本文選題：風險投資 + 最優(yōu)資本結構��； 參考：《江西財經(jīng)大學》2013年碩士論文

【摘要】：風險投資在中國的發(fā)展起步較晚，從上世紀90年代末隨著中國資本市場的發(fā)展才有了實質性的發(fā)展，因此國內對風險投資的研究也較晚。但隨著越來越多的風險投資機構進入到企業(yè)的初創(chuàng)階段，為創(chuàng)業(yè)企業(yè)提供更多的資金來源，為其發(fā)展壯大、成功上市發(fā)揮著重要作用，風險投資發(fā)展的重要性越來越被人們所認識到，關于風險投資的研究也成為學者們的研究熱點。但伴隨著IPO高抑價、VC、PE腐敗的接踵而來，也引起了人們對風險投資機構能否為企業(yè)創(chuàng)造價值的質疑。 基于此，本文研究風險投資的進入是否增加了企業(yè)價值。本文在大量閱讀文獻的基礎之上，綜合運用規(guī)范研究和實證研究，選取資本結構為視角，運用各種統(tǒng)計方法，借助SPSS等計量軟件，先是利用因子分析法計算出企業(yè)價值綜合得分，找到資本結構與企業(yè)價值的回歸模型，確立基于企業(yè)價值最大化的的最優(yōu)資本結構區(qū)間。然后比較分析有無風險投資機構進入的上市公司其資本結構相對于最優(yōu)資本結構是否存在顯著差異，，從而說明風險投資機構究竟是企業(yè)價值掠奪者還是企業(yè)價值創(chuàng)造者。并進一步比較研究風險投資是否聯(lián)合投資對企業(yè)資本結構的影響程度是否存在顯著差異。 實證分析結果表明：(1)風險投資進入上市公司有利于其保持更加合理的資本結構水平，風險投資是增加了企業(yè)價值的。這是因為風險投資的進入一方面通過其監(jiān)督作用約束被投資公司管理層的過度投資行為，另一方面也可以在被投資公司面臨投資機會時提供及時融資，減少由信息不對稱帶來的融資成本過高而導致的投資不足。風險投資通過影響被投資公司的投融資行為從而優(yōu)化公司資本結構，增加企業(yè)價值。(2)對于資本依賴性較強的批發(fā)與零售行業(yè)和農(nóng)林牧漁行業(yè)，風投的聯(lián)合投資相對于單一風投進入的上市公司對于優(yōu)化資本結構的作用更明顯；對于行業(yè)發(fā)展對資本以外的諸如科學技術、公共關系等因素依賴性較強的信息技術行業(yè)和傳播與文化產(chǎn)業(yè)，風投的聯(lián)合投資與否對資本結構的影響并不存在顯著性差異。風險投資機構有時會通過聯(lián)合投資的方式對項目進行投資組合,減少對單個投資項目風險的承擔程度,使得風險投資公司在有限資源的條件下,參與更多的項目,從而達到分散投資風險的目的。聯(lián)合投資一方面可以解決單個風險投資公司資金能力不足的問題，達到資源互補的優(yōu)勢,為被投資企業(yè)在管理咨詢、營銷網(wǎng)絡及技術支持等方面提供更多資源。另一方面若是參與聯(lián)合投資的多家投資公司過多的參與被投資企業(yè)的日常管理,則會由于組織間的摩擦導致工作效率低下,對被投資企業(yè)的發(fā)展反而不利。本文認為，多家風投機構的聯(lián)合投資在解決上市公司的內部現(xiàn)金流短缺所帶來的投資不足問題上具有更顯著的效果。因此就如實證檢驗結果所表明的，對于資本依賴性較強的批發(fā)與零售行業(yè)和農(nóng)林牧漁行業(yè)，風投的聯(lián)合投資相對于單一風投進入的上市公司對于優(yōu)化資本結構的作用更明顯。而對于行業(yè)發(fā)展對資本以外的諸如科學技術、公共關系等因素依賴性較強的信息技術行業(yè)和傳播與文化產(chǎn)業(yè)，風投的聯(lián)合投資與否并不存在顯著性差異。
[Abstract]:The development of venture capital in China started relatively late, since the end of the 90s of the last century, with the development of China's capital market, there is a substantial development. Therefore, the domestic research on venture capital is relatively late. But as more and more venture capital institutions enter the initial stage of the enterprise, it provides more capital sources for the venture enterprises. The importance of successful listing has played an important role, and the importance of venture capital development has become more and more recognized. The research on venture capital has also become a hot spot of research for scholars. However, with IPO high underpricing, VC and PE corruption ensuing, it also raises questions about whether risk investment institutions can create value for enterprises.
On the basis of this, this paper studies whether the entry of venture capital increases the value of the enterprise. On the basis of a large number of reading documents, this paper makes comprehensive use of normative research and empirical research, selects capital structure as the perspective, uses various statistical methods, with the help of SPSS and other measurement software, first to calculate the comprehensive score of enterprise value by means of profit and use factor analysis method, and find out the comprehensive score of the enterprise value. To the regression model of capital structure and enterprise value, we establish the optimal capital structure interval based on the maximization of enterprise value, and then compare and analyze the significant difference between the capital structure and the optimal capital structure of the listed companies with risk free investment institutions, which indicates that the venture capital institution is the value Plundering of the enterprise. Furthermore, we compare the impact of venture capital on the capital structure of enterprises.
The results of the empirical analysis show that: (1) the entry of venture capital into the listed company is conducive to maintaining a more reasonable level of capital structure, and the venture investment is increasing the value of the enterprise. This is because the entry of venture capital is on the one hand to restrain the overinvestment behavior of the management of the invested company through its supervisory role, on the other hand, it can also be invested. Investment companies are faced with investment opportunities to provide timely financing to reduce the lack of investment caused by excessive financing costs caused by asymmetric information. Venture investment can optimize the capital structure of the company by affecting the investment and financing behavior of the invested companies and increase the value of the enterprise. (2) for the strong capital dependent wholesale and retail industry and agriculture and forestry and animal husbandry The joint investment of the venture capital investment is more obvious than that of the listed companies which have entered by the single venture capital; for the industry development of the information technology industries, such as science and technology, public relations, and other factors other than the capital, the joint investment in the venture capital structure There is no significant difference in the impact of the risk investment institutions. The venture capital organizations sometimes invest in the project through joint investment, reducing the risk of individual investment projects, making the Vc firm participate in more projects under the limited resources, and achieve the goal of dispersing investment risk. On the other hand, if a number of investment companies participating in joint investment are involved in the daily management of the invested enterprises, it will be possible to provide more resources for the complementary resources of the Vc firm and to provide more resources for the invested enterprises in management consulting, marketing network and technical support. The friction between organizations leads to low efficiency and is unfavorable to the development of the invested enterprises. This paper holds that the joint investment of multiple investment institutions has a more significant effect on solving the shortage of internal cash flow in the listed companies. In the strong wholesale and retail industry and the agricultural and forestry industry, the joint venture capital investment has more obvious effect on the optimization of the capital structure than the single venture capital listed companies, and the information technology industry and the communication and cultural industry, which are more dependent on the factors such as science and technology, public relations, and other factors other than the capital. There is no significant difference in joint venture investment.
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.48

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