【摘要】：風(fēng)險(xiǎn)投資機(jī)構(gòu)作為我國(guó)股票市場(chǎng)的重要投資主體,深度參與了企業(yè)IPO運(yùn)作。它對(duì)企業(yè)的效應(yīng)主要包括認(rèn)證效應(yīng)、逐名效應(yīng)和逆向選擇效應(yīng)。認(rèn)證理論認(rèn)為,風(fēng)險(xiǎn)投資具有第三方認(rèn)證功能,可緩解企業(yè)IPO過程中的信息不對(duì)稱問題,并監(jiān)督企業(yè)的發(fā)展,從而有利于抑制股市泡沫。逐名理論認(rèn)為,風(fēng)險(xiǎn)投資公司急于通過業(yè)績(jī)表現(xiàn)向市場(chǎng)傳遞自身能力信號(hào)、建立行業(yè)口碑,其IPO估值泡沫會(huì)更嚴(yán)重。逆向選擇效應(yīng)認(rèn)為僅僅是劣質(zhì)企業(yè)才會(huì)讓風(fēng)險(xiǎn)投資機(jī)構(gòu)入股,以實(shí)現(xiàn)其融資目的,這類企業(yè)在上市后可能由于其糟糕的經(jīng)營(yíng)業(yè)績(jī)和市場(chǎng)表現(xiàn)而不得不退市。為驗(yàn)證風(fēng)險(xiǎn)投資的不同效應(yīng),本文選用2009—2012年共862家上市企業(yè)為樣本,包括有風(fēng)險(xiǎn)投資機(jī)構(gòu)支持的企業(yè)和沒有風(fēng)險(xiǎn)投資支持的企業(yè),采用差異性檢驗(yàn)、回歸分析等方法,研究有無(wú)風(fēng)險(xiǎn)投資機(jī)構(gòu)支持對(duì)企業(yè)IPO估值泡沫(新股發(fā)行價(jià)對(duì)新股內(nèi)在價(jià)值的偏離度,其中新股的內(nèi)在價(jià)值用剩余收益模型衡量)的影響差異,以及有無(wú)風(fēng)險(xiǎn)投資機(jī)構(gòu)支持對(duì)企業(yè)后續(xù)經(jīng)營(yíng)業(yè)績(jī)(ROE、ROA)的影響差異。結(jié)果發(fā)現(xiàn),相對(duì)于沒有風(fēng)險(xiǎn)投資機(jī)構(gòu)支持的企業(yè),有風(fēng)險(xiǎn)投資機(jī)構(gòu)支持的企業(yè)的IPO估值泡沫程度更嚴(yán)重,企業(yè)后續(xù)經(jīng)營(yíng)業(yè)績(jī)也更差,從而證實(shí)了風(fēng)險(xiǎn)投資會(huì)助長(zhǎng)IPO估值泡沫,且會(huì)降低企業(yè)長(zhǎng)期業(yè)績(jī)。
[Abstract]:Venture capital institution, as an important investor in Chinese stock market, deeply participates in the operation of IPO. Its effects on firms mainly include certification effect, name-by-name effect and adverse selection effect. The authentication theory holds that venture capital has the function of third party certification, which can alleviate the problem of information asymmetry in the process of enterprise IPO and supervise the development of enterprise, which is helpful to restrain the stock market bubble. Case by case theory suggests that venture capital firms are eager to send their own capacity signals to the market through performance and to build industry word-of-mouth, and that their IPO valuation bubble will be even worse. The adverse selection effect thinks that only the inferior enterprises will let the venture capital institutions buy shares in order to achieve their financing purposes. After listing, such enterprises may have to withdraw from the market because of their poor operating performance and market performance. In order to verify the different effects of venture capital, this paper selects 862 listed enterprises from 2009-2012 as a sample, including enterprises supported by venture capital institutions and enterprises without venture capital support, using difference test, regression analysis and so on. To study the differences of the IPO valuation bubble (the deviation of the IPO price to the intrinsic value of the new stock, in which the intrinsic value of the new stock is measured by the residual income model). And the impact of venture capital support on the enterprise follow-up performance (ROE,ROA) is different. The results show that the IPO valuation bubble of VC-backed enterprises is more severe than that of VC-backed enterprises, and the subsequent operating performance of VC-backed enterprises is worse, which proves that venture capital contributes to the IPO valuation bubble. And will reduce the long-term performance of the enterprise.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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