本文關(guān)鍵詞： 私募股權(quán)投資 經(jīng)營(yíng)績(jī)效 市場(chǎng)表現(xiàn) 機(jī)構(gòu)差異　出處：《天津財(cái)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(chǎng)的出發(fā)點(diǎn)和落腳點(diǎn)都是實(shí)體經(jīng)濟(jì),而企業(yè)又是微觀經(jīng)濟(jì)的基礎(chǔ),因而評(píng)判私募股權(quán)投資市場(chǎng)發(fā)展的主要標(biāo)準(zhǔn)就是看它是否提升企業(yè)價(jià)值。私募股權(quán)投資機(jī)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(duì)稱,私募股權(quán)投資機(jī)構(gòu)作為委托方可能面臨逆向選擇、道德風(fēng)險(xiǎn)和套牢風(fēng)險(xiǎn)。那么,私募股權(quán)投資機(jī)構(gòu)如何應(yīng)對(duì)風(fēng)險(xiǎn)并提升企業(yè)價(jià)值?既往的實(shí)證研究集中討論了私募股權(quán)投資對(duì)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(rèn)證效應(yīng)、逐名效應(yīng)、市場(chǎng)勢(shì)力效應(yīng)等。私募股權(quán)投資對(duì)企業(yè)的影響既體現(xiàn)在市場(chǎng)表現(xiàn)上也體現(xiàn)在經(jīng)營(yíng)績(jī)效上,二者有關(guān)聯(lián)但卻并不相同�；诶碚撆c文獻(xiàn)述評(píng),論文重點(diǎn)研究三個(gè)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(chǎng)表現(xiàn)?PE是否以及如何影響公司經(jīng)營(yíng)績(jī)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(chǎng)表現(xiàn)和經(jīng)營(yíng)績(jī)效?考慮到創(chuàng)業(yè)板是我國(guó)PE退出的主要市場(chǎng),企業(yè)多有“兩高六新”特征,IPO時(shí)的高市盈率問題和上市后的業(yè)績(jī)下滑問題又非常突出,故被選為研究對(duì)象。論文共設(shè)6章,重點(diǎn)討論3個(gè)專題。第1章為緒論；第2章為理論與文獻(xiàn)述評(píng)；第3章為專題一,探討PE持股對(duì)創(chuàng)業(yè)板上市公司市場(chǎng)表現(xiàn)的影響和方式；第4章為專題二,探討PE持股對(duì)創(chuàng)業(yè)板上市公司經(jīng)營(yíng)績(jī)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(chǎng)聲譽(yù)、管理人特征、投資策略及網(wǎng)絡(luò)能力等五個(gè)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(yíng)績(jī)效和市場(chǎng)表現(xiàn)；第6章為結(jié)論與建議。在每個(gè)專題具體的研究中,論文首先進(jìn)行了背景分析,闡述該專題下的研究問題、基本觀點(diǎn)和驗(yàn)證思路；其次,為了進(jìn)行規(guī)范的實(shí)證分析,除去通過wind數(shù)據(jù)庫(kù)等進(jìn)行常規(guī)的數(shù)據(jù)收集和計(jì)算外,論文還通過招股說(shuō)明書、wind數(shù)據(jù)庫(kù)手工收集整理了355家創(chuàng)業(yè)板上市公司近30項(xiàng)與私募股權(quán)投資相關(guān)指標(biāo)的數(shù)據(jù)；第三,通過實(shí)證分析驗(yàn)證基本觀點(diǎn),主要方法包括描述統(tǒng)計(jì)、均值檢驗(yàn)、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(jìn)行了相關(guān)的檢驗(yàn)和比較,包括替代變量回歸檢驗(yàn)、配對(duì)樣本檢驗(yàn)、均值檢驗(yàn)和回歸分析的結(jié)果對(duì)比、直接效應(yīng)模型和交互效應(yīng)模型的結(jié)果對(duì)比,以及數(shù)據(jù)趨勢(shì)特征和實(shí)證分析的對(duì)比分析等。論文的主要研究結(jié)論有：(1)PE通過發(fā)動(dòng)更多的網(wǎng)下機(jī)構(gòu)投資者參與IPO競(jìng)價(jià)進(jìn)而提升了持股企業(yè)發(fā)行市盈率,體現(xiàn)出“市場(chǎng)勢(shì)力”效應(yīng),同時(shí),PE會(huì)顯著降低持股企業(yè)長(zhǎng)期累計(jì)超額收益率。