美國在華風險投資及其對我國風險投資的啟示
發(fā)布時間：2018-11-15 07:15
【摘要】：自從1946年以來美國研究與發(fā)展公司在美國創(chuàng)立以來，全球的風險投資事業(yè)成長顯著。中國自己的風險投資事業(yè)是在1980年中期起步的，但在二十一世紀的頭十年經歷了爆炸式的增長。在這期間，國外風險資本大約占到了中國風險投資總額的四分之一，同時，他們在中國風險投資行業(yè)的許多方面都占據著主導地位。而在中國進行投資的國外風險投資機構中，又以美國的風險投資公司比例最大，投資的經驗也最為豐富。因此，選取美國在華風險投資作為研究對象十分具有典型性，且對于我國風險投資行業(yè)的發(fā)展有諸多值得借鑒的方面。 本文通過分析美國風險投資公司在中國投資的階段、投資績效與策略，找到了美國風險投資在華投資的成功要素和技巧。具體來說，通過對美國風險投資公司在華投資的數據的分析，發(fā)現風險企業(yè)的資質、風險企業(yè)高級管理者的管理經驗、風險投資行業(yè)的整體發(fā)展、機構型風險投資公司現代化的企業(yè)經營管理制度都與美國風險投資在我國的投資績效呈顯著的正相關關系。通過對三個具體的美國在華投資的案例研究，可以看出美國風險投資在盡職調查、增值服務和資本退出時機的選擇上的獨到策略，也看到了我國風險投資企業(yè)在這些方面上的差距和發(fā)展?jié)摿�。最后，本文結合我國風險投資事業(yè)近些年來的發(fā)展現狀，結合以上這些分析得出的結論，，從風險投資公司、風險企業(yè)以及風險投資行業(yè)三個層面大膽地提出了新時期我國發(fā)展風險投資事業(yè)相應的思路和建議。
[Abstract]:Since the American R & D Corporation was founded in the United States in 1946, the global venture capital industry has grown significantly. China's own venture capital business started in the mid-1980 s, but exploded in the first decade of the 21 th century. During this period, foreign venture capital accounts for about 1/4 of the total venture capital in China, and they occupy a dominant position in many aspects of the Chinese venture capital industry. Among the foreign venture capital institutions investing in China, the United States has the largest proportion of venture capital firms and the most abundant investment experience. Therefore, the selection of American venture capital in China as the research object is very typical, and for the development of China's venture capital industry, there are many aspects worthy of reference. By analyzing the investment performance and strategy of American venture capital companies in China, this paper finds out the successful elements and skills of American venture capital investment in China. Specifically, by analyzing the investment data of American venture capital companies in China, we find that the qualifications of venture enterprises, the management experience of senior managers of risk enterprises, and the overall development of the venture capital industry as a whole, There is a significant positive correlation between the modern management system of institutional venture capital companies and the investment performance of American venture capital in China. Through the case studies of three specific US investments in China, we can see the unique strategy of American venture capital in the selection of due diligence, value-added services and the timing of capital exit. Also saw our country venture capital enterprise in these aspects the disparity and the development potential. Finally, this paper combines the development of venture capital in China in recent years, combined with the conclusions of the above analysis, from the venture capital companies, Three levels of venture enterprise and venture capital industry boldly put forward the corresponding ideas and suggestions for the development of venture capital enterprise in China in the new period.
【學位授予單位】：蘇州大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.6;F832.48
本文編號：2332527
[Abstract]:Since the American R & D Corporation was founded in the United States in 1946, the global venture capital industry has grown significantly. China's own venture capital business started in the mid-1980 s, but exploded in the first decade of the 21 th century. During this period, foreign venture capital accounts for about 1/4 of the total venture capital in China, and they occupy a dominant position in many aspects of the Chinese venture capital industry. Among the foreign venture capital institutions investing in China, the United States has the largest proportion of venture capital firms and the most abundant investment experience. Therefore, the selection of American venture capital in China as the research object is very typical, and for the development of China's venture capital industry, there are many aspects worthy of reference. By analyzing the investment performance and strategy of American venture capital companies in China, this paper finds out the successful elements and skills of American venture capital investment in China. Specifically, by analyzing the investment data of American venture capital companies in China, we find that the qualifications of venture enterprises, the management experience of senior managers of risk enterprises, and the overall development of the venture capital industry as a whole, There is a significant positive correlation between the modern management system of institutional venture capital companies and the investment performance of American venture capital in China. Through the case studies of three specific US investments in China, we can see the unique strategy of American venture capital in the selection of due diligence, value-added services and the timing of capital exit. Also saw our country venture capital enterprise in these aspects the disparity and the development potential. Finally, this paper combines the development of venture capital in China in recent years, combined with the conclusions of the above analysis, from the venture capital companies, Three levels of venture enterprise and venture capital industry boldly put forward the corresponding ideas and suggestions for the development of venture capital enterprise in China in the new period.
【學位授予單位】：蘇州大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.6;F832.48
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