风险投资对企业经营绩效的影响的研究.pdf

I摘要随着我国资本市场的发展,风险投资的规模与投资额呈现出爆发式增长的趋势,成为推动我国高科技产业发展的重要力量。风险投资的核心目标是在实现自身投资收益的同时促进企业的经营绩效。因此,系统研究风险投资如何影响企业的发展不仅具有一定的理论价值,同时也便于我们充分利用风险投资的特点和优势,发挥其对中小企业发展的积极作用。为了揭示风险投资对企业经营绩效影响的机理,本文从理论上分别阐述了风险投资如何影响企业的公司治理结构、公司治理结构如何影响企业的经营绩效、风险投资的自身特征如何影响企业的经营绩效。在理论分析的基础上,本文以深圳中小企业板的2004年—2009年的上市公司为样本,从风险企业的公司治理结构和风险投资自身特征两个角度,运用描述性统计、均值差异检验、多元回归分析等方法进行实证分析。实证结果表明:风险投资的参与提高了董事会的独立性,扩大董事会的规模,减少了管理层的持股水平,扩大了公司的债务融资能力;然而,董事会独立性与债务融资能力的提高却并没有提高企业的经营绩效,管理层持股比例的减少却可以提高企业的经营绩效。其次,从风险投资的自身特征来看,风险投资机构的经验和持股比例与风险企业的经营绩效呈正相关关系;风险投资机构的存续期与风险企业的经营绩效呈负相关关系;相比较外资和民营的风险投资机构,具有政府背景的风险投资机构并不能对企业的经营绩效有很好的改善。最后,根据理论分析与实证研究结果,本文提出了相关政策建议,如风险投资应注重监管手段的多样化、降低所投企业的董事会规模与债务水平、积极鼓励天使投资的发展等。关键词:风险投资公司治理绩效委托代理 IIAbstract As a development of Chinese capital market,there has been an explosive growth of capital and investment in venture capital(VC).VC is an important power for the development of high-tech enterprises, and its core objective is to receive the earnings and heip the enterprises’ there is high theretical value to research how to influence the enterprises by ,by this paper, we can make full use of the stength of VC to heip the development of enterprises. In order to reveal how VC affect the performance of enterprises,we explain how VC affect the corporate governance of enterprises firstly,then we explain how corporate governance affects the performance of we explain how the characteristics affect the performance of on the theretical analysis,this paper selects panies listed in Shenzhen SME(Smal and Medium-sized Enterprise) board between 2004-2009 as research descriptive statistics,mean difference test and multiple regression analysis,the empirical analysis is done through corporate governance and the characteristics of are some meaningful ,VC enhances the independence of board,enlarges the size of board,increases the debt of enterprises and decreases the shares of the independenc