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论文编号：	12457
作者编号：	2120192869
上传时间：	2021/6/11 16:57:01
中文题目：	风险投资分阶段投资对绩效的影响 ——基于风险投资退出方式、创业企业IPO发行定价及长期成长性的视角
英文题目：	The impact of staged investment in venture capital on performance -- Based on the perspectives of venture capital exit, IPO pricing and long-term growth of start-up enterprises
指导老师：	齐岳
中文关键字：	风险投资；分阶段投资；绩效；IPO发行定价；企业估值
英文关键字：	Venture capital；Staged investment；Performance；IPO pricing；Corporate valuation
中文摘要：	由于创业企业风险高、可抵押资产不足、组织合法性低，导致其存在严重的融资约束问题。学术界和实务界普遍认为风险资本是创业企业重要的融资来源。但由于创业企业信息不对称及不确定性程度高，风险投资存在较高的代理成本。因此在充满不确定性的风险投资决策领域，分阶段投资成为广泛及重要的投资策略。 现有对分阶段投资的研究大多基于风险投资视角，探究分阶段投资对其实现经济目的（资本增值）的影响。但基于创业企业视角，探究分阶段投资对实现社会目的（缓解创业企业融资约束、促进其成长）的研究较少；此外，新股申购者及二级市场投资者都将参与创业企业后续融资，风险投资策略亦将对其投资绩效产生影响。因此，本文将从风险投资退出方式、创业企业IPO发行定价、创业企业长期成长性三个视角探究分阶段投资对风险投资、创业企业、市场投资者绩效的影响。 本文以我国1984-2019年获得风险投资的41840家创业企业为研究对象，基于信息不对称、委托代理、社会资本等理论，运用倾向得分匹配法和工具变量法进行实证检验，探究了分阶段投资对风险投资退出方式、创业企业IPO发行定价、创业企业长期成长性的影响，并得出以下结论：（1）分阶段投资将提升风险投资通过IPO而非清算退出的可能性。（2）分阶段投资将提升创业企业IPO抑价。（3）分阶段投资将提升创业企业IPO估值倍数。（4）分阶段投资将提升创业企业长期成长性。 根据实证研究结果，本文提出以下几点对策建议：（1）创业企业：调整融资决策、拓宽对风险投资的理解。（2）风险投资：有效使用分阶段投资策略，积极协助创业企业降低其与资本市场的信息不对称。（3）新股申购者：积极参与获得分阶段投资的创业企业新股发行以获得更高投资绩效。（4）二级市场投资者：将创业企业是否获得分阶段投资纳入企业价值分析体系。
英文摘要：	Due to the high risk, lack of mortgageable assets and low organizational legitimacy of start-up enterprises, they have serious financing constraints. The academic communities and industries generally believe that venture capital is an important source of financing for start-up enterprises. However, due to the information asymmetry and high degree of uncertainty of start-up enterprises, venture capital has high agency cost. Therefore, in the field of venture capital decision-making which is full of uncertainty, staged investment has become one of the most extensive and important investment strategies. Most of the existing research on staged investment is based on the perspective of venture capital and explores the impact of staged investment on the realization of capital appreciation for economic purposes. However, there are few studies focused on the effect of staged investment on the social purpose of alleviating the financing constraints of start-up enterprises and promoting their growth, which is based on the perspective of start-up enterprises. In addition, IPO subscribers and the secondary market investors will participate in the follow-up financing of start-ups, and the venture capital strategy will also have an impact on their investment performance. Therefore, this paper will explore the impact of staged investment on the performance of venture capital, start-up enterprises and market investors from three perspectives: venture capital exit, IPO pricing and long-term growth of start-up enterprises. This paper takes China's 41840 start-ups which received venture capital between 1984 and 2019 as the research objects. Based on information asymmetry theory, principal-agent theory and social capital theory, using propensity score matching method and instrumental variable method for empirical testing, this paper explores the influence of staged investment on venture capital exit, IPO pricing and long-term growth of start-ups, and reaches the following conclusions: (1) Staged investment will increase the likelihood of venture capital exits through IPO, rather than liquidation. (2) Staged investment will enhance IPO underpricing of start-ups. (3) Staged investment will increase the IPO valuation multiplier of start-ups. (4) Staged investment will enhance the long-term growth of start-ups. According to the research results, this paper proposes the following suggestions: (1) Start-up enterprises: adjust financing decisions and broaden the understanding of venture capital. (2) Venture Capital: effectively use the staged investment strategy and actively help start-ups reduce the information asymmetry between them and the capital market. (3) IPO subscribers: actively participate in initial public offerings of start-up enterprises that have been funded in stages to achieve higher investment performance. (4) Secondary market investors: include whether the start-up enterprise has received staged investment in the enterprise value analysis system.
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