本文選題：證券公司 + 風(fēng)險(xiǎn)投資　； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：本文旨在研究證券公司開展直投業(yè)務(wù)對被投資企業(yè)帶來的影響。文章按照上市公司在上市之前有無證券公司直投對樣本進(jìn)行分類,并通過均值檢驗(yàn),中位數(shù)檢驗(yàn)的方法進(jìn)行統(tǒng)計(jì)檢驗(yàn)。在此基礎(chǔ)上,文章進(jìn)一步以直投證券公司的特征值對樣本進(jìn)一步細(xì)分,研究了不同證券公司的特征值對被投資企業(yè)帶來的影響。 研究結(jié)果證實(shí)了證券公司的直接投資能夠給被投資企業(yè)帶來積極的長期股價(jià)回報(bào)率和優(yōu)秀的財(cái)務(wù)績效。通過對證券公司特征值的分類,進(jìn)一步證明了帶來積極長期股價(jià)回報(bào)率和優(yōu)秀財(cái)務(wù)績效的主要原因來自于證券公司強(qiáng)烈的市場認(rèn)證作用和優(yōu)異的金融服務(wù)能力。除此以外,研究通過對證券公司持股比例的研究也說明,證券公司的直投業(yè)務(wù)與風(fēng)險(xiǎn)投資公司類似,受到逆向選擇及作秀等作用的影響,表現(xiàn)出持股比例高的被投資企業(yè)短期內(nèi)績效的不理想化,為今后證券市場的管理者和投資者提供了參考和改良的依據(jù)。
[Abstract]:The purpose of this paper is to study the impact of direct investment business of securities companies on invested enterprises. This paper classifies the samples according to whether the listed company has direct investment before listing, and carries on the statistical test through the method of mean value test and median test. On this basis, the paper further subdivides the sample with the characteristic value of the direct investment securities company, and studies the influence of the characteristic value of the different securities company on the invested enterprise. The results show that the direct investment of securities companies can bring positive long-term return on stock price and excellent financial performance. By classifying the characteristic values of securities companies, it is further proved that the main reasons for the positive long-term stock price returns and excellent financial performance are the strong market certification and excellent financial service capability of securities companies. In addition, the research on the shareholding ratio of securities companies also shows that the direct investment business of securities companies is similar to that of venture capital companies, and is affected by adverse selection and performance. It shows that the short-term performance of the invested enterprises with high shareholding ratio is not idealized, which provides a reference and improvement basis for the managers and investors of the securities market in the future.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.39

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