發(fā)布時(shí)間：2018-02-01 08:55

  本文關(guān)鍵詞： 私募股權(quán) 投資行為 融資行為　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

【摘要】：近年來，隨著私募股權(quán)基金在推動(dòng)全球經(jīng)濟(jì)發(fā)展中的作用日益突出，對(duì)之相關(guān)研究也繼而興起。目前有關(guān)該領(lǐng)域的研究更多的集中于對(duì)私募股權(quán)基金本身的研究，如私募股權(quán)基金概念的引入、方法比較、機(jī)理的剖析和政策探討；私募股權(quán)基金投資項(xiàng)目的選擇、退出、收益等的研究，，而對(duì)私募股權(quán)機(jī)構(gòu)在其投資的企業(yè)上市后所起的作用卻較少研究，且只是簡(jiǎn)單假設(shè)私募股權(quán)基金在公司IPO后就迅速退出了，其實(shí)在IPO后還有一定的鎖定期，并不是簡(jiǎn)單迅速退出。 本文在上述前提背景下，將私募股權(quán)機(jī)構(gòu)參與背景與上市公司投融資行為結(jié)合起來加以考慮，并輔以實(shí)證數(shù)據(jù)進(jìn)行分析，以期獲得有效結(jié)果。 通過選取2004—2011年間的上證、深證所有A股上市公司作為初始樣本，經(jīng)過一定條件的篩選后最終剩余938家上市公司共7504個(gè)樣本作為本文的數(shù)據(jù)分析基礎(chǔ)，并引入上市公司十大股東中的私募股權(quán)投資背景，將樣本公司分為有私募股權(quán)投資背景和無(wú)此背景的公司兩組，在以往研究上市公司投融資行為的模型的基礎(chǔ)上，加入該虛擬變量進(jìn)行一系列的回歸分析。最后還將私募股權(quán)投資機(jī)構(gòu)特征分為外資背景、聯(lián)合投資、聲譽(yù)及持股比例四部分并研究了該四種特征分別對(duì)上市公司行為的進(jìn)一步影響。 本文采用的方法是多元線性回歸模型分析，分別以過度投資、投資不足、融資額為因變量，選取公司部分特征、私募股權(quán)投資背景等為自變量，并控制年份、行業(yè)，進(jìn)行一系列的實(shí)證，最終得出以下結(jié)論：（1）私募股權(quán)投資背景會(huì)在一定程度上影響企業(yè)的投融資行為；（2）私募股權(quán)投資資本參與對(duì)調(diào)整后的企業(yè)短期有息債務(wù)融資額及外部權(quán)益額的影響依然在不同顯著性水平下顯著；（3）私募股權(quán)投資機(jī)構(gòu)的不同特征對(duì)上市公司投融資行為的影響程度不同。最后，根據(jù)這些結(jié)論，提出一些對(duì)上市公司及政府的建議，并指出本文的研究不足。
[Abstract]:In recent years, the role of private equity funds in promoting global economic development has become increasingly prominent. At present, the research in this field is more focused on the study of private equity fund itself, such as the introduction of the concept of private equity fund, method comparison, mechanism analysis and policy discussion; Private equity fund investment project selection, exit, income and other research, but private equity institutions in its investment after the listing of the role of enterprises is less studied. And simply assume that private equity funds quickly quit after the company IPO, in fact, there is a certain locking period after the IPO, is not a simple and rapid exit. In this paper, the background of private equity participation and listed companies' investment and financing behavior are considered, and the empirical data are used to analyze it in order to obtain effective results. By selecting the Shanghai Stock Exchange between 2004 and 2011, all the A-share listed companies of Shenzhen Stock Exchange are taken as the initial sample. After certain conditions of screening, the final remaining 938 listed companies a total of 7504 samples as the data analysis basis, and the introduction of listed companies among the ten shareholders of private equity investment background. The sample companies are divided into two groups: private equity investment background and non-private equity investment background. Based on the previous research on listed companies' investment and financing behavior model. Add this virtual variable to a series of regression analysis. Finally, the characteristics of private equity investment institutions are divided into foreign background, joint investment. The four parts of reputation and shareholding ratio study the further influence of these four characteristics on the behavior of listed companies. The method used in this paper is multivariate linear regression model analysis, with overinvestment, underinvestment, financing as dependent variables, select some characteristics of the company, private equity investment background as independent variables, and control year. Industry, a series of empirical, and finally draw the following conclusions: 1) the background of private equity investment will affect the investment and financing behavior of enterprises to a certain extent; (2) the influence of private equity investment capital participation on the amount of short-term interest-bearing debt financing and the amount of external equity of enterprises after adjustment is still significant at different significant levels; Finally, according to these conclusions, some suggestions to the listed companies and the government are put forward. And pointed out the insufficient research in this paper.
【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)】：F275;F832.51

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