發(fā)布時(shí)間：2018-07-18 15:39

【摘要】：摘要：發(fā)源于20世紀(jì)中后期的風(fēng)險(xiǎn)投資,曾推動(dòng)了世界許多國家及地區(qū)高新技術(shù)創(chuàng)業(yè)企業(yè)的成長(zhǎng),它最早成功支撐了美國諸多高新技術(shù)創(chuàng)業(yè)企業(yè)的發(fā)展,并顯現(xiàn)出巨大的財(cái)富增值能力。近十年來我國生物技術(shù)產(chǎn)業(yè)年產(chǎn)值以28%的年平均增長(zhǎng)率快速增加,同時(shí)中國風(fēng)險(xiǎn)投資事業(yè)迅速發(fā)展。風(fēng)險(xiǎn)資本是資本市場(chǎng)資金來源的重要組成部分,而生物技術(shù)產(chǎn)業(yè)則是21世紀(jì)高新技術(shù)產(chǎn)業(yè)的領(lǐng)軍產(chǎn)業(yè),二者的發(fā)展對(duì)一個(gè)國家的經(jīng)濟(jì)發(fā)展具有巨大的推動(dòng)作用。 本文將生物技術(shù)產(chǎn)業(yè)與投資經(jīng)濟(jì)學(xué)結(jié)合起來,借鑒前人對(duì)風(fēng)險(xiǎn)投資的研究經(jīng)驗(yàn),運(yùn)用統(tǒng)計(jì)分析的方法和計(jì)量經(jīng)濟(jì)學(xué)的模型,在對(duì)生物技術(shù)產(chǎn)業(yè)的風(fēng)險(xiǎn)投資定性分析的基礎(chǔ)上將風(fēng)險(xiǎn)投資對(duì)生物技術(shù)產(chǎn)業(yè)的影響定量化,剖析風(fēng)險(xiǎn)投資對(duì)整個(gè)生物技術(shù)產(chǎn)業(yè)發(fā)展的促進(jìn)作用的大小。本文首先在理論上對(duì)風(fēng)險(xiǎn)投資與生物技術(shù)產(chǎn)業(yè)的基本理論進(jìn)行概述并對(duì)生物技術(shù)產(chǎn)業(yè)風(fēng)險(xiǎn)投資的作用機(jī)制進(jìn)行了分析。其次研究了風(fēng)險(xiǎn)投資對(duì)生物技術(shù)產(chǎn)業(yè)發(fā)展促進(jìn)作用的機(jī)理,包括風(fēng)險(xiǎn)投資與生物技術(shù)產(chǎn)業(yè)的良性互動(dòng)作用,風(fēng)險(xiǎn)投資對(duì)生物技術(shù)產(chǎn)業(yè)的培育功能、風(fēng)險(xiǎn)分散分擔(dān)作用及風(fēng)險(xiǎn)投資的要素集成作用。然后運(yùn)用行業(yè)數(shù)據(jù)及上市公司數(shù)據(jù)對(duì)生物技術(shù)產(chǎn)業(yè)發(fā)展及企業(yè)績(jī)效進(jìn)行實(shí)證研究；第一、從宏觀上研究風(fēng)險(xiǎn)投資與生物技術(shù)產(chǎn)業(yè)發(fā)展之間的作用關(guān)系,建立一元回歸模型,研究得出風(fēng)險(xiǎn)投資對(duì)生物技術(shù)產(chǎn)業(yè)發(fā)展具有正向促進(jìn)作用。第二、從微觀上研究風(fēng)險(xiǎn)投資對(duì)生物技術(shù)公司的績(jī)效的影響作用,經(jīng)檢驗(yàn)有風(fēng)險(xiǎn)投資參與和無風(fēng)險(xiǎn)投資參與的公司績(jī)效及財(cái)務(wù)能力存在一定的差異但并不顯著；根據(jù)樣本公司數(shù)據(jù)建立橫截面模型,引入風(fēng)險(xiǎn)投資作為虛擬變量,研究風(fēng)險(xiǎn)投資對(duì)生物技術(shù)公司的作用,并探討風(fēng)險(xiǎn)投資特征對(duì)被投資公司的績(jī)效影響。最后分析了本文的研究結(jié)論,即風(fēng)險(xiǎn)投資能夠促進(jìn)生物技術(shù)產(chǎn)業(yè)的發(fā)展,對(duì)生物技術(shù)公司的績(jī)效具有一定的積極影響,并對(duì)我國生物技術(shù)產(chǎn)業(yè)風(fēng)險(xiǎn)投資的發(fā)展提出建議。 本文的創(chuàng)新之處在于將研究范圍縮小為生物技術(shù)產(chǎn)業(yè),采用定性與定量研究相結(jié)合的方法。不僅從理論上系統(tǒng)的總結(jié)風(fēng)險(xiǎn)投資對(duì)生物技術(shù)產(chǎn)業(yè)發(fā)展的作用機(jī)理；并對(duì)風(fēng)險(xiǎn)投資對(duì)生物技術(shù)產(chǎn)業(yè)及生物技術(shù)公司的績(jī)效的進(jìn)行了實(shí)證研究,樣本具有較好的可比性,行業(yè)專業(yè)化研究具有前瞻性。
[Abstract]:Absrtact: venture capital, which originated in the middle and late 20th century, has promoted the growth of high-tech start-ups in many countries and regions of the world, and it has successfully supported the development of many high-tech startups in the United States. And show huge wealth appreciation ability. In the past ten years, the annual output value of the biotechnology industry in China has increased rapidly by an average annual growth rate of 28%, and the venture capital industry in China has developed rapidly. Venture capital is an important part of the capital market capital source, while the biotechnology industry is the leading industry of the high-tech industry in the 21st century. The development of both plays a huge role in promoting the economic development of a country. This paper combines biotechnology