本文關(guān)鍵詞：風(fēng)險(xiǎn)投資參與對(duì)企業(yè)IPO抑價(jià)影響的實(shí)證研究　出處：《南京財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： IPO抑價(jià) 風(fēng)險(xiǎn)投資 風(fēng)險(xiǎn)投資機(jī)構(gòu)特征 聲譽(yù)效應(yīng)理論

【摘要】：IPO抑價(jià)問題被認(rèn)為是IPO研究領(lǐng)域三大研究課題之一。近年來，隨著我國(guó)風(fēng)險(xiǎn)投資的發(fā)展和創(chuàng)業(yè)板的推出，越來越多的風(fēng)險(xiǎn)投資機(jī)構(gòu)以公開上市的方式退出企業(yè)，國(guó)內(nèi)學(xué)者開始關(guān)注風(fēng)險(xiǎn)投資對(duì)IPO抑價(jià)的影響問題。 有鑒于此，本文根據(jù)聲譽(yù)效應(yīng)理論和認(rèn)證理論，提出5個(gè)研究假設(shè)，構(gòu)建多元回歸模型，從創(chuàng)業(yè)板和中小板兩個(gè)角度來研究風(fēng)險(xiǎn)投資參與對(duì)企業(yè)IPO抑價(jià)的影響。另外，還深入研究了風(fēng)險(xiǎn)投資機(jī)構(gòu)特征與IPO抑價(jià)的關(guān)系。本文選取2009年9月18日至2012年6月28日在創(chuàng)業(yè)板和中小板上市的664家公司的相關(guān)數(shù)據(jù)為研究樣本，包括上述664家公司的發(fā)行價(jià)和首日收盤價(jià)，以及參與投資的風(fēng)險(xiǎn)投資公司的特征（聲譽(yù)、股權(quán)性質(zhì)、投資期限、是否為聯(lián)合投資以及投資時(shí)被投資公司所處的發(fā)展階段）。研究得出以下結(jié)論： 第一，創(chuàng)業(yè)板市場(chǎng)和中小板市場(chǎng)中有風(fēng)險(xiǎn)投資機(jī)構(gòu)參與的企業(yè)IPO抑價(jià)率都較高，與聲譽(yù)效應(yīng)假說的結(jié)論一致。 第二，對(duì)聲譽(yù)效應(yīng)假說的進(jìn)一步驗(yàn)證，發(fā)現(xiàn)根據(jù)聲譽(yù)效應(yīng)假說推導(dǎo)出的假設(shè)并不完全適用于我國(guó)中小板和創(chuàng)業(yè)板，只是部分支持聲譽(yù)效應(yīng)假說。另外，中小板和創(chuàng)業(yè)板的結(jié)論也并不完全一致。 第三，創(chuàng)業(yè)板市場(chǎng)中低聲譽(yù)的風(fēng)險(xiǎn)投資機(jī)構(gòu)所投資的企業(yè)有較高的IPO抑價(jià)率。中小板市場(chǎng)中低聲譽(yù)、投資期限長(zhǎng)和投資時(shí)被投資企業(yè)處在早期的企業(yè)有較高的IPO抑價(jià)率。 第四，，股權(quán)性質(zhì)為外資的風(fēng)險(xiǎn)投資和聯(lián)合投資的風(fēng)險(xiǎn)投資機(jī)構(gòu)投資的企業(yè)抑價(jià)率更低這一假說沒有得到驗(yàn)證。
[Abstract]:IPO underpricing is regarded as one of the three research topics in the field of IPO. In recent years, with the development of venture capital and the launch of gem in China. More and more venture capital institutions withdraw from enterprises in the form of public listing. Domestic scholars begin to pay attention to the impact of venture capital on IPO underpricing. In view of this, according to the reputation effect theory and the certification theory, this paper puts forward five research hypotheses, constructs the multivariate regression model. From the growth enterprise board and small and medium-sized board to study the impact of venture capital participation on the IPO underpricing. The relationship between the characteristics of venture capital institutions and the underpricing of IPO is also studied in depth. This paper selects the relevant numbers of 664 companies listed on the gem and small and medium-sized boards from September 18th 2009 to June 28th 2012. According to the study sample. Including the above 664 companies' offering price and closing price on the first day, as well as the characteristics (reputation, equity nature, investment duration) of the venture capital company involved in the investment. Whether it is a joint investment and the stage of development in which the company was invested at the time of the investment. The study draws the following conclusions: Firstly, the IPO underpricing rate of venture capital institutions in gem market and small and medium-sized market is higher, which is consistent with the conclusion of reputation effect hypothesis. Second, the further verification of reputation effect hypothesis, we find that the assumption derived from reputation effect hypothesis is not fully applicable to the small and medium-sized boards and gem in China, but only partially supports the reputation effect hypothesis. The conclusion of medium and small board and gem is also not completely consistent. Third, the venture capital institutions with low reputation in the gem market have a high IPO underpricing rate. The enterprises with long investment term and early investment have higher IPO underpricing rate. In 4th, the hypothesis of lower underpricing rate of firms with equity nature of foreign venture capital and joint venture capital institution has not been verified.
【學(xué)位授予單位】：南京財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F832.48

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