中国互联网行业的风险投资与私募投资策略研究
发布时间：2021-10-20 05:59
本文专门针对中国互联网行业风险与私募投资策略进行研究,注重于如何发现早期的潜在成功投资机会。在此,本文做出了以下的核心贡献:首先,在对国内外关于识别企业成功与失败影响因素及其分析框架研究文献综述的基础上,结合对中国互联网行业的研究,提出针对中国互联网行业初创企业影响因素的理论模型,并以该模型作为基础来展开相应的研究。影响互联网企业的发展是多方面的:内部层面主要包括企业内部的战略、组织、文化、产品、以及作为领导团队核心人物同时也是整个企业的精神领袖的企业创始人。外部层面包括企业所在的整体环境,从宏观经济到基础设施、政策体系、技术发展水平、以及人才资源。企业的各个方面,从发展战略到日常运行都受到外部环境的制约。研发的产品最终的战略选择与推广方式取决于产品目标市场的结构与潜力。同时,对于互联网初创企业,投资方具有至关重要的位置。原因在于很多互联网企业在开始阶段除了团队和产品概念之外,还没有盈利能力。在这情况下,投资方不仅为企业提供资金让企业能正常运行,还提供人脉网络帮助企业找到更好的合作伙伴与发展渠道.现有研究所提出的模型主要针对传统行业,同时专注于企业某个具体方面,缺乏全面性和以及各方面之...
【文章来源】：北京交通大学北京市 211工程院校 教育部直属院校
【文章页数】：198 页
【学位级别】：博士
【文章目录】：
ACKNOWLEDGEMENTS
ABSTRACT
摘要
1 Introduction
1.1 Research Motivation
1.1.1 Significance of Chinese Internet Market
1.1.2 The Need for Financing in the Chinese Internet Market
1.1.3 Supportive Policies from Government
1.2 Research Objectives
1.3 Research Value
1.3.1 Theoretical Value
1.3.2 Practical Value
1.3.3 Novelty
1.4 Research Methodologies and Organization
1.4.1 Research Methodology
1.4.2 Research Organization
2 Literature Review
2.1 Definitions and Terms
2.1.1 Venture Capital
2.1.2 Private Equity
2.1.3 On the Difference between Venture Capital and Private Equity
2.1.4 Investment Process
2.2 Theoretical Basis
2.2.1 Porter’s Value Chain
2.2.2 Structural Holes
2.2.3 A proposed Framework for Startup Success Factors
2.2.4 The Central Role of Serial Entrepreneur Experience
2.3 Existing Research
2.3.1 Research about Venture Capital and Private Equity
2.3.2 Venture Capital and Private Equity in China
2.3.3 Chinese Internet Industry
2.3.4 Statistical Approaches towards Success
2.3.5 Serial Entrepreneurship and the Persistence of Success
3 VC&PE Environment in China’s Internet Industry
3.1 Chinese Investment Environment and Impacts on Venture Capital and Private Equity– a PESTLE View
3.1.1 China Economic Environment and Financial Markets
3.1.2 Investment Regulations and Impacts
3.1.3 Socio– Cultural Diversification
3.1.4 Development of Technology and Infrastructure
3.2 China’s Internet Industry:A SCP View
3.2.1 Overview of Chinese Internet Industry
3.2.2 Structure of Chinese Internet Industry
3.2.3 Conduct of Chinese Internet Industry
3.2.4 Performance of Chinese Internet Industry
3.3 Comparing Venture Backed Chinese Internet Industry Investments to Traditional Investments
3.3.1 Characteristics of Technology Investments Compared to Low-tech Investments
3.3.2 Specific challenges in the Chinese internet industry
4 Towards a Predictive Model for Startup Success
4.1 Research Question and Structure
4.2 Towards a Model for Determining Success Factors
4.2.1 Linear Regression
4.2.2 Logistic Regression
4.2.3 Decision Trees
4.2.4 Support Vector Machine
4.2.5 Neural Network
4.2.6 Model Selection
4.3 Success Factor Candidates
4.3.1 Headstart:Being the First in The Market
4.3.2 Location:Tier1 City
4.3.3 Platforms and Ecosystems:The Ability to Scale
4.3.4 Market Fragmentation
4.3.5 Relationships:First Investor as Top Investment Funds
4.3.6 Relationships:Acquisition or Investment by BAT
4.3.7 Time to First Investment
4.3.8 Founder Background:Returnees
4.3.9 Founder Background:Serial Founders
4.3.10 Founder Background:Education Level
4.3.11 Founder Background:University Ranking
4.3.12 Founder Background:Work Experience
4.3.13 Founder Background:Age when founding
4.3.14 Founder Background:Gender
4.4 Analysis of Success Factors and Predictive Model
4.4.1 Dataset and Descriptive Statistics
4.4.2 Logistic Regression and Odds of Success
4.4.3 Comparison of Prediction Models
5 Entrepreneurial Experience and Success Persistence
5.1 Serial Entrepreneurship and the Performance of Start-ups
5.2 Reseach Hypothesis
5.2.1 Impact of Previous Founding Experience on Subsequent Start-up Performance
5.2.2 Impact of Previous Industry Experience on the Performance of Subsequent Ventures
5.2.3 Impact of Previous Founding Experience on Fund-raising
5.3 Regression Model and Data
5.3.1 Regression Model
5.3.2 Research data
5.4 Regression Results
5.4.1 Impact of Previous Founding Experience on Subsequent Start-up Performance
5.4.2 Impact of Previous Industry Experience on Performance
5.4.3 Impact of Previous Founding Experience on Fund-raising
5.5 Persistence of Success:Conclusion
