宏观经济视域下风险投资绩效评价指标体系研究
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摘要
从宏观经济视域出发,建立一种全指标覆盖的风险投资绩效评价体系,并基于问卷调查和专家评估法选定宏观经济波动、风险资本供需、企业的成长性、技术创新能力、内部控制能力和企业财务状况等6个影响因素中的27个二级指标,初步建立风险绩效评价指标体系。通过移除干扰项评价指标后,建立更为全面、科学、合理的风险投资绩效评价指标体系,再基于AHP层次分析法确定每一个评价指标的重要性程度权重比例。结果显示,提出的风险投资绩效评价体系的评估结果相对于传统评估体系更为准确,也更趋近于真实的投资活动风险值。
From the macroeconomic perspective,this paper establishes a performance evaluation system of venture capital covered by all indicators. Based on questionnaire survey and expert evaluation method,27 secondary indicators of six influencing factors,namely macroeconomic fluctuation,supply and demand of venture capital,growth of enterprises,technological innovation ability,internal control ability and financial status of enterprises,are selected,and a preliminary risk performance evaluation index system is established. After removing the interference evaluation index,a more comprehensive,scientific and reasonable performance evaluation index system of venture capital is established,and then the weight proportion of each evaluation index's importance degree is determined based on AHP. The results show that the evaluation results of the proposed performance evaluation system of venture capital are more accurate than those of the traditional evaluation system,and tend to the real value of risk of investment activities.
From the macroeconomic perspective,this paper establishes a performance evaluation system of venture capital covered by all indicators. Based on questionnaire survey and expert evaluation method,27 secondary indicators of six influencing factors,namely macroeconomic fluctuation,supply and demand of venture capital,growth of enterprises,technological innovation ability,internal control ability and financial status of enterprises,are selected,and a preliminary risk performance evaluation index system is established. After removing the interference evaluation index,a more comprehensive,scientific and reasonable performance evaluation index system of venture capital is established,and then the weight proportion of each evaluation index's importance degree is determined based on AHP. The results show that the evaluation results of the proposed performance evaluation system of venture capital are more accurate than those of the traditional evaluation system,and tend to the real value of risk of investment activities.
引文
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[10]张子余.我国企业IT投资对审计决策的影响及机理研究[J].中南财经政法大学学报,2017(3):24-30.
[11]冯照桢,温军,刘庆岩.风险投资与技术创新的非线性关系研究——基于省级数据的PSTR分析[J].产业经济研究,2016(2):32-42.
[2]董静,汪立,吴友.地理距离与风险投资策略选择——兼论市场环境与机构特质的调节作用[J].南开管理评论,2017,20(2):4-16.
[3]齐绍洲,张倩,王班班.新能源企业创新的市场化激励——基于风险投资和企业专利数据的研究[J].中国工业经济,2017(12):95-112.
[4]董静,汪江平,翟海燕,等.服务还是监控:风险投资机构对创业企业的管理——行业专长与不确定性的视角[J].管理世界,2017(6):82-103.
[5]吴萌.风险企业家考虑公平关切的风险投资多阶段激励模型[J].管理工程学报,2016,30(3):72-80.
[6]刘凤娟,司言武.互联网融资模式及风险管理剖析——第一产业中小微企业创新视角[J].财会月刊,2017(9):115-119.
[7]吴斌,刘灿辉,史建梁.政府背景、高管人力资本特征与风险投资企业成长能力:基于典型相关方法的中小板市场经验证据[J].会计研究,2011(7):78-84.
[8]黄孝武.风险投资者与风险投资企业间的激励约束机制初探[J].财贸经济,2002(1):38-41.
[9]汪爽,彭正银,郭晓彤.联合风险投资网络能提升企业投资效率吗——基于创业板数据的PSM回归分析[J].财经理论与实践,2018(1):56-62.
[10]张子余.我国企业IT投资对审计决策的影响及机理研究[J].中南财经政法大学学报,2017(3):24-30.
[11]冯照桢,温军,刘庆岩.风险投资与技术创新的非线性关系研究——基于省级数据的PSTR分析[J].产业经济研究,2016(2):32-42.