| The start of venture capital in China is later than Western countries.China's venture capital market has gone through the budding stage from 1992 to 2008,the initial stage from 2009 to 2014,and the primary development stage from 2015 until now.In recent years,the number of venture capital management institutions in China has risen sharply,the scale of fund management is also expanding,and the project fields invested are also expanding,it has emerged that the supervision has been gradually improved since 2014 by the intervene of China Securities Investment Fund Industry Association.In addition,as the global climate is warming and pollution of environment problem,most countries have put great attention on environmental protection and energy conservation and innovative development.In China,the government also provides preferential taxation and supports through policy subsidies on the clean technology industry,Venture capital institutions are also keen to invest in clean technology companies.The analysis of this paper has several meanings: it has certain reference significance for VC institutions and investors investing in the clean technology industry.New and old VC institutions or institutional and individual investors can combine the research conclusions to make corresponding emphasis on their own investment environment layout and investment exit decisions;the research in this paper has certain reference significance and some guidance for the development of clean technology industry enterprises,in the course of company operation,enterprises should do a good job of strengthening technical reform,strengthening financial management,and improve their management capacity,and not expanding blindly,so that the company's performance may steadily increase;and ultimately benefit to the vigorous development of the clean technology industry.When the clean technology industry developing effectively,the pressure on environmental resources will be alleviated,so that our living environment such as air and water has been improved,and the pressure on resources such as coal and oil will also be alleviated.In this way,we can protect the basic conditions for our survival,it is a win-win situation.Finally,this paper show that Syndication is conducive to obtaining a better return,as the high-tech,large-scale,and high-precision professional qualifications of clean technology industry projects.In this paper,I have done the following work: because I am worked in a VC institution for equity management about clean technology,so I determined the research direction soon and then do the research and analysis under the guidance of my tutor.I have reviewed and summarized the existing research results such as the development status of venture capital,the factors affecting the return of venture capital,and the development of venture capital in the clean technology industry,and analyzed the development of the venture capital market in China and its investment in the clean technology industry,theoretically analyze each factor that affects the return on VC investment and do research hypothesis,through the platform of Qingke research center and Wind,I have collected a lot of samples,after the data screening and sorting,I used Stata for statistical description,correlation analysis and linear regression analysis.By Stata,I conducted empirical analysis of the sample data of 85 projects withdrawn by venture capital institutions in the clean technology industry in the past 10 years,it comes out several conclusions: First of all,the 85 samples of this empirical study were taken from the period of project exit from 2010 to 2020,including 23 samples before 2014,37 samples from 2015 to 2017,and the number of samples from 2018 to 2020 is 25;the regional distribution of the samples is mostly concentrated in Beijing,Shanghai,Guangzhou,Shenzhen and Zhejiang,Jiangsu areas,accounting for more than half of the total number of samples;the distribution of the secondary sub-industries is mainly concentrated in the field of environmental protection,and then new energy,the new material is the lowest,which has a certain relationship with the industry development cycle,sub-industry rotation development and policy preference in recent years.Secondly,the results show that the number of syndication has a significant positive correlation with the level of investment returns,and the results are particularly remarkable.The field of clean technology belongs to high-tech and highly specialized industries,and the size of such target companies is generally large.Multiple professional VC institutions participate is possible to find good target companies with higher quality and higher efficiency in the early stage of investment,and bring continuous strength to their subsequent development funds,while can provide more comprehensive value-added services for target companies.Thirdly,the results show that the investment scale has a relatively significant negative correlation with the level of return on investment.The reason may be that too much investment fund often leads to the lax development of the target company,or it may lead to the blind expansion of the target enterprise and the lack of development stamina and the inability to keep up with the management,which ultimately leads to the poor operation of the enterprise and thus discounts the return on venture capital.Finally,the results show that there is a negative correlation between the investment period and the return on venture capital,and existing researches have contradictory views on the research conclusions of this influencing factor.In practical terms,the fund life of general VC institutions is configured as an investment period of 3 years,a payback period of 3 years plus a year of liquidation,etc.,so the investment period will not be particularly long,and if the investment period is too long,it is easier to make a strategic investment poor operating management and uncertain development,which affects the investment returns of VC institutions. |
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