作为风险投资的主体之一一一风险投资机构,在风险投资的发展中起
着关键性的桥梁作用,是连接风险资本与风险项目的重要纽带。由于我国
风险投资起步较晚,学术界关于风险投资机构的研究仍处于探索阶段,主
要研究点聚焦于风险投资机构的运行机制、内部治理和风险管理等多方
面,但对于风险投资机构的具体财务绩效方面的研宄较少。鉴于此,本文
选择了风险投资公司作为研宄对象,从财务绩效考评的角度进行实证研
宄,这对于认识和分析风险投资公司自身问题所在,以及指导风险投资公
司的经营管理都具有一定的指导意义
本文通过阅读文献,研宄了风险投资、风险投资公司的特点以及运作
模式,构建了从募资能力、营运能力、盈利能力和风险管理能力四方面评
价风险投资公司财务绩效的指标体系,并采用因子分析法对样本指标数据
进行分析,提取公共因子,写出因子表达式,依据因子表达式对选取的公
司财务绩效四方面的能力水平进行了评价。然后采用熵值法确定了各项指
标权重,突出了评价风险公司财务绩效应关注的重要方面,写出了综合得
分表达式,并计算出了样本公司的财务绩效综合得分,进行了排名。本文
建立的指标体系以及进行的实证研究,使风险公司的财务绩效评价更加简
洁、方便、准确,对风险投资公司的财务绩效管理和内部治理也具有发现
问题及警示风险的作用。最后提出了实施财务绩效考评体系的具体措施与
应该注意的问题
关键词风险投资公司财务绩效因子分析熵值法 EMPIRICAL RESEARCH ON FINANCIAL
PERFORMANCE OF VENTURE CAPITAL FIRMS
ABSTRACT
Venture capital is a interest game between investors,venture capital
institution and invested company,which is a kind of financial innovation. This
model plays an important role in promoting the capital flow of the economic
market, the development of high-tech industry and the perfection of the
financial system. In current economic environment,in order to support
innovation and entrepreneurship activities,our government requires a lot of
capital investment,which provides a good opportunity for the development of
venture capital.At present, the development of venture capital industry in China
is in full swing and becomes more and more extensive.The enterprise service,
cultural media, e-commerce and mobile Internet have become important
investment fields. In addition,venture capital flows fast, and the valuation of
investment projects are also more and more rational. So venture it is gaining
more and more attention from theoretical and practical circles.
Venture capital institution, is an important link between venture
capitals and risk projects. As the venture capital started late in China,the
process of academic community researching on venture capital institution is
still in the exploratory stage. The main research focus on the operational
mechanism of venture capital institution, internal governance and other aspects,
but involving few in the specific financial performance of it. In view of this, the
article chooses the venture capital company as the research object, carries on
the empirical research from the finance performance appraisal angle. And it is
helpful to know and analyze the problem of venture capital company, and to
guide the operation and management of it.
Firstly, based on the literature review, this paper studies the
characteristics of venture capital and venture capital firms, and builds an index
system to evaluate the financial performance of venture capital firms from four
aspects: fund raising ability, operating ability, profitability ability and risk management ability. Secondly, the paper analyzes the sample data based on
factor analysis,which includes extracting the common factors,writing out
factor expressions and evaluating the financial performance of the selected
companies according to these factor expressions. Thirdly, the paper calculates
the weight of the index by entropy method,which can highlight the important
aspects of evaluating the financial performance of venture capital companies.
Finally, the paper writes out a comprehensive score expression and calculates
the comprehensive scores of the financial performance of sample companies
according to it, and ranks them. Overall, this paper has established the index
system and carried on the empirical research,which makes the evaluation of
financial performance for venture capital firms more concise, convenient and
accurate, and also has the function of warning the risk and discovering the
problem of venture capital.in t, this e end ,the paper puts forward the specific
measures and what problems should be paid attention to in the
implementation of the financial performance evaluation system, mainly on the
financial risk management.
