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论文编号：	7495
作者编号：	2120132415
上传时间：	2015/6/10 21:29:09
中文题目：	风险资本声誉对公司价值的影响：来自中国民营上市公司的证据
英文题目：	A Research on the Impact of Venture Capital Reputation on Corporate Value: Evidence from China’s Private Listed Enterprises
指导老师：	覃家琦
中文关键字：	风险资本；声誉；公司价值；投资政策
英文关键字：	Venture capital; reputation; corporate value; investment policy
中文摘要：	风险资本作为一种新兴的专业股权投资方式，其在中国的蓬勃发展及在培育创业企业过程中所发挥的重要作用得到了越来越多的重视。社会对风险资本的普遍期待是：风险资本能够提供专业的增值服务和广泛的社会资源，帮助创业企业改善公司治理，提高投资效率，促进科技创新，最终提升公司价值。而声誉作为风险资本的重要无形资产，能否成为其所提供服务的质量标识，能否给被投资公司带来更大的价值提升，如果可以又是通过什么路径来实现的，这正是本文所要探讨的问题。 本文采用定性研究和定量研究相结合的方法，以2005年-2010年在主板、中小板和创业板上市的520家民营企业作为研究样本，研究风险资本及其声誉对被投资公司价值的影响及作用机理，通过一系列实证检验，完成了对论文逻辑链条风险资本声誉→公司投资政策→提高被投资公司价值的论证。 本文的研究结论是：一，风险资本的存在能够显著提升公司价值。二，高声誉的风险资本对提升公司价值能够发挥更加显著的作用。三，公司投资水平偏离损害公司价值，偏离程度越高，对公司价值的损害越严重。四，高声誉的风险资本对于抑制投资偏离行为、提升公司价值能够发挥更加显著的作用。本文的研究结论对从风险资本声誉角度出发研究其对公司投资政策及公司价值的作用路径提供了一种可行性的方案，也为正确认识和评价风险资本的功效提供了科学依据。
英文摘要：	As a new form of professional equity investment, venture capital has drawn more and more attention, especially on its rapid development in China and its significant role played in nurturing startups. Venture capital is generally expected to provide professional value-added services and a wide range of social resources, to help improve corporate governance of startups, to promote investment efficiency and to encourage technological innovation, thus enhancing the value of the start-up company. As an important intangible asset, whether reputation of venture capital can represent its service quality and bring greater escalation to invested companies, and if yes, through what path. This thesis is to investigate those questions. This paper researches on the influence of venture capital reputation on corporate value of invested companies and its effect mechanism, using the method of qualitative research and quantitative research on 520 private enterprises listed on China's mainboard, small and medium-sized board and GEM in 2005-2010.Through a series of empirical test, this paper completed the whole demonstration on the logic chain from VC's reputation to value improvement of invested company via corporate investment policy. Conclusions of the paper are as follows: first, venture capital can significantly enhance corporate value; two, venture capital with higher reputation plays a more significant role in enhancing corporate value; three, investment deviation can damage corporate value and the higher the degree of investment deviation, the more serious damage to the corporate value; four, venture capital with higher reputation plays a more significant role in inhibiting investment deviation, thus enhancing corporate value. Those findings not only provide a feasible alternative and a unique angle-reputation of venture capital, to look into the effect mechanism of how venture capital influences corporate investment and corporate value, but also offer a scientific basis to correctly understand and evaluate venture capital's function.
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