本文關(guān)鍵詞： 公司創(chuàng)業(yè)投資 獨(dú)立創(chuàng)業(yè)投資 投資績效　出處：《東華大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：創(chuàng)業(yè)投資在我國的蓬勃發(fā)展,一方面對國內(nèi)科技型中小企業(yè)的融資環(huán)境和成長發(fā)展起到了極大的促進(jìn)作用。另一方面,也對我國建立多層次資本市場提供了更廣闊的發(fā)展空間。但由于國內(nèi)監(jiān)管不健全,以及行業(yè)內(nèi)“逐利行為”的影響下,我國創(chuàng)業(yè)投資行業(yè)正面臨著前所未有的市場危機(jī)。 公司創(chuàng)業(yè)投資(Corporate Venture Capital)近年來逐漸受到國外學(xué)術(shù)界的普遍關(guān)注,從國外的發(fā)展歷程來看,公司創(chuàng)業(yè)投資能夠在創(chuàng)業(yè)投資行業(yè)整體萎靡狀態(tài)下,仍保持穩(wěn)定的收益與投資態(tài)勢。因此,對于公司創(chuàng)業(yè)投資的研究,有助于幫助我國創(chuàng)業(yè)投資行業(yè)拓展出一條擺脫當(dāng)前無序競爭發(fā)展的新途徑。近年來,國內(nèi)外學(xué)者,無論在理論上,還是在實(shí)踐中都對CVC活動(dòng)展現(xiàn)出極大的關(guān)注,但相關(guān)研究體系還處于初期階段,就現(xiàn)有研究成果來看,主要研究是基于相關(guān)理論方面展開的,并無相關(guān)實(shí)證分析。因此,對于CVC活動(dòng)的績效研究開展相關(guān)實(shí)證分析是極為必要的。 本文以參與CVC活動(dòng)的相關(guān)上市公司為研究對象,并結(jié)合CVC投資活動(dòng)和績效的特點(diǎn)進(jìn)行分析與研究。首先,通過現(xiàn)有的國內(nèi)外對公司創(chuàng)業(yè)投資和投資績效的相關(guān)研究進(jìn)行梳理,提出本文的研究依據(jù),并尋找出現(xiàn)有理論研究中不足的部分,確定出本文的研究方向。同時(shí),基于對國內(nèi)公司創(chuàng)業(yè)投資的當(dāng)前發(fā)展情況的統(tǒng)計(jì)與總結(jié)的基礎(chǔ)上,分析出國內(nèi)公司創(chuàng)業(yè)投資所遇到的問題。然后,本文利用相關(guān)研究方法,分別從大公司角度與創(chuàng)業(yè)企業(yè)角度出發(fā),開展CVC與IVC對創(chuàng)業(yè)企業(yè)績效的比較實(shí)證研究與創(chuàng)業(yè)企業(yè)經(jīng)營績效影響因素研究兩方面的實(shí)證分析,得出本文研究結(jié)論。最后,根據(jù)相關(guān)研究結(jié)果,分別從政府角度、大公司角度和創(chuàng)業(yè)企業(yè)角度提出可操作性的政策建議。 通過理論與實(shí)證研究,本文主要得出以下結(jié)論： 在IPO表現(xiàn)方面,CVC參與投資的上市公司在首發(fā)價(jià)格、發(fā)行費(fèi)用比和抑價(jià)程度要比配對具有IVC參與投資的上市公司略低,且籌備的上市時(shí)間稍長,但都并不顯著。這表明IVC與CVC在創(chuàng)業(yè)企業(yè)上市過程對企業(yè)的IPO表現(xiàn)所帶來的提升作用上,并無顯著差別； 在創(chuàng)業(yè)企業(yè)上市后經(jīng)營表現(xiàn)方面,CVC參與投資的上市公司在凈資產(chǎn)收益增長率、基本每股收益增長率、銷售利潤增長率和凈利潤增長率均比配對IVC投資的上市公司高。這表明,相對于IVC來說,CVC在提升對創(chuàng)業(yè)企業(yè)上市后經(jīng)營績效方面的能力要更為突出。 在創(chuàng)業(yè)企業(yè)上市后市場表現(xiàn)方面,CVC參與投資的上市公司的一年期超額收益率比配對IVC參與投資的上市公司高。這表明,相對于IVC來說,CVC在提升創(chuàng)業(yè)企業(yè)上市后市場表現(xiàn)方面的效果更優(yōu)。 上市公司參與CVC活動(dòng)時(shí),其投資強(qiáng)度、進(jìn)入時(shí)間對創(chuàng)業(yè)企業(yè)上市后綜合經(jīng)營績效水平有正向影響,管理參與變量則對創(chuàng)業(yè)企業(yè)上市后綜合經(jīng)營績效水平有負(fù)向影響。行業(yè)相關(guān)與參股比例則對創(chuàng)業(yè)企業(yè)上市后綜合經(jīng)營績效水平的影響結(jié)果無統(tǒng)計(jì)學(xué)意義。
[Abstract]:Venture investment boom in China, on the one hand, the domestic SME financing environment and development has played a great role in promoting. On the other hand, it provides wider development space for the establishment of a multi-level capital market in China. But because of the domestic regulation is not complete, and the influence in the industry "the fame", China's venture capital industry is faced with hitherto unknown market crisis.
Venture capital company (Corporate Venture Capital) in recent years has attracted widespread attention in academic circles abroad, from the development of foreign companies, venture capital in the venture capital industry overall sluggish state, still maintain the trend of income and investment stable. Therefore, for the study of venture capital company, to help our business the investment industry to develop a new way to get rid of the current development of disorderly competition. In recent years, scholars at home and abroad, either in theory or in practice, the CVC activity showed great concern, but the related research system is still in its early stages, the existing research results, the main study is based on the relevant theory the empirical analysis is not. Therefore, the empirical analysis to study the performance for the CVC activity is extremely necessary.
