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论文编号：	7452
作者编号：	2120132356
上传时间：	2015/6/10 0:00:29
中文题目：	创投声誉与受资企业市场价值关系研究
英文题目：	Research on the Relationship between Venture Capital Reputation and its Portfolio Firms’ Market Value
指导老师：	林润辉
中文关键字：	创投声誉;制度环境;创业投资
英文关键字：	Venture Capital Reputation; Institution Environment; Venture Capital Investment
中文摘要：	自1986年我国出现第一家创业投资企业以来，短短20多年，我国创业投资市场随着我国经济发展的步伐，一路高歌猛进，发展迅猛，创业投资的发展对于国民经济有重要的意义。声誉是创业投资机构重要的无形资产，对其资金筹措、业务经营都有重要意义，对于受资企业价值也会产生重要影响。创投的声誉向公开市场上的投资者传递的信号会影响投资者对于受资企业的判断和预期，进而影响到受资企业的市场价值。目前关于创投声誉和受资企业价值的研究都集中在单一市场，缺乏多个市场的比较研究。此外，国内外学者在创投声誉与受资企业价值关系方面的研究并没有达成一致结论。本文以2009-2013年在上海、深圳、香港和美国上市的有创投支持的576个中国上市企业为样本，研究创投声誉与受资企业市场价值之间的关系，并检验在不同制度环境下两者间的关系是否相同。本文的研究结果表明，一般情况下，创投声誉与受资企业市场价值之间存在显著的正相关关系；制度环境对于创投声誉与受资企业市场价值之间的正相关关系具有调节作用，当制度环境好的时候，会加强两者间的正向关系，当制度环境不好的时候，会削弱两者间的正向关系。具体来说，在我国当前的制度环境下，创投声誉与受资企业市场价值之间不存在显著的正相关关系，而在香港、美国的制度环境下，创投声誉与受资企业市场价值之间呈现出显著的正相关关系。本文的研究补充了关于创投声誉与受资企业绩效关系的研究，首次以不同市场上市的中国企业为样本，对创投声誉与受资企业市场价值关系做国内外市场的比较研究。其次，本文研究发现制度环境在创投声誉与受资企业市场价值关系上具有调节作用，一定程度上解释了国内外研究结论不一致的现象。
英文摘要：	Since 1986, the first venture capital company was established, China has experienced a rapid growth in the venture capital. Venture capital investment plays an important role in economy development. Reputation is an important intangible to venture capital institutions. The venture capital reputation is important to itself and its portfolio firms. The venture capital reputation, as a signal transmitted to the investors, will have an influence on the judgements and the expectations to the IPO firms of the investors, and then it will affect the market value of the companies. Current researches on the relationship between venture capital reputation and its portfolio firms’ value are concentrated in a single market. There’s no studies about the Chinese companies which listed on mainland and overseas. Besides, we don’t get the consistent findings. Therefore, this thesis studies 576 Chinese companies which listed on the mainland and overseas in 2009-2013 to figure out the relationship between the venture capital reputation and its portfolio firms’ value. Besides, this thesis examines whether the institution environment plays as a moderator. The results of this thesis shows there is a significant positive relationship between the venture capital reputation and its portfolio firms’ value, and the institutional environment do play a regulatory role. That means a good institutional environment will strengthen the positive relationship, otherwise the institutional environment will weaken it. Specifically, to companies which listed on Chinese mainland, high venture capital reputation will not improve its market value, but to the companies listed on overseas, high venture capital reputation will bring them a higher market value. This thesis complements the studies about the relationship between venture capital reputation and its portfolio firms’ market value. This thesis firstly use the Chinese companies which listed on mainland and overseas as samples to compare the difference of the relationship in different market. Secondly, this thesis figures out that the institution plays as a moderator, which partly explain the inconsistent findings problem.
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