【作者】 李波；

【导师】 梁樑；

【作者基本信息】 中国科学技术大学 ， 工商管理， 2017， 博士

【摘要】 本文通过构建中国风险投资辛迪加网络,分析了辛迪加的结构及发展路径,研究了风险投资机构的投资绩效与其在辛迪加网络中位置的关系,辛迪加投资的倾向性与绩效,领投与跟投绩效等问题。本文从文献研究和实证研究入手,以经系统整理后的涵盖中国风险投资21年数据的专业数据库为基础,在参考风险投资成熟市场相关研究模型的基础上,结合中国市场对其进行优化并调整,采用定量研究方法。A)以社会网络分析方法构建中国风险投资辛迪加脉络,进行相关参数测算和结构分析。B)采用统计分析方法进行各种研究,其中以描述性统计分析为基础,以线性混合模型回归和二元logistic回归为核心,以对比分析为补充和突破。本文验证了风投机构在辛迪加网络中的位置与其绩效存在正向关系,且因其资本类型的不同有所差异;验证了辛迪加投资存在一定的倾向性,且其绩效因领域、阶段、投资机构资本属性等不同存在差异;验证了辛迪加投资中跟投者的绩效优于领投者等一系列假设,得到了一定程度上的研究结论。本文因研究者的经验和数据等问题存在不足,未来可从扩充数据样本,网络理论其他视角,扩充投资机构、企业衡量指标结合宏观政策和政策因素等方面进行后续深入研究。本文研究在理论层面验证了成熟市场的研究成果,弥补了现有研究的不足,以中国市场特有的多资本类型投资机构并存为突破,丰富了现有的研究成果;在实践层面对于风险投资机构进行战略选择、提升绩效,对于企业科学决策、借助资源实现快速发展,对于国家制定相关法律法规、提升行业整体水平、完善市场治理结构等方面具有重要参考意义和指导作用。事实上,本文将整体背景放在新兴市场中的中国大陆,在行为与绩效关联的视角下,以网络化运营为突破口,结合成熟市场的研究模型和方法,引入中国市场特有的参数和属性变量,符合风险投资发展的学术热点和趋势,具有一定的建设性和价值。更多还原

【Abstract】 This dissertation analyzes the Chinese venture capital syndication network and its relationship with investment performance and researches the characteristics of the syndicated network and its impact on investment performance,syndication investment orientation,performance,lead syndication,and co-investment performance.From the perspective of literature review and empirical research based on a specialized database covering Chinese venture capital data over 21 years,this dissertation optimizes and adjusts relevant research models in light of the Chinese market.It references the mature venture capital markets and uses the quantitative research method approach.By using the social network analysis method,the research begins with building China’s venture capital syndication network for network parameter calculation and network structure analysis.Based on descriptive statistical analysis,the statistical analysis method is employed,centered on linear mixed regression model and binary logistic regression,and comparatively analyzed for the supplement and breakthrough.The positive relationship is found between Chinese venture capital syndication network centrality and investment performance.It employs different capital types of investment institutions;proves that syndication investment has a distinct orientation and has different performances due to varied fields,stages,and capital properties of the investment institutions;and supports a series of hypotheses,including performance of co-investors in syndication investment is better than lead syndicates.However,the mainly deficiency of this dissertation is that the lacks of researchers’ experiences and the limitations of data.From the shortcoming of the present research,the need to expand data samples and other perspectives of the network theory and investment institutions,the need to combine measure indexes of enterprises,including macro policy and policy factors should be paid more attention to subsequent further research.The research in this dissertation has important significance both in theory and practice;it validates the research achievements of mature markets in theory,and enriches the existing research achievements with the coexistence of characteristic investment institutions with multiple capital types on the Chinese market as the breakthrough.In practice,it has important reference significance and a guiding role for venture capital firms carrying out strategic choices to improve performance;for enterprises,it aids in making scientific decisions and achieving rapid development with supplemental resources;and for the state,it supports the formulation of relevant laws and regulations,improves the overall level of the industry,and perfects the market governance structure.Focusing on the emerging market of China’s mainland,this dissertation introduces the Chinese market’s characteristic parameters and attribute variables from the perspective of behavior and performance relevance,with networking operation as the breakthrough point.It uses the research model and method in mature markets,and it complies with the research hotspot and trend of venture capital,adding theoretical significance and practical value.更多还原