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论文编号：	1152
作者编号：	2120072257
上传时间：	2009/6/10 16:27:45
中文题目：	创业资本持股对我国中小上市公司
英文题目：	Study of venture capital holdi
指导老师：	黄福广
中文关键字：	创业资本;中小上市公司;财务金融
英文关键字：	Venture capital;Small and medi
中文摘要：	本文建立在我国近年来创业投资快速发展的背景下，利用创业投资领域的 相关理论，对我国创业资本环境和我国中小上市企业环境进行了详细的阐述，研究创业资本与我国中小上市企业之间的关系，得出有意思的研究结论，该结论对我国创业投资事业与我国中小上市企业发展都具有很大贡献。 本文研究的内容是我国中小上市企业，但由于企业数量庞大，难以进行统 计调查分析，所以需要找到有代表性的企业作为样本进行统计分析，来代表我国中小上市企业会面对的共性问题。文中选择深圳中小企业板中小上市企业作为样本，因为样本公司经营规范，历史演变清楚，财务数据容易获得，而且数据经过审计部门的检验，真实性较强。本文研究方法是对样本按照是否有创业资本持股的特征进行分组，选取适当财务数据和财务比率进行数据对比，通过对比得出结果，再对创业资本持股的公司分组，按照持股比例分为高持股组和低持股组，对创业资本持股比例与公司业绩是否具有相关性问题进行研究。通过数据对比得出结果，利用逻辑分析方法，分析引发该现象的深层次原因。 资源依赖理论、委托-代理理论为解决创业资本与我国中小上市企业二者之 间研究提供了理论依据。本文研究结论是，与无创业资本持股的我国中小上市企业相比，有创业资本持股的我国中小上市企业业绩更优。创业资本低持股比例的我国中小上市企业业绩比高持股比例企业更优。创业资本对我国中小上市企业业绩具有促进作用，但持股比例过高会对我国中小上市企业业绩造成负面影响。 但本文也同样具有局限性，本文仅使用简单统计方法对所选取的样本进行 了比较，再用逻辑分析法进行引发该结果的原因分析。尽管能够得出研究结果，但由于影响业绩的因素很复杂，这种方法无法同时分析更多因素，有可能得出不准确的结论。进一步的研究方向是利用回归模型方法，控制有关影响因素，更细致分析创业资本持股对于我国中小上市企业业绩的影响。
英文摘要：	In this paper, the establishment of venture capital in China in recent years against the background of rapid development, using venture capital field’s theory. Environment of China's venture capital and environment of China's small and medium-sized enterprises have been listed in detail to study the venture capital and small and medium-sized listed companies in China between relations and have made a conclusion of the study interesting, which is the cause of China's Venture Capital and China's small and medium-sized listed companies with a significant contribution to development. The contents of this paper is to small and medium-sized listed companies in China, but because of the large number of enterprises, it is difficult to carry out the survey analysis, so it is necessary to find a representative sample of enterprises as statistical analysis, to represent small and medium-sized listed companies in China will be faced with common problems. Select the text of the SME board in Shenzhen small and medium-sized listed companies as samples, because samples of business norms, the history of the evolution of a clear, easy access to financial data, and data audit department test the authenticity of a stronger. In this paper, there is two sample in accordance with the characteristics of venture capital ownership group, select the appropriate financial data and financial ratios for data comparison, by comparing the results, and then held on the venture capital division of the company, in accordance with the shareholding the proportion of shares divided into high and low ownership group, the proportion of venture capital holdings and the performance of the company relevant issues. Compare the results through the data, using the logic analysis method to analyze the phenomenon of triggering deep-seated reasons. Resource dependence theory and principal - agent theory, which provide a theoretical basis for research, address the venture capital market and China's small and medium-sized enterprises between relations. In this paper, the conclusion is that compared to venture capital un-holding small and medium-sized listed enterprises in China, small and medium-sized listed companies which are held by venture capital have better financial results. Low proportion of venture capital holdings of small and medium-sized listed companies in the financial performance of high proportion of corporate ownership better. Venture capital for small and medium-sized listed companies in China to promote the role of performance, but the high percentage of China's small and medium-sized listed companies have a negative impact on performance. But this also has limitations, this article only uses simple statistical methods for the selected samples for comparison, and then to trigger a logic analysis of the reasons for the results of analysis. Although the study results can be made, the factors that affect the performance are very complex. Analysis of this method can not do more at the same time. So it is possible to make inaccurate conclusions. Further research direction is to use regression models method, controlling the influencing factors, Analysis of venture capital holding shares impact on the performance of enterprise listed on China's small and medium-sized more carefully.
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