發(fā)布時(shí)間：2018-06-07 01:25

  本文選題：聯(lián)合風(fēng)險(xiǎn)投資 + 戰(zhàn)略性新興產(chǎn)業(yè)��； 參考：《江南大學(xué)》2017年碩士論文

【摘要】：風(fēng)險(xiǎn)資本作為高新技術(shù)企業(yè)發(fā)展的重要支柱,專注于投資創(chuàng)新性高的項(xiàng)目。不僅能夠?yàn)閯?chuàng)新創(chuàng)業(yè)型企業(yè)提供運(yùn)營(yíng)資金,還能參與被投資企業(yè)的后續(xù)管理,為其提供價(jià)值增值服務(wù)。相比一般的成熟型企業(yè),創(chuàng)新創(chuàng)業(yè)型企業(yè)需要面臨技術(shù)、市場(chǎng)、管理等諸多問(wèn)題,具有較大的不確定性。為了有效降低投資過(guò)程中可能存在的風(fēng)險(xiǎn),越來(lái)越多的風(fēng)險(xiǎn)投資機(jī)構(gòu)趨向于采取聯(lián)合投資策略,即與投資伙伴一起分擔(dān)投資風(fēng)險(xiǎn),共享投資收益。與單獨(dú)投資相比,聯(lián)合投資可以綜合各投資機(jī)構(gòu)的資源優(yōu)勢(shì)和信息優(yōu)勢(shì),共同對(duì)風(fēng)險(xiǎn)企業(yè)進(jìn)行協(xié)同管理,從而有效降低風(fēng)險(xiǎn),實(shí)現(xiàn)互惠共贏。戰(zhàn)略性新興產(chǎn)業(yè)作為我國(guó)高新技術(shù)產(chǎn)業(yè)的典型代表,它是進(jìn)行產(chǎn)業(yè)結(jié)構(gòu)調(diào)整,促進(jìn)經(jīng)濟(jì)轉(zhuǎn)型的重要突破點(diǎn)。以戰(zhàn)略性新興產(chǎn)業(yè)企業(yè)為樣本,探討聯(lián)合風(fēng)險(xiǎn)投資對(duì)目標(biāo)企業(yè)技術(shù)創(chuàng)新能力的影響具有十分重要的戰(zhàn)略意義。本文從風(fēng)險(xiǎn)投資機(jī)構(gòu)的聯(lián)合動(dòng)機(jī)角度出發(fā),以戰(zhàn)略性新興產(chǎn)業(yè)為研究對(duì)象,剖析了聯(lián)合風(fēng)險(xiǎn)投資作用于戰(zhàn)略性新興產(chǎn)業(yè)企業(yè)技術(shù)創(chuàng)新能力的機(jī)制。相比于前人的研究,在理論和實(shí)證方面都有所豐富。在理論研究方面,現(xiàn)有研究主要是從有無(wú)風(fēng)險(xiǎn)資本視角去探討風(fēng)險(xiǎn)資本的參與度對(duì)技術(shù)創(chuàng)新的影響,并且僅涉及到治理結(jié)構(gòu)單層次。相比單獨(dú)投資,考慮到聯(lián)合投資既有資源優(yōu)勢(shì)也有額外的成本,本文從風(fēng)險(xiǎn)資本是否聯(lián)合的視角出發(fā),并從治理結(jié)構(gòu)這個(gè)維度深層次分析研究了聯(lián)合風(fēng)險(xiǎn)資本對(duì)技術(shù)創(chuàng)新能力的影響,并且將治理結(jié)構(gòu)細(xì)分為股權(quán)結(jié)構(gòu)、董事會(huì)結(jié)構(gòu)。從實(shí)證角度看,已有文獻(xiàn)多以截面模型并從國(guó)家和行業(yè)的角度分析,本文則以創(chuàng)業(yè)板市場(chǎng)上戰(zhàn)略性新興產(chǎn)業(yè)企業(yè)作為樣本,利用其中105家企業(yè)2012-2015年的數(shù)據(jù),分別運(yùn)用多元線性回歸模型和負(fù)二項(xiàng)回歸模型依次對(duì)風(fēng)險(xiǎn)企業(yè)的技術(shù)創(chuàng)新投入和技術(shù)創(chuàng)新產(chǎn)出進(jìn)行實(shí)證分析。另外,本文還考慮了自變量對(duì)發(fā)明專利影響的時(shí)滯效應(yīng)。實(shí)證分析結(jié)果表明:無(wú)論是從技術(shù)創(chuàng)新投入還是技術(shù)創(chuàng)新產(chǎn)出的角度看,聯(lián)合風(fēng)險(xiǎn)投資均正向促進(jìn)戰(zhàn)略性新興產(chǎn)業(yè)企業(yè)的技術(shù)創(chuàng)新能力,這一結(jié)論與已有研究觀點(diǎn)相符。另外,風(fēng)險(xiǎn)投資機(jī)構(gòu)的參與度對(duì)戰(zhàn)略性新興產(chǎn)業(yè)企業(yè)的技術(shù)創(chuàng)新也有正向作用,但是隨著聯(lián)合風(fēng)險(xiǎn)投資機(jī)構(gòu)的介入,風(fēng)險(xiǎn)投資機(jī)構(gòu)的持股比例對(duì)目標(biāo)企業(yè)技術(shù)創(chuàng)新的作用效果會(huì)受到邊際報(bào)酬遞減規(guī)律的影響。為了進(jìn)一步從治理結(jié)構(gòu)的角度研究聯(lián)合風(fēng)險(xiǎn)投資對(duì)企業(yè)技術(shù)創(chuàng)新的作用效果,本文又探討了聯(lián)合風(fēng)險(xiǎn)投資在這個(gè)維度產(chǎn)生的交互作用對(duì)技術(shù)創(chuàng)新投入和產(chǎn)出帶來(lái)的影響,結(jié)果顯示:聯(lián)合風(fēng)險(xiǎn)投資在股權(quán)結(jié)構(gòu)和董事會(huì)結(jié)構(gòu)角度對(duì)技術(shù)創(chuàng)新能力的正向影響僅部分成立。在治理結(jié)構(gòu)角度的研究結(jié)果與已有的部分文獻(xiàn)關(guān)于治理結(jié)構(gòu)和技術(shù)創(chuàng)新之間的關(guān)系不完全一致,對(duì)其原因進(jìn)行了深入剖析。實(shí)證結(jié)果還表明,資產(chǎn)規(guī)模和資產(chǎn)負(fù)債率這些控制變量也會(huì)影響企業(yè)的技術(shù)創(chuàng)新能力。最后,分別從風(fēng)險(xiǎn)投資機(jī)構(gòu)、創(chuàng)業(yè)企業(yè)、政府機(jī)構(gòu)的角度提出了針對(duì)性的政策建議,并指出本研究可能存在的不足,展望了聯(lián)合風(fēng)險(xiǎn)投資未來(lái)的研究方向。
[Abstract]:As an important pillar of the development of high-tech enterprises, venture capital is focused on projects with high investment and innovation. It can not only provide operating funds for innovative and entrepreneurial enterprises, but also participate in the follow-up management of the invested enterprises, and provide value added services for them. Compared with the general mature enterprises, the innovative and entrepreneurial enterprises need to face the technology. In order to effectively reduce the possible risks in the process of investment, more and more venture capital institutions tend to adopt joint investment strategies, namely sharing investment risk with investment partners and sharing investment returns. Compared with single investment, joint investment can integrate investment institutions. As a typical