本文關(guān)鍵詞：聯(lián)合創(chuàng)業(yè)投資網(wǎng)絡(luò)對IPO企業(yè)成長性的影響研究　出處：《東華大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 聯(lián)合創(chuàng)業(yè)投資 凝集子群分析 成長性 社會網(wǎng)絡(luò)

【摘要】：近年來,國家和地方陸續(xù)出臺了相關(guān)政策鼓勵創(chuàng)業(yè)投資的發(fā)展。比如,各地普遍為創(chuàng)業(yè)投資機(jī)構(gòu)提供了信息交流服務(wù),擴(kuò)大政策扶持的受惠面,為創(chuàng)投機(jī)構(gòu)的發(fā)展?fàn)I造了良好的政策環(huán)境。隨著創(chuàng)投機(jī)構(gòu)經(jīng)營管理水平的提高,越來越多的創(chuàng)投機(jī)構(gòu)采取聯(lián)合投資的模式,有些創(chuàng)業(yè)投資機(jī)構(gòu)之間不止合作過一次,本文通過建立社會網(wǎng)絡(luò)圖來研究創(chuàng)業(yè)投資機(jī)構(gòu)之間的關(guān)系。國內(nèi)學(xué)者對于聯(lián)合創(chuàng)業(yè)投資網(wǎng)絡(luò)的研究主要集中于網(wǎng)絡(luò)位置指標(biāo)的測度,以及這種位置對投資績效的影響,國外學(xué)者區(qū)分了有無聯(lián)合投資對企業(yè)成長性產(chǎn)生的影響,但都沒有把網(wǎng)絡(luò)結(jié)構(gòu)與企業(yè)成長性結(jié)合起來考察,本文的創(chuàng)新點在于把聯(lián)合創(chuàng)業(yè)投資機(jī)構(gòu)在網(wǎng)絡(luò)中的位置與被投企業(yè)的成長性相結(jié)合,本文的研究基于創(chuàng)業(yè)投資理論、聯(lián)合投資動因理論、社會網(wǎng)絡(luò)理論和企業(yè)成長性理論四大理論基礎(chǔ),首先對我國的聯(lián)合創(chuàng)業(yè)投資網(wǎng)絡(luò)的總體發(fā)展?fàn)顩r做了一個梳理,其次運用凝聚子群分析、核心邊緣分析、弱關(guān)系分析對我國聯(lián)合創(chuàng)業(yè)投資網(wǎng)絡(luò)的結(jié)構(gòu)做了不同維度的分析,最后通過對聯(lián)合創(chuàng)業(yè)投資網(wǎng)絡(luò)結(jié)構(gòu)的分析,找出網(wǎng)絡(luò)中處于核心位置的創(chuàng)業(yè)投資機(jī)構(gòu),實證檢驗了創(chuàng)業(yè)投資機(jī)構(gòu)在網(wǎng)絡(luò)中的位置對被投企業(yè)成長性的影響,最后,本文從創(chuàng)業(yè)投資機(jī)構(gòu)和被投企業(yè)的角度分別提出了建議。在實證研究部分,由于創(chuàng)投機(jī)構(gòu)信息披露的不完備,因此本文綜合采用清科數(shù)據(jù)庫,投中數(shù)據(jù)庫,Wind、格致理財網(wǎng)來查找創(chuàng)業(yè)投資的數(shù)據(jù),時間跨度從2004年到2015年,涉及到3919個投資項目,其中有聯(lián)合投資參與的項目有1227個,用這1227個項目做我國每年的創(chuàng)投網(wǎng)絡(luò)。其中聯(lián)合創(chuàng)投支持的通過IPO退出,且在A股上市的企業(yè)有152家,涉及到295家聯(lián)合創(chuàng)投機(jī)構(gòu),用295家聯(lián)合創(chuàng)投機(jī)構(gòu)作為回歸分析、獨立樣本T檢驗、凝聚子群分析等的數(shù)據(jù)來源。用國泰安數(shù)據(jù)庫查找這152家被投企業(yè)的相關(guān)財務(wù)數(shù)據(jù)。通過理論和實證分析,得出了以下的結(jié)論:(1)我國聯(lián)合創(chuàng)業(yè)投資網(wǎng)絡(luò)規(guī)模不斷擴(kuò)大,但網(wǎng)絡(luò)密度逐漸下降,不再明顯的向核心的創(chuàng)投機(jī)構(gòu)集中,聯(lián)合創(chuàng)業(yè)投資網(wǎng)絡(luò)圍繞多個創(chuàng)投機(jī)構(gòu)呈傘狀發(fā)展。(2)創(chuàng)投機(jī)構(gòu)在網(wǎng)絡(luò)中位置的不同,會對被投企業(yè)的成長性產(chǎn)生不同的影響。創(chuàng)投機(jī)構(gòu)在網(wǎng)絡(luò)中的度數(shù)中心度、中間中心度、特征向量中心度、結(jié)構(gòu)洞有效性對被投企業(yè)成長性有顯著正向影響。(3)核心位置的創(chuàng)投機(jī)構(gòu)之間的密度最大,網(wǎng)絡(luò)中小團(tuán)體現(xiàn)象明顯。
[Abstract]:In recent years, the development of national and local successively promulgated relevant policies to encourage venture investment. For example, around provides information exchange services generally for venture investment institutions, expanding the benefit policy support, to create a favorable policy environment for the development of venture capital institutions. With the management level of venture capital institutions, venture capital institutions more and more take joint investment model, some venture capital institutions more than once before, in this paper, to study the relationship between venture capital institutions through the establishment of a social network graph. For measurement of the joint venture investment network of domestic scholars mainly focus on the network location index, and the impact of investment performance, foreign scholars have distinguished no effect of joint investment on the growth of the enterprise, but not the network structure and enterprise growth combined study, this paper set The new point is the location of joint venture investment institutions in the network investment and the growth of enterprises combination, this paper is based on the theory of joint venture investment, investment motivation theory, social network theory and enterprise growth theory four theory foundation, the overall development situation of joint venture investment network of China's first made a comb, followed by the use of subgroup analysis and core periphery analysis, analysis of the relationship between the weak structure of our joint venture investment network is analyzed in different dimensions, finally through the analysis of the joint venture investment network structure, find out the core position in the venture capital institutions in the network, an empirical test of venture investment institutions in the network the position of influence, investment business growth in the end, this paper from the venture investment institutions and investment companies are proposed. In the part of empirical research, as a Investment mechanism of information disclosure is not complete, so this paper adopts Zero2IPO database, hit the database, Wind, Gezhi to find venture capital financial network data, the time span from 2004 to 2015, involving 3919 projects, 1227 of which are joint investment projects, as China's annual venture capital network these 1227 projects. The joint venture backed by the IPO exit, and in the A shares listed on the 152 enterprises, involving 295 joint venture capital institutions, with 295 joint venture capital institutions as the regression analysis, independent samples T test, coagulation analysis subgroup data sources. Using Tai'an database search for the 152 home investment related financial data of the enterprise. Through theoretical and empirical analysis, draw the following conclusions: (1) the network scale of China's joint venture investment continues to expand, but the network density decreased gradually, not obvious to the core of the record Investment institutions, joint venture capital network around a number of venture capital institutions was umbrella development. (2) the position of venture capital institutions in the network is different, have different effects on the growth of investment companies. The center degrees in the network of venture capital institutions, the middle center degree, characteristic vector centrality and structural hole the effectiveness of investment companies have significant positive influence to the growth of venture capital institutions. (3) between the core position of the maximum density, small group network phenomenon is obvious.

【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F279.2;F832.48

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