發(fā)布時(shí)間：2018-01-22 21:28

  本文關(guān)鍵詞： 風(fēng)險(xiǎn)投資 退出回報(bào) 創(chuàng)業(yè)板 IPO　出處：《陜西科技大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著知識經(jīng)濟(jì)的到來，風(fēng)險(xiǎn)投資以其獨(dú)特的核心價(jià)值受到越來越多的關(guān)注。新經(jīng)濟(jì)時(shí)代，經(jīng)濟(jì)全球化推動風(fēng)險(xiǎn)投資國際化成為趨勢。多年來，我國風(fēng)險(xiǎn)投資行業(yè)快速發(fā)展，無論風(fēng)險(xiǎn)投資的募集資金還是投資項(xiàng)目都在金額與數(shù)量上得到飛躍提升，為中國經(jīng)濟(jì)的轉(zhuǎn)型和自主創(chuàng)新戰(zhàn)略的實(shí)施提供強(qiáng)大的支撐�！澳技顿Y——退出”是風(fēng)險(xiǎn)投資完整的循環(huán)過程，風(fēng)險(xiǎn)投資退出是投資循環(huán)賴以為繼的根本，良好的退出回報(bào)是衡量退出成果的重要標(biāo)準(zhǔn)。風(fēng)險(xiǎn)投資事業(yè)在我國能否獲得健康持久的發(fā)展，關(guān)鍵在于投入的風(fēng)險(xiǎn)資金能否有效退出，，能否獲得風(fēng)險(xiǎn)投資家滿意的回報(bào)水平。2009年10月推出的創(chuàng)業(yè)板為我國風(fēng)險(xiǎn)投資退出回報(bào)領(lǐng)域的理論研究和實(shí)踐發(fā)展開辟了新的市場契機(jī)。 基于這樣的研究背景，本文運(yùn)用理論與實(shí)證相結(jié)合的方法對創(chuàng)業(yè)板退出的風(fēng)險(xiǎn)投資回報(bào)展開研究。論文第一章回顧了有關(guān)風(fēng)險(xiǎn)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(fēng)險(xiǎn)投資相關(guān)理論和概念的基礎(chǔ)上，闡述了風(fēng)險(xiǎn)投資退出回報(bào)的具體含義。第三章通過比較風(fēng)險(xiǎn)投資主要的退出渠道及其回報(bào)表現(xiàn)，分析了我國風(fēng)險(xiǎn)投資IPO（Initial Public Offerings）退出回報(bào)的主要特點(diǎn)和發(fā)展現(xiàn)狀。接下來分別從宏觀和微觀方面詳細(xì)剖析了可能對風(fēng)險(xiǎn)投資退出回報(bào)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(fēng)險(xiǎn)投資IPO退出回報(bào)帶來的效應(yīng)。隨后根據(jù)我國創(chuàng)業(yè)板IPO退出的風(fēng)險(xiǎn)投資項(xiàng)目的樣本數(shù)據(jù)，運(yùn)用多元回歸的方法對風(fēng)險(xiǎn)投資IPO退出回報(bào)及其影響因素進(jìn)行了實(shí)證分析。最后結(jié)合實(shí)證結(jié)果和實(shí)際現(xiàn)狀，為完善我國風(fēng)險(xiǎn)投資退出，提高創(chuàng)業(yè)板風(fēng)險(xiǎn)投資退出回報(bào)給出了相關(guān)建議和對策，并指明了進(jìn)一步的研究方向。 總體來說，創(chuàng)業(yè)板IPO是我國風(fēng)險(xiǎn)投資目前最主要的退出渠道，且回報(bào)表現(xiàn)普遍較好。實(shí)證結(jié)果表明，在影響我國創(chuàng)業(yè)板風(fēng)險(xiǎn)投資IPO退出回報(bào)的因素中，風(fēng)險(xiǎn)投資周期越長，IPO退出總回報(bào)越好；初始投資規(guī)模越小的項(xiàng)目風(fēng)險(xiǎn)投資回報(bào)越高；其他因素并未對退出回報(bào)的效果產(chǎn)生顯著關(guān)聯(lián)。資本市場尤其是二板市場的發(fā)展完善是風(fēng)險(xiǎn)投資得以退出并獲取高額回報(bào)不可或缺的重要條件，我國創(chuàng)業(yè)板市場的有效運(yùn)行使國內(nèi)風(fēng)險(xiǎn)投資的退出渠道更加豐富，在降低退出成本、提高退出時(shí)效性以及擴(kuò)充市場容量方面都對風(fēng)險(xiǎn)投資回報(bào)有積極的促進(jìn)作用。為進(jìn)一步提高風(fēng)險(xiǎn)投資退出回報(bào)，還需從創(chuàng)業(yè)板入手，加強(qiáng)有關(guān)對賭協(xié)議的披露和上市條件的多樣化；注重培養(yǎng)風(fēng)險(xiǎn)投資專業(yè)人才，提升風(fēng)險(xiǎn)投資機(jī)構(gòu)和其他中介的服務(wù)質(zhì)量；逐步完善風(fēng)險(xiǎn)投資退出相關(guān)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(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F830.42;F832.51

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