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论文编号：	9281
作者编号：	2120152483
上传时间：	2017/6/19 18:11:41
中文题目：	风险投资业绩持续性研究
英文题目：	Research on Persistence in Performance of Venture Capital
指导老师：	黄福广
中文关键字：	风险投资；业绩持续性；风险投资的声誉；风险投资的网络联系
英文关键字：	Venture Capital; Performance Persistence; Venture Capital’s Reputation; Venture Capital’s Network
中文摘要：	在世界经济飞速发展的今天，风险投资早已成为一种倍受瞩目的资本投资模式。它不仅推动了各国高新技术产业的发展，更促进了资本在世界各国之间的循环流动与有效利用。与中国风险投资行业飞速发展的现状形成鲜明对比的是，目前国内关于风险投资的研究并不深入，特别是在有关风险投资的业绩及其持续性等研究领域存在空缺。所以本研究致力于对中国风险投资机构业绩的持续性及其影响因素进行研究。首先，本研究对风险投资机构所管理的基金各期的单位净值进行了相关性分析和回归分析，探究中国风险投资机构的业绩是否存在持续性。在此基础上，本研究根据风险投资机构的声誉、经验、规模和网路联系这四个特征对样本数据进行分组，分别进行回归分析和稳健性检验，探究这些特征分别对中国风险投资业绩的持续性有何影响。最后，本研究得出结论，中国风险投资机构的业绩具有一定的持续性，并且风险投资机构的声誉、经验、规模和网络联系等特征会影响其业绩的持续性程度。风险投资机构的声誉越高、经验越多、规模越大或者网络联系越多，那么其业绩具有持续性的可能性越大。本研究的结果不仅可以丰富中国风险投资领域的理论体系，同时具有一定的实践意义。
英文摘要：	With world economy developing rapidly nowadays, venture capital has become a high-profile capital investment mode. It not only promote the development of the national high and new technology industries, but also promote the circulation flow of capital and efficient use between countries in the world. In contrast to the rapid development of China's venture capital industry, the current research on venture capital is not deep, especially in the field of research on the performance and its persistence of venture capital. Therefore, our research is devoted to study the persistence in performance of China's venture capital and its influencing factors. First of all, our research carries on the correlation analysis and the regression analysis to the NAV of the venture capital funds over the stages to explore if the performance of China's venture capital has persistence. And then, we group the sample data according to the four characteristics, include the reputation, experience, scale and network of the venture capital, and carries out regression analysis and robustness test respectively to explore how they impact the persistence in performance of China's venture capital. Finally, our conclusion is that there is persistence in performance of China's venture capital and the reputation, experience, scale and network of the venture capital will influence the persistence. The results of our research could not only enrich the theoretical system in the field of venture capital in China, but also have some practical significance.
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