【作者】 尚士雄；

【导师】 安实；

【作者基本信息】 哈尔滨工业大学 ， 金融学， 2006， 硕士

【摘要】 风险投资(Venture Capital)是指由职业金融家投入到新兴的、迅速发展的、有巨大竞争潜力的企业中的一种权益资本。风险投资行业成为二十世纪中后期以来最为引人注目的投资领域之一。1985年“中国新技术创业投资公司”的成立标志着我国开始正式涉足这一领域。目前我国已有300多家创业(风险)投资企业,约200多亿元的资本,风险投资已经在我国经济中扮演着越来越重要的角色,已经成为高科技产业发展的推进器和催化剂。本文首先介绍了风险投资的概念,并基于资本、效率的概念界定了资本配置效率的概念,即资本在不同的企业、产业或地区间的分布及其变化所带来的影响。然后根据资本配置效率的概念界定从产业结构层面上阐述了风险投资对资本配置效率的影响机制。其次,对风险投资资本配置效率进行测度与分析。先建立了风险投资地区资本配置效率的非参数测度模型,对风险投资资本地区资本配置效率的技术效率与规模效率进行了定量化分析,模型应用我国2004年各地区的风险投资基本数据,得到了我国各地区的风险投资资本配置效率的综合评价。本文还对中外风险投资目标行业进行了比较分析,研究了中外风险投资目标行业的差异。最后,针对我国风险投资行业资本配置效率的现状,提出了优化我国风险投资业资本配置效率的相关对策建议。更多还原

【Abstract】 Venture Capital is a kind of equity capital which is invested by professionals into emerging and rapid-growth enterprises with huge competitive potentials. Venture capital industry has become one of the most significant industries since mid- and late-21st century. The establishment of China New Technology Venture Capital Company is the symbol of the first step of China into this field. So far, there have been over 300 venture enterprises in China with more than RMB 20 billion capital. Venture Capital is playing a more and more important role in China’s economy and also becoming the driver and catalyst of high-tech industry.In the first place, this paper introduce the concepts about venture capital and define the capital allocation efficiency based on the concepts of capital and efficiency, which is the different influence of capital on different enterprises, industries and regions. Then we demonstrate the influence mechanism of the venture capital on capital allocation efficiency from the aspects of industry structure. Next, we measure and analyze the allocation efficiency of venture capital. We constructs a model to measure the venture capital in different regions and use the data in 2004 to measure the technological efficiency and scale efficiency of the venture capital. With the computation, we achieve a comprehensive evaluation of China’s venture capital allocation efficiency. Besides, we also make a comparison of the venture capital in different industries. Finally, as to the defects of China’s venture capital allocation, we propose several suggestion and policies to improve the venture capital allocation efficiency in China.更多还原