【作者】 陈成；

【导师】 周中胜；

【作者基本信息】 苏州大学 ， 会计（专业学位）， 2015， 硕士

【摘要】 自风险投资出现以来,风险投资对企业价值产生的影响成为了学者们关注的焦点。而在风险投资对企业价值影响的研究中,目前的文献多集中在风险投资对企业价值影响的相关性研究上面,对于风险投资对企业价值影响的路径和作用机制的研究较少。另外,由于国内风险投资起步较晚,针对我国背景的文献也相对较少。因此,本文在对委托代理理论、公司治理理论、利益相关者理论等理论研究的基础上,以风险投资对高新技术企业价值的影响为核心,展开研究,探讨了风险投资在现行政策背景下,通过参与公司治理对高新技术企业价值产生影响,以及通过影响企业创新能力对高新技术企业价值的影响,并对这两个方面的作用路径作了分析。本文回顾了风险投资的相关理论,对国内外关于风险投资与公司治理、创新能力、政策背景、企业价值之间的互动关系的研究文献做了梳理,并在此基础上展开了本文后续的相关分析,本文主要运用理论和案例结合的分析方法,首先从理论的角度分析了风险投资对高新技术企业价值的影响路径和作用机理,此后,通过引入科大讯飞的案例,从案例的角度进行进一步的分析,并在此基础上提出了相关政策和建议。本文的研究目的在于打开在我国现行政策背景下,风险投资对高新技术企业价值影响的黑箱。本文在理论和案例角度的研究,都肯定了风险投资对高新技术企业价值有提升作用,并且,提出了风险投资可以通过行使董事会职权、直接进入公司管理层、联合投资和分段投资机制等方面参与公司治理进一步提升高新技术企业价值,另外,风险投资可以对企业供资金支持、提供相关非资本增值服务等方面来通过提高创新能力进一步提升高新技术企业价值,本文也提出了现行政策对风险投资提升高新技术企业价值的制约因素,主要集中于风险投资退出渠道的不完备以及政府对风险投资有效性的干预。更多还原

【Abstract】 Since the emergence of venture capital, venture capital’s influence on corporate becomes the focus of the scholars. A lot of research confirmed the role of venture capital to the corporate. But the current scholars more focus on the mechanism of venture capital and its simple performance. In the studies of the effects of venture capital to the corporate, the current study more focused on the venture capital’s influence to the single factor of corporate, and there is less research on the mechanism of venture capital’s influence on corporate value. In addition, due to domestic venture capital started relatively late, studies In accordance with China’s national conditions are relatively small. Based on modern contract theory, principal-agent theory, corporate governance theory, this paper discusses venture capital’s influence on high-tech corporate value by participating in corporate governance and enterprising innovation capability. This paper also discusses the mechanism of these two aspects.This paper reviewed the related theory of venture capital and the studies about the interactive relationship of venture capital and corporate governance, innovation ability, the policy background, the corporate value both at home and abroad. Based on those studies, this paper carry out follow-up analysis. This paper by combining theory and case analysis method, is firstly analyzing of the mechanism of venture capital’s influence on high-tech corporate value from the perspective of the theory, after that, does further analysis from the Perspective of the case, finally puts forward relevant policies and suggestions. The purpose of this study is to open the black box of the mechanism of venture capital’s influence on high-tech corporate value under the background of current policy.Both in the perspective of theory and case study, this paper has affirmed that the venture capital has promotion effect to the high-tech corporate value. Venture capital can participate in corporate governance to enhance corporate value by exercising the power of the board of directors, direct access to company management, joint investment and investment mechanism. In addition, venture capital can improve innovation ability to enhance high-tech corporate value by providing financial support, value-added services related to the non of capital. This paper also puts forward the constraints of the current policy of venture capital to improve high-tech corporate value, such as incomplete of exit channel of the venture capital, and the government’s intervention on risk investment effectiveness.更多还原