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论文编号：	4871
作者编号：	2120102671
上传时间：	2012/12/14 10:13:48
中文题目：	风险投资对中国创业板市场影响途径的实证研究
英文题目：	Empirical research on the impact of venture capital on Chinese Growth Enterprise Market (GEM)
指导老师：	张玉利
中文关键字：	风险投资；创业板；因子分析；假设检验；回归模型
英文关键字：	venture capital; GEM; Factor Analysis; hypothesis testing; linear regression model
中文摘要：	风险投资是把资本投向蕴藏着失败风险的高新技术及其产品的研究开发领域，旨在促使高新技术成果尽快商品化、产业化，以取得高资本收益的一种投资过程。风险投资作为一种创新的金融工具，被誉为“经济增长的发动机”。2009年10月，首批28家创业板公司集中在深交所挂牌上市。创业板的推出，将为我国风险投资业带来一次历史性发展机遇。创业板市场作为一个新兴市场，特点是低门槛进入，严要求运作，有助于有潜力的中小企业获得融资机会。迄今为止，创业板已发展了将近三年的时间，研究中国风险投资对创业板市场的影响，以及影响的途径如何势必会有重要的理论意义与实践意义。本文基于这一思路，在回顾国内外相关研究基础上，介绍了风险投资与创业板市场的相关理论知识。接着，分两个阶段来研究风险投资是否影响以及怎样影响中国创业板市场。这样，本文可归为解决两个递进问题：第一个问题，中国风险投资是否对创业板市场产生了积极影响，提高了创业板企业的综合业绩。在解决这个问题上，运用因子分析方法分别得出有风险投资机构企业和无风险投资机构企业的综合得分，再利用假设检验说明两类得分均值是否存在显著差异，以此来说明中国风险投资是否促进了创业板市场企业的发展；第二个问题，从风险投资造成影响的途径着手，选取合适变量，建立线性回归模型，来阐述风险投资对创业板市场的影响途径。本文结论表明，中国的风险投资对创业板上市公司的业绩确实具有正向效应，并且这种正向效应主要来自提供资金支持和管理支持。
英文摘要：	Venture capital is a investment process which put the capital to the field bears the risk of failure of research and development of high and new technology products, aims to make the products commercialization and industrialization as soon as possible, so that we can obtain a high capital gains. As an innovative financial instrument, venture capital is known as the "engine of economic growth." In October 2009, the first batch of 28 GEM companies were listed in the Shenzhen Stock Exchange. The launch of the GEM has brought a historic opportunity for development for China's venture capital industry. As an emerging market, the second board market features the low entry barrier and strict operating requirements, from which the potential small and medium sized enterprises can obtain financing opportunities. So far, GEM has been developing for nearly three years, studying the impact of the China Venture Capital on the Growth Enterprise Market (GEM) is bound to be of economic importance and significance. Exit of venture capital value realization and in risk investment in human capital gains distribution between the process, venture capital gains from entrepreneurs reverse transfer to the home of venture capital investment and investor process. Exit of venture investment is a process final also is crucial link, only through funding, venture capital can continue to venture into the enterprise, realize capital motion cycle. Risk investment three successive stages, linking, any one of the phases of negligence will lead to the failure of investment risk. Accordingly, do pioneering work board the market appears for the risk investment provides a good introduction mechanism, but also attract more venture capital investment to support the growth of entrepreneurial enterprises Based on this idea, at home and abroad on the basis of related research, introduced the risk investment and venture capital market theory and related knowledge. The following hypothesis was proposed: 1, with venture capital to participate in the gem enterprise performance is significantly higher than that without the risk of investment in do pioneering work board the enterprise performance; 2, venture capital funding significantly influence the do pioneering work board the enterprise performance; 3, investment risk management support significantly affect do pioneering work board the enterprise performance. Then in two stages of venture capital investment and how to influence whether the effect of the second board market in china. Based on this idea, this paper reviews related research and describes the theoretical knowledge of the market risk investment with GEM. And then divide the problem into two phases to study whether the Venture Capital effect and how to affect China’s Growth Enterprise Market. So, we may solve the problem by two progressive steps: first, whether China Venture Capital has had a positive impact on Growth Enterprise Market and whether it improve the enterprise integrated performance of GEM. In solving this problem, according to relevant information, companies are divided into two categories of venture capital institutions and no venture capital institutions; then select the appropriate financial indicators, using the factor analysis method to establish a set of indicators evaluation system, derived factor score and do a comprehensive evaluation of the results of operations of the companies listed on GEM; then calculate the mean of each category of enterprises, using hypothesis testing to verity whether the risk of investment will result in a significant difference in the performance of companies listed on GEM. Second, according to the way that venture capital affect GEM, select appropriate variables and found a linear regression model to illustrate the way that how venture capital affects GEM. The conclusions show that China's venture capital does have a positive effect to the performance of companies listed on GEM indeed, and the positive effect mainly comes from financial and management support.
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