【摘要】：我國(guó)創(chuàng)業(yè)板自2009年成立以來,為進(jìn)一步完善我國(guó)多層次資本市場(chǎng)做出了巨大貢獻(xiàn)。在創(chuàng)業(yè)板成立以前,我國(guó)學(xué)者研究國(guó)內(nèi)風(fēng)險(xiǎn)投資及其對(duì)企業(yè)各方面的影響,都只能運(yùn)用中小板市場(chǎng)數(shù)據(jù),甚至是主板數(shù)據(jù)。而創(chuàng)業(yè)板的推出方便了我國(guó)學(xué)者在研究風(fēng)險(xiǎn)投資及其影響時(shí),更易獲得相關(guān)數(shù)據(jù)。 理論研究和實(shí)踐表明,風(fēng)險(xiǎn)投資對(duì)被投資企業(yè)具有篩選、培育、監(jiān)督等作用。而聲譽(yù)對(duì)企業(yè)來說是一項(xiàng)重要的無形資產(chǎn),對(duì)風(fēng)險(xiǎn)投資更是如此。聲譽(yù)的不同將影響風(fēng)險(xiǎn)投資作用的發(fā)揮。我國(guó)創(chuàng)業(yè)板自2009年設(shè)立以來,大量出現(xiàn)IPO“三高”和“業(yè)績(jī)變臉”現(xiàn)象。參與IPO企業(yè)的風(fēng)險(xiǎn)投資一方面因創(chuàng)業(yè)板造富效應(yīng)獲得了巨大的回報(bào),另一方面則在解禁之后就爭(zhēng)相套現(xiàn)退出。這些現(xiàn)象和行為讓人不得不思考風(fēng)險(xiǎn)投資在創(chuàng)業(yè)板公司IPO過程中所發(fā)揮的作用,尤其是那些投資能力和經(jīng)驗(yàn)相對(duì)欠缺的低聲譽(yù)風(fēng)險(xiǎn)投資。 本文考慮到創(chuàng)業(yè)板關(guān)于限售的相關(guān)規(guī)定,為了能夠盡可能多的觀察到限售期結(jié)束后風(fēng)險(xiǎn)投資的活動(dòng)情況,選取截止到2010年底在創(chuàng)業(yè)板上市的153家公司為樣本；同時(shí),為了能更好的反應(yīng)公司的長(zhǎng)期發(fā)展能力,本文的研究?jī)H關(guān)注樣本公司的長(zhǎng)期業(yè)績(jī)。最后通過實(shí)證的方法,試圖解決以下問題：在有風(fēng)險(xiǎn)投資支持的企業(yè)當(dāng)中,風(fēng)險(xiǎn)投資聲譽(yù)的不同對(duì)企業(yè)IPO抑價(jià)和IPO后長(zhǎng)期業(yè)績(jī)的影響。在文獻(xiàn)回顧以及對(duì)風(fēng)險(xiǎn)投資與創(chuàng)業(yè)板發(fā)展現(xiàn)狀進(jìn)行梳理的基礎(chǔ)上,提出了兩個(gè)相關(guān)假設(shè),通過描述性統(tǒng)計(jì)和多元線性回歸分析等對(duì)這兩個(gè)假設(shè)進(jìn)行了驗(yàn)證,并得到以下結(jié)論：高聲譽(yù)風(fēng)險(xiǎn)投資支持的企業(yè)IPO抑價(jià)程度更高；風(fēng)險(xiǎn)投資聲譽(yù)的高低對(duì)其所支持企業(yè)的IPO長(zhǎng)期業(yè)績(jī)不存在顯著影響。
[Abstract]:Since the establishment of gem in 2009, it has made a great contribution to the further improvement of China's multi-level capital market. Before the establishment of the gem, Chinese scholars studied the domestic venture capital and its impact on all aspects of enterprises, can only use small and medium-sized market data, or even the main board data. The introduction of gem makes it easier for Chinese scholars to obtain relevant data when studying venture capital and its influence. Theoretical research and practice show that venture capital plays a role in screening, cultivating, supervising and so on. Reputation is an important intangible asset for enterprises, especially for venture capital. Different reputation will affect the role of venture capital. Since the establishment of gem in 2009, a large number of IPO "three high" and "performance change face" phenomenon. On the one hand, the venture capital of IPO enterprises get a huge return because of the rich effect of gem, on the other hand, they rush to withdraw after lifting the ban. These phenomena and behaviors make people have to think about the role of venture capital in the IPO process of gem companies, especially those low reputation venture capital with relatively inexperienced investment ability and experience. In this paper, considering the relevant regulations of the gem, in order to observe as much as possible the activities of venture capital after the end of the restricted period, 153 companies listed on the gem as of the end of 2010 are selected as a sample; at the same time, In order to better reflect the long-term development ability of the company, this study only focuses on the long-term performance of the sample company. Finally, through empirical method, we try to solve the following problems: among the enterprises supported by venture capital, the different reputation of venture capital affects the IPO underpricing and the long-term performance after IPO. On the basis of reviewing the literature and combing the development of venture capital and gem, this paper puts forward two hypotheses, which are verified by descriptive statistics and multivariate linear regression analysis. The conclusions are as follows: the IPO underpricing degree of the enterprises supported by high reputation venture capital is higher, and the reputation of venture capital does not have a significant effect on the long-term performance of the enterprises they support.
【學(xué)位授予單位】：大連理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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