风险投资的影响因素分析——以宏福控股集团有限公司为例【摘要】风险投资（VentureCapital）是一种对成长中初创企业进行的股权投资，属于一种长周期且高风险高收益并存的投资。风险投资已经为很多国家的技术创新、就业改善、经济增长提供了重要动力。而风险投资很容易受到一些因素的影响，如政策、经济、投资机构、创业者、行业等，且风险投资市场一旦受到影响，国家经济、技术等方面在一定程度上就会受到抑制。所以，研究风险投资的影响因素，有利于风险投资市场健康、规范地发展。本文主要从理论研究和实证分析两个方面进行研究探讨。首先根据已有文献，对现有研究进行整理归纳。另外，实证分析方面根据所收集的经济增长、货币供应、宏观经济景气指数、行业融资规模等数据，进行多元回归分析，最后结合实际案例分析，证明上述因素对风险投资的影响，给出对于投资机构主体在经济的正逆周期，能够调整各变量，相对应的采取措施来应对资本寒冬，亦或是能够不盲目跟风、扰乱市场。【关键词】风险投资，宏观因素，投资机构，多元回归，资本寒冬IAnalysisoftheFactorsAffectingVentureCapital——TakingHongfuHoldingGroupCo.,Ltd.asanexample【Abstract】VentureCapitalisanequityinvestmentinagrowingstart-upthatbelongstoalong-term,high-risk,high-yieldinvestment.Venturecapitalhasprovidedanimportantimpetusfortechnologicalinnovation,employmentimprovement,andeconomicgrowthinmanycountries.Venturecapitaliseasilyaffectedbyfactorssuchaspolicies,economics,investmentinstitutions,entrepreneurs,andindustries.Oncetheventurecapitalmarketisaffected,thecountry'seconomyandtechnologywillbesuppressedtosomeextent.Therefore,studyingtheinfluencingfactorsofventurecapitalisconducivetothehealthyandstandardizeddevelopmentoftheventurecapitalmarket.Thispapermainlystudiesandstudiesfromtwoaspects:theoreticalresearchandempiricalanalysis.First,accordingtotheexistingliterature,theexistingresearchissummarized.Inaddition,theempiricalanalysisisbasedonthecollectedeconomicgrowth,moneysupply,macroeconomicsentimentindex,industryfinancingscaleandotherdata,multivariateregressionanalysis,andfinallycombinedwithactualcaseanalysistoprovetheimpactoftheabovefactorsonventurecapital,givinginvestmentInthepositiveandnegativecycleoftheeconomy,themainbodyoftheinstitutioncanadjustthevariables,takecorrespondingmeasurestodealwiththecoldwinter,orbeabletofollowthetrendblindlyanddisruptthemarket.【KeyWords】Venturecapital，macrofactors，investmentinstitutions，multiplereturns，capitalwinterII目录引言......................................................................................................................................1一、风险投资简介..............................................................................................................1（一）风险投资的内涵...............................................................................................1（二）风险投资的运行...............................................................................................11．筹资阶段..........................................................................................................22．投资阶段..........................................................................................................23．退出阶段..........................................................................................................4（三）风险投资发展现状及特征...............................................................................5二、风险投资影响因素理论分析..............................................................
