本文關(guān)鍵詞： 風(fēng)險(xiǎn)投資 聯(lián)合投資 地域聚集 投資偏好 網(wǎng)絡(luò)特征　出處：《燕山大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：我國(guó)的風(fēng)險(xiǎn)投資起步于20世紀(jì)80年代，2004年以后，我國(guó)風(fēng)險(xiǎn)投資進(jìn)入黃金增長(zhǎng)期，在風(fēng)險(xiǎn)資本總量和投資總量上都達(dá)到了驚人的規(guī)模。而聯(lián)合投資作為風(fēng)險(xiǎn)投資中一種重要策略，越來(lái)越受到風(fēng)險(xiǎn)投資家的青睞。鑒于對(duì)聯(lián)合投資的關(guān)注，我從以下幾個(gè)方面進(jìn)行了深入研究。 首先，對(duì)我國(guó)聯(lián)合投資的地域聚集問題的研究探討。對(duì)CVSource數(shù)據(jù)庫(kù)和風(fēng)險(xiǎn)投資年鑒中收集到的數(shù)據(jù)資料進(jìn)行分析整理，例證了我國(guó)聯(lián)合投資無(wú)論是在投資事件上還是在投資機(jī)構(gòu)分布上都是存在地域聚集的現(xiàn)象，這種聚集產(chǎn)生的原因有兩方面：一方面是，聯(lián)合投資受經(jīng)濟(jì)發(fā)展、地區(qū)人才、科技進(jìn)步、創(chuàng)新能力等諸多因素的影響，多數(shù)聯(lián)合投資事件是聚集在上述條件發(fā)達(dá)地區(qū)；另一方面，聯(lián)合投資機(jī)構(gòu)為了方便就近監(jiān)管被投資企業(yè)，在地域上也呈現(xiàn)一定聚集性。 其次，對(duì)我國(guó)聯(lián)合投資的行為偏好進(jìn)行了研究。整理分析收集到的數(shù)據(jù)資料發(fā)現(xiàn)：我國(guó)聯(lián)合受經(jīng)濟(jì)波動(dòng)影響十分明顯，在經(jīng)濟(jì)繁榮時(shí)期，聯(lián)合投資更傾向于投資新技術(shù)行業(yè)；經(jīng)濟(jì)下滑時(shí)，聯(lián)合投資機(jī)構(gòu)會(huì)選擇傳統(tǒng)型行業(yè)投資；而且聯(lián)合投資機(jī)構(gòu)為規(guī)避風(fēng)險(xiǎn)獲取收益，更傾向于投資發(fā)展期和擴(kuò)張期的企業(yè)；風(fēng)險(xiǎn)投資機(jī)構(gòu)在采取投資的過程中更傾向于在后面幾個(gè)輪次進(jìn)行聯(lián)合投資。 再次，對(duì)我國(guó)聯(lián)合投資的網(wǎng)絡(luò)結(jié)構(gòu)進(jìn)行分析。將收集整理的數(shù)據(jù)資料導(dǎo)入分析程序軟件UCINet，繪制出我國(guó)聯(lián)合投資的網(wǎng)絡(luò)拓?fù)鋱D，研究發(fā)現(xiàn)我國(guó)聯(lián)合投資機(jī)構(gòu)在進(jìn)行聯(lián)合投資時(shí)呈網(wǎng)絡(luò)狀分布。IDG、深創(chuàng)投等大型投資機(jī)構(gòu)處于網(wǎng)絡(luò)的中心位置，與其他機(jī)構(gòu)聯(lián)系緊密，控制資源和獲取信息的能力較強(qiáng)，成為聯(lián)合投資網(wǎng)絡(luò)的中心機(jī)構(gòu)。 最后，通過本次調(diào)查研究，筆者認(rèn)為：政府作為掌控宏觀經(jīng)濟(jì)政策、制定微觀經(jīng)濟(jì)方針的主導(dǎo)力量，應(yīng)該結(jié)合地域特征，給予適當(dāng)政策優(yōu)惠，善加利用聯(lián)合投資這一經(jīng)濟(jì)工具，，帶動(dòng)欠發(fā)達(dá)地區(qū)的經(jīng)濟(jì)發(fā)展；結(jié)合我國(guó)聯(lián)合投資的行為偏好，根據(jù)不同行業(yè)、不同發(fā)展階段以及不同投資輪次給予相應(yīng)的幫助支持，發(fā)展壯大聯(lián)合投資；重視聯(lián)合投資網(wǎng)絡(luò)的發(fā)展建設(shè)，形成以大帶小、以強(qiáng)帶弱、強(qiáng)強(qiáng)聯(lián)合的局面，發(fā)展經(jīng)濟(jì)。希望本次研究能為政府部門、投資機(jī)構(gòu)及其他相關(guān)人員提供參考依據(jù)。
[Abstract]:The venture capital of our country started on 1980s, after 2004, the venture capital of our country entered the golden growth period. As an important strategy of venture capital, joint investment has been more and more favored by venture capitalists. In view of the concern of joint investment, it has reached an amazing scale in terms of the total amount of venture capital and the total amount of investment. I have carried on the thorough research from the following several aspects. First of all, the research on the regional aggregation of joint investment in China. The data collected in the CVSource database and venture capital yearbook are analyzed and sorted out. It exemplifies the phenomenon of regional agglomeration in both the investment events and the distribution of investment institutions in China. There are two reasons for this kind of agglomeration: on the one hand, joint investment is developed by economy. The influence of many factors, such as regional talents, scientific and technological progress, innovation ability and so on, most of the joint investment events are concentrated in the developed areas with the above conditions; On the other hand, in order to facilitate the local supervision of invested enterprises, the joint investment agencies also present a certain degree of agglomeration. Secondly, the behavior preference of joint investment in China is studied, and the data collected are analyzed. It is found that the joint investment in China is obviously affected by economic fluctuations, and it is in the economic boom period. Joint investment is more inclined to invest in new technology industries; When the economy is down, the joint investment agency will choose the traditional industry investment; Moreover, in order to avoid the risk and gain income, the joint investment institutions tend to invest in the enterprises in the period of development and expansion. Venture capital institutions are more inclined to invest in the next few rounds of joint investment in the process of taking investment. Thirdly, the network structure of joint investment in China is analyzed. The data collected and collated are imported into the analysis program software UCINet, and the network topology of joint investment in China is drawn. The study found that China's joint investment institutions in the joint investment network distribution. IDG, deep venture capital and other large investment institutions in the center of the network, and other institutions are closely linked. The ability to control resources and access to information is strong, becoming the central institution of the joint investment network. Finally, through this investigation and research, the author believes that the government, as the leading force in controlling macroeconomic policy and formulating microeconomic policy, should combine the regional characteristics and give appropriate policy preference. Making good use of joint investment as an economic tool to promote economic development in less developed areas; According to the behavior preference of China's joint investment, according to different industries, different stages of development and different investment rounds to give corresponding help and support, to develop and strengthen joint investment; Attach importance to the development and construction of the joint investment network, form the situation of big and small, strong and weak, strong and strong, and develop the economy. I hope this study can provide a reference for government departments, investment institutions and other related personnel.
【學(xué)位授予單位】：燕山大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.48

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