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风险投资自1946年出现以来,在美国、欧洲和亚洲都得到了快速的发展,成长为以高风险、高收益为特征,专门投资处于高新技术领域、具有巨大发展潜力、无法从传统融资渠道获得资本的工商企业。风险投资不仅为企业提供资金,同时能够提供内部管理、外部市场开拓等服务,对企业经营起到监督管理作用,为创业公司提供战略规划、人际沟通、社会资源网络等方面的后续管理服务。在我国的许多上市企业背后也有风险投资的助推,而中小企业板和创业板的上市也为风险投资的退出铺平了道路。风险投资是否能为企业带来如上面所说的利益呢?在各国的实证结果不尽相同。由于风险投资促进企业发展的过程是一个多输入和多输出的复杂系统,对这种复杂系统进行绩效研究,DEA方法有其独特的优势,因此,本文将浅析如何利用DEA分析风险投资对中小企业业绩的影响。
Venture capital has enjoyed rapid growth in the United States, Europe and Asia since its emergence in 1946 and has grown into a high-risk, high-yielding venture with specialized investments in high-tech areas that have great potential for growth and are unable to obtain from traditional sources of financing Capital of the business. Venture capital not only provides funds for enterprises, but also provides internal management, external market development and other services, plays a supervisory role in the operation of enterprises, and provides start-up companies with follow-up management services in strategic planning, interpersonal communication and social resources networks. Many listed companies in China are also behind the venture capital boost, while the SME board and the GEM listing also paved the way for the exit of venture capital. Venture capital can bring the benefits mentioned above? The empirical results in different countries vary. Because the process of venture capital to promote enterprise development is a multi-input and multi-output complex system, DEA has its unique advantages for performance study on this complex system. Therefore, this article will analyze how to use DEA to analyze the risk of small and medium- The impact of business performance.