本文選題：創(chuàng)業(yè)板 + 風(fēng)險(xiǎn)投資��； 參考：《浙江財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：論文研究風(fēng)險(xiǎn)投資支持對(duì)擬上市公司的發(fā)行審核及IPO抑價(jià)率的影響。論文首先對(duì)“風(fēng)險(xiǎn)投資”這一概念進(jìn)行了說明和界定，梳理了國內(nèi)外關(guān)于風(fēng)險(xiǎn)投資者的“增值功能理論”、“認(rèn)證作用假說”、“逆向選擇理論”及其對(duì)企業(yè)IPO抑價(jià)率影響的研究。然后在我國公司的上市制度并參考相關(guān)研究成果的基礎(chǔ)上提出了本文的研究假設(shè)：風(fēng)險(xiǎn)投資者支持、風(fēng)險(xiǎn)投資者聲譽(yù)、國有性質(zhì)的風(fēng)險(xiǎn)投資者及風(fēng)險(xiǎn)投資者持股比率與企業(yè)的過會(huì)率呈正比；風(fēng)險(xiǎn)投資者支持、風(fēng)險(xiǎn)投資的聲譽(yù)與企業(yè)IPO抑價(jià)率呈反向關(guān)系。 接著本文以創(chuàng)業(yè)板創(chuàng)建以來至2012年9月31日所有申請過會(huì)的489家企業(yè)為樣本，分析了有無風(fēng)險(xiǎn)投資支持及風(fēng)險(xiǎn)投資的特征與企業(yè)過會(huì)率的相關(guān)性，發(fā)現(xiàn)風(fēng)險(xiǎn)投資支持及風(fēng)險(xiǎn)投資各個(gè)特征與企業(yè)過會(huì)率有相關(guān)性，但相關(guān)性較弱。進(jìn)而在本文的實(shí)證部分，運(yùn)用Logistic回歸分析進(jìn)一步探討了風(fēng)險(xiǎn)投資支持及風(fēng)險(xiǎn)投資各個(gè)特征對(duì)企業(yè)過會(huì)率的影響，發(fā)現(xiàn)風(fēng)險(xiǎn)投資持股及風(fēng)險(xiǎn)投資各個(gè)特征對(duì)過會(huì)率影響不顯著，說明風(fēng)險(xiǎn)投資并不能有效的推進(jìn)企業(yè)的平穩(wěn)上市。在對(duì)過會(huì)率分析的基礎(chǔ)上，運(yùn)用多元線性回歸模型分析了風(fēng)險(xiǎn)投資者支持及風(fēng)險(xiǎn)投資者聲譽(yù)對(duì)企業(yè)IPO抑價(jià)率的影響，研究結(jié)果表明風(fēng)險(xiǎn)投資者支持及風(fēng)險(xiǎn)投資者聲譽(yù)對(duì)IPO抑價(jià)率沒有顯著影響，說明風(fēng)險(xiǎn)投資者的功能并未被投資者認(rèn)可。研究結(jié)果表明我國風(fēng)險(xiǎn)投資者還不成熟，并沒有發(fā)揮應(yīng)有的功能。最后本文針對(duì)實(shí)證結(jié)果提出了政策建議。
[Abstract]:This paper studies the impact of venture capital support on the IPO underpricing rate of listed companies. Firstly, this paper explains and defines the concept of "venture capital", combing the theory of "value-added function" and the hypothesis of "certification function" about venture capital. Reverse selection Theory and its influence on IPO underpricing rate. Then, based on the listed system of Chinese companies and referring to the related research results, this paper puts forward the research hypotheses: venture capital support, venture capital reputation, The ratio of state-owned venture capital and venture capital holding is in direct proportion to the overpass rate of the enterprise, and the reputation of venture capital is inversely related to the IPO underpricing rate. Then this paper takes 489 enterprises that have applied for meetings since the establishment of gem to September 31, 2012 as a sample, and analyzes the correlation between the characteristics of venture capital support and venture capital. It is found that the characteristics of venture capital support and venture capital have a correlation with the overpass rate, but the correlation is weak. Then, in the empirical part of this paper, we use Logistic regression analysis to further explore the impact of venture capital support and venture capital on the overturn rate of enterprises, and find that each characteristic of venture capital holding and venture capital has no significant impact on the overpass rate. It shows that venture capital can not effectively promote the smooth listing of enterprises. Based on the analysis of overpass rate, this paper analyzes the influence of venture capital support and venture capital reputation on IPO underpricing rate by using multiple linear regression model. The results show that the support of venture capital and the reputation of venture capital have no significant influence on IPO underpricing, which indicates that the function of venture capital is not recognized by investors. The results show that venture capitalists in China are not mature and do not play their proper functions. Finally, this paper puts forward some policy suggestions on the empirical results.
【學(xué)位授予單位】：浙江財(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;F275

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