In this paper, to participate in CVC activities related to listed companies as the research object, combined with the characteristics of CVC investment activities and performance analysis and research. Firstly, through the existing domestic and foreign related research on venture capital company and investment performance analysis, puts forward the research foundation of this thesis, and find out the problems in the theoretical research part. Determine the direction of this research. At the same time, based on the statistics of the current development of domestic venture capital company and summary and analysis of domestic venture capital companies encountered problems. Then, by using the relevant research methods, respectively, from large companies and venture enterprise angle angle, carry out an empirical study of two factors analysis of the influence of the empirical research on entrepreneurship and business performance of CVC and IVC on the entrepreneurial performance, the article draws a conclusion. At last, according to the relevant research results, points Do not propose policy recommendations from the government perspective, the big company perspective and the entrepreneurial perspective.
Through theoretical and empirical research, the main conclusions of this paper are as follows:
The performance in IPO, CVC to invest in Listed Companies in the starting price, issuance costs ratio and the degree of underpricing should have IVC to participate in the investment of listed companies is slightly lower than the pair, and the preparatory time to market a bit longer, but are not significant. This shows that enhance IPO performance for the enterprise IVC and CVC listed in the business enterprise process brought on, there was no significant difference;
Performance management in the enterprise market, CVC investment in Listed Companies in the growth rate of return on net assets, the growth rate of basic earnings per share of sales, profit growth and net profit growth rate than the paired IVC investment of the listed company. This shows that, compared to IVC, CVC to improve the ability of the business enterprise performance after the listing is more prominent.
In terms of market performance of listed companies, CVC's participation rate is higher than that of IVC listed companies. This indicates that compared with IVC, CVC has a better effect in improving market performance of listed companies.
Listed companies to participate in CVC activities, the investment intensity, enter the time has a positive effect on comprehensive management of listed enterprise performance level, management participation variables to the integrated management of listed enterprise performance level has a negative impact. The related industries impact on the equity ratio of listed enterprise after the comprehensive performance level showed no statistically significant meaning.

【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.48;F272

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