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论文编号：	5300
作者编号：	2120112449
上传时间：	2013/6/6 10:33:23
中文题目：	风险资本对创业板上市公司的影响作用研究
英文题目：	Study on the effect of VC on listed companies on the GEM
指导老师：	黄福广
中文关键字：	风险资本 证实作用 资源作用 创业板
英文关键字：	venture capital confirmed function resources function GEM
中文摘要：	风险资本（venture capital）是一种以私募方式募集资金，多投资于具有极大发展潜力的新兴技术企业和中小型高新技术企业，提供资本支持和增值服务的权益性资本。风险资本不仅可以对新企业起到认证作用，还可以通过为企业提供增值服务等发挥资源作用。研究风险资本在我国创业板上市公司中的重要作用，有利于规范风险资本发展、活跃资本市场，进而促进经济发展。从已有的研究成果来看，关于风险资本的重要作用研究更多的是从有无风险资本对企业IPO的影响角度出发，发现风险资本的存在可以有效降低外部投资者和企业之间的信息不对称、为企业提供长期增值服务。而关于如何区分风险资本的证实作用和资源作用的研究较少。本文以风险资本、风险资本作用、创业板市场等核心概念文献研究为基础，针对风险资本对企业经营业绩、如何区分风险资本的证实作用和资源作用、以及风险资本资源作用与上市公司经营业绩关系进行了深入的理论分析，并在此基础上提出了研究假设。 本文以我国2009-2011年创业板上市公司为样本数据，充分利用WIND资讯数据库和手工搜集的创业板上市公司相关数据，通过实证分析认为：在我国创业板市场中，有风险资本背景的上市公司有着更好的业绩；相对于风险资本的证实作用，风险资本的资源作用更为显著；风险资本如果在上市公司董事会中占有席位，且总资产规模越大，越能发挥风险资本的资源作用，上市公司的经营业绩越好。
英文摘要：	Venture capital is a private way to raise funds , and mostly invest in emerging technology companies with great developing potential and small or medium sized high-tech enterprises, providing capital support and value-added services in the way of equity capital. Venture capital not only plays a certification role to new business, but also plays in providing value-added services such as resource for the enterprise. Research on venture capital's important role in China's listed companies on the GEM, in favour of standard venture capital development, a vibrant capital markets, thereby contributing to economic development. According to existing research results, on the important role of research, more risk capital from the IPO of the business impact of risk-free capital point of view, found to have venture capital can effectively reduce the external information asymmetry between investors and companies, providing long-term value added services for enterprises. However, those literatures on how to distinguish between the confirmed and the resources role of risk capital effect are still limited .In this paper, venture capital, the effect of venture capital, venture capital market is based on the core concepts, such as literature study, for how risk capital on business performance, risk-sensitive capital confirmed that the role and resources, as well as the role of risk capital resources and operating performance of listed companies conducted an in-depth analysis of the relationship between, and on this basis to propose a research hypothesis. Based on China's gem listed companies from 2009 to 2011 as sample data ,taking full use of WIND information database as well as manual collected of venture board listed company related data, and then through empirical analysis the thesis concludes that in my venture board market in the, has risk capital background of listed company has better of performance; relative to risk capital of confirmed role, risk capital of resources role more significantly; risk capital if in listed company Board in the occupies seats, and total assets scale more large, To play a role of risk capital resources, operating results of listed companies are the better ones.
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