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论文编号：	9405
作者编号：	2120152425
上传时间：	2017/6/21 12:05:09
中文题目：	创业投资对高新企业上市后技术创新及绩效影响研究
英文题目：	The influence of venture capital on technological innovation and performance of high-tech enterprises
指导老师：	陆宇建
中文关键字：	创业投资；高新企业；技术创新；绩效
英文关键字：	venture capital；high-tech enterprises；technological innovation
中文摘要：	创投作为一种拥有短短几十年历史的新兴融资方式，在以美国为代表的西方发达国家成为了推动举国经济进步的有力手段，为诸多新创、中小规模企业提供了必备的发展资源，扶持促进其成立、成长与成熟。创投对企业以至整个国家的技术创新产生了怎样的影响成为了政府、企业与投资者关注的焦点。外国学者经过多年的规范、实证研究，普遍肯定了创投对技术创新发挥的正向促进作用，认为其提高了企业财务绩效水平和整体价值。 但发达国家的资本市场相对成熟，我国创投是否也起到了同样理想的效果亟待探索。由于我国创投行业起步较晚，学术界研究历史较短，目前研究内容及结果不完整且无统一定论。本文分析研究了创投对高新企业上市后技术创新及财务绩效的影响。 本文首先对创业投资和技术创新的相关概念、特征和现状进行界定与描述。然后梳理国内外相关文献研究及经济管理学理论，对创投、技术创新和财务绩效三者间的相互关系和作用机理进行分析并提出了本文的研究假设。在此基础上进行实证研究，选取创业板中被权威机构认定为高新企业的单位作为研究样本，查找整理其上市时创投股东持股情况及上市后数年内退出情况，收集企业技术创新投入产出指标及财务绩效指标的面板数据，进行描述性统计、相关性分析、配对样本T检验及多元线性回归。研究结果表明：总体而言，创投对高新企业上市后的技术创新与绩效水平无促进作用；持股比例适中时可提高企业创新投入与盈利性水平，持股比例过低或过高时负向作用显著，联合投资对企业影响不大；技术创新投入与企业成长性与盈利性间为负向关系，技术创新产出与企业盈利性为正向关系，在此基础上对研究结果进行分析并提出了相关的政策建议。
英文摘要：	As a new way of finance, Venture capital has only few decades of history.However, venture capital has played an important role in promoting the development of the national economy in western developed countries such as the United States,by providing necessary resources to small and medium-sized high-tech enterprises to support and promote their establishment, growth and maturity. High-tech enterprises are the main investment objective of venture capital. Therefore, its impact on the technological innovation of these enterprises and the whole country has become the study focus of the government, enterprises and investors. After decades of research in foreign countries, the normative and empirical research generally affirmed that it can play a positive role in promoting technological innovation and some scholars put forward that venture capital also improves the final financial performance of the enterprise to improve the value of the enterprise. But these research conclusions are from the countries which have mature and developed capital market. In our country, venture capital started more than half a century later than the above countries, but developed powerfully and rapidly. The scale of the current venture capital market has ranked second place in the whole world just behind the United States. Due to the short history of the domestic academic research, the results of the current study conclusion are not complete and consistent, so it is difficult to meet the actual and urgent needs of the capital market. It is necessary for us to futher explore the impact of venture capital in our country. Therefore, this dissertation analyzes the impact of venture capital on technological innovation and financial performance after IPO, and enriches the existing research system of venture capital. Firstly, this dissertation defines related concepts such as venture capital, technological innovation and high-tech enterprises. For brevity, these related concepts are abbreviated. Then this dissertation summarizes the literature research and theory at home and abroad in the field of venture capital, technological innovation and financial performance and analyze the mechanism of the relationship and interaction among these concepts and puts forward the research hypothesis. Then this dissertation carries out an empirical study , choosing the gem as the research background, selecting high-tech enterprises which are identified by authority as the research sample and collecting the data of the status of venture capital holdings as explanatory variables, choosing R&D expenditure, patent and enterprise performance index as the dependent variable,using descriptive analysis, independent samples T test and multiple linear regression analysis,. According to the regression results, this dissertation draws following conclusions: venture capital participation can not promote the technology innovation or the financial performance of high tech enterprises. Moderate shareholding ratio can increase the investment of innovation and profit level, the shareholding ratio which is too low or too high would have significant negative effect, joint investment has little effect on the technology innovation. R&D expenditure investment has negative effects on growth and profitability,while patent has a positive effect on the profitability of enterprises. Finally, this dissertation put forward related policy suggestion based on the analysis of the results of the linear regression.
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