本文關(guān)鍵詞：風(fēng)險(xiǎn)投資對(duì)我國(guó)農(nóng)業(yè)企業(yè)IPO市場(chǎng)表現(xiàn)的影響研究　出處：《西北農(nóng)林科技大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 風(fēng)險(xiǎn)投資 農(nóng)業(yè)企業(yè) IPO上市 市場(chǎng)表現(xiàn)

【摘要】：隨著大力推進(jìn)農(nóng)業(yè)現(xiàn)代化政策的落實(shí),越來越多的農(nóng)業(yè)企業(yè)謀求創(chuàng)新,致力于做大做強(qiáng),但缺乏資金成為其發(fā)展路上的絆腳石。而風(fēng)險(xiǎn)投資相對(duì)銀行貸款門檻更低,相對(duì)政府扶助資金量更大,為農(nóng)業(yè)企業(yè)提供了一條良好的融資渠道。農(nóng)業(yè)企業(yè)通過風(fēng)險(xiǎn)投資進(jìn)行融資,風(fēng)險(xiǎn)投資機(jī)構(gòu)則通過IPO完成投資退出。那么,風(fēng)險(xiǎn)投資對(duì)農(nóng)業(yè)企業(yè)IPO市場(chǎng)表現(xiàn)會(huì)產(chǎn)生怎樣的影響?本文從兩個(gè)層面進(jìn)行了研究:一是風(fēng)險(xiǎn)投資的存在性問題,即有無(wú)風(fēng)險(xiǎn)投資參與的農(nóng)業(yè)企業(yè)IPO市場(chǎng)表現(xiàn)是否存在差異,風(fēng)險(xiǎn)投資是否發(fā)揮了“認(rèn)證”、“監(jiān)督/篩選”效應(yīng),以此分析風(fēng)險(xiǎn)投資對(duì)農(nóng)業(yè)企業(yè)IPO市場(chǎng)表現(xiàn)是否產(chǎn)生積極的作用;二是風(fēng)險(xiǎn)投資異質(zhì)性對(duì)農(nóng)業(yè)企業(yè)IPO市場(chǎng)表現(xiàn)的差異性問題,即不同屬性特征的風(fēng)險(xiǎn)投資對(duì)農(nóng)業(yè)企業(yè)IPO時(shí)市場(chǎng)表現(xiàn)的影響程度和作用方向。本文以上交所和深交所上市的農(nóng)業(yè)企業(yè)為研究對(duì)象,篩選匹配成兩個(gè)樣本組,即有風(fēng)險(xiǎn)投資參與和無(wú)風(fēng)險(xiǎn)投資參與的農(nóng)業(yè)企業(yè)。關(guān)于風(fēng)險(xiǎn)投資的存在性問題,本文選取IPO抑價(jià)率、發(fā)行價(jià)格、發(fā)行規(guī)模、市盈率、籌資額、發(fā)行費(fèi)用、超額認(rèn)購(gòu)倍數(shù)等7個(gè)指標(biāo)來綜合衡量農(nóng)業(yè)企業(yè)IPO上市首日的市場(chǎng)表現(xiàn),同時(shí)選取凈資產(chǎn)收益率、總資產(chǎn)增長(zhǎng)率、主營(yíng)業(yè)務(wù)收入增長(zhǎng)率、凈利潤(rùn)增長(zhǎng)率4個(gè)指標(biāo)來衡量IPO后的市場(chǎng)表現(xiàn)。通過均值分析比較兩個(gè)樣本組的具體差異,再通過獨(dú)立樣本T檢驗(yàn)進(jìn)一步驗(yàn)證差異是否顯著存在。關(guān)于風(fēng)險(xiǎn)投資的異質(zhì)性問題,選擇IPO抑價(jià)率為被解釋變量,設(shè)置多元回歸模型,對(duì)于非數(shù)值型變量設(shè)置虛擬變量。通過多元回歸分析,研究風(fēng)險(xiǎn)投資不同特征對(duì)于IPO抑價(jià)率的影響方向及程度。研究結(jié)論為:(1)有無(wú)風(fēng)險(xiǎn)投資參與的農(nóng)業(yè)企業(yè)在IPO上市首日的市場(chǎng)表現(xiàn),不存在顯著差別;(2)有風(fēng)險(xiǎn)投資參與的農(nóng)業(yè)企業(yè)在IPO時(shí)可以實(shí)現(xiàn)更大的發(fā)行規(guī)模和獲得更高的籌資額,部分證實(shí)了風(fēng)險(xiǎn)投資存在積極作用;(3)有無(wú)風(fēng)險(xiǎn)投資參與的農(nóng)業(yè)企業(yè)在IPO后的市場(chǎng)表現(xiàn)不存在顯著差別;(4)有風(fēng)險(xiǎn)投資參與的農(nóng)業(yè)企業(yè)長(zhǎng)期弱勢(shì)表現(xiàn)更明顯;(5)風(fēng)險(xiǎn)投資持股比例對(duì)IPO抑價(jià)率有顯著的負(fù)影響,風(fēng)險(xiǎn)投資持股比例越高,IPO抑價(jià)率越低;(6)風(fēng)險(xiǎn)投資機(jī)構(gòu)聲譽(yù)、風(fēng)險(xiǎn)投資機(jī)構(gòu)個(gè)數(shù)、風(fēng)險(xiǎn)投資階段分別可以解釋假設(shè)但都不顯著。綜合結(jié)果,風(fēng)險(xiǎn)投資對(duì)我國(guó)農(nóng)業(yè)企業(yè)沒有充分發(fā)揮其積極作用,農(nóng)業(yè)企業(yè)可以適當(dāng)調(diào)高風(fēng)投持股比例以降低IPO抑價(jià)率。最后本文從導(dǎo)致“篩選監(jiān)督效應(yīng)”、“認(rèn)證效應(yīng)”失靈以及其他原因三個(gè)方面對(duì)風(fēng)險(xiǎn)投資未充分發(fā)揮其積極作用的原因進(jìn)行了深入分析,并結(jié)合原因提出對(duì)策建議。
[Abstract]:With the implementation of the policy of promoting agricultural modernization, more and more agricultural enterprises seek innovation and devote themselves to becoming bigger and stronger. But the lack of capital is a stumbling block on its path. Venture capital has a lower threshold for bank loans and more money than the government. Agricultural enterprises provide a good financing channel. Agricultural enterprises through venture capital to finance, venture capital institutions through IPO to complete the investment exit. How will venture capital affect the IPO market performance of agricultural enterprises? This article has carried on the research from two aspects: first, the existence question of the venture capital, namely whether there is the difference in the IPO market performance of the agricultural enterprise with or without the venture capital participation, whether