【作者】 李鑫；

【导师】 陈伟； 吴海龙；

【作者基本信息】 合肥工业大学 ， 金融（专业学位）， 2022， 硕士

【摘要】 当前,我国已登记备案的风险投资存续基金规模超过13.2万亿元。风险投资的良性循环有助于我国创新企业的高质量发展。对于风险投资机构而言,初始基金的良好表现将极大影响后续基金的运作效率,因此,风险投资的初始成功退出表现值得深入研究,初始成功是否具有持续效应也是一个值得研究的重要问题。IDG资本于1993年进入中国风险投资市场,伴随我国风险投资的发展,如今已成为全球顶尖的风险投资机构之一,管理基金数超过42只。IDG资本在中国市场的长期发展和良好表现使得该机构具有一定的研究价值。首先,本文基于风险投资的运作机制,从风险投资机构自身视角出发,结合重复博弈理论和风险投资基金的循环周期理论,对成功退出的影响因素、初始成功退出对后续项目的影响路径及其持续效应进行理论分析。其次,本文对IDG资本的投资特点与退出表现进行案例分析。最后,本文以IDG资本的投资项目为样本,对IDG资本的初始成功退出的持续效应进行微观实证检验。本文研究发现,首先,IDG资本的初始成功退出、基金的募集规模均与后续成功退出负相关,而投资水平和投后管理水平能够显著提高成功退出的概率,但声誉的影响不显著。其次,本文对初始成功的影响路径研究发现,初始成功退出既能通过提高基金的募集规模负向影响后续成功退出概率,又能够通过正向影响投资水平进而提高后续成功退出的概率。更进一步地,本文对初始成功退出的持续效应进行微观检验发现,从风险投资循环周期的角度,初始成功退出对后续成功退出的影响不存在持续效应,即初始成功退出只在第二个循环周期内显著发挥作用,而当初始成功退出项目较少或后续投资项目与初始项目时间间隔较长时,初始成功退出的影响不显著。最后,本文基于对IDG资本的案例分析与实证研究,对不同经验程度的风险投资机构分别提出建议。更多还原

【Abstract】 In China,the scale of registered existing venture capital funds exceeds 13.2 trillion yuan.The virtuous cycle of venture capital contributes to the high-quality development of innovative enterprises in China.For venture capital institutions,the performance of the initial fund will greatly affect the operation efficiency of the subsequent fund.Therefore,the initial successful exit of venture capital is worth in-depth study,and whether the initial success has a sustained effect is also an important question worth studying.IDG capital entered China’s venture capital market in 1993.With the development of venture capital in China,it has now become one of the world’s top venture capital institutions,with more than 42 funds under management.The long-term development and good performance of IDG capital in the Chinese market make the institution have certain research value.Based on the operation mechanism of venture capital,this paper theoretically analyzes the factors of successful exit of venture capital,the impact path of initial success on subsequent projects and its persistent effect,combined with the cycle theory of venture capital.This paper takes IDG Capital as the research object,analyzes and empirically studies its investment and exit performance.Firstly,the initial success and the fundraising scale of the fund are negatively correlated with the subsequent successful exit,while the investment level and post-investment management level can significantly improve the probability of successful exit of venture capital,but the impact of reputation is not significant.Secondly,the study of the impact path of the initial success in this paper found that the initial successful exit can not only negatively affect the subsequent successful exit by increasing the fundraising scale of funds,but also increase the probability of subsequent successful exit by positively affecting the investment level.Finally,this paper further micro-examines the persistent effect of the initial success and finds that there is no persistent effect on the impact of the initial success on the subsequent successful exit,that is,it only plays a significant role in the second cycle,and when there are fewer initial success or the subsequent investment project has a long time interval between the initial investment project,the impact of the initial success is not significant.更多还原