representative of China's high and new technology industry, the strategic emerging industry is an important breakthrough point for the adjustment of the industrial structure and the economic transformation. The strategic emerging industry is a sample of the strategic new industrial enterprises. The impact of venture investment on the technological innovation ability of the target enterprises is of great strategic significance. From the perspective of the joint motivation of venture capital institutions, this paper takes strategic emerging industries as the research object, and analyzes the mechanism of joint venture investment on technological innovation ability of strategic emerging industrial enterprises. In the field of theoretical research, the current research is mainly about the impact of risk capital participation on technological innovation from the perspective of risk free capital, and it only involves a single level of governance structure. Compared with individual investment, it is considered that joint investment has both resource advantages and additional costs. From the perspective of the joint venture capital, and from the dimension of governance structure, this paper analyzes the influence of joint venture capital on technological innovation ability, and subdivides the governance structure into equity structure and the board structure. From the empirical perspective, the literature has been analyzed by the cross section model and from the perspective of the state and industry. Taking the strategic emerging industrial enterprises in the gem as a sample, using the data of 105 enterprises for 2012-2015 years, this paper uses multiple linear regression model and negative two regression model respectively to make an empirical analysis on the technological innovation input and technological innovation output of venture enterprises. The results of the empirical analysis show that both from the perspective of technological innovation input and technological innovation output, the joint venture investment is promoting the technological innovation ability of strategic emerging industrial enterprises. This conclusion is consistent with the existing research viewpoint. In addition, the participation degree of venture capital institutions is the strategic emerging production. The technological innovation of the enterprise also has a positive effect, but with the involvement of the joint venture capital institution, the effect of the shareholding ratio of the venture capital institution on the technological innovation of the target enterprise will be influenced by the law of diminishing marginal returns. With the effect, the impact of the interaction of joint venture capital on the input and output of technological innovation is discussed. The results show that the positive impact of joint venture investment on the technological innovation ability is only partly established in the perspective of the ownership structure and the board structure. Part of the literature about the relationship between governance structure and technological innovation is not completely consistent, and the reasons are deeply analyzed. The empirical results also show that the assets scale and asset liability rate can also affect the technological innovation ability of the enterprise. Finally, it is proposed from the perspective of venture capital institutions, venture enterprises and government institutions. Pertinent policy recommendations, pointing out the possible shortcomings of the study, and looking forward to the future research direction of joint venture capital.
【學(xué)位授予單位】：江南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F276.44;F273.1

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