6 Recommendations and Conclusion
6.1 Findings
6.2 Policy Recommendations
6.2.1 For Investors
6.2.2 For Entrepreneurs
6.2.3 For Regulatory Bodies
6.3 Future Research
References
Author Introduction and Publications
学位论文数据集
本文编号：3446380
【文章来源】：北京交通大学北京市 211工程院校 教育部直属院校
【文章页数】：198 页
【学位级别】：博士
【文章目录】：
ACKNOWLEDGEMENTS
ABSTRACT
摘要
1 Introduction
1.1 Research Motivation
1.1.1 Significance of Chinese Internet Market
1.1.2 The Need for Financing in the Chinese Internet Market
1.1.3 Supportive Policies from Government
1.2 Research Objectives
1.3 Research Value
1.3.1 Theoretical Value
1.3.2 Practical Value
1.3.3 Novelty
1.4 Research Methodologies and Organization
1.4.1 Research Methodology
1.4.2 Research Organization
2 Literature Review
2.1 Definitions and Terms
2.1.1 Venture Capital
2.1.2 Private Equity
2.1.3 On the Difference between Venture Capital and Private Equity
2.1.4 Investment Process
2.2 Theoretical Basis
2.2.1 Porter’s Value Chain
2.2.2 Structural Holes
2.2.3 A proposed Framework for Startup Success Factors
2.2.4 The Central Role of Serial Entrepreneur Experience
2.3 Existing Research
2.3.1 Research about Venture Capital and Private Equity
2.3.2 Venture Capital and Private Equity in China
2.3.3 Chinese Internet Industry
2.3.4 Statistical Approaches towards Success
2.3.5 Serial Entrepreneurship and the Persistence of Success
3 VC&PE Environment in China’s Internet Industry
3.1 Chinese Investment Environment and Impacts on Venture Capital and Private Equity– a PESTLE View
3.1.1 China Economic Environment and Financial Markets
3.1.2 Investment Regulations and Impacts
3.1.3 Socio– Cultural Diversification
3.1.4 Development of Technology and Infrastructure
3.2 China’s Internet Industry:A SCP View
3.2.1 Overview of Chinese Internet Industry
3.2.2 Structure of Chinese Internet Industry
3.2.3 Conduct of Chinese Internet Industry
3.2.4 Performance of Chinese Internet Industry
3.3 Comparing Venture Backed Chinese Internet Industry Investments to Traditional Investments
3.3.1 Characteristics of Technology Investments Compared to Low-tech Investments
3.3.2 Specific challenges in the Chinese internet industry
4 Towards a Predictive Model for Startup Success
4.1 Research Question and Structure
4.2 Towards a Model for Determining Success Factors
4.2.1 Linear Regression
4.2.2 Logistic Regression
4.2.3 Decision Trees
4.2.4 Support Vector Machine
4.2.5 Neural Network
4.2.6 Model Selection
4.3 Success Factor Candidates
4.3.1 Headstart:Being the First in The Market
4.3.2 Location:Tier1 City
4.3.3 Platforms and Ecosystems:The Ability to Scale
4.3.4 Market Fragmentation
4.3.5 Relationships:First Investor as Top Investment Funds
4.3.6 Relationships:Acquisition or Investment by BAT
4.3.7 Time to First Investment
4.3.8 Founder Background:Returnees
4.3.9 Founder Background:Serial Founders
4.3.10 Founder Background:Education Level
4.3.11 Founder Background:University Ranking
4.3.12 Founder Background:Work Experience
4.3.13 Founder Background:Age when founding
4.3.14 Founder Background:Gender
4.4 Analysis of Success Factors and Predictive Model
4.4.1 Dataset and Descriptive Statistics
4.4.2 Logistic Regression and Odds of Success
4.4.3 Comparison of Prediction Models
5 Entrepreneurial Experience and Success Persistence
5.1 Serial Entrepreneurship and the Performance of Start-ups
5.2 Reseach Hypothesis
5.2.1 Impact of Previous Founding Experience on Subsequent Start-up Performance
5.2.2 Impact of Previous Industry Experience on the Performance of Subsequent Ventures
5.2.3 Impact of Previous Founding Experience on Fund-raising
5.3 Regression Model and Data
5.3.1 Regression Model
5.3.2 Research data
5.4 Regression Results
5.4.1 Impact of Previous Founding Experience on Subsequent Start-up Performance
5.4.2 Impact of Previous Industry Experience on Performance
5.4.3 Impact of Previous Founding Experience on Fund-raising
5.5 Persistence of Success:Conclusion
6 Recommendations and Conclusion
6.1 Findings
6.2 Policy Recommendations
6.2.1 For Investors
6.2.2 For Entrepreneurs
6.2.3 For Regulatory Bodies
6.3 Future Research
References
Author Introduction and Publications
学位论文数据集
本文编号：3446380
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