KEYWORDS venture capital firms financial performance factor
analysis entropy method
I 目录
rn-m mit i
i.i研究背景与意义1.1.1研宄背景1. 1.2研宄意义1.2研宄思路与方法1.2. 1研宄思路1.2.2研宄方法1.3研宄内容与创新点1.3. 1研宄内容L 3. 2本文创新点1.4本章小结第二章文献综述2.1风险投资与风险投资公司概念2.1.1风险投资的概念2. 1.2风险投资公司相关概念2.2风险投资公司绩效评价研宄现状2.2. 1国外关于风险投资公司绩效评价研宄综述2.2.2国内关于风险投资公司绩效评价研宄综述2.3风险投资公司绩效评价研究现状评述2.4本章小结第三章风险投资公司财务绩效评价指标体系建立3. 1风险投资公司财务绩效评价指标体系建立原则3.1.1科学性原则3.1.2适用性原则3.1.3可比性原则3. 1.4重要性原则3.2风险投资公司财务绩效指标体系的建立3.2. 1募资能力评价指标3.2.2营运能力评价指标I 3.2.3盈利能力评价指标3. 2. 4风险管理能力评价指标3. 3本章小结
21
第四章风险投资公司财务绩效考评实证研究
23
4. 1样本选取与处理
23
4. 1. 1样本选取
23
4. 1.2样本数据标准化处理
23
4. 1.3样本描述
23
4. 2财务绩效考评方法
24
4.2. 1因子分析法原理介绍
24
4.2. 2熵值法原理介绍
26
4.3实证研宄过程
27
4. 3. 1适应性检验
27
4.3.2提取公因子
27
4.3. 3因子旋转
32
4.3.4因子评分
33
4.‘3. 5熵值法确认指标权重
35
4.4本章小结
38
第五章风险投资公司财务绩效考评体系实施
39
5. 1财务绩效考评体系实施的重要性
39
5. 1. 1 募资风险
39
5. 1.2投资风险
40
5. 1. 3退资风险
40
5. 2财务绩效考评体系实施措施
41
5.2. 1进行财务信息系统化分析
41
5. 2. 2建立财务预警机制
42
5. 2. 3进行财务风险管理
42
5.3财务绩效考评体系实施需注意的问题
43
5。3. 1定期完善财务评价指标体系
43
5. 3. 2注意微观分析与宏观分析相结合
43
5. 3. 3注意财务分析与业务分析相结合
44
5. 4本章小结
44
第六章结论与展望
45
II 6. 1主要研宄结果
45
6.2需要进一步研究的问题
46
参考文献 47
附■录 50
附录1风险投资公司列表
50
附录2标准化数据
51
附录3熵值法计算指标权重过程
54
Sctf 55
攻读学位期间发表的学术论文目录
56
in
第一章绪论
第一章绪论
1.1研究背景与意义
1.1.1研究背景
回顾我国GDP发展历史,2010年GDP增速10.4%,2011年为9.3%, 2012年为
7.8%,2013年为7.7%, 2014年为7.4%, 2015年第一二季度近一步下滑至IJ 7.0%,由
此可以看出我国经济增速正在放缓,“超高速增长时代”己然结束,正在迈入增长放
缓而寻求稳定增长的“新常态”。目前,我国经济正处于向新常态过渡的关键时期,
需要寻找经济发展的新动力。因此,中央领导提出要释放改革红利、推进结构创新、
强化创新驱动(简而言之,改革、转型、创新)
创新作为经济发展新动力之一,其重要性不言而喻。通过推动技术创新产业,引
导经济转型,可以节约成本,开拓市场,增强企业竞争优势,提高企业的经济效益,
实现经济的可持续发展。然而创新需要资本的支持,因此,从国外引入的风险投资(也
称创业投资)对中国经济的发展就显得越来越重要。自1985年我国第一家风险投资机
构中国高科技创业公司成立以来,风险投资已得到较大的发展
2000年和2001年是我国风
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