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博碩士論文 etd-0726113-105756 詳細資訊
Title page for etd-0726113-105756
論文名稱
Title
創業投資回報率及其影響因素實證研究:以中國大陸創業板上市企業為例
An Empirical Study on the Returns of Venture Capital: the Case of ChiNext Stock Market in Mainland China
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
55
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2013-06-26
繳交日期
Date of Submission
2013-08-26
關鍵字
Keywords
創業板、創業投資回報率、影響因素、創業投資
Return, Influencing Factors, ChiNext Board, Venture Capital
統計
Statistics
本論文已被瀏覽 5849 次,被下載 1487
The thesis/dissertation has been browsed 5849 times, has been downloaded 1487 times.
中文摘要
受益於中國大陸經濟的起飛和政策的放開,創業投資事業在中國開始呈現如火如荼的發展態勢。2009年,千呼萬喚始出來的創業板市場更是以「中國納斯達克」的姿態登上歷史舞臺,為中國的廣大創業投資機構提供了夢寐以求的退出管道。儘管從2012年底開始,由於種種原因,監管層幾乎凍結了創業板市場新上市公司的申請,但是依然有幾百家擬上市企業在排隊等候審批的事實足以體現創業板市場的火爆和新興創業企業的活力。創業投資機構的投資回報率是行業內最重要的指標,它的高低很大程度上決定了創業投資機構在行業內外的地位和聲譽。因此,對創業投資回報率的研究,始終是學界和業界的一個重點領域。本文從創業板股票市場出發,試圖發掘創業板上市公司背後的創業投資機構,並對其投資績效及影響因素進行深入探究。本研究以創業板上市公司背後的創業投資機構為樣本,利用公開市場的資料,包括上市企業首次公開發行時的招股說明書、公司公告,配合臺灣經濟新報資料庫TEJ,計算出所有投資創業板上市公司的創業投資案的投資回報率,並根據被投資企業的行業、地域,和創業投資機構的所在地、股權性質、組織形式以及其他投資有關信息對其投資回報率進行了實證研究,並對實證結果進行了分析和解釋。最後介紹了本研究的局限,並對後續研究提出了建議。
Abstract
As the development of economy in China, venture capital has become a prosperous industry since 1985. In 2009, the dream of ChiNext Stock Market has been realized, which providing a perfect exit-way for all the VC companies in China. Although the application for entering ChiNext Board has been frozen since the end of 2012, the phenomenon of hundreds of companies waiting in line for the re-opening still shows the attraction of ChiNext Board. The return of VC is the most important index in this industry, which mostly decides the status and reputation of a VC company. As a result, researches about return are always the key areas in this industry. This study focused on the returns of VC companies, which invested the corporations of ChiNext Board, and tried to find the influencing factors of returns. The data for this study comes from the website of Shenzhen Stock Exchange and Taiwan Economic Journal Database. This study attempted to explore the connection between invested corporations’ information and returns, and also, the connection of VC companies’ information and their returns. The analysis and explanations will be given after that. In the end of this thesis, the shortages of this study will be introduced, so will the subsequent studies suggestions.
目次 Table of Contents
第一章 緒論 1
第一節 研究背景與契機 1
第二節 研究目的 2
第三節 研究流程 2

第二章 文獻探討 4
第一節 創業投資的定義與特質 4
第二節 創業投資回報率簡介 6
第三節 創業投資回報率影響因素探討 7
第四節 中國大陸創業投資事業發展簡介 9

第三章 研究方法 16
第一節 變數定義 16
第二節 資料分析及抽樣方法 18

第四章 實證分析 20
第一節 描述性統計及假設建立 20
第二節 實證分析與解釋 30

第五章 結論與建議 40
第一節 研究結論 40
第二節 研究限制與後續研究建議 41
參考文獻 References
英文部份
1. Andrew Metrick, (2011), Venture Capital and The Finance of Innovation, China Machine Press.
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中文部份
1. 畢豔玲(2013),創業板市場創業投資現象研究,中國證券期貨,4:13
2. 劉煒(2013),創業投資與創業板上市公司的互動機制分析,華南理工大學學報(社會科學版),1:32-38
3. 鄭曉博、陳闖(2012),創業投資治理行為的選擇——基於委託代理和資源依賴視角的檢驗,清華大學學報(自然科學版),8:1150-1157
4. 林子堯、李新春(2012),公司創業投資與上市公司績效:基於中國數據的實證研究,南方經濟,6:3-14
5. 張曉暉、尹海英(2012),中國創業投資的區域分佈及其影響因素,中國經濟,8:63-69
6. 田澍、張陸洋(2012),上海市國有創業投資發展現狀分析及建議,科技發展研究,9:38-40
7. 成思危主編(2011),中國風險投資年鑒2011,民主與建設出版社2011年5月第一版
8. 黃祁(2011),創業投資背景對IPO抑價及長期績效影響的實證研究,浙江大學創業管理學系碩士論文
9. 錢蘋、張幃(2007),我國創業投資的回報率及其影響因素,經濟研究,5:78-90
10. 韓靜(2006),中國創業投資退出機制研究,首都經濟貿易大學企業管理學系碩士論文
11. 李駿(2005),中國創業投資退出機制和回報研究,對外經濟貿易大學金融學系碩士論文
12. 王曉東、趙昌文、李昆(2004),風險投資的退出績效研究,經濟學家,1:102
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