本文關(guān)鍵詞： 私募股權(quán)投資 經(jīng)營績效 市場表現(xiàn) 機構(gòu)差異　出處：《天津財經(jīng)大學(xué)》2014年博士論文　論文類型：學(xué)位論文

【摘要】：金融市場的出發(fā)點和落腳點都是實體經(jīng)濟,而企業(yè)又是微觀經(jīng)濟的基礎(chǔ),因而評判私募股權(quán)投資市場發(fā)展的主要標準就是看它是否提升企業(yè)價值。私募股權(quán)投資機構(gòu)和企業(yè)家之間關(guān)系的核心是委托代理關(guān)系,由于信息不對稱,私募股權(quán)投資機構(gòu)作為委托方可能面臨逆向選擇、道德風(fēng)險和套牢風(fēng)險。那么,私募股權(quán)投資機構(gòu)如何應(yīng)對風(fēng)險并提升企業(yè)價值?既往的實證研究集中討論了私募股權(quán)投資對持股企業(yè)的篩選效應(yīng)／逆向選擇效應(yīng)、增值服務(wù)效應(yīng)、治理效應(yīng)、認證效應(yīng)、逐名效應(yīng)、市場勢力效應(yīng)等。私募股權(quán)投資對企業(yè)的影響既體現(xiàn)在市場表現(xiàn)上也體現(xiàn)在經(jīng)營績效上,二者有關(guān)聯(lián)但卻并不相同�；诶碚撆c文獻述評,論文重點研究三個專題,即PE是否以及如何影響持股公司發(fā)行市盈率、上市首日漲跌以及上市后市場表現(xiàn)?PE是否以及如何影響公司經(jīng)營績效及其上市前后的變化?PE的差異性是否以及如何影響公司的市場表現(xiàn)和經(jīng)營績效?考慮到創(chuàng)業(yè)板是我國PE退出的主要市場,企業(yè)多有“兩高六新”特征,IPO時的高市盈率問題和上市后的業(yè)績下滑問題又非常突出,故被選為研究對象。論文共設(shè)6章,重點討論3個專題。第1章為緒論；第2章為理論與文獻述評；第3章為專題一,探討PE持股對創(chuàng)業(yè)板上市公司市場表現(xiàn)的影響和方式；第4章為專題二,探討PE持股對創(chuàng)業(yè)板上市公司經(jīng)營績效及其變化的影響和方式；第5章為專題三,探討PE組織背景、市場聲譽、管理人特征、投資策略及網(wǎng)絡(luò)能力等五個方面的差異是否以及如何影響創(chuàng)業(yè)板上市公司經(jīng)營績效和市場表現(xiàn)；第6章為結(jié)論與建議。在每個專題具體的研究中,論文首先進行了背景分析,闡述該專題下的研究問題、基本觀點和驗證思路；其次,為了進行規(guī)范的實證分析,除去通過wind數(shù)據(jù)庫等進行常規(guī)的數(shù)據(jù)收集和計算外,論文還通過招股說明書、wind數(shù)據(jù)庫手工收集整理了355家創(chuàng)業(yè)板上市公司近30項與私募股權(quán)投資相關(guān)指標的數(shù)據(jù)；第三,通過實證分析驗證基本觀點,主要方法包括描述統(tǒng)計、均值檢驗、單變量回歸分析、多元回歸分析、交互效應(yīng)分析和Heckman兩階段分析等；此外,為保證結(jié)論的客觀和穩(wěn)健,論文還進行了相關(guān)的檢驗和比較,包括替代變量回歸檢驗、配對樣本檢驗、均值檢驗和回歸分析的結(jié)果對比、直接效應(yīng)模型和交互效應(yīng)模型的結(jié)果對比,以及數(shù)據(jù)趨勢特征和實證分析的對比分析等。論文的主要研究結(jié)論有：(1)PE通過發(fā)動更多的網(wǎng)下機構(gòu)投資者參與IPO競價進而提升了持股企業(yè)發(fā)行市盈率,體現(xiàn)出“市場勢力”效應(yīng),同時,PE會顯著降低持股企業(yè)長期累計超額收益率。(2)有無PE持股的公司在上市前盈余管理上無顯著差別,PE對持股企業(yè)經(jīng)營績效的影響主要體現(xiàn)為兩個主效應(yīng)和多個間接效應(yīng)。兩個主效應(yīng)分別是“逆向選擇效應(yīng)”和“增值(服務(wù))效應(yīng)”。PE的問接效應(yīng)即PE持股企業(yè)在稅務(wù)籌劃、主營業(yè)務(wù)收入增長、長期債務(wù)融資以及技術(shù)創(chuàng)新等方面和無PE持股企業(yè)存在差異,進而導(dǎo)致經(jīng)營績效不同。(3)PE五類差異導(dǎo)致其對持股企業(yè)經(jīng)營績效和市場表現(xiàn)有不同的影響和作用機理。總體上,PE的組織背景和投資策略差異對持股公司經(jīng)營和市場表現(xiàn)影響都頗為顯著,PE市場聲譽差異對市場表現(xiàn)影響較顯著,PE網(wǎng)絡(luò)能力差異對經(jīng)營績效有影響,而PE管理人差異的影響不顯著或不重要。具體地,PE股權(quán)背景、投資規(guī)模、投資階段、分階段投資、聯(lián)合投資、持有期限等差異等會間接影響企業(yè)經(jīng)營和市場表現(xiàn)。論文的研究結(jié)論對政府、私募股權(quán)融資企業(yè)、私募股權(quán)基金出資人、股票投資者、中介機構(gòu)和私募股權(quán)投資機構(gòu)等各類私募股權(quán)投資市場參與主體都有一定的借鑒和啟發(fā)意義。政府既是私募股權(quán)市場的參與者又是監(jiān)管者,作為參與者應(yīng)逐漸淡出市場,或增強篩選和增值服務(wù)能力并加強投后監(jiān)督；作為監(jiān)管者,一方面應(yīng)堅持并加大中報企業(yè)財務(wù)檢查,另一方面要繼續(xù)搭建平臺,鼓勵引導(dǎo)PE繼續(xù)發(fā)揮積極作用；更重要的是要實施差別化的PE政策,如嚴厲打擊PE發(fā)動市場勢力哄抬發(fā)行價的行為,鼓勵PE分階段投資、聯(lián)合投資,鼓勵民營PE投資等；此外,繼續(xù)推行市場化改革也有利于PE市場的發(fā)展。對于私募股權(quán)融資企業(yè)而言,首先要了解PE盈利模式及操作風(fēng)格等,切勿盲目融資；其次,當前我國企業(yè)可考慮引入國有PE和非國有PE聯(lián)合投資；第三,針對我國PE市場普遍的逆向選擇效應(yīng),優(yōu)質(zhì)企業(yè)融資時應(yīng)通過“信號效應(yīng)”或信息披露等證明自身質(zhì)量；此外,盡管PE入股后帶來融資便利,但企業(yè)不宜因此過度融資,否則會影響經(jīng)營績效。對于股權(quán)基金出資人而言,要意識到PE投資項目IPO退出的高收益是以承擔很大的退出風(fēng)險為代價獲得的；要認識到PE機構(gòu)存在差異,如分階段投資的PE往往篩選增值能力更強、國有PE市場影響力更大等；第三,應(yīng)盡量約束PE給投資企業(yè)過度融資。對于私募股權(quán)投資機構(gòu)而言,應(yīng)選擇與互補型的PE機構(gòu)合作,在選項時應(yīng)關(guān)注會計師質(zhì)量、政治關(guān)聯(lián)情況等因素,尤其要重視提升盡職調(diào)查和選項能力。對于股票投資者而言,應(yīng)關(guān)注打新股階段和IPO后私募股權(quán)投資持股解禁前(約IPO后一年內(nèi))內(nèi)PE持股及其特征差異對上市公司市場表現(xiàn)的影響。對于中介機構(gòu)而言,PE投資強化了會計師聲譽的正向作用,抑制了負向作用,有利于行業(yè)健康發(fā)展。
[Abstract]:The starting point of the financial market and the end result is the real economy, and the enterprise is the basis of micro economy, thus the main criterion for judging the private equity investment market development is to see whether it enhance the corporate value. The relationship between the core of private equity investment institutions and entrepreneurs is a principal-agent relationship, because of the information asymmetry, private equity investment institutions as the client may face adverse selection, moral hazard and secure risk. So, how to deal with the risks of private equity investment institutions