I
摘 要
首先分析跨国风险投资机构在华的投资特征，利用能力资源整合理论分析其在中国的
发展战略。其次，分析跨国风险投资在华发展战略对我国风险投资过程中涉及的主要要素
产生的影响，找出衡量上述影响的具体指标，构建评价指标体系。然后搜集相关数据，利
用因子分析法分析 2002～2011 年外国风险投资活动对我国风险投资产生的影响。从理论上
和实证上证实了跨国风险投资机构在华发展战略对我国风险投资产生的总影响为正，该影
响先逐渐增加后逐渐减小，并在此基础上提出完善我国风险投资环境、进一步鼓励跨国风
险投资机构来华投资，增强本土机构实力的建议。该文采用的研究方法包括理论分析与实
证分析结合法，比较研究法和定性分析与定量分析结合法等，从微观角度分析了跨国风险
投资在华发展战略对我国风险投资业的影响，丰富了该领域的理论体系，为我国规范和引
导跨国风险资本进入提供了科学理论和方法指导，为我国风险投资业健康发展提供了针对
性的策略和建议

关键词：跨国风险投资，在华发展战略，我国风险投资，影响，因子分析杭州电子科技大学硕士学位论文
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ABSTRACT
Firstly, it analyzes the characteristics in China of cross-border venture capital investment
companies, then uses the strategic resource integration theory to analyze the development
strategies in China of it. Secondly, it analyzes the effects of cross-border venture capital
companies’ strategies on the main elements involved in the investment process, then find some
specific indicators to estimate all the effects, and build an evaluation system. Then collect the
relevant data from 2002 to 2011, and make a deep analysis in those effects with the method of
factor analysis. Theoretically and empirically it finds that the total effects of cross-border venture
capital companies’ strategies on the venture capital industry of our country are positive, and the
effects increase gradually in the first few years and decrease gradually in recent years. On this
basis put forward some suggestions for improving the venture capital investment environment so
that it can encourage cross-border venture capital investment companies to invest in China, and
enhancing the strength of local venture capital investment companies. The research methods used
in this paper include: approach combining theoretical and empirical analysis, comparison research,
qualitative analysis and quantitative analysis. This paper is to analyze the effect of cross-border
venture capital companies’ strategies on the venture capital participant in microscopic angle, it
riches the theoretical system in this field. It provides scientific theories and method guidance for
regulating and guiding the inflows of cross-border venture capital, and provides targeted
strategies and recommendations for the development of China’s venture capital industry.
Keywords: cross-border venture capital investment, the development strategies in China,
venture capital industry of our country, effects, factor analysis