基于企业IPO的我国创业投资机构投资效率评价——以最佳创业城市四强为例  

Efficiency Evaluation of China's Venture Capital Institute Investment Based on IPO: Evidence from the Four Best Entrepreneurial Cities

作　　者：董沛武[1] 叶晨[1] 仝荣伟 

机构地区：[1]北京理工大学管理与经济学院

出　　处：《科学决策》2015年第6期18-33,共16页Scientific Decision Making

摘　　要：被孵化企业IPO是创业投资成功与否的一个重要标志,本文据此研究创业投资机构的投资效率问题。以2014年我国最佳创业城市四强为研究对象,分别选取创业投资机构的投资输入和企业的投资输出变量,运用DEA方法计算得到各项效率值,判断其投资是否有效,并通过交叉效率对其做出有效性的完全排序。研究发现,上海市创业投资机构的投资效率最高,均值达0.9817,深圳、杭州、北京依次减小,最小也达0.9003,创业投资机构的自身资质和投资规模是影响其投资有效性的重要因素,在保证资金供应的同时,企业的经营管理也应得到充分的关注。本文研究从投资输出的角度去验证投资输入的效率问题,为创业投资机构的效率提升和战略调整提供借鉴。Incubated enterprises' IPO is an important symbol of whether Venture Capital institute is successful or not,based on this,this paper tries to study the investment efficiency of Venture Capital institute. This paper takes four best entrepreneurial cities at 2014 as example,respectively choses investment input variables from Venture Capital institute and output variables from enterprises,then gets each efficiency value by DEA,with which Venture Capital institute could be decided whether efficiency or not,besides,they are ranked completely with cross efficiency value. This study finds that Venture Capital institute of Shanghai ranks the first,whose average efficiency is 0. 9817,and Shenzhen,Hangzhou,Beijing decreases in order,but the minimum reaches0. 9003,besides,the qualifications and investment scale of Venture Capital institute are important influencing factors in its investment efficiency,and Venture Capital institute should also focus on the management of enterprises besides supporting enough money. This paper uses investment output variables to test the efficiency of input variables,and this is a good reference to both promoting the efficiency of Venture Capital institute and its investment strategy adjustment.

关 键 词：IPO 创业投资效率 DEA 交叉效率 

分 类 号：F279.2[经济管理—企业管理]