风险投资的“风险-收益”特征国际比较及启示

International Comparison of VC's “Risk-Return” Characteristics and Its Corresponding Implications

通过梳理比较风险投资(VC)收益相关文献,探讨中、欧、美三地VC的"风险-收益"特征,得出以下结论与启示:(1)中国VC收益高于欧美同行却在"收益影响因素及其影响效果"上处于劣势,其源于中国较强的创新创业活力;(2)VC收益(至少在美国)总是高于同期股指收益,说明将VC作为一种另类资产纳入投资组合有助于改善组合绩效;(3)"高风险-高收益"特征在VC行业未得到证实,采用组合投资策略,挖掘企业内在价值才是VC持续获取高收益的根本途径。

By reviewing and comparing the literatures concerning the return to venture investment, this paper explores VC＇s ＂risk-return＂ characteristics in Europe, US and China. It draws the fol- lowing conclusions and inspirations： （1） China＇s VC industry is disadvantaged in terms of the influ- encing factors and the influenced results of earnings but earns much higher returns compared with its European and US counterparts, which attributes to the popular entrepreneurship and innovation in China; （2） the return to VC is always higher than that to stock index returns at the corresponding period （at least in the US）, which indicates taking VC as an alternative asset into portfolios can help to improve portfolio performance; （3） the ＂high-risk--high-return＂ feature is not confirmed in VC industry, which indicates that to adopt the portfolio diversification strategy and dig out the corporate intrinsic value are the basic paths to gain sustained high returns from VC.