本文關鍵詞： 風險投資 風險資本 風險投資退出 退出績效 首次公開發(fā)行　出處：《天津商業(yè)大學》2013年碩士論文　論文類型：學位論文

【摘要】：在我國資本市場日趨成熟，風險資本投資在資本市場所占的比重越來越多大等宏觀背景下，本文主要是對風險投資退出機制進行實證研究，分析影響退出績效的影響因素。雖然我國風險投資業(yè)的發(fā)展取得了飛速發(fā)展，但是很存在很多問題。根據《中國風險投資年鑒2011》所示，我國風險投資業(yè)發(fā)展的主要障礙是項目估值過高帶來的退出風險、優(yōu)質項目源的缺乏、風險投資專業(yè)人才匱乏、宏觀經濟不確定性、機構誠信體系尚未建立、稅收優(yōu)惠措施難以落實等問題。我國的風險投資退出渠道還不是很完善，使有些投資成功的項目無法正常退出，增加了投資的不確定性，因此完善我國的風險投資退出渠道有著現(xiàn)實的經濟意義。本文主要由五章內容組成。 第一章：導言。首先介紹了本文的研究背景和研究意義，指出風險投資完善的退出渠道對風險投資業(yè)以及我國資本市場的重要性。在宏觀背景下，對我國風險投資業(yè)的發(fā)展前景進行分析。其次，介紹了本文的相關文獻綜述，分為風險資本退出的相關文獻綜述和風險投資退出績效評價的相關文獻綜述。綜述第一部分是對退出機制總體研究進行回顧，第二部分是對退出績效評價機制問題進行回顧。 第二章：風險投資退出概述。分別從風險投資的含義、意義、退出方式和發(fā)展現(xiàn)狀、不同市場板塊比較等五方面進行寫作。首先從定義的角度對風險投資進行闡述。風險投資退出對于風險資本保持流動性、行業(yè)的可持續(xù)發(fā)展、風險投資機構的后續(xù)資金募集、有效的規(guī)避損失等方面有著重要作用。接下來對風險投資退出的四種主要方式，即首次公開發(fā)行、并購、回購和清算進行詳細介紹。 第三章：風險資本退出的績效評價機制。首先介紹了風險投資退出績效的含義及評價標準，接下來主要從退出效益和退出效率兩個方面對評價指標進行分析。退出效益方面的評價指標主要有退出收益、退出成本、退出價格和企業(yè)內部控制權激勵等方面；退出效率方面的評價指標主要有退出市場容量、退出市場規(guī)模和退出的時效性指標。然后介紹了本文所采用的評價指標：內部收益率。 第四章：風險投資退出績效的實證研究。首先是研究假設，本文結合研究數據提出五點假設，分別是：外資的風險投資機構退出項目的回報率要高于本土的風險投資機構；通過IPO方式退出的投資回報率要高于其他方式；風險投資機構的資金管理規(guī)模越大，其風險投資回報率越高；風險投資機構的從業(yè)時間越長，所獲得的投資回報率越高；風險投資機構的投資額越大，所獲得的回報率越高。接下來對數據進行描述性統(tǒng)計，，最后是回歸結果和解釋。最后回歸結果表明，風險投資機構的股權性質（內資還是外資）、退出方式（IPO或其他方式）與風險資本退出回報率有顯著的相關關系；投資周期、投資金額和管理資金量與退出回報率沒有顯著的相關關系。 第五章：完善我國風險投資退出機制的政策建議。首先本文認為應該建立多層次的資本市場體系，主要從新三板的建設，培育和完善我國產權交易市場等方面建議。另外，還應該在配套制度上加以完善，主要應該加強政策支持力度和培育和規(guī)范風險投資中介機構，發(fā)展行業(yè)自律組織。最后應該嘗試多種退出方式，主要從靈活運用多種投資工具方便投資退出和資產證券化為風險資本的退出和再循環(huán)創(chuàng)造新的途徑兩方面進行分析。
[Abstract]:In China's capital market matures, more and more proportion of venture capital investment in the capital market for large macroscopic background, this paper mainly makes an empirical study on the venture capital exit mechanism, analysis of the factors influencing the effect of exit performance. Although the development of risk investment industry in China has achieved rapid development, but there are a lot of problems according to the Chinese. Venture capital Yearbook 2011> shows, the main obstacle to the development of China's venture capital industry project is overvalued risk exit, lack of quality projects, lack of professional talent risk investment, macro economic uncertainty, mechanism of credit system has not been established, the problem of tax incentives is difficult to implement in our country. Venture capital exit channel is not perfect, make some investment in the success of the project can not be normal exit, increase the uncertainty of investment, risk investment of our country so perfect The exit channel has a realistic economic significance. This article is mainly composed of five chapters.
The first chapter: introduction. Introduces the research background and significance of the research, pointed out that the risk investment exit channels for venture capital industry and the importance of China's capital market. In the macro background, the prospects for the development of venture capital industry in China is analyzed. Secondly, this paper introduces the related literature review, divided into the withdrawal of venture capital and venture capital exit related literature review of performance evaluation review the related literature review. The first part is a review of the overall study on exit mechanism, the second part of the performance evaluation mechanism of exit review.
The second chapter: the overview of venture capital exit. From the meaning of risk investment, meaning, status and development of exit, different market plates such as the five aspects of writing. First elaborates on the definition of risk investment. Venture capital exit for venture capital to maintain liquidity, the sustainable development of the industry, the follow-up funds for risk investment the recruitment mechanism plays an important role, effectively avoid the loss. Then the four main ways of venture capital exit, namely IPO, mergers and acquisitions, repurchaseandliquidationdescribedindetail.
The third chapter: venturecapitalexitperformanceevaluationmechanisms. First introduced the meaning and evaluation standard of the performance of venture capital exit, exit and exit from the next major benefit to analyze the evaluation index of the two aspects of efficiency. The cost of withdrawal from the benefits evaluation index are the main benefits of exit, exit, price and enterprise internal control motivation; evaluation of efficiency of the main exit exit market capacity, timeliness index out of the market scale and exit. Then introduces the evaluation index used in this paper: the internal rate of return.
The fourth chapter: An Empirical Study on the performance of venture capital exit. The first is the research hypothesis, this paper studies the data put forward five assumptions, namely: risk investment institutions, risk investment institutions of foreign capital exit project rate of return is higher than the local exit by way of IPO; the rate of return on investment is higher than other forms of risk investment institutions funds; the management of the risk investment scale is larger, the higher the rate of return; risk investment institutions working time is long, the investment return rate is high; venture capital investment amount is large, the return rate is high. The next thedatadescriptivestatistics, andfinallytheregressionresultsandivinterpretation. Finally regression the results show that the nature of equity risk investment institutions (domestic or foreign), exit (IPO or otherwise) and exit of venture capital returns have significant correlation; investment There is no significant correlation between the period of the period, the amount of investment and the amount of management funds and the return rate of withdrawal.
The fifth chapter: perfecting the policy suggestion of venture capital withdrawal mechanism. Firstly, we should establish a multi-level capital market system, mainly from the construction of the new board, cultivating and perfecting the property transaction market. In addition, it should improve the matching system, mainly to strengthen policy support and nurture and standardize the risk investment intermediaries, the development of self-discipline organization. Finally we should try a variety of exit ways, mainly from the flexible use of various investment tools to facilitate investment and asset securitization for the exit of venture capital exit and create new ways of recycling two aspects carries on the analysis.

【學位授予單位】：天津商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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