industry with investment economics, draws lessons from previous research experience on venture capital, uses statistical analysis method and econometrics model. Based on the qualitative analysis of the venture capital of the biotechnology industry, the influence of the venture capital on the biotechnology industry is quantified, and the extent of the promoting effect of the venture capital on the development of the whole biotechnology industry is analyzed. In this paper, the basic theories of venture capital and biotechnology industry are summarized theoretically and the mechanism of venture capital in biotechnology industry is analyzed. Secondly, the paper studies the mechanism of the promotion effect of venture capital on the development of biotechnology industry, including the positive interaction between venture capital and biotechnology industry, and the cultivation function of venture capital on biotechnology industry. The role of risk decentralization and the integration of risk investment elements. Then we use industry data and listed company data to do empirical research on the development of biotechnology industry and enterprise performance. First, we study the relationship between venture capital and biotechnology industry development from the macro perspective, and establish a univariate regression model. It is concluded that venture capital has a positive effect on the development of biotechnology industry. Secondly, the effect of venture capital on the performance of biotechnology companies is studied from the micro perspective. The results show that there are some differences in the performance and financial ability of the companies with venture capital participation and no venture capital participation, but they are not significant. Based on the sample company data, the cross-section model is established, and the venture capital is introduced as a virtual variable to study the effect of venture capital on the biotech company, and to explore the effect of venture capital characteristics on the performance of the invested company. Finally, the conclusion of this paper is analyzed, that venture capital can promote the development of biotechnology industry, has a certain positive impact on the performance of biotechnology companies, and puts forward some suggestions for the development of venture capital of biotechnology industry in China. The innovation of this paper is to narrow the scope of research into biotechnology industry and adopt the method of combining qualitative and quantitative research. This paper not only summarizes the mechanism of venture capital on the development of biotechnology industry in theory, but also makes an empirical study on the performance of venture capital to biotechnology industry and biotechnology company. The industry specialization research has the foresight.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.48;F426.72

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