文档介绍：上海交通大学
硕士学位论文
我国政府背景风险投资机构的行为与绩效研究
姓名:蒋蔚
申请学位级别:硕士
专业:国际贸易
指导教师:奚俊芳;谈毅
20090131
上海交通大学硕士学位论文摘要
中国政府背景风险投资机构的行为与绩效研究

摘要
我国风险投资业经过二十多年的发展,目前我国风险投资仍处于初
级阶段。与美国、以色列等风险投资发达的国家无论从风险投资机构数
量、风险投资规模还是被投资的中小企业数量等方面都还存在很大差距。
从这点上看,政府作为本国风险投资业的领导者,其行为与绩效的关系
值得探讨。
本文在讨论了政府扶持风险投资的动因及国际比较、中国政府参与
风险投资的演变过程的基础上,重点实证分析了中国政府背景风险投资
机构的行为对绩效的影响。该实证从我国政府背景风险投资机构的成立
时间、资本总量、机构所在地、平均管理项目数、投资行业分散性、投
资阶段偏好及是否与民营、外资背景风险投资机构合作这 7 个角度提出
了 7 项假设,并以政府背景风险投资机构的加权内部收益率为因变量进
行回归模型的设计,得出了政府背景风险投资机构行为与绩效之间的关
系。本文的实证结果是成立时间、机构所在地、投资行业分散性、投资
阶段偏好和是否与民营、外资背景风险投资机构合作对政府背景风险投
资机构的绩效有显著影响。

关键词:风险投资,政府扶持,政府背景风险投资机构,行为,绩效
第 I 页
上海交通大学硕士学位论文 ABSTRACT

THE STUDY ON THE BEHAVIOR AND PERFORMANCE OF
PUBLIC VENTURE CAPITAL IN CHINA

ABSTRACT
After more than 20 years of development, by now venture capital in
China is still in the preliminary phase with little progresses. Compared to
developed venture capital in America and Israel, venture capital in China still
has a large gap in terms of numbers of anizations, scope and numbers
of invested small and medium-sized enterprises whatsoever. So it is worth to
study the behavior and performance of government VCs in China as the
Chinese government plays a leading role in venture capital.
First the dissertation discusses the Government's motives to supporting
venture capital and the parison on government's supporting.
Than follows the evolution of Chinese government's participating in the
venture capital process. On the basis of previous context, I make the empirical
analysis focused on the relationship between behavior and performance of the
Chinese government venture capital institutions. I put out 7 hypotheses and
than make a multiple regression to empirically investigate the above 7
influencing factors. The results suggest that the following factors have a
significant impact on the government VC performance: the age, the location,
the dispersion of target industry, investment s