本文選題：風險投資　切入點：投資階段　出處：《華南理工大學》2014年碩士論文　論文類型：學位論文

【摘要】：在當今經濟全球面臨金融危機的大背景下，轉型中的中國面臨更加嚴峻的考驗——制造業(yè)態(tài)落后，世界工廠發(fā)生轉移，環(huán)境污染加劇，能源資源緊張，食品安全問題……這一系列問題背后都折射出亞洲巨人正站在社會轉型升級的拐點處。其中，經濟結構轉型的重任則落在了新一代信息技術、能源技術、新材料、生物工程等戰(zhàn)略新興產業(yè)的培育上，產業(yè)結構的轉型升級依賴于企業(yè)的轉型升級，，因此，如何培育一批高新技術企業(yè)從而推動產業(yè)結構轉型進而推進經濟結構轉型升級成為未來中國經濟的熱點。而由于中國資本市場發(fā)展時間不長，金融體系對培育高新技術企業(yè)的力度不夠，許多高新技術項目由于資金、資源問題往往死于早期甚至僅僅停留在實驗室層面�，F代風險投資是一種高風險高回報的股權投資方式，它專注于高新技術項目，幫助培育高新技術成功孵化，成為高新技術項目的救星。理論與實踐表明，風險投資對企業(yè)技術創(chuàng)新績效、企業(yè)績效等都有顯著的促進作用。 本文以此切入，在以往文獻研究基礎上探討風險投資與企業(yè)技術商業(yè)化的關聯性與作用機制，并以技術商業(yè)化潛力作為評價指標，分資金、增值服務、風險投資契約和投資階段四個維度探討風險投資與技術商業(yè)化的定量關系。本研究還嘗試將風險投資投資階段分組，深入對比各階段下風險投資投入資金、增值服務與風險契約對技術商業(yè)化潛力影響的強弱關系。實證結果表明，風險投資在企業(yè)早期進入比在中后期進入對企業(yè)技術商業(yè)化潛力的作用更顯著，且該作用是正向的；在早期階段進入的風險投資各項要素對技術商業(yè)化潛力的作用與中后期進入的相比是有顯著差異的。最后，本文針對研究結果提出了對發(fā)展資本市場及政府引導基金的建議。
[Abstract]:In the background of today's global economy is facing the financial crisis, in the transition of Chinese face more severe test - making format behind the world factory shift, environmental pollution, energy shortage, food safety issues. This reflects a series of problems behind the Asian giant is standing at the turning point in the social transformation and upgrading. The task of economic restructuring, it falls on a new generation of information technology, energy technology, new materials, bio engineering and cultivation of strategic emerging industries, the transformation and upgrading of industrial structure depends on the transformation and upgrading of enterprises, therefore, how to foster a number of high-tech enterprises to promote industrial restructuring and promote economic restructuring China upgraded to become the economic focus of the future. But due to the development of the capital market is not a long time Chinese efforts, the financial system of the cultivation of high-tech enterprises is not enough, a lot of new and high technology Operation project due to funding, resources often died of early even only in the laboratory level. Modern risk investment is a high risk and high return of equity investment, it focus on high-tech projects, help cultivate high-tech hatch and become a high-tech project lifesaver. Theory and practice show that the investment risk of enterprise technological innovation the performance of enterprise performance has a significant role in promoting.
This cut, the relationship and mechanism of risk investment and enterprise technology commercialization based on previous literature, and the potential of technology commercialization as the evaluation index, money, value-added services, to explore the quantitative relationship between venture capital and technology commercialization of the four dimensions of venture capital contract and investment stage. This study also try the investment stage of venture capital group, venture capital investment in each stage of in-depth comparison, influence of value-added services and risk of contract technology commercial potential strength relations. The empirical results show that venture capital investment in the enterprise than in the late early entry into the commercial potential of the enterprise more prominent role, and the effect is positive the effect of entering; in the early stages of the investment risk of the elements of the potential for the commercialization of technology and in the late entry is compared with significant differences. Finally, the The paper puts forward some suggestions on the development of the capital market and the government guidance fund.

【學位授予單位】：華南理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F273.1;F275;F832.51

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本文編號：1601198