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。
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.
关键词
风险投资 /
影响因素 /
投资业绩 /
增值服务
Key words
venture capital /
determinant /
investment performance /
value-added service
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