我国创业投资的回报率及其影响因素

基于1999年到2003年间我国56个本土创业投资退出项目的数据,本文对我国创业投资退出项目的投资回报率及其影响因素进行了实证研究。结果表明:(1)国有创业投资机构退出项目的平均投资回报率显著低于非国有创业投资机构;(2)创业投资机构的资本规模与回报率呈显著负相关关系;(3)上海、深圳两地创业投资机构退出项目的回报率显著高于其他地区;(4)本土创业投资机构的从业时间、投资规模、投资周期、退出方式均与回报率没有显著相关关系。本文在此基础上提出了相关的政策建议。

Returns on Chinese Venture Capital Investment and Its Determinants

This paper analyses the relationship between the returns on venture capital investment of local venture capital (VC) firms in China and their determinants. It empirically assesses the significance of these factors using data from 1999 to 2003 with robust multinomial regression models. The result shows that the returns of state-owned VC firms are lower than those of private VC firms. Furthermore, the returns of the VC firms located in Shanghai and Shenzhen are higher than those in other regions. The capital scale of VC firms also negatively affects the returns. The above results give some insights into the development of venture capital industry in China. Some policy suggestions are provided.