本文選題：風(fēng)險(xiǎn)投資　切入點(diǎn)：風(fēng)險(xiǎn)企業(yè)　出處：《安徽財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：我國(guó)風(fēng)險(xiǎn)企業(yè)的發(fā)展是中小企業(yè)板和創(chuàng)業(yè)板市場(chǎng)發(fā)展的主要推動(dòng)力,同時(shí)也是高科技轉(zhuǎn)化為生產(chǎn)力的重要載體,但是有限的金融融資渠道卻限制了我國(guó)風(fēng)險(xiǎn)企業(yè)的進(jìn)一步發(fā)展。值得慶幸的是風(fēng)險(xiǎn)投資的產(chǎn)生與發(fā)展有效的促進(jìn)了風(fēng)險(xiǎn)企業(yè)的成長(zhǎng),它以權(quán)益投資的方式將風(fēng)險(xiǎn)企業(yè)與資本市場(chǎng)緊密的銜接在一起。風(fēng)險(xiǎn)投資在風(fēng)險(xiǎn)企業(yè)首次公開發(fā)行上市中起著重要的作用,成功的IPO不僅可以為企業(yè)擴(kuò)大經(jīng)營(yíng)規(guī)�；I措足夠的資金,而且可以改善企業(yè)的財(cái)務(wù)治理結(jié)構(gòu)和資本結(jié)構(gòu),為企業(yè)的持續(xù)發(fā)展奠定基礎(chǔ)。而IPO市盈率是指股票首次公開發(fā)行的本益比,一直以來被認(rèn)為是判斷股票估值是否合理的指標(biāo)之一,同時(shí)也是金融監(jiān)管部門制定政策重要依據(jù)。正是由于以上原因使得風(fēng)險(xiǎn)投資吸引了越來越多投資者與學(xué)者的關(guān)注。 本文以中小企業(yè)板和創(chuàng)業(yè)板的2011年1月1日-2012年6月30的上市公司為研究對(duì)象,將其按有無風(fēng)險(xiǎn)投資背景分為兩組,采用描述統(tǒng)計(jì)和回歸分析的方法進(jìn)行深層次研究,本文具體的分為五部分。第一部分為緒論,主要對(duì)現(xiàn)有的研究成果進(jìn)行整理,總結(jié)出本文研究的主要方向和理論支持,從而找到自己的研究方法和內(nèi)容；第二部分為風(fēng)險(xiǎn)投資與風(fēng)險(xiǎn)企業(yè)的關(guān)系研究,本部分從風(fēng)險(xiǎn)投資和風(fēng)險(xiǎn)企業(yè)的概念和發(fā)展歷史出發(fā),研究風(fēng)險(xiǎn)投資和風(fēng)險(xiǎn)企業(yè)的結(jié)合點(diǎn)和關(guān)系；第三部分為風(fēng)險(xiǎn)投資對(duì)風(fēng)險(xiǎn)企業(yè)IPO市盈率的分析,從IPO市盈率的研究模型和影響因素出發(fā),研究目前我國(guó)風(fēng)險(xiǎn)企業(yè)IPO市盈率的現(xiàn)狀,并分析其中的原因；第四部分為風(fēng)險(xiǎn)投資對(duì)風(fēng)險(xiǎn)企業(yè)IPO市盈率的實(shí)證分析,采用定性分析和定量分析相結(jié)合的方法,通過對(duì)風(fēng)險(xiǎn)企業(yè)IPO市盈率的比較分析、相關(guān)分析和回歸分析,找出對(duì)IPO市盈率的影響因素；第五部分為政策建議,通過前幾部分的理論和實(shí)證分析提出相關(guān)的政策建議,以促進(jìn)我國(guó)證券市場(chǎng)的健康快速發(fā)展。
[Abstract]:The development of venture enterprises in China is the main driving force for the development of the SME and gem markets, and is also an important carrier for the transformation of high technology into productive forces. However, limited financial financing channels have restricted the further development of venture enterprises in China. Fortunately, the emergence and development of venture capital has effectively promoted the growth of venture enterprises. Venture capital plays an important role in the initial public offering of venture enterprises. A successful IPO can not only raise enough funds for an enterprise to expand its business scale, but also improve its financial governance structure and capital structure. The price-to-earnings ratio of IPO is the price-benefit ratio of the initial public offering of stocks, which has long been regarded as one of the indicators to judge the reasonableness of stock valuation. It is also an important basis for financial regulators to formulate policies. It is precisely because of the above reasons that venture capital has attracted more and more attention of investors and scholars. In this paper, the listed companies of SME and gem from January 1st 2011 to June 30th 2012 were divided into two groups according to the background of venture capital, and the methods of descriptive statistics and regression analysis were used to carry out the deep research. This paper is divided into five parts. The first part is the introduction, mainly to the existing research results, summed up the main research direction and theoretical support, so as to find their own research methods and content; The second part is the research on the relationship between venture capital and venture enterprise. This part studies the combination and relationship of venture capital and venture enterprise from the concept and history of venture capital and venture enterprise. The third part is the venture capital to venture enterprise IPO price-earnings ratio analysis, from the IPO price-earnings ratio research model and the influence factor, studies our country venture enterprise IPO price-earnings ratio present situation, and analyzes the reason among them; The 4th part is the empirical analysis of venture capital to the IPO price-earnings ratio of venture enterprises. By combining qualitative analysis with quantitative analysis, the paper analyzes the IPO price-earnings ratio of venture enterprises through comparative analysis, correlation analysis and regression analysis. In order to promote the healthy and rapid development of China's securities market, the author finds out the factors that affect the price-earnings ratio of IPO, 5th is the policy suggestion, and through the theoretical and empirical analysis of the previous parts, the relevant policy recommendations are put forward in order to promote the healthy and rapid development of China's securities market.
【學(xué)位授予單位】：安徽財(cái)經(jīng)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;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 曾高峰,陳武;論市盈率計(jì)算的缺陷及其修正[J];商業(yè)研究;2003年15期

2 吳敏曉;對(duì)我國(guó)股市市盈率與非流通股問題的思考[J];商業(yè)研究;2003年21期

3 王華,張程睿;不對(duì)稱信息理論對(duì)“IPO折價(jià)之謎”的解析[J];財(cái)經(jīng)問題研究;2004年11期

4 張志強(qiáng);俞明軒;;芻論創(chuàng)業(yè)板的合理市盈率[J];財(cái)經(jīng)問題研究;2011年04期

5 王劍;林斌;;論市盈率使用中的誤區(qū)[J];財(cái)會(huì)通訊(綜合版);2008年07期

6 石五學(xué);武鵬;;我國(guó)股市市盈率變動(dòng)區(qū)間的合理性考察[J];財(cái)會(huì)月刊;2011年06期

7 肖金成,黃湘燕;美國(guó)風(fēng)險(xiǎn)投資特點(diǎn)及其啟示[J];中國(guó)創(chuàng)業(yè)投資與高科技;2002年05期

8 韓冰,閆冰,錢峰;我國(guó)股票市場(chǎng)合理市盈率的實(shí)證分析[J];當(dāng)代財(cái)經(jīng);2005年01期

9 張文鵬;上海股市市盈率與股票收益分析——對(duì)上海股市有效性檢驗(yàn)[J];華東經(jīng)濟(jì)管理;2005年09期

10 白春樂;白春宇;;上市公司市盈率與市凈率有效性的實(shí)證研究[J];吉林工商學(xué)院學(xué)報(bào);2008年02期

，

本文編號(hào)：1605287