风险投资对创业板上市公司业绩的影响研究

论文总字数：23452字

摘 要

风险资本业在我国的发展始于20世纪80年代，至今为止虽然经历了30多年的发展，但相较于国外风险投资业的发展，尚处于发展初期，在发展的道路上依然阻力重重，有来自风险资本规模方面的，有来自风险资本的资金渠道方面的，也有风险资本退出机制方面的。在我国当今资本市场的大环境下，风险资本能否以及如何帮助企业提升其经营业绩，就成为非常具有研究意义的课题。

在企业的发展中，通过吸收内外部的投资可以有效提高企业的资金利用率，但是相应的投资存在着不可避免的风险，可以通过利用风险投资管理，达到有效降低企业资金风险的目的。当前，学者越来越关注风险投资对于企业的影响作用，经过整理前人的研究结果发现，风险资本介入只是短期内缓解了企业资金方面的压力，只是对企业短期的经营绩效产生有限的正向影响，但缺乏给企业带来长期可持续增长方面的动力。为了进一步加强对企业风险投资的管理，本文主要从风险投资注资偏好的角度入手，探究其对创业板上市公司业绩的影响，以求促进创业板上市公司更好更快地发展。

本文主要采用了论文检索法、理论分析法、图表分析法等研究方法，通过检索文献和对相关的理论进行整理概述，总结了现存文献对风险投资影响公司业绩的观点，为进一步研究提供了文献参考和理论依据。同时依据现有的理论设计分析框架，选取我国2018年创业板的多家上市公司数据作为案例数据，从风投机构注资偏好角度出发，分析创业板上市公司如何可以更加高效利用风投资金，从而有效提高业绩，并且对比分析具有风投背景和不具有风投背景的多家公司上市前后业绩的变化与风投资金介入的关联性，总结出了以下几点结论：1.具有创新能力和高成长性的公司更加容易获得风险投资公司的投资，另外公司在引入风险资本后仍要不断提升自身的创新能力才能获得可持续的发展和盈利。2.风险投资的介入有助于加快公司的上市进程，但是上市后这些具有风险资本背景的公司业绩增速有所下降。3.若风险投资机构试图为企业提供增值服务，首先的前提是风投资本的规模较大以及自身具备很高的专业性。

关键词：风险投资；创业板；上市公司；公司业绩

Research on The Influence of Venture Capital Investment on The Performance of Listed Companies in Gem

Abstract

The development of venture capital industry in China began in the 1980s. Although it has been developing for more than 30 years now, compared with the development of foreign venture capital industry, it is still in the initial stage of development. There are still many factors hindering development: the scale of venture capital is not large, the source of venture capital is narrow, the mechanism of capital withdrawal is not perfect and so on. In the present capital market environment of our country, whether and how the venture capital can help enterprises to improve their business performance becomes a very interesting subject.

In the development of enterprises, the utilization rate of capital can be improved effectively by absorbing the investment from inside and outside, but there are inevitable risks in the corresponding investment, which can be managed through the use of venture capital. To achieve the purpose of effectively reducing the risk of enterprise funds. At present, scholars pay more and more attention to the impact of venture capital on enterprises. After collating the results of previous studies, it is found that venture capital intervention only alleviates the pressure on enterprise funds in the short term. It only has a limited positive impact on the short-term business performance, but lacks the motivation to bring long-term sustainable growth to the enterprise. In order to further strengthen the management of venture capital, this paper mainly from the perspective of venture capital investment preference to explore its impact on the performance of gem listed companies, in order to promote the gem listed companies to develop better and faster.

This paper mainly uses the paper search method, the theory analysis method, the chart analysis method and so on research method, through searches the literature and carries on the arrangement summary to the related theory, has summarized the existing literature to the venture capital influence the company performance viewpoint, It provides literature reference and theoretical basis for further research. At the same time, according to the existing theoretical design and analysis framework, selected the 2018 gem listed company data as case data, from the venture capital investment preference point of view, Analyze how gem-listed companies can make more efficient use of venture capital so as to improve their performance effectively. By comparing and analyzing the relationship between the changes of performance before and after listing and the involvement of venture capital funds, the related conclusions are drawn as follows: 1. the relationship between the changes of performance before and after listing and the involvement of venture capital funds in many companies with and without venture capital background Venture capital firms are more inclined to invest in those companies with innovative ability and high growth. After the introduction of venture capital, companies still have to continuously improve their innovation capabilities in order to achieve sustainable development and profitability .2.In order to achieve sustainable development and profitability, venture capital firms are more inclined to invest in companies with innovative capabilities and high growth. The involvement of venture capital helped speed up the process of listing, but the growth rate of these venture capital-backed companies declined after the listing. If venture capital institutions try to provide value-added services for enterprises, the premise is that venture capital is large in scale and highly professional.

Keywords: Venture capital; Growth enterprise market; Quoted company;Corporate performance

目 录

摘 要

Abstract

第一章 绪 论

1.1 研究背景

1.1.1 国外背景

1.1.2 国内背景

1.2 研究目的及意义

1.3 相关概念的界定

1.3.1 风险投资

1.3.2 创业板上市公司

1.3.3 公司业绩

1.4 研究内容及方法

1.5 论文框架

第二章 文献综述

2.1 关于风险资本与企业经营绩效

2.2 关于风险资本与增值服务

2.3 关于风险资本的特征与经营绩效

2.4 关于风险投资者与创业企业

第三章 风险投资偏好基本理论和比较分析

3.1风险投资偏好基本理论

3.1.1 认证监督理论

3.1.2 逐名理论

3.1.3 逆向选择理论

3.2 基本理论比较分析

第四章 案例分析

4.1 数据收集与分组

4.1.1 数据收集

4.1.2 数据分组

4.2 对比分析

4.2.1 有无风投背景对业绩的影响

4.2.2 相同风投背景对业绩的影响

4.2.3 风投数量对业绩的影响

第五章 风险投资发挥作用的建议和途径

5.1 前期筛选，联合投资

5.2 投资优质企业，提供增值服务

5.3 建立监督激励机制

结论与展望

致 谢

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