發(fā)布時間：2018-04-12 14:50

  本文選題：創(chuàng)投機(jī)構(gòu) + 雙邊匹配　； 參考：《系統(tǒng)工程》2017年03期

【摘要】：創(chuàng)投與創(chuàng)業(yè)企業(yè)的穩(wěn)定匹配關(guān)系著創(chuàng)投市場的穩(wěn)定與發(fā)展。本文用雙邊匹配理論分析了創(chuàng)投與企業(yè)的具體匹配情況,并以創(chuàng)投機(jī)構(gòu)支持的創(chuàng)業(yè)板公司為樣本進(jìn)行了實(shí)證研究。結(jié)果發(fā)現(xiàn):總體上聲譽(yù)好、實(shí)力強(qiáng)的創(chuàng)投機(jī)構(gòu)匹配的企業(yè)業(yè)績好,顯著偏好政策的支持;創(chuàng)投聯(lián)合投資的企業(yè)業(yè)績和市后回報(bào)率比創(chuàng)投單獨(dú)投資的企業(yè)要差,但聲譽(yù)好的創(chuàng)投單獨(dú)投資和創(chuàng)投強(qiáng)強(qiáng)聯(lián)合投資時匹配的企業(yè)業(yè)績和回報(bào)率最好。表明創(chuàng)投與企業(yè)間存在穩(wěn)定有效的匹配,創(chuàng)投市場的運(yùn)行效率較好。進(jìn)一步研究發(fā)現(xiàn),企業(yè)的市場競爭力和技術(shù)水平、企業(yè)家的責(zé)任心、創(chuàng)投的綜合實(shí)力水平等特征指標(biāo)與匹配價值顯著正相關(guān);創(chuàng)投持股比和聯(lián)合投資指標(biāo)與匹配價值顯著負(fù)相關(guān),而且業(yè)績好、市后回報(bào)率高的企業(yè)對應(yīng)的創(chuàng)投持股比和聯(lián)合投資情況都比較適中,表明創(chuàng)投的適度支持有利于共同價值的提升。
[Abstract]:The stable match between venture capital and venture capital is related to the stability and development of venture capital market.In this paper, we use the bilateral matching theory to analyze the specific matching between venture capital and enterprises, and take the gem supported by venture capital institutions as a sample to conduct empirical research.The results show that the enterprises with good reputation and strong venture capital institutions have better performance and have a significant preference for policy support, and the performance and after-market return of venture capital joint investment enterprises are worse than those of individual venture capital firms.But reputable VCs alone and VCs have the best matching performance and return.It shows that there is a stable and effective match between venture capital and enterprise, and the operation efficiency of venture capital market is better.It is found that the market competitiveness and technical level of enterprises, the sense of responsibility of entrepreneurs, and the level of comprehensive strength of venture capital are positively correlated with the matching value.The ratio of venture capital to stock and the index of joint investment are negatively correlated with the matching value, and the performance is good. The corresponding ratio of venture capital and joint investment of the enterprises with high after-market rate of return is relatively moderate.It shows that the moderate support of VC is beneficial to the promotion of common value.
【作者單位】： 重慶大學(xué)經(jīng)濟(jì)與工商管理學(xué)院;
【基金】：國家自然科學(xué)基金重點(diǎn)項(xiàng)目(71232004)
【分類號】：F279.2;F832.4
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本文編號：1740213