發(fā)布時(shí)間：2018-06-24 10:28

  本文選題：創(chuàng)業(yè)板 + 風(fēng)險(xiǎn)投資　； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：風(fēng)險(xiǎn)投資作為一種創(chuàng)新的金融工具,能夠有效地推動(dòng)經(jīng)濟(jì)快速增長,因此,被稱為“經(jīng)濟(jì)增長的發(fā)動(dòng)機(jī)”。風(fēng)險(xiǎn)投資與高新技術(shù)產(chǎn)業(yè)結(jié)合,已經(jīng)成為風(fēng)險(xiǎn)投資最為普遍的一種投資模式。我國創(chuàng)業(yè)板創(chuàng)立的目的旨在發(fā)展補(bǔ)充性資本市場,為高科技企業(yè)提供金融服務(wù)；與此同時(shí),它也為我國風(fēng)險(xiǎn)投資退出提供了一個(gè)高效、快速的途徑。然而,近年來,風(fēng)險(xiǎn)投資在創(chuàng)業(yè)板市場上的投資行為卻暴露出許多問題,嚴(yán)重影響了風(fēng)險(xiǎn)投資在我國的可持續(xù)發(fā)展。同時(shí),這些問題也會(huì)干擾我國創(chuàng)業(yè)板的運(yùn)行秩序,阻礙我國資本市場健康發(fā)展。 我國創(chuàng)業(yè)板設(shè)立已經(jīng)有3年多的時(shí)間,對(duì)于創(chuàng)業(yè)板的研究和討論是層出不窮,主要的文獻(xiàn)研究都集中在創(chuàng)業(yè)板“三高癥”、超募等問題,并且得到了不少有意義的研究結(jié)論。關(guān)于風(fēng)險(xiǎn)投資在創(chuàng)業(yè)板市場的投資研究也有許多的文獻(xiàn),主要是在制度建設(shè)、退出機(jī)制等方面,而專門針對(duì)創(chuàng)業(yè)板風(fēng)險(xiǎn)投資持股時(shí)間與成本、收益的研究文獻(xiàn)較少。本文以2009-2011年間在創(chuàng)業(yè)板上市的281家創(chuàng)業(yè)板上市公司為研究樣本,研究風(fēng)險(xiǎn)投資企業(yè)的性質(zhì)、類型以及風(fēng)險(xiǎn)投資的區(qū)域分布等特點(diǎn),然后以這些特點(diǎn)作為切入點(diǎn),分析研究風(fēng)險(xiǎn)投資持股時(shí)間與成本的關(guān)系,風(fēng)險(xiǎn)投資持股時(shí)間與收益的變動(dòng)規(guī)律,從而對(duì)風(fēng)險(xiǎn)投資、風(fēng)險(xiǎn)企業(yè)的基本規(guī)律有深入的認(rèn)識(shí)和了解。 本文研究內(nèi)容分為5個(gè)部分： 第一部分主要介紹本文研究的背景、意義和方法,闡述了本文的研究思路以及結(jié)構(gòu)安排,提出了本文的創(chuàng)新點(diǎn)。 第二部分主要從創(chuàng)業(yè)板和風(fēng)險(xiǎn)投資兩個(gè)方面入手,對(duì)國內(nèi)外文獻(xiàn)進(jìn)行了梳理和評(píng)述。 第三部分主要分析了投資時(shí)間、成本、收益等概念及相關(guān)理論。闡述了風(fēng)險(xiǎn)與收益均衡理論的具體內(nèi)容,并且從財(cái)務(wù)會(huì)計(jì)的角度出發(fā),解釋了股權(quán)投資的時(shí)間、成本、收益三者之間的關(guān)系。該部分還進(jìn)一步明確了本文研究對(duì)象——風(fēng)險(xiǎn)投資企業(yè)的分類標(biāo)準(zhǔn)。通過闡述風(fēng)險(xiǎn)投資構(gòu)成,比較不同國家風(fēng)險(xiǎn)投資在不同的經(jīng)濟(jì)政治環(huán)境下存在的差異,為下一步的研究提供了理論準(zhǔn)備。 第四部分主要是數(shù)理統(tǒng)計(jì)分析。該部分主要包括樣本的選取、中國創(chuàng)業(yè)板總體現(xiàn)狀的描述、風(fēng)險(xiǎn)投資企業(yè)持股時(shí)間與投資成本分析、風(fēng)險(xiǎn)投資企業(yè)持股時(shí)間與收益分析。本文選擇了2009-2011期間在創(chuàng)業(yè)板上市的281家公司為樣本,以其上市發(fā)行前入股的風(fēng)險(xiǎn)投資企業(yè)作為研究對(duì)象,通過對(duì)其持股時(shí)間、成本、收益的研究分析,得出本文研究的相關(guān)結(jié)論。在這部分,我們對(duì)于持股時(shí)間、入股成本、投資收益、IPO賬面投資收益率等相關(guān)概念進(jìn)行了界定,為數(shù)據(jù)的收集提供了標(biāo)準(zhǔn)和依據(jù)。在進(jìn)行統(tǒng)計(jì)分析時(shí),我們以行業(yè)類別、地區(qū)、企業(yè)性質(zhì)等劃分標(biāo)準(zhǔn)對(duì)風(fēng)險(xiǎn)投資進(jìn)行了分類匯總分析,并在此基礎(chǔ)上對(duì)不同劃分標(biāo)準(zhǔn)下的風(fēng)險(xiǎn)投資企業(yè)持股時(shí)間與成本、收益之間的關(guān)系進(jìn)行了比較分析,發(fā)現(xiàn)其變化規(guī)律。 第五部分主要是研究結(jié)論及政策建議。本文研究結(jié)論有： (1)從風(fēng)險(xiǎn)投資的分布看,存在明顯的地區(qū)差異。