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论文编号：	6262
作者编号：	2120122591
上传时间：	2014/6/6 15:39:32
中文题目：	风险资本对创业板上市公司治理水平的影响
英文题目：	A Study on the Impact of Venture Capital on Corporate Governance of GEM
指导老师：	黄福广
中文关键字：	风险资本；创业板；公司治理
英文关键字：	venture capital; GEM; corporate governance
中文摘要：	风险资本出于信息不对称因素的考虑，会对被投资企业产生监督和指导的需求，这通过风险资本参与到被投资企业的公司治理来实现。研究风险资本对创业板上市公司治理水平的影响，对于改善初创企业经营管理、提升风险资本治理能力、推进高新技术产业升级换代等都有现实意义。本文从风险资本的概念及其在中国的发展状况出发，分析了风险资本参与公司治理的动因、途径和特征，继而从实证角度，以2012年12月31日前在创业板上市的340家企业为样本，围绕风险资本特征、公司治理评价系统、公司治理影响因素三个维度变量，运用SPSS 20.0进行描述性统计和回归分析。实证结果表明：首先，风险资本对企业治理水平的影响有限，本文将其归因为治理意愿和治理能力两方面；其次，公司治理评价系统客观上具有完整性和合理性；第三，公司特征、能力因素以及作为其他因素的年份等都对公司治理水平产生了影响，企业属性这一指标最为活跃。本文在最后提出了三条政策建议：风险资本方兴未艾，法律政策亟待完善；转变投融资双方理念，提升风险资本治理意愿；资源能力物尽其用，发挥风险资本治理能力。本文的创新点一方面体现在将风险资本的特征变量纳入自变量体系进行分析，另一方面体现在将公司治理评价系统的多维度纳入因变量体系进行研究，这在现有研究中当属首次。
英文摘要：	In consideration of information asymmetry, venture capital will generate the demand to supervise and direct the investee enterprises. So the study on the impact of venture capital on corporate governance of GEM does help improve the management of enterprises, strengthen the governance ability of venture capital as well as promote high-tech industry upgrading. This paper started with the concept of venture capital and the stage of its development in China, and then analyzed the motivation, ways and means for venture capital to participate in corporate governance of investee enterprises, and finally used SPSS 20.0 to analyze from an empirical view, with the sample of 340 companies of GEM before December 31, 2012, basing on three-dimension variables of the characteristics of venture capital, corporate governance evaluation system and corporate governance influencing factors. Through the descriptive statistics and regression analysis, the results showed that, firstly, venture capitals barely have impact on the corporate governance of investee enterprises, secondly, corporate governance evaluation system is considered to be complete and rational, thirdly, firm characteristics, capacity factors and other factors do have an impact on the corporate governance. This paper concludes with three policy recommendations: firstly, venture capital is in the ascendant with the strong demands of better laws and policies circumstance, secondly, the idea from both sides of financing and investing should be changed in order to improve the willingness of venture capital to participate in corporate governance, thirdly, venture capital should make better use of their resource to improve the ability to participate in corporate governance. The innovative point of this paper is that I take the characteristics of venture capital as independent variables while taking a whole system of corporate governance as dependent variables.
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