and enhance enterprise value? The previous empirical research focused on private equity investment screening effect on the ownership of enterprises and the effect of adverse selection, service effect, governance effect, certification effect, grandstanding effect, market forces effect. Impact of private equity investment of enterprises is reflected in the market performance is also reflected in the operating performance, but the two have relevance Is not the same. Based on the theory and literature review, this paper focuses on three topics, namely, whether and how PE influences the Holding Company to issue earnings, and the price listed on the first day after the listing of the market performance? Whether and how PE influences the performance of listed companies before and after the change and management? Whether differences in PE and how to influence the market performance and operating performance of the company? Considering the GEM market in China is mainly PE exit, many enterprises have "high six new features, IPO high price earnings ratio and the decline in performance after the listing of the problem is very prominent, so it was selected as the research object. The thesis consists of 6 chapters, focuses on 3 topics. The first chapter is the introduction; the second chapter is the theoretical and literature review; the third chapter is a discussion of PE special, stock market performance of listed companies on the impact of the gem and the way; the fourth chapter is a monographic study of two, PE shares listed on GEM The operating performance of the company and its changes and methods; the fifth chapter is a monographic study of three, PE background, market reputation, management characteristics, whether the differences between the five aspects of investment strategy and network capacity and how to influence the GEM listed companies operating performance and market performance; the sixth chapter is the conclusion and suggestion. In the study of each topic specifically, the paper first introduced the background analysis, this paper expounds the topic, basic ideas and verification ideas; secondly, to analyze the empirical specification, removed through the wind database for routine data collection and calculation, the prospectus manual wind database collected 355 venture in the related index of listed companies and nearly 30 private equity investment data; third, through the empirical analysis to verify the basic point of view, the main methods include descriptive statistics, mean value test, Univariate regression analysis, multivariate regression analysis, interaction analysis and Heckman analysis of two stages; in addition, in order to ensure the robust and objective conclusions, the paper also carried out inspection and comparison, including alternative regression test, paired sample test, mean comparison test and regression analysis results, comparing the direct effect model and interaction the effect of the model results, and data trend analysis and empirical characteristics of comparative analysis. The main conclusions are as follows: (1) PE by launching more institutional investors under the net participation and promote the IPO bidding holding company earnings release, reflecting the "market forces" effect, at the same time, PE will significantly reduce the stock the enterprise long-term cumulative abnormal return. (2) there was no significant difference between the PE's holdings in pre IPO earnings management, the impact of PE on the shareholding enterprise performance mainly reflected two main Multiple effect and indirect effect. The two main effects are "adverse selection effect" and "value added (service) effect".PE PE effect is indirect ownership of enterprises in tax planning, the main business revenue growth, long-term debt financing and other aspects of technological innovation and non PE shareholding