發(fā)布時間：2018-05-05 08:22

  本文選題：創(chuàng)業(yè)投資 + 創(chuàng)業(yè)企業(yè)　； 參考：《蘭州財經大學》2017年碩士論文

【摘要】：隨著國家對創(chuàng)業(yè)領域的高度重視和大力支持,創(chuàng)業(yè)投資行業(yè)進入了快速的發(fā)展階段:大量本土創(chuàng)業(yè)投資機構迅速崛起,越來越多的國外創(chuàng)業(yè)投資機構涌入中國。創(chuàng)業(yè)投資行業(yè)的快速發(fā)展對創(chuàng)業(yè)企業(yè)而言無疑是最大的利好。從整體來看,2015年融資案例總數(shù)達到3932個,較過去五年表現(xiàn)出大幅增長。創(chuàng)投機構的投資領域已經擴展到電商融資、本地生活、企業(yè)服務、金融融資等。值得一提的是,電商、本地生活等行業(yè)成為近年來的創(chuàng)業(yè)熱門領域。目前,創(chuàng)業(yè)投資對企業(yè)的影響范圍越來越廣,影響時間越來越長,創(chuàng)投機構能否幫助企業(yè)建立長期增長的經營模式,實現(xiàn)企業(yè)長期成長,成為評價創(chuàng)投機構實力的標準之一。文章首先從創(chuàng)投功效理論分析創(chuàng)業(yè)投資是否對企業(yè)長期成長方面有積極的影響。通過對創(chuàng)業(yè)板152家上市企業(yè)經營績效進行描述性分析,證明創(chuàng)業(yè)投資參與對企業(yè)有積極的作用。另一方面,文章對創(chuàng)業(yè)投資影響企業(yè)的兩種方式,即增值服務和聯(lián)合投資進行了論述和分析,并對符合研究條件的69家創(chuàng)業(yè)板上市企業(yè)進行了相關性分析和多元線性回歸分析。文章從創(chuàng)投持股比例、參與管理、進入企業(yè)時間、創(chuàng)投聲譽及聯(lián)合投資五個方面探討創(chuàng)業(yè)投資對企業(yè)長期成長能力的影響。本文通過研究得出以下結論:第一,創(chuàng)投機構的高聲譽、其進入創(chuàng)業(yè)企業(yè)的時間長短和創(chuàng)投持股比例對企業(yè)的長期成長并沒有起到積極的作用,可能是因為我國早期的投資項目還處于投資的初級階段,即重視資本投資階段,沒有發(fā)揮創(chuàng)業(yè)投資對企業(yè)價值的提升功能;第二,創(chuàng)投機構在參與企業(yè)的經營管理后,能夠為企業(yè)帶來積極的影響,有利于創(chuàng)業(yè)企業(yè)的長期成長;第三,創(chuàng)投機構在聯(lián)合投資的情況下,有助于創(chuàng)業(yè)企業(yè)的凈資產長期成長,但對企業(yè)的總資產的成長性效果有限可能是因為部分創(chuàng)投機構更注重股東資本的成長性。本文力圖結合我國國情闡述創(chuàng)投對企業(yè)長期成長能力的影響,分析創(chuàng)業(yè)投資如何影響企業(yè)長期發(fā)展能力,對創(chuàng)業(yè)投資如何能更有效的提高企業(yè)長期發(fā)展能力具有啟示作用。
[Abstract]:With the great importance and support of the state in the field of entrepreneurship, the venture capital industry has entered a rapid development stage: a large number of local venture capital institutions have risen rapidly, and more and more foreign venture capital institutions are pouring into China. The rapid development of the venture investment industry is undoubtedly the greatest benefit for the enterprise. From the whole, 20 The total number of financing cases in the past 15 years has reached 3932, showing a significant increase over the past five years. The investment sector of the venture capital institutions has expanded to e-commerce financing, local life, business services, financial financing and so on. It is worth mentioning that business and local life industries have become the hot areas of entrepreneurship in recent years. At present, the impact of venture capital on Enterprises More and more wide, the impact of more and more time, the venture capital organization can help enterprises to establish long-term growth model, to achieve long-term growth of enterprises, to become one of the criteria to evaluate the strength of the venture capital organization. A descriptive analysis of the operating performance of the listed companies proves that the participation of the venture capital has a positive effect on the enterprise. On the other hand, the article discusses and analyzes the two ways that the venture capital affects the enterprise, namely the value-added service and the joint investment, and carries out the correlation analysis and the analysis of the 69 GEM listed companies that meet the research conditions. Multiple linear regression analysis. The article discusses the influence of venture capital on the long-term growth ability of the enterprise from five aspects: the proportion of the venture capital, the participation management, the enterprise time, the reputation of the venture capital and the joint investment. The proportion has not played a positive role in the long-term growth of the enterprise. It may be because the early investment projects in our country are still in the primary stage of investment, that is, to pay attention to the capital investment stage and not give full play to the promotion function of the venture capital to the enterprise value. Second, the venture capital organization can bring positive effect to the enterprise after participating in the management of the enterprise. The impact of the enterprise is conducive to the long-term growth of the enterprise; third, the venture capital organization in the case of joint investment will help the long-term growth of the net assets of the enterprise, but the growth effect of the total assets of the enterprise is limited because some of the venture capital institutions pay more attention to the growth of the shareholders' capital. The influence on the long-term growth ability of the enterprise, and the analysis of how the venture capital affects the long-term development ability of the enterprise, has an inspiration for how the venture capital can more effectively improve the long-term development ability of the enterprise.

【學位授予單位】：蘭州財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F279.2;F832.48

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本文編號：1846947