中国风险投资业绩影响因素研究

科研管理 ›› 2012, Vol. 33 ›› Issue (3): 128-135.

中国风险投资业绩影响因素研究

范宏博

清华大学经济管理学院,北京 100084

收稿日期:2010-10-14 修回日期:2011-01-26 出版日期:2012-03-27 发布日期:2012-03-24
作者简介:范宏博(1984-), 男(汉),内蒙古兴安盟人,清华大学经济管理学院金融系博士研究生,研究方向:风险投资,非公开发行。

The determinants of venture capital investment performance in China

Fan Hongbo

School of Economics and Management, Tsinghua University, Beijing 100084, China

Received:2010-10-14 Revised:2011-01-26 Online:2012-03-27 Published:2012-03-24

摘要/Abstract

摘要： 本文收集了1998年至2005年间的投资样本,采用Logit回归的方法对我国风险投资业绩的影响因素进行了实证分析。本文的研究结果表明:风险投资的业绩主要由被投企业的质量来决定,风险投资的经验和网络联系并没有提高其投资业绩;风险投资获取利润的主要方式是通过投资于成熟企业,将这些企业推向IPO市场上获得的。我国风险投资并没有体现出为被投企业提供增值服务的特征。

关键词: 风险投资, 影响因素, 投资业绩, 增值服务

Abstract: A sample from the years of 1998 to 2005 is selected, the primary determinants of venture capital investment performance are empirically examined by Logit model. The results suggest that the quality of venture has significant influences on the investment performance rather than the experience and network of venture capital. The main way for venture capital to gain the profit is to invest in mature companies and take these companies going public. The venture capital in China has not shown the characteristics of value-added services.

Key words: venture capital, determinant, investment performance, value-added service

中图分类号:

F830.59

范宏博. 中国风险投资业绩影响因素研究[J]. 科研管理, 2012, 33(3): 128-135.

Fan Hongbo. The determinants of venture capital investment performance in China[J]. Science Research Management, 2012, 33(3): 128-135.

参考文献

[1] Gompers P. Grandstanding in the venture capital industry [J]. Journal of Financial Economics, 1996, 42:133-156. [2] Lee P, Wahal S. Grandstanding, certification and the underpricing of venture capital backed IPOs [J]. Journal of Financial Economics, 2004, 73:375-407. [3] Sahlman W A. The Structure and Governance of Venture Capital Organizations [J]. Journal of Financial Economics, 1990, 27(2):473-521. [4] Bygrave W D, Timmons J. Venture Capital at the Crossroads . Harvard Business School Press, Boston, 1992. [5] Cumming D J, Macintosh J. Venture Capital Exits in Canada and the United States . University of Toronto, Research Paper, 2002. [6] Sorensen M. How Smart is Smart money? A Two-sided Matching Model of Venture Capital [J]. Journal of Finance, 2007, 62(6):2725-2762. [7] Hochberg Y V, Ljungqvist A, Lu Y. Whom You Know Matters: Venture Capital Networks and Investment Performance [J]. Journal of Finance, 2007, 62(1):251-301. [8] Nahata R. Venture Capital Reputation and Investment Performance [J]. Journal of Financial Economics, 2008, 90(2):127-151. [9] 陈工孟等. 2009 年中国风险投资行业调研报告 . 中国风险投资研究院, 2010-02. [10] 谈毅. 创业投资过程中的团队生产、监控与激励 [J]. 科研管理, 2004(5):132-139. [11] 乔桂明,卜娅. 风险投资中委托代理问题与制度安排 [J]. 科研管理, 2004(1):118-122. [12] 隋广军, 陈和. 中国创业投资国有模式的缺陷及政策建议 [J]. 科学学与科学技术管理, 2006(10):76-80. [13] 钱苹, 张帏. 我国创业投资的回报率及其影响因素[J]. 经济研究, 2007(5):78-90. [14] Busenitz L W, Moesel D D, Fiet J O. The Impact of Post-funding Involvement by Venture Capitalists on Long-Term Performance Outcome . Paper presented at Babson College-Kauffman Foundation Research Conference, 1997. [15] Mason C M, Harrison R T. Venture Capital: Rationale, Aims and Scope [J]. Venture Capital, 1999, 1 (1):1-46. [16] Gompers P, Lerner J. The Venture Capital Cycle [M]. Boston, MA: MIT Press, 1999. [17] Large D, Muegge S. Venture Capitalists' non-financial Value-Added: an Evaluation of the Evidence and Implication for Research [J]. Venture Capital, 2008, 10(1):21-53. [18] Lerner J. Venture Capitalists and the Decision to Go Public [J]. Journal of Financial Economics, 1994, 35(3):293-316. [19] Gorman M, Sahlman W A. What do Venture Capitalists Do? [J]. Journal of Business Venturing, 1989, 4(4):231-248. [20] Brander J A, Amit R, Antweiler W. Venture Capital Syndication: Improved Venture Selection versus the Value-added Hypothesis [J]. Journal of Economics and Management Strategy, 2002, 11(3):423-452. [21] Gompers P, Kovner A, Lerner J, Scharfstein D. Venture Capital Investment Cycles: The Impact of Public Market [J]. Journal of Financial Economics, 2008, 87(1):1-23. [22] Bottazzi L, Rin M, Hellmann T. Who are the Active Investors? Evidence from Venture Capital [J]. Journal of Financial Economics, 2008, 89(3):488-512.