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摘要投融资是公司的重要经营活动，且投融资效率低已成为制约我国上市公司健康持续发展的首要问题。近年来，受我国诸多积极财政政策的支持，风险投资机构在数量和资产上都得到了极大的发展。在这巨大发展的背后，风险投资机构产生愈发重要的影响，其中焦点就在风险投资机构与上市公司之间。不同类别的风险投资机构自身所具备的专业知识在数量和质量上都不相同，因此采取的相应的投融资策略也不相同，本文从我国风险投资机构整体发展的角度出发，用实证的方法分析其对上市公司投融资效率的影响，为相关监督管理机构政策制定提供参考，同时为上市公司决策者在进行投融资活动时提供理论依据。43566
本文在国内现有相关文献的基础上，分别从理论方面和实证方面，对风险投资机构和投融资效率之间的关系进行深入探讨。实证研究发现：第一，风险投资机构整体持股比例高，会给上市公司投融资效率带来负面影响；第二，风险投资机构长期持股有助于提高上市公司投融资效率。
毕业论文关键词：风险投资机构；持股比例；投融资效率
Research on the Impact of Venture Capital Institutions on the Investment and Financing Efficiency of Listing Corporations
Abstract Investment and financing is an important business activity of the company, and the low investment and financing efficiency has become the main problem that restricts the healthy and sustainable development of listing Corporation in our country. In recent years, with the support of many active fiscal policies in China, venture capital institutions have been greatly developed in both quantity and assets. Behind this huge development, venture capital institutions have become more and more important, which focus on the risk of investment institutions and listing Corporation. Different categories of risk investment institutions have their expertise in quantity and quality are not the same, so take the corresponding investment and financing strategy is not the same, this paper from the perspective of the overall development of China venture capital institutions of empirical method is used to analysis the influence of listed company financing efficiency and investment efficiency, provide a reference for the development of the institutional policies related to supervision and management, and decision-making of Listed Companies in the investment and financing activities provide a theoretical basis for.
On the basis of the existing related literatures, this paper discusses the relationship between venture capital investment institutions and investment and financing efficiency from the aspects of theory and empirical analysis. Empirical study found: first, risk investment institutions overall shareholding high, to the listed company investment and financing efficiency brought about negative effects; second, risk investment institutions holdings of long-term help to improve listed companies financing efficiency and investment efficiency.
Key Words: Venture Capital Institutions Shareholding Ratio Investment and Financing Efficiency
目 录
摘要Ⅰ
Abstract-Ⅱ
目录Ⅲ
一、绪论1
（一）研究背景及意义-1
1.研究背景1
2.研究意义1
（二）文献综述-1
（三）相关概念的界定-2
1. 风险投资机构的界定-2
2. 投融资效率的界定-2
（四）研究方法-2
（五）研究框架及创新点-2
1.研究框架2
2.创新点及不足3
二、研究假设及研究选择4
（一）研究假设4
（二）样本选择4
（三）研究方法选择5
1.投融资效率的度量5
2.风险投资机构整体持股比例与投融资效率5