本文選題：風(fēng)險投資　切入點：創(chuàng)業(yè)板　出處：《廣東財經(jīng)大學(xué)》2013年碩士論文

【摘要】：2009年10月30日，，創(chuàng)業(yè)板的順利推出，不僅為具有發(fā)展?jié)摿Φ男屡d中小企業(yè)在資本市場上市開辟了道路，而且為投資者將資金投資于資本市場提供了便利。創(chuàng)業(yè)板最初的高股價、高市盈率、高融資額，不僅使其成為名副其實的“造富板”，也使許多投資于上市前企業(yè)的風(fēng)險投資得到了巨大的投資回報。由于IPO是風(fēng)險資本的最優(yōu)退出方式，風(fēng)險資本在其持股企業(yè)的IPO過程中發(fā)揮著重要的作用。 關(guān)于風(fēng)險投資的參與對企業(yè)IPO影響作用的研究，主要有兩種不同的理論：一種是正面影響，代表模型是認證/監(jiān)督模型；另外一種是負面影響，代表模型是逆向選擇/嘩眾取寵模型。認證/監(jiān)督理論認為風(fēng)險投資參與的企業(yè)經(jīng)營績效更好，IPO發(fā)行費用和IPO抑價率更低，而且風(fēng)險投資的參與能夠有效降低IPO效應(yīng)。逆向選擇/嘩眾取寵理論認為風(fēng)險投資參與的企業(yè)經(jīng)營績效更差，IPO發(fā)行費用和IPO抑價率更高，原因是風(fēng)險投資機構(gòu)發(fā)展并不成熟，往往為了建立自己的聲譽和籌集資金的壓力，而將被投資企業(yè)過早上市。然而，這些理論是否成立，有待于通過創(chuàng)業(yè)板上市企業(yè)在上市前后的表現(xiàn)進行驗證。 本文選取2010年6月30日——2012年6月30日在深圳證券交易所創(chuàng)業(yè)板上市的242家公司為研究樣本，共計242家企業(yè)。利用描述性統(tǒng)計、相關(guān)性分析、逐步線性回歸分析等方法分析兩個方面的內(nèi)容：（1）風(fēng)險投資對支持企業(yè)IPO前后的各財務(wù)指標，以及上市企業(yè)的IPO效應(yīng)有什么影響，從盈利能力、償債能力、成長能力、營運能力來考察實際影響情況。（2）風(fēng)險投資參與在創(chuàng)業(yè)板IPO中是否具有認證作用，風(fēng)險投資支持企業(yè)的IPO費用和IPO抑價率，和無風(fēng)險投資支持企業(yè)相比有什么區(qū)別。 研究發(fā)現(xiàn)風(fēng)險投資對創(chuàng)業(yè)板企業(yè)IPO之前的經(jīng)營業(yè)績影響不明顯，IPO之后上市公司的業(yè)績出現(xiàn)了顯著的下降，但有風(fēng)險投資支持的企業(yè)比沒有風(fēng)險投資支持的企業(yè)下降的少，風(fēng)險投資能夠降低上市公司IPO效應(yīng)的程度。在IPO費用和IPO抑價率方面，風(fēng)險投資支持企業(yè)比無風(fēng)險投資支持企業(yè)更低。這說明我國風(fēng)險投資在一定程度上起到了認證/監(jiān)督作用，但是在經(jīng)營績效方面影響不明顯，可能和我國風(fēng)險投資行業(yè)發(fā)展不成熟有關(guān)。
[Abstract]:On October 30, 2009, the successful launch of the gem not only opened the way for the emerging small and medium-sized enterprises with development potential to list in the capital market, but also provided convenience for investors to invest their funds in the capital market.The initial high stock price, high price-earnings ratio and high financing amount of gem not only make it a "rich board", but also make a lot of venture investment in pre-listed enterprises get a huge return on investment.Because IPO is the optimal exit method of venture capital, venture capital plays an important role in the process of IPO of its shareholding enterprises.There are two different theories on the effect of venture capital participation on IPO: one is positive effect, the other is certification / supervision model, the other is negative effect.The representative model is the reverse selection / grandstanding model.The certification / supervision theory holds that the venture capital participating enterprises have better operating performance and lower IPO fees and IPO underpricing, and the participation of venture capital can effectively reduce the IPO effect.The theory of adverse selection / grandstanding holds that the enterprises participating in venture capital have lower operating performance and higher IPO fees and IPO underpricing rate, because venture capital institutions are not mature and are often under pressure to build their own reputation and raise funds.And will be invested in the early listing of enterprises.However, whether these theories hold true or not remains to be verified by the performance of gem listed enterprises before and after listing.In this paper, 242 companies listed on the gem of Shenzhen Stock Exchange from June 30, 2010 to June 30, 2012 are selected as the research sample, a total of 242 enterprises.Using descriptive statistics, correlation analysis, stepwise linear regression analysis and other methods to analyze the two aspects of the content: 1) how the venture capital affects the financial indexes before and after supporting the IPO and the IPO effect of the listed enterprises.Ability to repay debt, ability to grow, ability to operate to investigate the actual impact. 2) Venture capital participation in the gem IPO has the role of certification, venture capital to support the IPO costs and IPO underpricing rate,What is the difference with venture-free investment-backed firms?The study found that venture capital had no obvious effect on the performance of IPO before gem. However, the companies with venture capital support declined less than those without venture capital support.Venture capital can reduce the IPO effect of listed companies.In terms of IPO fees and IPO underpricing, venture capital-backed firms are lower than VC-backed firms.This indicates that venture capital in China has played a role of certification / supervision to a certain extent, but the impact on business performance is not obvious, which may have something to do with the immature development of venture capital industry in China.
【學(xué)位授予單位】：廣東財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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