這種分布差異與我國經(jīng)濟(jì)發(fā)展的區(qū)域性相吻合。 (2)創(chuàng)業(yè)板市場中,風(fēng)險(xiǎn)投資的投資時(shí)間偏短。創(chuàng)業(yè)板中風(fēng)險(xiǎn)投資平均投資年限不到2年,與傳統(tǒng)的風(fēng)險(xiǎn)投資的投資周期相差較大；存在著“短線投資”的傾向,從而影響企業(yè)的價(jià)值評(píng)估。 (3)投資時(shí)間長短與成本負(fù)相關(guān),投資時(shí)間長短與收益正相關(guān)；這與理論分析部分的闡述相吻合。投資時(shí)間越長,其收益越大；投資時(shí)間越長,其成本越小；反之。 (4)我國創(chuàng)業(yè)板市場的投資收益率相較于各個(gè)國家及地區(qū)的投資收益率,顯著偏高。這些數(shù)據(jù)真實(shí)、客觀地反映了我國創(chuàng)業(yè)板市場存在著嚴(yán)重的市值高估的現(xiàn)象,隱藏著巨大的資產(chǎn)泡沫。這嚴(yán)重影響到我國資本市場的穩(wěn)定,同時(shí)也不利于我國資本市場的發(fā)展。 (5)創(chuàng)業(yè)板風(fēng)險(xiǎn)投資中存在著部分券商直投綁定保薦券商以及私募、創(chuàng)投投資行為同質(zhì)化等現(xiàn)象。這些問題都可能助漲創(chuàng)業(yè)板虛高的投資收益率,擾亂資本市場有效的秩序,阻礙資本市場的發(fā)展。 根據(jù)創(chuàng)業(yè)板中風(fēng)險(xiǎn)投資企業(yè)的投資研究結(jié)論,提出相關(guān)可行性措施,規(guī)范風(fēng)險(xiǎn)投資行為。 本文的創(chuàng)新點(diǎn)與學(xué)術(shù)貢獻(xiàn)有： (1)本文選取2009-2011年在創(chuàng)業(yè)板上市的有風(fēng)險(xiǎn)投資入股的281家上市公司為對(duì)象,對(duì)風(fēng)險(xiǎn)投資持股時(shí)間與成本、收益三者相互關(guān)系及變動(dòng)規(guī)律進(jìn)行專題研究,彌補(bǔ)了這方面的研究空白。 (2)論文中的研究內(nèi)容,為我國創(chuàng)業(yè)板制定相應(yīng)的監(jiān)管制度提供了參考依據(jù)。自2009年創(chuàng)業(yè)板推出至今,其發(fā)展面臨著很多問題,風(fēng)險(xiǎn)投資在創(chuàng)業(yè)板上的表現(xiàn)也差強(qiáng)人意。本文的研究,證實(shí)了我國創(chuàng)業(yè)板市場風(fēng)險(xiǎn)投資存在著非理性的高收益,從而為風(fēng)險(xiǎn)投資制度的改革提供了方向。 本文的不足之處有以下幾個(gè)方面： (1)本文數(shù)據(jù)均采用手工收集。由于剔除了部分不完整的數(shù)據(jù),這可能會(huì)對(duì)樣本的有效性產(chǎn)生影響,從而影響研究結(jié)論的準(zhǔn)確性。 (2)影響風(fēng)險(xiǎn)投資投資收益的因素很多,無法全面考慮。本文只選擇了部分的影響因素進(jìn)行研究,存在著一定的遺漏。 (3)本文的研究樣本僅為截至2011年12月31日在深交所上市的公司,其數(shù)量有限。為了得到更加科學(xué)研究的結(jié)論還需增加數(shù)據(jù)量,做進(jìn)一步的實(shí)證研究。
[Abstract]:Venture capital , as an innovative financial instrument , can effectively promote the rapid economic growth , so it is called the " engine of economic growth " . The venture capital and the high - tech industry have become the most common mode of investment in venture capital . The purpose of the creation of China ' s GEM is to develop the complementary capital market and provide financial services for high - tech enterprises ;
At the same time , it provides an efficient and fast way for the exit of venture capital in China . However , in recent years , the investment behavior of venture capital in GEM has exposed many problems , which seriously affects the sustainable development of venture capital in China . At the same time , these problems can also interfere with the operation order of China ' s GEM and hinder the healthy development of China ' s capital market .

