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论文编号：	7486
作者编号：	2120132410
上传时间：	2015/6/10 16:34:00
中文题目：	风险投资、超额控制权与全要素生产率
英文题目：	Venture Captial、Excessive right of control and TFP
指导老师：	覃家琦
中文关键字：	风险资本；超额控制权；全要素生产率
英文关键字：	Venturecapital; Excessive Right of Control; TFP
中文摘要：	风险资本以其近年来在经济实践中的突出表现，逐渐引起国内外研究学者的关注。在中国，风险资本越来越成为推动中小企业以及高新技术企业成长发展的强大动力。本文将民营企业的全要素生产率与风险资本的研究联系起来，并从公司治理的角度研究该作用机制。对于民营企业，民营企业家往往不具备公司治理的专业能力与知识，公司治理问题凸显。在这些问题中，亟待解决的应当是管理层的超额控制权问题，这是由民营企业自身的性质决定的，创始人往往拥有绝对的权威，大股东数目少，并且占据着大部分股权，那么大股东侵害小股东的问题就经常发生。因此在本文中我们对公司治理问题的研究主要集中在超额控制权问题上。而对全要素生产率的衡量，我们选取全要素生产率作为衡量指标。 本文主体的研究思路为，风险资本的引入是否通过改善企业内部公司治理使企业获得全要素生产率的提高。我们以2004年到2010年间IPO的中国民营上企业上市后及上市后3年共四年的数据作为研究对象，得出以下结论： 1、风险资本的加入有助于解决企业内部的超额控制权问题，风险资本参股数与企业超额控制权呈负相关关系 2、超额控制权问题的缓解有助于企业全要素生产率的提高。 3、风险资本的加入有助于企业全要素生产率的提高，风险资本持股比例越高，企业全要素生产率越高 4、通过以上结论，我们基本可以推断，风险资本作用于全要素生产率，在治理层面上是通过改善超额控制权而实现的。 该问题的研究所具备的创新点主要在于： 第一，文中涉及的三个研究对象，公司治理、风险资本和全要素生产率，对于其中任意两者的研究都已有学者有所涉及，但是将三者联系起来，进行互动关系的研究还存在空白。对于风险资本与企业价值的研究往往直接通过的财务指标进行分析，本文寻找新的角度，以企业家公司治理为切入点来探求两者的关系。第二，在对企业绩效的考察上我们选择企业全要素生产率作为研究对象。第三，前期对风险资本的研究绝大部分局限于创业板企业，本文拟通过数据收集获得整个中国民营上市企业的样本进行回归分析，以期获得更加广泛的对风险资本作用的结论。
英文摘要：	Venture capital aroused the domestic and foreign scholars’attention with its outstanding performance in economic practice in recent years. In China, venture capital has become more and more powerful driving force to promote the development of the growth of small and medium-sized enterprises and high-techenterprises. This paper will research the relationship between TFP and venture capital in private enterprise from the angle of the corporate governance. For private enterprises, the entrepreneurs often don’t have the professional skills and knowledge of corporate governance. It is highlighting of the problems of corporate governance. In these problems, which we should solve urgently is excessive control power, which is decided by the nature of the private enterprises that founders usually have the absolute authority. Large shareholders have a large part of equity, so the expropriation of minority shareholders problems often occurs in it. In this paper we research the problem of corporate governance mainly concentrated in the excessive control problem. And we select the total factor productivity as an index to measure the efficiency of capital allocation. The main research idea in this paper is that how the venture capital to improve the enterprise internal control and make the enterprises to increase TFP . We use the data between 2004 and 2010 which private enterprises go public. And we will use the data of 3 years after IPO of every company. Finally, we get the conclusion as follows. First, venture capital helps to solve the problem of excessive control of the enterprise, and excessive control problem and the shareholding ratio of VC is negative correlation. Second, it’s helpful to improve the efficiency of capital allocation when a company controls the excessive controlling problem. Third, venture capital is useful to improve the efficiency of capital allocation. And venture capital shareholding ratio is higher, the higher the efficiency of capital allocation. As a result, we can infer that the venture capital improve the TFP by means of controlling the excessive control problem. The research has the innovation points as follow: First, we study three subjects, the venture capital, excess control power and the efficiency of capital allocation. We research the function of VC for a company from the corporate governmence. Second, we use TFP to make the empirical study. Third, previous research on venture capital is limited to GEM companies. We study it according to the data of the whole of China private listed companies sample to make regression analysis.
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