎn)企業(yè)發(fā)展階段的關(guān)系進(jìn)行了研究,風(fēng)險(xiǎn)投資機(jī)構(gòu)對(duì)風(fēng)險(xiǎn)企業(yè)其他方面的標(biāo)準(zhǔn)和偏好,以及其運(yùn)用自身資源幫助風(fēng)險(xiǎn)企業(yè)發(fā)展壯大等方面的差異還有待進(jìn)一步的研究。
[Abstract]:After more than 20 years' development, venture capital in China has gradually formed the situation of government, enterprises and individuals participating in investment. The capital sources and ownership of venture capital institutions in different backgrounds are different, and their choice of venture enterprises will also be different. The difference will be reflected in the choice of venture enterprises in the development phase of the trend. This paper takes the VC investment events in the CVSource database of China Investment Group from 2005 to 2013 as a sample, and empirically analyzes the relationship between (CVC) and the stage of development of venture capital, compared with (IVC), an independent venture capital institution. And further analyze the regulatory role of the government background of venture capital institutions on the above-mentioned relationship. The results show that different types of venture capital institutions choose different stages of development of venture enterprises. Compared with IVC, CVC invest more in venture enterprises in the early and developing stages, and if CVC is the background of government, it will strengthen the above correlation. Different from the traditional legal classification, this paper classifies venture capital institutions according to the different sources of capital and ownership, and reveals the relationship between different types of venture capital and the development stage of venture enterprises from different perspectives. And analyzed the government background to the above relation adjustment function. Through the research of this paper, we can compare the differences of different types of venture capital institutions in investment objectives and project selection, and define the roles of the participants in the venture capital market in China (the government, the government, Enterprises and individuals) and improve the quality of corporate financing decision-making in China has important practical significance. At the same time, the study of this paper also has some limitations, only to study the relationship between the types of venture capital institutions and the development stage of venture enterprises, and the standards and preferences of venture capital institutions to other aspects of venture enterprises. And the differences in using their own resources to help venture enterprises develop and grow need further study.
【學(xué)位授予單位】：上海大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F724.6

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本文編號(hào)：2264009