创业投资A股上市退出回报的影响因素研究——基于以创投机构为投资对象的母基金的视角

摘要

本文从以创投机构为投资对象的母基金的视角出发,探究我国创投回报率及其影响因素之间的相关关系,旨在为母基金做投资决策时起参考作用.笔者收集了自2010年至2015年在A股上市的有创业投资机构参与的企业为样本,实证研究结果表明,创业投资的回报率与创投机构的声誉、投资规模以及投资期限显著负相关,与投资阶段显著正相关,与机构投资经验、股权性质、旗下是否有明星投资人、机构所在地、投资行业以及投资地域都没有显著的相关关系.%This paper explores the determinants that influence the VC return from a perspective of FOFs based on venture capital institutions. An empirical study is made for re-gression analysis of VC return determinants. Empirical results show that VC return rate is significantly negatively correlated with the reputation of venture capital institutions, investment scales and maturities, and significantly positively correlated with investment stage (the later stage VC enters, the higher return VC gets). There is no significant correlation between VC return rates and VC institutions investment experience, the background of VC institution, whether there's a star investor in it, institutional location, investment industry and investment areas.