(2)有無(wú)PE持股的公司在上市前盈余管理上無(wú)顯著差別,PE對(duì)持股企業(yè)經(jīng)營(yíng)績(jī)效的影響主要體現(xiàn)為兩個(gè)主效應(yīng)和多個(gè)間接效應(yīng)。兩個(gè)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(yíng)業(yè)務(wù)收入增長(zhǎng)、長(zhǎng)期債務(wù)融資以及技術(shù)創(chuàng)新等方面和無(wú)PE持股企業(yè)存在差異,進(jìn)而導(dǎo)致經(jīng)營(yíng)績(jī)效不同。(3)PE五類差異導(dǎo)致其對(duì)持股企業(yè)經(jīng)營(yíng)績(jī)效和市場(chǎng)表現(xiàn)有不同的影響和作用機(jī)理。總體上,PE的組織背景和投資策略差異對(duì)持股公司經(jīng)營(yíng)和市場(chǎng)表現(xiàn)影響都頗為顯著,PE市場(chǎng)聲譽(yù)差異對(duì)市場(chǎng)表現(xiàn)影響較顯著,PE網(wǎng)絡(luò)能力差異對(duì)經(jīng)營(yíng)績(jī)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(huì)間接影響企業(yè)經(jīng)營(yíng)和市場(chǎng)表現(xiàn)。論文的研究結(jié)論對(duì)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(jī)構(gòu)和私募股權(quán)投資機(jī)構(gòu)等各類私募股權(quán)投資市場(chǎng)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(chǎng)的參與者又是監(jiān)管者,作為參與者應(yīng)逐漸淡出市場(chǎng),或增強(qiáng)篩選和增值服務(wù)能力并加強(qiáng)投后監(jiān)督；作為監(jiān)管者,一方面應(yīng)堅(jiān)持并加大中報(bào)企業(yè)財(cái)務(wù)檢查,另一方面要繼續(xù)搭建平臺(tái),鼓勵(lì)引導(dǎo)PE繼續(xù)發(fā)揮積極作用；更重要的是要實(shí)施差別化的PE政策,如嚴(yán)厲打擊PE發(fā)動(dòng)市場(chǎng)勢(shì)力哄抬發(fā)行價(jià)的行為,鼓勵(lì)PE分階段投資、聯(lián)合投資,鼓勵(lì)民營(yíng)PE投資等；此外,繼續(xù)推行市場(chǎng)化改革也有利于PE市場(chǎng)的發(fā)展。對(duì)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(dāng)前我國(guó)企業(yè)可考慮引入國(guó)有PE和非國(guó)有PE聯(lián)合投資；第三,針對(duì)我國(guó)PE市場(chǎng)普遍的逆向選擇效應(yīng),優(yōu)質(zhì)企業(yè)融資時(shí)應(yīng)通過“信號(hào)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(lái)融資便利,但企業(yè)不宜因此過度融資,否則會(huì)影響經(jīng)營(yíng)績(jī)效。對(duì)于股權(quán)基金出資人而言,要意識(shí)到PE投資項(xiàng)目IPO退出的高收益是以承擔(dān)很大的退出風(fēng)險(xiǎn)為代價(jià)獲得的；要認(rèn)識(shí)到PE機(jī)構(gòu)存在差異,如分階段投資的PE往往篩選增值能力更強(qiáng)、國(guó)有PE市場(chǎng)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(duì)于私募股權(quán)投資機(jī)構(gòu)而言,應(yīng)選擇與互補(bǔ)型的PE機(jī)構(gòu)合作,在選項(xiàng)時(shí)應(yīng)關(guān)注會(huì)計(jì)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(xiàng)能力。對(duì)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(duì)上市公司市場(chǎng)表現(xiàn)的影響。對(duì)于中介機(jī)構(gòu)而言,PE投資強(qiáng)化了會(huì)計(jì)師聲譽(yù)的正向作用,抑制了負(fù)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(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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1 王艷紅;全球私募股權(quán)投資日漸繁榮[N];經(jīng)濟(jì)參考報(bào);2006年

