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创投与创业企业的稳定匹配关系着创投市场的稳定与发展。本文用双边匹配理论分析了创投与企业的具体匹配情况,并以创投机构支持的创业板公司为样本进行了实证研究。结果发现:总体上声誉好、实力强的创投机构匹配的企业业绩好,显著偏好政策的支持;创投联合投资的企业业绩和市后回报率比创投单独投资的企业要差,但声誉好的创投单独投资和创投强强联合投资时匹配的企业业绩和回报率最好。表明创投与企业间存在稳定有效的匹配,创投市场的运行效率较好。进一步研究发现,企业的市场竞争力和技术水平、企业家的责任心、创投的综合实力水平等特征指标与匹配价值显著正相关;创投持股比和联合投资指标与匹配价值显著负相关,而且业绩好、市后回报率高的企业对应的创投持股比和联合投资情况都比较适中,表明创投的适度支持有利于共同价值的提升。
The stable match between venture capital and start-up enterprises is related to the stability and development of venture capital market. This paper analyzes the specific matching of venture capital and firm with bilateral matching theory and conducts empirical research with the sample of GEM companies supported by venture capital firms. The results showed that: Generally speaking, enterprises with good reputation and strong venture capital institutions performed well and obviously favored the support of policies; the performance of enterprises with VC investment and the returns after the market were worse than those with independent investment by VC, but the reputation Good venture investment alone and venture capital investment strength matching the best corporate performance and return. It indicates that there is a stable and effective match between venture capital and enterprises, and the efficiency of venture capital market is better. Further study found that the enterprise market competitiveness and technological level, entrepreneurial sense of responsibility, the overall strength of venture capital and other characteristics of indicators and matching value was significantly positively correlated; venture capital holding ratio and joint investment indicators and matching value was significantly negatively correlated , And good performance, the high rate of return after the enterprise corresponding venture capital holdings and joint venture investment situation are more moderate, indicating that the modest support of venture capital is conducive to the promotion of common values.