企业家学者项目以成就新商业文明思想者和引领者为愿景，打造极具前沿性和系统性课程，以框架模块、聚焦模块、专题研究+实践课堂等三大核心为课程主轴，整合全球优质教育资源。课程涵盖2大金融主题与4大微观主题，探索6大宏观方向，定制化行业专题，走访行业内领军企业，旨在帮助同学们实现“理解 - 判断 - 实践 - 引领”的跨越式发展与提升，成为新商业文明的先行者。孙子强同学经过完整的体系化学习与研究，迈进了探索真知的新格局和新高度。

本次论文答辩，来自长江商学院和新加坡管理大学（SMU）的教授们共同见证了孙子强同学的学术成果。

孙子强 | 风险投资对创业企业经营绩效的影响研究

▇ 论文摘要：

风险投资不仅可以实现自身的资本增值，而且能够促进创业企业发展，助推高新技术产业勃兴，因此具有明显的正外部性。随着风险投资在中国的发展，风险资本对创业企业经营绩效的影响关系日益受到广泛关注。

本文以风险投资对创业企业经营绩效的影响作为研究对象，从问题导出、实证关系、原因和效应分析、对策建议等角度进行了深入分析，主要研究内容包括：

一是导论部分。对研究背景、目的意义、研究方法、技术路线等进行分析，对研究对象、风险投资与创业企业经营绩效影响的相关理论以及国内外相关文献进行综述，对国内外风险投资发展历程进行比较分析，引出本文的研究问题。

二是实证分析部分。利用中国创业板上市公司公开数据，对风险投资影响创业企业经营绩效进行实证关系分析，得出相关结论，指出逆向选择是形成这些影响关系的主要原因，并进行了深入的讨论。

三是原因和效应分析部分。主要阐述了风险投资过程中的风险偏好市场化选择、信息不对称、委托——代理机制等逆向选择形成原因，并分析了利用逆向选择提升创业企业获取风险投资的可能性、柠檬市场、估值泡沫等逆向选择效应。

四是对策分析部分。基于风险投资与创业企业经营绩效的相互影响关系，提出了针对风险资本、创业企业和资本市场其它参与各方的对策和建议，以此深化本文研究的应用价值。

本文实证分析表明，风险投资和创业企业经营绩效之间总体上具有负相关关系，主要是由于逆向选择效应引起的。这一结论对于风险资本、创业企业和资本市场其它参与各方加强策略应对具有积极的实践指导价值。

陈龙教授与孙子强

▇ Abstract：

Venture investment can not only realize its own capital appreciation, but also promote the development of startups and boost the development of high-tech industries; therefore, it has obvious positive externalities. With the development of venture investment in China, the impact of venture capital on the operating performance of startups gradually attracts widespread attention.

This paper investigates the impact of venture investment on the operating performance of startups and conducts an in-depth discussion on the problem formulation, empirical relationship, cause and effect analysis, and countermeasure suggestions. The main research contents include:

The first part is the introduction, which analyzes the research background, purpose and significance, research methodology, technical routes, etc., reviews the relevant theories of research objects, the impact of venture investment on operating performance of startups, and relevant literature at home and abroad, and compares and analyzes the development processes of venture investment at home and abroad, in order to lead to the research problems of this paper.

The second part is the empirical analysis, which uses the public data of Chinese GEM listed companies to conduct an empirical analysis of the impact of venture investment on the operating performance of startups and draw relevant conclusions, pointing out that adverse selection is the main reason for the formation of these impact relationships and conducting an in-depth discussion.

孙子强同学在企业家学者项目课堂上

The third part is the cause and effect analysis, which mainly elaborates the causes of the market selection of risk appetite, information asymmetry, and principal-agent mechanism for adverse selection, and analyzes the adverse selection effects of the possibility of increasing venture investment for startups, lemon market, and valuation bubble by making use of adverse selection.

The fourth part is the countermeasure analysis, which puts forward countermeasures and recommendations for venture capital, startups, and other participants in the capital market based on the mutual impact between venture investment and operating performance of startups in order to deepen the application value of this paper.

The empirical analysis of this paper demonstrates that the venture investment is negatively correlated with the operating performance of startups due to the adverse selection. This conclusion has positive practical guidance value for the venture capital, startups and other participants in the capital market to strengthen their strategic responses.

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合影

论文答辩顺利结束，至此，孙子强同学已经圆满完成了他在企业家学者项目的全部学习课程。经过五年的课程学习与实践，孙子强同学对管理学有了更为深刻的认识。期待他带着在企业家学者项目的满满收获，在未来继续践行新商业文明，为行业的发展提供无限助力！