本文關(guān)鍵詞：風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)板IPO抑價(jià)影響的實(shí)證研究　出處：《哈爾濱工業(yè)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：目前，國(guó)內(nèi)外關(guān)于風(fēng)險(xiǎn)投資對(duì)IPO影響的研究集中在風(fēng)險(xiǎn)投資的投資行為可能發(fā)揮的證明作用，篩選監(jiān)督作用，逆向選擇效應(yīng)和躁動(dòng)效應(yīng)，但風(fēng)險(xiǎn)投資對(duì)我國(guó)創(chuàng)業(yè)板市場(chǎng)存在何種作用或效應(yīng)的研究尚為空白。因此，本文著重對(duì)該問題進(jìn)行檢驗(yàn)，探究創(chuàng)業(yè)板市場(chǎng)存在何種風(fēng)險(xiǎn)投資作用或效應(yīng)。同時(shí)，引入有關(guān)風(fēng)險(xiǎn)投資的變量作為解釋變量，研究風(fēng)險(xiǎn)投資對(duì)我國(guó)創(chuàng)業(yè)板IPO抑價(jià)的影響。 本文首先對(duì)信息不對(duì)稱理論和風(fēng)險(xiǎn)投資的作用與效應(yīng)理論進(jìn)行了理論闡述和探討，并參考國(guó)外的經(jīng)典模型和我國(guó)資本市場(chǎng)的實(shí)際情況，設(shè)置了主要解釋變量和其他解釋變量以構(gòu)建多元線性回歸模型。其次，對(duì)風(fēng)險(xiǎn)投資總體發(fā)展情況、創(chuàng)業(yè)板IPO及風(fēng)險(xiǎn)投資和創(chuàng)業(yè)板IPO進(jìn)行了描述性統(tǒng)計(jì)。實(shí)證研究部分，采用均值差異性檢驗(yàn)的方法，對(duì)有無風(fēng)險(xiǎn)投資支持的IPO指標(biāo)進(jìn)行檢驗(yàn)，探究風(fēng)險(xiǎn)投資在創(chuàng)業(yè)板市場(chǎng)發(fā)揮何種效應(yīng)或作用；同時(shí)，根據(jù)先前構(gòu)建的模型，提取2009年10月30日到2011年6月30日期間在創(chuàng)業(yè)板登陸的236家上市公司的相關(guān)數(shù)據(jù)并進(jìn)行數(shù)據(jù)處理，應(yīng)用STATA軟件進(jìn)行多元線性回歸后得出：經(jīng)過IPO指標(biāo)的均值差異性檢驗(yàn)，風(fēng)險(xiǎn)投資的認(rèn)證作用和篩選作用在創(chuàng)業(yè)板市場(chǎng)沒有得到發(fā)揮，但創(chuàng)業(yè)板市場(chǎng)存在逆向選擇效應(yīng)和躁動(dòng)效應(yīng)。其次，在5%水平下，風(fēng)險(xiǎn)投資對(duì)IPO抑價(jià)率具有顯著影響，且呈現(xiàn)正相關(guān)關(guān)系。再次，風(fēng)險(xiǎn)投資的持股特點(diǎn)對(duì)IPO抑價(jià)率的影響不顯著。最后，在對(duì)118家創(chuàng)業(yè)板IPO的數(shù)據(jù)經(jīng)過篩選和處理，回歸結(jié)果發(fā)現(xiàn)，IPO所含風(fēng)險(xiǎn)投資的經(jīng)驗(yàn)和數(shù)量與IPO抑價(jià)率之間存在顯著負(fù)相關(guān)關(guān)系。
[Abstract]:At present, the domestic and foreign research on the impact of venture capital on IPO concentration that may play a role in the investment behavior of venture investment, screening supervision function, adverse selection effect and the effect of agitation, but what are the effects or effects on China's GEM market risk investment is still blank. Therefore, this paper focuses on the test the problem of the GEM market, what are the risks of investment or effect. At the same time, the introduction of investment risk variables as explanatory variables, affect the underpricing of venture capital investment in China's gem IPO.
The paper discusses firstly the theory and effect of the theory of information asymmetry theory and risk investment, the actual situation of the classical model and the reference of foreign and China's capital market, set up the main explanatory variables and other explanatory variables to construct multiple linear regression model. Secondly, the general situation of the development of venture capital, the gem IPO and the risk of investment and the gem IPO for descriptive statistics. The empirical research part, using the method of mean difference test, to test the IPO index has no risk investment support, explore the risk investment effect or play what role in the GEM market; at the same time, according to the previous model, from October 30, 2009 to June 30, 2011 period the relevant data of 236 listed companies in the gem landing and data processing, STATA software was used for multiple linear regression after that: After a mean difference of IPO index of inspection, certification and screening effect can not play a role of risk investment in the GEM market, but the GEM market has the adverse selection effect and agitation effect. Secondly, at the 5% level, risk investment has a significant impact on the rate of IPO Underpricing and price, showing a positive correlation. Thirdly, shareholding the characteristics of risk investment of IPO under pricing rate effect is not significant. Finally, in the 118 gem IPO data after screening and treatment, the regression results show that the IPO contained in the experience of risk investment and the number of IPO and suppression are significant negative correlation between the rate of price.

【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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本文編號(hào)：1433571