the venture capital has played the "authentication". The "supervision / screening" effect is used to analyze whether the venture capital has a positive effect on the IPO market performance of agricultural enterprises. The other is the difference between the heterogeneity of venture capital and the IPO market performance of agricultural enterprises. That is, the impact of venture capital with different attributes on the market performance of agricultural enterprises when IPO. This paper takes the listed agricultural enterprises of Shanghai Stock Exchange and Shenzhen Stock Exchange as the research object, and selects and matches into two sample groups. About the existence of venture capital, this paper selects IPO underpricing rate, issuing price, issuing scale, price-earnings ratio, raising amount, issuing expenses. Oversubscription ratio and other seven indicators to comprehensively measure the market performance of agricultural enterprises on the first day of IPO listing, at the same time select the rate of return on net assets, the total asset growth rate, the growth rate of main business income. The net profit growth rate is used to measure the market performance after IPO. The difference between the two sample groups is compared by means analysis. Then through the independent sample T test to further verify the existence of significant differences. Regarding the heterogeneity of venture capital the IPO underpricing rate is selected as the explained variable and the multiple regression model is set up. For non-numerical variables set virtual variables. Through multiple regression analysis. To study the influence of different characteristics of venture capital on IPO underpricing. The conclusion is: 1) the market performance of agricultural enterprises with or without venture capital on the first day of IPO listing. There is no significant difference; (2) Agricultural enterprises with venture capital participation can achieve larger issuance scale and higher amount of capital raising in IPO, which partly proves the positive role of venture capital; 3) there is no significant difference in market performance of agricultural enterprises with or without venture capital after IPO. 4) the long-term weakness of agricultural enterprises with venture capital is more obvious; (5) the proportion of venture capital shares has a significant negative impact on the IPO underpricing rate, the higher the ratio of venture capital holdings, the lower the IPO underpricing rate; (6) the reputation of venture capital institutions, the number of venture capital institutions, and the stages of venture capital can be explained respectively, but all of them are not significant. The comprehensive results show that venture capital does not play a positive role in agricultural enterprises of our country. Agricultural enterprises can appropriately increase the proportion of venture capital holding to reduce the IPO underpricing rate. Finally, this paper leads to the "screening and supervision effect". In this paper, the reasons for the failure of "certification effect" and other reasons are deeply analyzed, and the countermeasures and suggestions are put forward in the light of the reasons for the failure of "certification effect" and other reasons.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F324

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