【作者】 张静；

【导师】 李西文；

【作者基本信息】 河北经贸大学 ， 会计硕士（专业学位）， 2016， 硕士

【摘要】 在我国,风险投资因其高回报受到越来越多投资者的亲睐,更因其拥有雄厚的资本受到了许多创业企业的欢迎。风险投资业在我国迅速发展,风险投资机构雄厚的资本和丰富的管理经验能够帮助被投资企业的发展和业绩的提升。但是,目前我国越来越多的有风险投资背景的企业上市后,其业绩会在风险投资退出后急剧下滑,甚至有人提出了“网宿现象”。风险投资退出企业会对被投资企业的业绩造成负面影响,风险投资退出时机不同,其对被投资企业业绩的影响也不相同,因此本文对我国最具代表性、投资规模最大、投资能力最强、最具竞争力的风险投资机构——深圳市创新投资集团有限公司(以下简称“深创投”)的退出时机对被投资企业业绩的影响进行研究。本文对深创投2006—2010年成功上市公司根据退出时机的不同做了统计归类,并在同一个行业选出不同退出时机的企业,运用对比分析法研究不同风险投资退出时机对企业业绩的影响。本文正文分为四部分,第一部分绪论主要介绍了本文的研究背景和意义、文献综述、研究内容与方法并指出本文的创新点。第二部分介绍风险投资退出时机的理论基础与研究指标的选取。第三部分为深创投退出时机对被投资企业业绩的影响案例分析。这部分首先对深创投的投资概述,并对其成功IPO企业进行整理、归类,然后根据统计情况,选取了深创投投资项目数和投资额最高的光机电/制造业行业,在退出时机1—3年内选取了东山精密,在退出时机3—4年内选取了郑煤机,在退出时机4年及以上内选取了中科电气,最后进行对比分析。第四部分为结论和局限性。这部分根据前文的对比分析得出结论,并提出有利于被投资企业业绩的建议,最后指出本文的局限性。更多还原

【Abstract】 In China, more and more investors have a preference for venture capital,and gets the welcome of many start-up companies.The abundant capital and rich experience in management of venture capital is benefit for the promotion of performance and he development of he invested enterprise. But, the performance of more and more enterprise which has venture capital background will be in a sharp fall after venture capital exit.And some scholars put forward "China Net Center phenomenon".The exit of venture capital brings a negative impact on performance of invested enterprise, but the different exit time have different influence on performance. Therefore, this paper takes the most representative venture capital institutions which have the largest investment, investment ability as the research object, and have a research on the effect of performance on exit time of Shenzhen Capital Group.This paper classified the companies which listed during 2006-2010 according to different exit time of Shenzhen Capital Group.And I had a comparative analysis on three enterprises which have different on exit time. This paper is divided into three parts.The first part is introduction, in which I mainly introduced the research background and research significance of this article, literature review, research content and methods, the innovation of this article. In the second part,I introduce The theoretical foundation of exit time of venture capital and the selection of research indicators. In the third part, I had a case study on the effect of performance of invested enterprise on exit time of Shenzhen Capital Group. This part firstly introduced Shenzhen Capital Group, and classified the successful IPO companies according to the exit time And then this paper selected 3 invested enterprises according to the statistical situation. At the exit time of 1-3 years,3-4 years,more than 4 years, I selected Dongshan Precision, Zheng Meiji, Zhongke electric,then,I had a comparison of the 3 invested enterprises. The fourth part is the conclusion and limitations. This part Come to the conclusion according to the above Analysis, and then put forward suggestion which is benefit for the performance of investment enterprise.Finally, I pointed out the limitations.更多还原