本文關(guān)鍵詞： 風(fēng)險(xiǎn)投資 風(fēng)險(xiǎn)資本 風(fēng)險(xiǎn)投資退出 退出績效 首次公開發(fā)行　出處：《天津商業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：在我國資本市場日趨成熟，風(fēng)險(xiǎn)資本投資在資本市場所占的比重越來越多大等宏觀背景下，本文主要是對風(fēng)險(xiǎn)投資退出機(jī)制進(jìn)行實(shí)證研究，分析影響退出績效的影響因素。雖然我國風(fēng)險(xiǎn)投資業(yè)的發(fā)展取得了飛速發(fā)展，但是很存在很多問題。根據(jù)《中國風(fēng)險(xiǎn)投資年鑒2011》所示，我國風(fēng)險(xiǎn)投資業(yè)發(fā)展的主要障礙是項(xiàng)目估值過高帶來的退出風(fēng)險(xiǎn)、優(yōu)質(zhì)項(xiàng)目源的缺乏、風(fēng)險(xiǎn)投資專業(yè)人才匱乏、宏觀經(jīng)濟(jì)不確定性、機(jī)構(gòu)誠信體系尚未建立、稅收優(yōu)惠措施難以落實(shí)等問題。我國的風(fēng)險(xiǎn)投資退出渠道還不是很完善，使有些投資成功的項(xiàng)目無法正常退出，增加了投資的不確定性，因此完善我國的風(fēng)險(xiǎn)投資退出渠道有著現(xiàn)實(shí)的經(jīng)濟(jì)意義。本文主要由五章內(nèi)容組成。 第一章：導(dǎo)言。首先介紹了本文的研究背景和研究意義，指出風(fēng)險(xiǎn)投資完善的退出渠道對風(fēng)險(xiǎn)投資業(yè)以及我國資本市場的重要性。在宏觀背景下，對我國風(fēng)險(xiǎn)投資業(yè)的發(fā)展前景進(jìn)行分析。其次，介紹了本文的相關(guān)文獻(xiàn)綜述，分為風(fēng)險(xiǎn)資本退出的相關(guān)文獻(xiàn)綜述和風(fēng)險(xiǎn)投資退出績效評價(jià)的相關(guān)文獻(xiàn)綜述。綜述第一部分是對退出機(jī)制總體研究進(jìn)行回顧，第二部分是對退出績效評價(jià)機(jī)制問題進(jìn)行回顧。 第二章：風(fēng)險(xiǎn)投資退出概述。分別從風(fēng)險(xiǎn)投資的含義、意義、退出方式和發(fā)展現(xiàn)狀、不同市場板塊比較等五方面進(jìn)行寫作。首先從定義的角度對風(fēng)險(xiǎn)投資進(jìn)行闡述。風(fēng)險(xiǎn)投資退出對于風(fēng)險(xiǎn)資本保持流動(dòng)性、行業(yè)的可持續(xù)發(fā)展、風(fēng)險(xiǎn)投資機(jī)構(gòu)的后續(xù)資金募集、有效的規(guī)避損失等方面有著重要作用。接下來對風(fēng)險(xiǎn)投資退出的四種主要方式，即首次公開發(fā)行、并購、回購和清算進(jìn)行詳細(xì)介紹。 第三章：風(fēng)險(xiǎn)資本退出的績效評價(jià)機(jī)制。首先介紹了風(fēng)險(xiǎn)投資退出績效的含義及評價(jià)標(biāo)準(zhǔn)，接下來主要從退出效益和退出效率兩個(gè)方面對評價(jià)指標(biāo)進(jìn)行分析。退出效益方面的評價(jià)指標(biāo)主要有退出收益、退出成本、退出價(jià)格和企業(yè)內(nèi)部控制權(quán)激勵(lì)等方面；退出效率方面的評價(jià)指標(biāo)主要有退出市場容量、退出市場規(guī)模和退出的時(shí)效性指標(biāo)。然后介紹了本文所采用的評價(jià)指標(biāo)：內(nèi)部收益率。 第四章：風(fēng)險(xiǎn)投資退出績效的實(shí)證研究。首先是研究假設(shè)，本文結(jié)合研究數(shù)據(jù)提出五點(diǎn)假設(shè)，分別是：外資的風(fēng)險(xiǎn)投資機(jī)構(gòu)退出項(xiàng)目的回報(bào)率要高于本土的風(fēng)險(xiǎn)投資機(jī)構(gòu)；通過IPO方式退出的投資回報(bào)率要高于其他方式；風(fēng)險(xiǎn)投資機(jī)構(gòu)的資金管理規(guī)模越大，其風(fēng)險(xiǎn)投資回報(bào)率越高；風(fēng)險(xiǎn)投資機(jī)構(gòu)的從業(yè)時(shí)間越長，所獲得的投資回報(bào)率越高；風(fēng)險(xiǎn)投資機(jī)構(gòu)的投資額越大，所獲得的回報(bào)率越高。接下來對數(shù)據(jù)進(jìn)行描述性統(tǒng)計(jì)，，最后是回歸結(jié)果和解釋。最后回歸結(jié)果表明，風(fēng)險(xiǎn)投資機(jī)構(gòu)的股權(quán)性質(zhì)（內(nèi)資還是外資）、退出方式（IPO或其他方式）與風(fēng)險(xiǎn)資本退出回報(bào)率有顯著的相關(guān)關(guān)系；投資周期、投資金額和管理資金量與退出回報(bào)率沒有顯著的相關(guān)關(guān)系。 第五章：完善我國風(fēng)險(xiǎn)投資退出機(jī)制的政策建議。首先本文認(rèn)為應(yīng)該建立多層次的資本市場體系，主要從新三板的建設(shè)，培育和完善我國產(chǎn)權(quán)交易市場等方面建議。另外，還應(yīng)該在配套制度上加以完善，主要應(yīng)該加強(qiáng)政策支持力度和培育和規(guī)范風(fēng)險(xiǎn)投資中介機(jī)構(gòu)，發(fā)展行業(yè)自律組織。最后應(yīng)該嘗試多種退出方式，主要從靈活運(yùn)用多種投資工具方便投資退出和資產(chǎn)證券化為風(fēng)險(xiǎn)資本的退出和再循環(huán)創(chuàng)造新的途徑兩方面進(jìn)行分析。
[Abstract]:In China's capital market matures, more and more proportion of venture capital investment in the capital market for large macroscopic background, this paper mainly makes an empirical study on the venture capital exit mechanism, analysis of the factors influencing the effect of exit performance. Although the development of risk investment industry in China has achieved rapid development, but there are a lot of problems according to the Chinese. Venture capital Yearbook 2011> shows, the main obstacle to the development of China's venture capital industry project is overvalued risk exit, lack of quality projects, lack of professional talent risk investment, macro economic uncertainty, mechanism of credit system has not been established, the problem of tax incentives is difficult to implement in our country. Venture capital exit channel is not perfect, make some investment in the success of the project can not be normal exit, increase the uncertainty of investment, risk investment of our country so perfect The exit channel has a realistic economic significance. This article is mainly composed of five chapters.