companies are different, resulting in business the performance is different. (3) PE five because of the difference of its performance on business performance and market share have different effects and mechanism. On the whole, affect the organization background and the difference of PE investment strategy of Holding Company's operating and market performance are quite significant, PE market reputation differences on the market performance has a significant effect, the difference of PE network the ability to have the impact on business performance, and the influence of PE management differences is not significant or important. Specifically, PE equity background, investment scale, investment stage, stage investment, joint investment, holding different period The indirect effects of business and market performance. The research conclusion of the government, private equity financing, private equity fund investors, stock investors, intermediaries and private equity investment institutions and other private equity market participants have certain reference and inspiration significance. The government is not only the private equity market participants and as regulators, participants should gradually fade out of the market, or enhance the screening and value-added services and strengthen the investment supervision; as a regulator, on the one hand should adhere to and increase financial inspection report enterprise, on the other hand to continue to build a platform to encourage the PE to continue to play an active role; the more important is to implement differentiated PE policy. Such as PE launched market forces to crack down on the issue price gouging behavior, encourage PE stage investment, joint investment, encourage private investment in PE; in addition, continue to implement Market reform is conducive to the development of PE market. Private equity financing for enterprises, we must first understand the PE profit model and operating style, do not blindly financing; secondly, the current Chinese enterprises can consider the introduction of joint investment of state-owned and non state-owned PE PE; third, the adverse selection effect of China's PE market generally. The quality of corporate finance should prove their quality through the "signal effect" or disclosure of information; in addition, although the PE shares to bring the convenience of financing, but the enterprise should not be so excessive financing, otherwise it will affect the business performance. For equity investors, to realize high yield IPO PE investment project is to bear the risk of exit exit the cost of getting; to recognize the PE differences, such as the investment stage PE often screening value-added ability, the state-owned PE market more influence; third, should as far as possible Constrained PE to investors over financing for the private equity investment institutions, institutions should be PE selection and complementary cooperation, should pay attention to quality of Accountants in option, political association and other factors, with particular attention to the promotion of due diligence and ability. Options for equity investors, should pay attention to new stage and IPO after private equity the investment of shares before (one year after IPO in PE) differences in the effects and characteristics of the stock market performance of listed companies. For intermediaries, PE investment to strengthen the positive effect of auditor reputation, inhibit the negative effect, is conducive to the healthy development of the industry.

【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

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2 王漢昆;我國私募股權(quán)投資基金退出機制研究[D];天津財經(jīng)大學(xué);2009年

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10 羅小剛;我國私募股權(quán)投資基金退出機制研究[D];蘭州商學(xué)院;2010年

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