风险资本、战略变革对企业绩效的影响

 基于目前复杂多变的市场环境，企业的生存发展空间压缩严重，绝大多数企业对于自身生存，持续经营需要资金链的支持，一旦企业资金链断裂，其所面对的下一步就是破产。一个企业就好比一个人，维持人体活动的基本方式就是血液的流动，对于企业，资金的流动就是其生存的能量。在现行的市场经济中，企业一旦面临资金短缺的问题时，银行贷款、风险资本都是其不可或缺的融资来源。目前的银行放贷要求多，其门槛相较于风险资本是更高的。尤其是对中小型企业，中小型企业初期由于自身企业规模不大信用等级不高，从银行贷款的额度不高。风险资本就是其获取资金的较好的途径。与此同时，风险资本也是Pre-IPO项目的重要推手。目前大多数对于风险资本的研究更多的集中于Pre-IPO项目中，风险资本的选择集中于有良好的发展前途，企业自身潜力巨大，更容易推动企业更上一层楼的。当企业成功上市后，风险资本也就渐渐退出上市企业获得最大利润。
与此同时，环境更加复杂，企业间的竞争加剧，生存发展压力剧增。企业管理者所需要面对的问题更加复杂多变，俗话说：商场如战场，商机瞬息万变。清晰的发展方向，适合的发展战略，都是针对管理者的考验。企业发展的关键在于其对未来长期的发展战略定位，这是决定企业绩效好坏的关键。优秀的企业战略是对整个企业进一步发展有着促进作用的。
本文将采用案例研究的方式，以上市公司蒙牛集团为样本，通过对蒙牛集团自2004年香港上市后2004年至2016年年报整理、汇集、处理、分析，深入探讨风险资本、战略变革对于企业绩效的影响。

关键词：风险资本；战略变革；企业绩效

VENTURE CAPITAL
STRATEGIC CHANGE
IMPACT ON ENTERPRISE PERFORMANCE
Abstract：
Based on the complex and changeable market environment, enterprise's survival and development space compression is serious, the majority companies for their own survivals and continuing operations need the support of the capital chain, once the enterprise’s capital chain ruptures, what the company faces next is to go bankrupt. It is just like a person, an enterprise looks like a human.Human activity is based on the blood flow, for the enterprise, the cash flow of money is the power of its survival. In the current market economy, enterprises once faced a serious shortage of funds, bank loans and venture capital are the indispensable source of funding. At present, there are a lot of bank lending requirements, which are higher than venture capital,especially for small and medium enterprises. Due to their credit level is not high, loans from the bank credit is not high. Venture capital is a better way to gain funds. At the same time, venture capital is also a important driving force of the Pre-IPO project. Most current for venture capital research more focused on Pre-IPO project, the choice of venture capital focuses on the companies who have well development trend, their own potential is tremendous,.The ventral capital can promote the enterprises to the next level easily.

At the same time, the environment is more complex, the survival and development pressure surge. Enterprise managers have to face more complicated problems. As the saying goes: market like battlefield. Business opportunities chang rapidly. The clear development direction and suitable development strateg will test managers. The key to enterprise’s long-term development is strategy, which determines enterprise’s performance good or bad. Excellent strategies will promote the whole enterprise.
This article will adopt the way of case study to China Mengniu Dairy Company Limited as a sample of listed companies, through the company’s annual reports from Year 2004 to Year 2106 from sorting, collection, processing, analysising, to explore the venture capital, strategic change effect on the corporate performance.
Key words: Venture Capital；Strategic Change；Enterprise Performance

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