There have been more than 3 years in the establishment of GEM in China . The research and discussion of venture capital have been concentrated in the research and discussion of GEM . There are many literatures about venture capital stock holding time and cost and earnings . The paper focuses on the relationship between venture capital stock holding time and cost and the change law of venture capital holding time and earnings , so as to realize the basic law of venture capital and venture capital .

This paper is divided into 5 parts :

The first part mainly introduces the background , meaning and method of the research in this paper , expounds the research thinking and structure arrangement of this paper , and puts forward the innovation point of this paper .

The second part starts from two aspects of venture capital and venture capital , and reviews the literatures at home and abroad .

The third part mainly analyzes the concept of investment time , cost , income and other concepts and relevant theories . The concrete contents of risk and income equilibrium theory are expounded , and the relationship between time , cost and income of equity investment is explained from the perspective of financial accounting .

The fourth part mainly includes the selection of samples , the description of the general situation of Chinese GEM , the analysis of the holding time and investment cost of venture capital enterprises , the holding time and earnings analysis of venture capital enterprises . In this part , we have selected 281 companies listed in the GEM as the research objects during the period 2009 - 2011 . In this part , we analyze the relationship between the holding time , the stock cost , the investment income , the IPO book investment yield and so on . On the basis of this , we analyze the relationship between the holding time and the cost and the income of venture capital enterprises under different division standards .

The fifth part is mainly research conclusions and policy recommendations . The conclusions of this paper are as follows :

( 1 ) In view of the distribution of venture capital , there are obvious regional differences . This distribution difference is consistent with the regional economic development .

( 2 ) In the GEM market , the investment time of venture capital is short . The average investment period of venture capital in the GEM is less than 2 years , and the investment cycle of venture capital is relatively large .
There is a tendency of " short - line investment " , which affects the value evaluation of enterprises .

( 3 ) The length of the investment is negatively correlated with the cost , and the length of the investment is positively correlated with the income ;
This is in agreement with the exposition of the theoretical analysis part . The longer the investment time , the bigger the profit is .
the longer the investment time , the less the cost ;
and vice versa .

( 4 ) The investment yield of China ' s GEM market is higher than that of each country and region . These data are true and objective , reflecting the serious market value overvaluation in China ' s GEM market , hiding huge asset bubbles . This seriously affects the stability of China ' s capital market , and is not conducive to the development of China ' s capital market .

( 5 ) There are some phenomena such as the direct investment of bond dealers and the homogenization of private equity and venture capital investment in venture capital venture capital . These problems may help to increase the return of investment yield of GEM , disturb the effective order of capital market , and hinder the development of capital market .

According to the investment research conclusion of venture capital enterprises in GEM , relevant feasibility measures are put forward to regulate venture capital behavior .

The innovation points and academic contributions of this paper are as follows :

( 1 ) The paper selects 281 listed companies listed in venture capital market in 2009 - 2011 as the object , and studies the relationship between the holding time of venture capital and the cost and income , and makes up the research gap in this regard .

( 2 ) The research content in the paper provides the reference for the establishment of the corresponding regulatory system for China ' s GEM . Since the launch of GEM in 2009 , the development of venture capital has faced a lot of problems , and the performance of venture capital on GEM is also different . The research of this paper confirms that there is irrational high return of venture capital in venture capital market in our country , thus providing direction for the reform of venture capital system .

The shortcomings of this paper are as follows :

( 1 ) The data in this paper are collected manually . Due to the elimination of some incomplete data , this may have an impact on the validity of the sample , thus affecting the accuracy of the study conclusion .

( 2 ) There are many factors that influence the investment income of venture capital , which can ' t be taken into consideration .

( 3 ) The study samples are limited only for companies listed on the Shenzhen Stock Exchange as at 31 December 2011 . In order to obtain more scientific conclusions , data volumes need to be increased to further empirical studies .
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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