本文關(guān)鍵詞：私募股權(quán)投資對(duì)企業(yè)IPO抑價(jià)及上市后長(zhǎng)期績(jī)效的影響　出處：《華中科技大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：私募股權(quán)投資(Private Equity, PE)作為發(fā)達(dá)金融市場(chǎng)的產(chǎn)物在資本市場(chǎng)上扮演著越來(lái)越重要的角色，尤其對(duì)于高新科技產(chǎn)業(yè)一直起到良好的推動(dòng)作用。近年來(lái)，私募股權(quán)投資成為我國(guó)資本市場(chǎng)的新興事物，其快速的發(fā)展給我國(guó)金融市場(chǎng)帶來(lái)了新的活力。 國(guó)外學(xué)者早在20世紀(jì)90年代便開(kāi)始探究PE對(duì)企業(yè)的影響，其中PE對(duì)股票首次發(fā)行上市（Initial Public Offering，IPO）功效的研究則是重要的課題之一，他們以不同資本市場(chǎng)樣本作為研究對(duì)象，得出結(jié)論不盡相同，這些研究可總結(jié)為四個(gè)經(jīng)典假說(shuō)，即認(rèn)為PE對(duì)企業(yè)上市具有積極作用的“認(rèn)證功效”假說(shuō)、“篩選/監(jiān)督功效”假說(shuō)，認(rèn)為PE介入企業(yè)帶來(lái)消極作用的“逆向選擇”與“逐名假說(shuō)”；然而，我們更希望知道PE對(duì)我國(guó)企業(yè)IPO過(guò)程中起到積極還是消極作用，，被投企業(yè)上市后的表現(xiàn)又是如何，相對(duì)于國(guó)外研究的深入性，我國(guó)學(xué)者對(duì)這一問(wèn)題的關(guān)注還只是剛剛起步，本文便是對(duì)上述兩個(gè)問(wèn)題的探討、解答。 本文利用我國(guó)中小企業(yè)板2004-2011年以及創(chuàng)業(yè)板2009-2011年上市公司數(shù)據(jù)，將數(shù)據(jù)按是否有PE背景分為兩組對(duì)PE功效進(jìn)行實(shí)證檢驗(yàn)。發(fā)現(xiàn)在我國(guó)，PE并沒(méi)有發(fā)揮“認(rèn)證功效”，即并未有效降低發(fā)行方與投資人的信息不對(duì)稱，兩組樣本IPO抑價(jià)率沒(méi)有明顯差異；在2008年以前的樣本中PE背景企業(yè)質(zhì)量顯著好于非PE背景企業(yè)，而在創(chuàng)業(yè)板與2009年以后中小企業(yè)板的樣本中并未發(fā)現(xiàn)顯著差異，說(shuō)明PE只是部分地發(fā)揮“篩選功效”； 在對(duì)上市企業(yè)IPO后長(zhǎng)期表現(xiàn)進(jìn)行回歸分析時(shí)，發(fā)現(xiàn)PE與非PE組在長(zhǎng)期表現(xiàn)上并沒(méi)有顯著差異，說(shuō)明PE并未有效發(fā)揮其“監(jiān)督功效”；而樣本檢驗(yàn)結(jié)果亦未滿足“逆向選擇”與“逐名假說(shuō)”。這說(shuō)明我國(guó)資本市場(chǎng)和PE行業(yè)還存在其自身的特殊性，并不能簡(jiǎn)單的直接運(yùn)用國(guó)外已有理論，由于股權(quán)分置、二級(jí)市場(chǎng)的投機(jī)行為以及PE從業(yè)經(jīng)驗(yàn)與組織形式的變化，我國(guó)PE市場(chǎng)有著更為復(fù)雜的環(huán)境，總之，PE并未發(fā)揮其應(yīng)有的作用。本文提出完善與同一PE行業(yè)監(jiān)管法規(guī)、建立聲譽(yù)評(píng)價(jià)體系以及擇時(shí)引入PE等政策建議。
[Abstract]:Private equity investment (Private Equity PE) as a result of developed financial markets in the capital market plays an increasingly important role, especially for the high-tech industry has played a good role. In recent years, private equity investment has become a new thing in China's capital market, its rapid development brings new vitality the financial market in China.
Foreign scholars began to explore the impact of PE on enterprise in early 1990s, the IPO of PE (Initial Public Offering, IPO) efficacy study is one of the important issues in the capital market, their different samples as the research object, the conclusion is not the same, these studies can be summarized as four classical hypothesis. That PE of listed companies has a positive effect on "certification effect" hypothesis, "screening / monitoring function" hypothesis, that the intervention of PE enterprise to bring the negative effects of "adverse selection" and "grandstanding hypothesis"; however, we want to know the PE of Chinese enterprises in the process of IPO play a positive or negative role investment companies, the performance of listed and how deep relative to the studies abroad, Chinese scholars focus on this issue is just at the starting point, this paper is to discuss the above two questions Answer.
According to China's SME board and GEM listed companies 2004-2011 data in 2009-2011 data according to whether the background of PE is divided into two groups to carry out an empirical test of the PE effect. Found in China, PE did not play "certification effect", which did not reduce the information asymmetry of issuers and investors, two group there was no significant difference between sample IPO under pricing; in 2008 the previous sample in PE background enterprise quality is significantly better than non PE companies in the background, with the gem in 2009 after the board of small and medium-sized enterprises in the sample did not find significant differences, indicating that PE is only part of its screening effect";
In the long-term performance of listed companies after IPO regression analysis, found that PE and non PE group in the long-term performance and no significant difference, indicating that PE did not play its function of supervision "; and sample test result does not meet the" adverse selection "and" grandstanding hypothesis ". This shows that China's capital market and the PE industry also has its own particularity, and not simply the direct use of foreign theories, due to the non tradable shares, the two secondary market speculation and the change of PE experience and the form of organization, the PE market in China has a more complex environment, however, PE did not play its due role. This paper puts forward the improvement and supervision of the same PE industry regulations, build a reputation evaluation system and timing of the introduction of PE and other policy recommendations.

【學(xué)位授予單位】：華中科技大學(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)：1378768