风险投资背景与绩效研究——来自中国市场地实证证据.pdfVIP

Abstract This thesis examines the impact of venture capital firms鈥 background on the performance of both VC investments and VC-backed enterprises. Local VCs and foreign VCs differ in their investment strategies and investment performance. Local VCs outperform foreign VCs in terms of successful exit. Also, local VCs prefer to exit through IPO, especially IPO on domestic stock exchanges. Above findings are in existence when studying at both the VC investment level and the VC-backed enterprise level. The impact of government background is insignificant. Local government VCs and local private VCs are similar in their investment strategies and investment performance. However, by syndicating with local private VCs, local governments VCs improve their performance significantly. There are two main innovations in this thesis. First, I study VC performance from a totally new viewpoint by considering the impact of VCs 鈥 background. Second, this is an empirical thesis, which is rare in existing domestic studies. Keywords: VC, Foreign, Local, Government, Private, VC performance i Venture Capitals 鈥 Background and Performance 鎽 瑕 鏈枃鍒嗗埆鐮旂┒浜嗛闄╂姇璧勬満鏋勮儗鏅椋庨櫓鎶曡祫浜ゆ槗涓氱哗浠ュ強椋庨櫓鎶曡祫浼佷笟 涓氱哗鐨勫奖鍝嶃€傚唴璧勯闄╂姇璧勬満鏋勫拰澶栬祫椋庨櫓鎶曡祫鏈哄湪鎶曡祫绛栫暐鍜屾姇璧勪笟缁╀笂閮藉瓨 鍦ㄦ樉钁楀樊寮傘€傜浉姣斿璧勯闄╂姇璧勬満鏋勶紝鍐呰祫椋庨櫓鎶曡祫鏈烘瀯瀹炵幇鎴愬姛閫€鍑虹殑姣斾緥鏇 楂樸€傛澶栵紝鐩告瘮MA 閫€鍑猴紝鍐呰祫椋庨櫓鎶曡祫鏈烘瀯鏇村€惧悜浜嶪PO 閫€鍑恒€傚湪涓婂競鍦扮偣 鏂归潰锛屽唴璧勯闄╂姇璧勬満鏋勫弬涓庢姇璧勭殑椋庨櫓浼佷笟鏇存湁鍙兘鍦ㄤ笂娴峰拰娣卞湷璇佸埜浜ゆ槗鎵€ 涓婂競銆傛棤璁烘槸浠庨闄╂姇璧勪氦鏄撶殑瑙掑害杩樻槸浠庨闄╂姇璧勪紒涓氱殑瑙掑害鐮旂┒锛屼互涓婄粨鏋 閮芥垚绔嬨€傚浗鏈夐闄╂姇璧勬満鏋勫拰姘戣惀椋庨櫓鎶曡祫鏈烘瀯鍦ㄦ姇璧勭瓥鐣ュ拰鎶曡祫涓氱哗涓婂潎涓嶅瓨 鍦ㄦ樉钁椾笉鍚屻€傜劧鑰岋紝褰撲笌姘戣惀椋庢姇鏈烘瀯杩涜鑱斿悎鎶曡祫鏃讹紝鍥芥湁椋庨櫓鎶曡祫鏈烘瀯鐨勪笟 缁╁緱鍒颁簡澶у箙鎻愬崌銆傛湰鏂囦富瑕佹湁