【作者】 曹敬；

【导师】 蓝发钦；

【作者基本信息】 华东师范大学 ， 金融学， 2015， 硕士

【摘要】 风险投资的发展在国外一些金融发达的国家,比如美国、欧洲和日本已经比较充分完善,国外的学者对于此领域的研究也比较深入全面。我国风险投资发展起始于20世纪80年代,至今,也已经发展了30年左右,但是我国的风险投资行业还依然不够成熟,国内对于风险投资领域的理论研究也是不够完善的。联合投资作为风险投资机构的一种投资策略,被风险投资机构广泛应用,也被广大学者作为重点的研究领域。本文研究的问题是风险投资机构的声誉对于投资绩效的影响,基于对以往理论研究的学习,本文选择风险投资网络的位置作为风险投资机构的声誉,选择风险投资机构的IPO退出率和平均IPO退出回报率作为投资绩效的度量指标。其中网络位置度量指标主要从网络的中心性角度入手,涉及到无向和有向的网络中心度,有向网络中心度指的是考虑到主导和被主导关系,无向网络中心度没有考虑这种关系。其中,本文运用到的数据来自于CVsource投资中国数据库和招股说明书中数据搜集。研究结果表明：无论采用IPO退出率作为投资绩效的测度指标,还是使用平均IPO退出回报率作为投资绩效的测度指标；无论是采用无向的程度中心性degree作为风险投资机构的声誉,还是采用有向的点入中心度indegree和点出中心度outdegree作为风险投资机构的声誉,风险投资机构的声誉对于投资绩效有显著的正向影响,风险投资机构的声誉越高,越有利于风险投资机构获得更好的投资绩效。更多还原

【Abstract】 The development of venture capital has more advanced in in some foreign financial developed countries such as the US, Europe and Japan. Foreign scholars have made more contributions in this field.In our country, the development of venture capital began in 1980 and has developed about 30 years. But venture capital industry has not mature enough in China and the related theories are not completed.Syndicated investment is an investment strategy for venture capital industry. A lot of scholars have focused in this area. The issue of this paper is that relationship of the reputation and investment performance of venture capital industries. In this paper, the position of the network represents the reputation of venture capital industries. This paper use the IPO exit rate and the IPO exits return as investment performance. The data of this paper is from the database of CV source and the prospectus in the GEM and SME board.The results show that the reputation of venture capital investment institutions has a significant positive impact on investment performance. The higher of the reputation, venture capital investment industry will have more opportunity to obtain better investment performance. In this paper, the network centrality indexes is measured using undirected and directed matrix.更多还原