创业投资项目回报率及其影响因子研究——以创业板上市公司为例

Research on Return Rate of Venture Capital Projects and Influencing Factors: Taking China's Growth Enterprise Market as Example

以有创投背景的创业板上市公司为研究样本,选取了146个数据齐全的投资案例,对我国创业投资项目回报率及其影响因子进行了描述性统计、相关性分析和回归分析。研究结果表明,代表投资方案设计的投资周期、初始投资额、初始投资股权比例、被投资项目所处行业的四因素对投资回报率具有显著影响;代表投资机构投资经验和实力的从业时间、注册地、管理基金规模、历史投资案例数、历史退出案例数的五因素对投资回报率没有显著影响,说明创投机构的历史投资经验和积累对投资回报率的影响并没有表现出规律性的关系,这一结论将对完善我国资本市场提供借鉴。

This paper takes the GEM listed companies with venture capital background as research samples and selects 146 investment cases with full data to make the descriptive statistics, correlation analysis and regression analysis on the return rate of venture capital projects in China and the influencing factors. The research results show that the factors on behalf of the investment program, including the investment cycle, the initial investment, the initial investment stake, the the industry of the investment projects, have a significant impact on the return rate of investment （ROI） and the factors on behalf of the experience and strength of institutional investors, including the time of existing, the location of registration, the size of the management of the Fund, the historical investment case, the history of exit cases, have no significant effect on the return rate of investment, which indicates that the previous investment experience and accumulation have presented no significant impact on the ROI. The research conclu- sion will be of good reference to improving China＇s capital market.