本文選題：天使投資 + 市場(chǎng)規(guī)模��； 參考：《上海交通大學(xué)》2014年碩士論文

【摘要】：天使投資是創(chuàng)新型中小企業(yè)的重要融資渠道。概覽關(guān)于天使投資的文獻(xiàn)，國(guó)外已經(jīng)借助問(wèn)卷調(diào)查、深度訪談、上市企業(yè)財(cái)務(wù)信息、證券市場(chǎng)信息等渠道獲取天使投資的經(jīng)驗(yàn)數(shù)據(jù)，對(duì)現(xiàn)有的天使投資行為特征、組織架構(gòu)以及公共政策有了多元的探討，而國(guó)內(nèi)對(duì)天使投資的研究尚處于起步階段。本文首先對(duì)天使投資進(jìn)行定義和范圍界定，接著結(jié)合天使投資在中國(guó)發(fā)展的實(shí)際情況選取合適的抽樣和估算方法，估算中國(guó)天使投資的市場(chǎng)規(guī)模。文章再根據(jù)實(shí)際調(diào)研數(shù)據(jù)對(duì)中國(guó)天使投資群體的背景特征和行為特征進(jìn)行分析。在研究中國(guó)天使投資和風(fēng)險(xiǎn)投資關(guān)系上，文章篩選了China Venture數(shù)據(jù)庫(kù)2415家公司的3376條交易數(shù)據(jù)為樣本，建立了回歸模型，，得出了以下幾個(gè)結(jié)論：（1）企業(yè)獲得天使投資后，會(huì)促進(jìn)企業(yè)獲得更多新的風(fēng)險(xiǎn)投資；（2）企業(yè)獲得風(fēng)險(xiǎn)投資后，會(huì)促進(jìn)企業(yè)獲得更多新的風(fēng)險(xiǎn)投資；（3）有天使投資參與的企業(yè)投資退出的幾率更小；（4）有天使投資參與的企業(yè)投資退出周期更長(zhǎng)；之后通過(guò)對(duì)披露信息的天使投資方和風(fēng)險(xiǎn)投資方背景進(jìn)行比對(duì)，發(fā)現(xiàn)先后投資同一家企業(yè)的天使投資方和風(fēng)險(xiǎn)投資方的背景存在一定的內(nèi)在聯(lián)系。文章最后根據(jù)相關(guān)結(jié)論從政府公共政策和其他方面提出了在中國(guó)促進(jìn)天使投資發(fā)展的政策建議。
[Abstract]:Angel investment is an important financing channel for innovative small and medium-sized enterprises. An overview of the literature on angel investment, foreign countries have used questionnaires, in-depth interviews, listed enterprises financial information, securities market information and other channels to obtain angel investment experience data, to the existing angel investment behavior characteristics, Organizational structure and public policy have been discussed in many ways, but the research on angel investment in China is still in its infancy. In this paper, the definition and scope of angel investment are first defined, and then the appropriate sampling and estimation methods are selected to estimate the market size of angel investment in China in the light of the actual situation of angel investment in China. The background and behavior characteristics of Chinese angel investment group are analyzed according to the actual data. In the study of the relationship between angel investment and venture capital in China, the paper selects 3376 transaction data from 2415 companies in China Venture database as a sample, establishes a regression model, and draws the following conclusions: (1) after the enterprise obtains angel investment, It will promote the enterprise to obtain more new venture capital; (2) after the enterprise obtains the venture capital, will promote the enterprise to obtain more new venture capital; (3) the enterprise which has the angel investment participation enterprise investment exit probability is smaller; (IV) companies with angel investments had longer investment exit cycles; then, by comparing the background of angel investors and venture capitalists who disclosed information, It is found that the background of angel investors and venture capitalists investing in the same enterprise has certain internal relations. Finally, according to the relevant conclusions, the paper puts forward some policy suggestions to promote angel investment in China from government public policy and other aspects.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.48

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 李姚礦;湯匯道;龍丹;;天使投資研究述評(píng)[J];學(xué)術(shù)界;2011年07期

本文編號(hào)：2112940