Loading...
venture investment return and its influence factors analysis
Guo, Yunlong
Guo, Yunlong
Citations
Altmetric:
Genre
Thesis/Dissertation
Date
2025-05
Advisor
Committee member
Group
Department
Global Finance
Permanent link to this record
Collections
Files
Research Projects
Organizational Units
Journal Issue
DOI
https://doi.org/10.34944/v3bb-0t07
Abstract
In 1998, "Several Opinions on Accelerating the Development of Venture Capital in China" set off an upsurge of venture capital activities in our country. Twenty years of ups and downs have brought about a qualitative leap in China's venture capital industry in its tortuous progress. Scholars at domestic and abroad have researched China's venture capital. However, most are qualitative research, and quantitative research is less, especially for venture capital return and its influencing factors. There still needs to be more systematic theoretical and empirical research. This dissertation combines normative and empirical analysis to count the investment and financing situation of Chinese listed companies before listing and to study the factors that affect the return on investment, which makes up for the need for more research by domestic and foreign scholars in this area.
The research method of this dissertation adopts a combination of theory and demonstration: first, this dissertation reviews the previous research literature, uses information asymmetry theory and principal-agent theory to analyze, and then puts forward the relevant hypotheses of this dissertation. Secondly, this paper first analyzes the proportion of high investment returns. However, due to the small sample size of high investment return, the data results are specific and the number of financing projects at different stages is different. Therefore, we also compare and analyze the proportion of high investment return in different stages and the proportion of low investment return in different stages. From this, we can observe which categories are more likely to have high investment returns. Finally, binary logistic regression is used to analyze the factors that affect the return on investment. The sample size of the data in this paper is 1144, including seven variables including investment stage, nature of major shareholders, age and education of actual controller, industry and region to which the enterprise belongs, listed sector of the enterprise and post-investment valuation. The research finds that each variable has different impacts on investment return. Through the analysis of the factors affecting the high return on investment, we can see that the nature of major shareholders, the age and education of the real controller, the industry of the enterprise, the valuation of the investment, and the listed sector will have an impact on the return on investment. This shows that when making investment decisions, investment institutions need to comprehensively consider factors such as corporate governance, leadership quality, industry selection, valuation rationality and listed sectors, so as to comprehensively evaluate investment risks and return potential and improve the return on investment. It is found that the factors affecting the investment return of the early and middle period are quite different from those of the late period. Among them, the four variables of the actual controller's education and age, the listed sector and the post-investment valuation are still significant. However, the impact of industry and region on investment return is not significant, and early investment is more oriented to value investment. Whether it is manufacturing or service industry, it pays more attention to the differentiation and innovation of enterprises. Therefore, the impact of industry and region on investment return is not the core consideration. For the later projects, the enterprise has a stable cash flow, and its valuation is more accurate, so the impact of post-investment valuation on investment return is no longer significant. These findings highlight the different factors that affect venture capital returns and provide important recommendations for governments and investment institutions.
Description
Citation
Citation to related work
Has part
ADA compliance
For Americans with Disabilities Act (ADA) accommodation, including help with reading this content, please contact scholarshare@temple.edu