本文關鍵詞： 風險投資 退出回報 創(chuàng)業(yè)板 IPO　出處：《陜西科技大學》2013年碩士論文　論文類型：學位論文

【摘要】：隨著知識經(jīng)濟的到來，風險投資以其獨特的核心價值受到越來越多的關注。新經(jīng)濟時代，經(jīng)濟全球化推動風險投資國際化成為趨勢。多年來，我國風險投資行業(yè)快速發(fā)展，無論風險投資的募集資金還是投資項目都在金額與數(shù)量上得到飛躍提升，為中國經(jīng)濟的轉(zhuǎn)型和自主創(chuàng)新戰(zhàn)略的實施提供強大的支撐。“募集——投資——退出”是風險投資完整的循環(huán)過程，風險投資退出是投資循環(huán)賴以為繼的根本，良好的退出回報是衡量退出成果的重要標準。風險投資事業(yè)在我國能否獲得健康持久的發(fā)展，關鍵在于投入的風險資金能否有效退出，，能否獲得風險投資家滿意的回報水平。2009年10月推出的創(chuàng)業(yè)板為我國風險投資退出回報領域的理論研究和實踐發(fā)展開辟了新的市場契機。 基于這樣的研究背景，本文運用理論與實證相結(jié)合的方法對創(chuàng)業(yè)板退出的風險投資回報展開研究。論文第一章回顧了有關風險投資退出問題國內(nèi)外的主要研究成果，確定了研究內(nèi)容共分七部分。第二章在充分理解風險投資相關理論和概念的基礎上，闡述了風險投資退出回報的具體含義。第三章通過比較風險投資主要的退出渠道及其回報表現(xiàn)，分析了我國風險投資IPO（Initial Public Offerings）退出回報的主要特點和發(fā)展現(xiàn)狀。接下來分別從宏觀和微觀方面詳細剖析了可能對風險投資退出回報產(chǎn)生影響的主要因素，并闡明了深圳創(chuàng)業(yè)板推出對我國風險投資IPO退出回報帶來的效應。隨后根據(jù)我國創(chuàng)業(yè)板IPO退出的風險投資項目的樣本數(shù)據(jù)，運用多元回歸的方法對風險投資IPO退出回報及其影響因素進行了實證分析。最后結(jié)合實證結(jié)果和實際現(xiàn)狀，為完善我國風險投資退出，提高創(chuàng)業(yè)板風險投資退出回報給出了相關建議和對策，并指明了進一步的研究方向。 總體來說，創(chuàng)業(yè)板IPO是我國風險投資目前最主要的退出渠道，且回報表現(xiàn)普遍較好。實證結(jié)果表明，在影響我國創(chuàng)業(yè)板風險投資IPO退出回報的因素中，風險投資周期越長，IPO退出總回報越好；初始投資規(guī)模越小的項目風險投資回報越高；其他因素并未對退出回報的效果產(chǎn)生顯著關聯(lián)。資本市場尤其是二板市場的發(fā)展完善是風險投資得以退出并獲取高額回報不可或缺的重要條件，我國創(chuàng)業(yè)板市場的有效運行使國內(nèi)風險投資的退出渠道更加豐富，在降低退出成本、提高退出時效性以及擴充市場容量方面都對風險投資回報有積極的促進作用。為進一步提高風險投資退出回報，還需從創(chuàng)業(yè)板入手，加強有關對賭協(xié)議的披露和上市條件的多樣化；注重培養(yǎng)風險投資專業(yè)人才，提升風險投資機構(gòu)和其他中介的服務質(zhì)量；逐步完善風險投資退出相關的法律法規(guī)體系。
[Abstract]:With the advent of knowledge economy, venture capital has attracted more and more attention for its unique core value. In the new economic era, economic globalization has promoted the internationalization of venture capital into a trend. With the rapid development of venture capital industry in China, the amount and quantity of venture capital raising funds and investment projects have been improved by leaps and bounds. It provides a strong support for the transformation of Chinese economy and the implementation of independent innovation strategy. "raising-investment-exit" is a complete cycle of venture capital, and the exit of venture capital is the basis of the investment cycle. A good return on exit is an important standard to measure the result of exit. Whether the venture capital can get a healthy and lasting development in our country, the key is whether the invested venture capital can withdraw effectively. The gem launched in October 2009 has opened up a new market opportunity for the theoretical research and practical development in the field of venture capital exit returns in China. Based on this research background. This paper uses the theory and empirical method to study the venture capital return of venture capital exit. The first chapter reviews the main research results of venture capital exit at home and abroad. The research content is divided into seven parts. The second chapter is based on the full understanding of the theory and concept of venture capital. The third chapter compares the main exit channels of venture capital and its return performance. This paper analyzes IPO(Initial Public offeringsof China's venture capital. The main characteristics and development status of exit return. Then it analyzes the main factors that may affect the return of venture capital withdrawal from the macro and micro aspects in detail. It also illustrates the effect of Shenzhen gem on the return of venture capital IPO exit in China. Then according to the sample data of venture capital project of IPO exit in China gem. By using the method of multiple regression, the paper makes an empirical analysis on the return of venture capital IPO withdrawal and its influencing factors. Finally, combining the empirical results and the actual situation, it is necessary to perfect the exit of venture capital in China. This paper gives some suggestions and countermeasures to improve the return on venture capital exit of gem, and points out the direction of further research. Generally speaking, gem IPO is the most important exit channel for venture capital in China at present, and the return performance is generally good. The empirical results show that. The longer the period of venture investment, the better the total return. The smaller the initial investment scale, the higher the return on venture capital; Other factors do not have a significant impact on the effect of exit returns. The development and perfection of capital market, especially the second board market, is an indispensable condition for venture capital to withdraw and obtain high returns. The effective operation of the gem market in China makes the exit channels of domestic venture capital more abundant and reduces the exit cost. In order to further improve the return on venture capital exit, it is necessary to start with the growth Enterprise Market (gem) in order to improve the timeliness of exit and expand the market capacity to promote the return of venture capital. Strengthening the disclosure of gambling agreements and diversification of listing conditions; Pay attention to the training of venture capital professionals, improve the quality of service of venture capital institutions and other intermediaries; Gradually improve the venture capital exit related laws and regulations system.
【學位授予單位】：陜西科技大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F830.42;F832.51

【參考文獻】

相關期刊論文 前2條

1 武巧珍;;風險投資支持高新技術產(chǎn)業(yè)自主創(chuàng)新的路徑分析[J];管理世界;2009年07期

2 范柏乃;我國風險投資退出機制的實證研究[J];上海交通大學學報(社會科學版);2002年03期

相關碩士學位論文 前2條

1 汪潔;創(chuàng)業(yè)板市場與我國風險投資相關問題研究[D];西安電子科技大學;2009年

2 于緋;風險投資回報及其影響因素研究[D];暨南大學;2010年

本文編號：1455771