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An Empirical Study of China’s Venture Capital Exit Performance Affecting Factors

Author: YangLei
Tutor: XuChengMing
School: Nanjing University of Finance and Economics
Course: Finance
Keywords: Venture Capital exit performance Affecting Factors
CLC: F224
Type: Master's thesis
Year: 2010
Downloads: 353
Quote: 2
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Abstract


In recent years, the domestic venture capital industry has experienced rapid growth, expanding investment, but because of the final withdrawal of venture capital rates of return as a venture capital firm’s business secrets, so my question for the withdrawal of venture capital research mostly focused on policy recommended level, while the withdrawal of venture capital gains and its influencing factors is sparse.In view of this, this article of this issue a number of studies. Firstly, this paper, venture capital out of developed countries, venture capital returns on the theoretical and empirical research status and results. Secondly, the article analyzes the major developed countries, venture capital exit strategy options and present, China’s venture capital firm opt-out of the actual situation. Next, this paper, two aspects of micro-and macro-analysis of literature at home and abroad may be made by venture capital out of the various factors that influence earnings. Micro-factors raised the risk characteristics of investment in the industry, the risk characteristics of equity investments, venture capital process, and has been invested enterprises to manage and eventually quit the project and so on five aspects; macroeconomic factors put forward the business cycle and stock market cycle, venture capital inputs, the sources of venture capital, venture capital exit opportunity, business cultures and markets in different parts of the degree of development, government policy support, and other macroeconomic factors. And accordingly the theory at home and abroad to establish a venture capital out of the performance influencing factors model. Then filter the Shenzhen SME version of this paper meet the requirements of Article venture capital firm out of earnings data, China’s venture capital exit out of income and earnings related factors affect the empirical analysis. Finally, through empirical test results, comparing China’s venture capital out of income and differences in the results of empirical studies abroad, combined with my actual situation of the development of venture capital put forward the conclusions of this paper and the development of China’s venture capital policy recommendations.Empirical analysis of the article listed on the first day of an enterprise offering price as a benchmark to calculate the risk out of investing when the IPO proceeds, assuming that the time has been invested enterprises IPO exit for venture investment in time. Empirical results show that the exit of China’s Venture Capital IPO returns than other means of exit. Analysis found that article 7 of the selected explanatory variables (risk investment institutions engaged time, the amount of registered capital, the company location, venture capital cycle, the initial investment has been invested enterprises, the investment industry, stock cycle) of the regression model explanatory power is weak, its The main reason is the domestic venture capital market is still very immature in terms of the more developed countries, the investment rate of return subject to interference from many factors, there is no obvious regularity of form, and the article can not select all the right to withdraw the proceeds of an alternative variable as explanatory variables.The article is to systematically explained the innovations out of venture capital returns and its influencing factors, and using a larger sample, withdraw from China’s venture capital IPO proceeds of the empirical analysis. Article selected venture capital IPO of China’s SME board to withdraw the majority of the data, so empirical results more accurately reflect the withdrawal of domestic venture capital returns.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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