The first chapter: introduction. Introduces the research background and significance of the research, pointed out that the risk investment exit channels for venture capital industry and the importance of China's capital market. In the macro background, the prospects for the development of venture capital industry in China is analyzed. Secondly, this paper introduces the related literature review, divided into the withdrawal of venture capital and venture capital exit related literature review of performance evaluation review the related literature review. The first part is a review of the overall study on exit mechanism, the second part of the performance evaluation mechanism of exit review.
The second chapter: the overview of venture capital exit. From the meaning of risk investment, meaning, status and development of exit, different market plates such as the five aspects of writing. First elaborates on the definition of risk investment. Venture capital exit for venture capital to maintain liquidity, the sustainable development of the industry, the follow-up funds for risk investment the recruitment mechanism plays an important role, effectively avoid the loss. Then the four main ways of venture capital exit, namely IPO, mergers and acquisitions, repurchaseandliquidationdescribedindetail.
The third chapter: venturecapitalexitperformanceevaluationmechanisms. First introduced the meaning and evaluation standard of the performance of venture capital exit, exit and exit from the next major benefit to analyze the evaluation index of the two aspects of efficiency. The cost of withdrawal from the benefits evaluation index are the main benefits of exit, exit, price and enterprise internal control motivation; evaluation of efficiency of the main exit exit market capacity, timeliness index out of the market scale and exit. Then introduces the evaluation index used in this paper: the internal rate of return.
The fourth chapter: An Empirical Study on the performance of venture capital exit. The first is the research hypothesis, this paper studies the data put forward five assumptions, namely: risk investment institutions, risk investment institutions of foreign capital exit project rate of return is higher than the local exit by way of IPO; the rate of return on investment is higher than other forms of risk investment institutions funds; the management of the risk investment scale is larger, the higher the rate of return; risk investment institutions working time is long, the investment return rate is high; venture capital investment amount is large, the return rate is high. The next thedatadescriptivestatistics, andfinallytheregressionresultsandivinterpretation. Finally regression the results show that the nature of equity risk investment institutions (domestic or foreign), exit (IPO or otherwise) and exit of venture capital returns have significant correlation; investment There is no significant correlation between the period of the period, the amount of investment and the amount of management funds and the return rate of withdrawal.
The fifth chapter: perfecting the policy suggestion of venture capital withdrawal mechanism. Firstly, we should establish a multi-level capital market system, mainly from the construction of the new board, cultivating and perfecting the property transaction market. In addition, it should improve the matching system, mainly to strengthen policy support and nurture and standardize the risk investment intermediaries, the development of self-discipline organization. Finally we should try a variety of exit ways, mainly from the flexible use of various investment tools to facilitate investment and asset securitization for the exit of venture capital exit and create new ways of recycling two aspects carries on the analysis.

【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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