2 徐壽松 孔徙;中國(guó)成亞洲私募股權(quán)投資“熱土”[N];經(jīng)理日?qǐng)?bào);2006年

3 本報(bào)記者 印久青;私募股權(quán)投資：盛名之下會(huì)否放慢腳步？[N];中國(guó)信息報(bào);2007年

4 黃繼匯;私募股權(quán)投資看好中國(guó)大陸[N];中國(guó)證券報(bào);2007年

5 李季先;私募股權(quán)投資：盼上海敢為天下先[N];上海證券報(bào);2008年

6 省工商聯(lián) 發(fā)言人：吳愛玲 省政協(xié)常委、眉山市工商聯(lián)主席、眉山市政協(xié)副主席;激活民間投資 加快我省私募股權(quán)投資基金發(fā)展的建議[N];四川政協(xié)報(bào);2011年

7 記者 徐銳;要盡快確立私募股權(quán)投資的法律地位[N];上海證券報(bào);2011年

8 王燕輝 平安銀行;私募股權(quán)投資業(yè)面臨轉(zhuǎn)型[N];中國(guó)社會(huì)科學(xué)報(bào);2010年

9 投中集團(tuán)高級(jí)分析師 馮坡;私募股權(quán)投資市場(chǎng)困局難解[N];國(guó)際商報(bào);2013年

10 本報(bào)記者 和平;9000億險(xiǎn)資蓄勢(shì)私募股權(quán)投資[N];中國(guó)保險(xiǎn)報(bào);2014年

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1 方毅祖;中國(guó)私募股權(quán)投資基金監(jiān)管研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2014年

2 張興巍;私募股權(quán)投資對(duì)我國(guó)創(chuàng)業(yè)板上市公司績(jī)效表現(xiàn)的影響研究[D];天津財(cái)經(jīng)大學(xué);2014年

3 王磊;我國(guó)私募股權(quán)投資的融資研究[D];西北大學(xué);2009年

4 張旭波;私募股權(quán)投資的風(fēng)險(xiǎn)規(guī)避研究[D];華中科技大學(xué);2009年

5 禹久泓;中國(guó)私募股權(quán)投資決策與績(jī)效研究[D];華東師范大學(xué);2011年

6 劉瀟;支持我國(guó)私募股權(quán)投資行業(yè)發(fā)展的財(cái)政政策研究[D];財(cái)政部財(cái)政科學(xué)研究所;2015年

7 趙玉;我國(guó)私募股權(quán)投資基金法律制度研究[D];吉林大學(xué);2010年

8 朱健飛;外資私募股權(quán)投資法律問題研究[D];華東政法大學(xué);2010年

9 常忠義;中國(guó)私募股權(quán)投資中的估值問題研究[D];中國(guó)科學(xué)技術(shù)大學(xué);2008年

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1 李立;中國(guó)私募股權(quán)投資發(fā)展的問題及對(duì)策研究[D];吉林大學(xué);2009年

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

3 魏煒;私募股權(quán)投資基金監(jiān)管法律制度研究[D];廈門大學(xué);2009年

4 馬海靜;中國(guó)私募股權(quán)投資退出方式研究[D];上海師范大學(xué);2010年

5 薛蓮;論海外私募股權(quán)投資基金的境內(nèi)法律機(jī)制[D];中國(guó)政法大學(xué);2010年

6 王超;我國(guó)私募股權(quán)投資基金研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2009年

7 門磊;我國(guó)私募股權(quán)投資基金發(fā)展研究[D];西南財(cái)經(jīng)大學(xué);2009年

8 葛輝;中國(guó)私募股權(quán)投資基金退出策略研究[D];華東師范大學(xué);2010年

9 朱峗;中國(guó)私募股權(quán)投資基金發(fā)展研究[D];華東師范大學(xué);2010年

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

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