本文選題：風(fēng)險(xiǎn)投資 + 創(chuàng)業(yè)板上市公司�。� 參考：《遼寧大學(xué)》2013年碩士論文

【摘要】：自2009年10月我國深圳創(chuàng)業(yè)板成立以來,具有創(chuàng)新和高成長性的高新技術(shù)企業(yè)，包括部分有風(fēng)險(xiǎn)投資支持的企業(yè)得以在創(chuàng)業(yè)板這個(gè)市場公開上市,國內(nèi)風(fēng)險(xiǎn)投資因此也增多了一個(gè)退出渠道的選擇。風(fēng)險(xiǎn)投資作為一種新型的融資方式，不僅為中小企業(yè)的發(fā)展提供了資金支持，而且促進(jìn)了一批科技技術(shù)型企業(yè)甚至是整個(gè)行業(yè)的發(fā)展。風(fēng)險(xiǎn)投資的快速發(fā)展使得風(fēng)險(xiǎn)投資的微觀行為以及其作用成為理論界的一個(gè)重要課題而備受關(guān)注。 本文通過分析風(fēng)險(xiǎn)投資與創(chuàng)業(yè)板上市企業(yè)之間的影響關(guān)系，提出風(fēng)險(xiǎn)投資對(duì)上市企業(yè)的內(nèi)在價(jià)值和外在價(jià)值影響兩方面作用的研究假說。以創(chuàng)業(yè)板上市公司為研究樣本，通過實(shí)證研究證明風(fēng)險(xiǎn)投資對(duì)被投資企業(yè)的作用是否具有顯著性，結(jié)合實(shí)證結(jié)論探討其影響的原因，并提出了相應(yīng)的政策建議。 文章首先簡要概述選題背景和研究問題，總結(jié)國內(nèi)外關(guān)于風(fēng)險(xiǎn)投資作用的文獻(xiàn)，確立本文的研究方法與內(nèi)容安排以及創(chuàng)新之處。然后通過分析國內(nèi)風(fēng)險(xiǎn)投資和創(chuàng)業(yè)板發(fā)展現(xiàn)狀，理論上闡明風(fēng)險(xiǎn)投資介入企業(yè)的利弊分析，并在前人研究基礎(chǔ)上探討了風(fēng)險(xiǎn)投資的功能及其作用。作為權(quán)益資本的參與者，風(fēng)險(xiǎn)投資家為了獲得預(yù)期投資收益、降低代理成本，通常通過在投資前項(xiàng)目篩選、投資后參與監(jiān)督管理中提供價(jià)值增值性服務(wù)來提高被投資企業(yè)的內(nèi)在價(jià)值。另一方面，在資本市場上，風(fēng)險(xiǎn)投資提供認(rèn)證監(jiān)督功能，或?yàn)榱司S護(hù)自身聲譽(yù)而培育和扶持企業(yè)上市，從而提高被投資企業(yè)的市場價(jià)值。 接著，文章以創(chuàng)業(yè)板中的281家上市公司為樣本，并對(duì)樣本數(shù)據(jù)進(jìn)行了均值和多元逐步回歸檢驗(yàn)，，檢驗(yàn)結(jié)果認(rèn)為有風(fēng)險(xiǎn)投資支持與無風(fēng)險(xiǎn)投資支持的上市公司在IPO折價(jià)率、發(fā)行三個(gè)月后收益率、發(fā)行市盈率、托賓Q值以及上市前后四年財(cái)務(wù)績效等方面差異性并不顯著。多元回歸結(jié)論也認(rèn)為與風(fēng)險(xiǎn)投資相關(guān)的指標(biāo)對(duì)企業(yè)價(jià)值的影響也并不顯著。本文實(shí)證檢驗(yàn)結(jié)果不支持風(fēng)險(xiǎn)投資的認(rèn)證/監(jiān)督的理論。 最后，在理論和實(shí)證分析的基礎(chǔ)上針對(duì)實(shí)證結(jié)果，分析了出現(xiàn)這種結(jié)論的原因。并根據(jù)原因提出相應(yīng)的政策建議。對(duì)加大發(fā)展我國風(fēng)險(xiǎn)投資事業(yè)、完善多層次資本市場，促進(jìn)我國中小企業(yè)的發(fā)展具有重要的參考意義。
[Abstract]:Since the establishment of the Shenzhen gem in October 2009, high-tech enterprises with innovation and high growth, including some enterprises with venture capital support, have been listed on the gem. Domestic venture capital has thus increased the choice of an exit channel. As a new type of financing, venture capital not only provides financial support for the development of small and medium-sized enterprises, but also promotes the development of a number of scientific and technological enterprises or even the whole industry. With the rapid development of venture capital, the microcosmic behavior and its function of venture capital have become an important subject in theory. Based on the analysis of the relationship between venture capital and gem listed enterprises, this paper puts forward the hypothesis of the influence of venture capital on the internal value and external value of listed enterprises. Taking the listed companies on the gem as the research sample, this paper proves whether the role of venture capital to the invested enterprises is significant or not through empirical research, discusses the reasons for its influence combined with the empirical conclusions, and puts forward the corresponding policy recommendations. Firstly, this paper briefly summarizes the background and research issues of the topic, summarizes the domestic and foreign literature on the role of venture capital, and establishes the research method, content arrangement and innovation of this paper. Then, by analyzing the current situation of venture capital and growth enterprise market in China, this paper theoretically clarifies the advantages and disadvantages of venture capital intervention in enterprises, and discusses the function and function of venture capital on the basis of previous studies. As participants in equity capital, venture capitalists usually filter through pre-investment projects in order to achieve expected investment returns and reduce agency costs. After investment participate in supervision and management to provide value-added services to enhance the intrinsic value of invested enterprises. On the other hand, in the capital market, venture capital provides the function of certification and supervision, or cultivates and supports the listing of enterprises in order to maintain their own reputation, so as to improve the market value of the invested enterprises. Then, the paper takes 281 listed companies in gem as the sample, and carries on the average and the multivariate stepwise regression test to the sample data, the test result thinks that the IPO discount rate of the listed companies with venture capital support and no venture capital support, There are no significant differences in three months' yield, P / E ratio, Tobin Q value and four years financial performance before and after listing. Multiple regression conclusion also concluded that the impact of venture capital related indicators on corporate value is not significant. The empirical results of this paper do not support the theory of certification / supervision of venture capital. Finally, on the basis of theoretical and empirical analysis, this paper analyzes the reasons for this conclusion. And according to the reasons put forward the corresponding policy recommendations. It is of great significance for the development of venture capital in China, the improvement of multi-level capital market and the development of small and medium-sized enterprises in China.
【學(xué)位授予單位】：遼寧大學(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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