本文選題：風(fēng)險投資因子 + 分析企業(yè)　； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：風(fēng)險投資(Venture Capital)不僅為企業(yè)帶來了發(fā)展急需的資本,也以其專業(yè)、高效的服務(wù)為企業(yè)成長保駕護(hù)航。作為一種高風(fēng)險,高潛在收益的企業(yè)股權(quán)交易行為,在國外已風(fēng)行數(shù)十年,它對產(chǎn)業(yè)發(fā)展的積極推動作用一直被人津津樂道。無論是歐美成熟市場,還是亞洲新興市場,風(fēng)險投資都已其獨具魅力的一面,吸引著眾人目光。作為一種實業(yè)、金融投資相結(jié)合的融資新模式,風(fēng)險投資進(jìn)入我國的時間并不長,但發(fā)展迅速。十年間,無論是投融資額,還是參與機(jī)構(gòu),中國風(fēng)險投資行業(yè)都呈現(xiàn)了幾何式增長,這種過快的增長也引發(fā)了人們的擔(dān)憂。在資本迅速涌入的情況下,風(fēng)險投資究竟是投資家的豪賭、還是仍然保持著與企業(yè)成長的良性互動?本文正是在這樣的背景下,通過定性、定量的實證分析方法,對風(fēng)險投資對創(chuàng)業(yè)企業(yè)業(yè)績影響做了針對性的研究。 本研究樣本為我國創(chuàng)業(yè)板上市的企業(yè)。相較于主板、中小板上市企業(yè),該類企業(yè)發(fā)展處于較早期,風(fēng)險投資對其影響更為明顯。本文首先從市場參與度、市場表現(xiàn)兩個維度統(tǒng)計和描述了風(fēng)險投資的表現(xiàn)。研究中發(fā)現(xiàn),創(chuàng)業(yè)板中獲得風(fēng)險投資支持的企業(yè)逐年增加,目前已超過6成。在地域分布上,風(fēng)險投資正越來越多關(guān)注中、西部地區(qū),而行業(yè)上,新能源、新材料等國家大力扶持的新興行業(yè)一直受到親睞。 本文主要分析思路是對比分析。通過有、無風(fēng)險投資背景兩類企業(yè)數(shù)據(jù)對比,找出差異。需要解決的問題之一是企業(yè)業(yè)績的評價。結(jié)合風(fēng)險創(chuàng)業(yè)企業(yè)的特點,本文選取23了個評價指標(biāo),除去傳統(tǒng)財務(wù)指標(biāo),還引入了銷售投入占比、高學(xué)歷人員占比等非財務(wù)指標(biāo)。借助于因子分析法,最終歸納為7個評價因子。通過這7個因子得分,能較全面的概括企業(yè)業(yè)績表現(xiàn),避免了采用單一指標(biāo)的局限性。 取得企業(yè)業(yè)績表現(xiàn)評分后,本文根據(jù)不同因子、行業(yè)對有、無背景兩類企業(yè)得分做了差異性分析。結(jié)果表明,風(fēng)險投資的參與確實影響了企業(yè)業(yè)績,這在企業(yè)整體盈利能力及高端人才投入力度上表現(xiàn)得最為明顯。引入風(fēng)險投資介入程度指標(biāo)后,本文發(fā)現(xiàn)隨著投資機(jī)構(gòu)介入程度的加深,制造業(yè)企業(yè)業(yè)績整體表現(xiàn)然而下降。 最后,本文結(jié)合實證分析結(jié)果與風(fēng)險投資行業(yè)發(fā)展情況,提出了相關(guān)的政策建議,以促進(jìn)行業(yè)繼續(xù)高速發(fā)展。
[Abstract]:Venture Capital not only brings the much-needed capital for the development of enterprises, but also guarantees the growth of enterprises with its professional and efficient service. As a kind of high risk and high potential income, stock trading behavior has been popular in foreign countries for decades, and its positive role in promoting the development of industry has been talked about. Both mature markets in Europe and the United States and emerging markets in Asia, venture capital has its unique charm, attracting attention. As a kind of industry, the new mode of financing combined with financial investment, venture capital has not been in our country for a long time, but it has developed rapidly. Over the past decade, China's venture capital industry has seen geometric growth, both in terms of investment and financing, and has raised concerns. In the case of the rapid influx of capital, is venture capital a gamble of the investors, or is it still maintaining a positive interaction with the growth of the enterprise? In this context, this paper makes a targeted study on the impact of venture capital on the performance of venture capital through qualitative and quantitative empirical analysis. The sample of this study is the enterprises listed on the gem of our country. Compared with the main board, the small and medium board listed enterprises, the development of this kind of enterprises is in the early stage, the impact of venture capital is more obvious. This paper first statistics and describes the performance of venture capital from two dimensions of market participation and market performance. The research found that the number of venture capital enterprises in the gem increased year by year and has exceeded 60%. In terms of geographical distribution, venture capital is paying more and more attention to the western region, and industries, new energy, new materials and other countries vigorously support the emerging industries have been favored. The main idea of this paper is comparative analysis. Through the comparison of the two kinds of enterprise data, we find out the difference. One of the problems to be solved is the evaluation of enterprise performance. Combined with the characteristics of venture enterprises, this paper selects 23 evaluation indicators, besides traditional financial indicators, it also introduces non-financial indicators, such as the proportion of sales input, the proportion of highly educated personnel, and so on. With the aid of factor analysis, it is concluded into 7 evaluation factors. Through these seven factor scores, the performance of enterprises can be summarized comprehensively and the limitation of using single index can be avoided. After obtaining the enterprise performance score, this paper makes the difference analysis according to the different factor, the industry to have, the no background two kinds of enterprise score. The results show that the participation of venture capital does affect the performance of the enterprise, which is the most obvious in the overall profitability of the enterprise and the investment of high-end talents. With the introduction of venture capital intervention index, this paper finds that with the deepening of investment institutions' involvement, the overall performance of manufacturing enterprises declines. Finally, based on the results of empirical analysis and the development of venture capital industry, this paper puts forward relevant policy recommendations to promote the industry to continue to develop at a high speed.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F275

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