本文關(guān)鍵詞：PE影響我國中小板上市公司長期發(fā)展的實(shí)證研究　出處：《沈陽航空航天大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 私募股權(quán)投資 中小板 長期發(fā)展

【摘要】：我國中小板2004年正式啟動以后，為私募股權(quán)投資在國內(nèi)資本市場提供了IPO（首次公開發(fā)行股票）的退出方式。自此之后，私募股權(quán)投資就開始在中國飛速發(fā)展，對中國的經(jīng)濟(jì)增長、促進(jìn)創(chuàng)新、創(chuàng)造就業(yè)、培育企業(yè)家等方面都產(chǎn)生了較大的影響，成為推動中國經(jīng)濟(jì)增長不可或缺的推動力。目前，私募股權(quán)投資在我國已經(jīng)成為了一種重要的融資手段僅次于銀行貸款和IPO，構(gòu)成了我國金融體系不可或缺的組成部分，所以最近國內(nèi)關(guān)于私募股權(quán)投資各方面的研究也應(yīng)運(yùn)而生。 私募股權(quán)投資（簡稱PE）在我國出現(xiàn)相對較晚，關(guān)于PE的金融市場發(fā)展尚不完善，實(shí)際交易數(shù)據(jù)也不豐富，所以國內(nèi)關(guān)于PE的研究比較少。目前國內(nèi)關(guān)于PE的研究大部分都停留在理論層面，缺少以國內(nèi)實(shí)際交易數(shù)據(jù)為依據(jù)的實(shí)證研究。雖然近年來部分學(xué)者以上市公司首次公開發(fā)行時(shí)的數(shù)據(jù)或者公司上市后一年內(nèi)的數(shù)據(jù)進(jìn)行研究，但是仍然缺乏以上市公司連續(xù)幾年長期數(shù)據(jù)的研究，而PE機(jī)構(gòu)通過改善被投資公司的治理結(jié)構(gòu)、財(cái)務(wù)狀況、市場地位等來促進(jìn)公司的發(fā)展，PE對公司發(fā)展的促進(jìn)作用只有在公司的長期發(fā)展中才能更明顯地顯現(xiàn)出來，所以對PE影響上市公司長期發(fā)展的研究十分必要。 本文首先在借鑒中外學(xué)者研究成果的基礎(chǔ)上，對私募股權(quán)投資的相關(guān)概念進(jìn)行界定，把私募股權(quán)市場和其他融資市場分別進(jìn)行了對比，關(guān)于私募股權(quán)投資在中國的發(fā)展歷程、面臨的障礙進(jìn)行了描述以及對PE影響公司發(fā)展的理論進(jìn)行分析。 其次，以在深圳中小板首次公開上市的39家上市公司2004年—2011年連續(xù)八年的交易數(shù)據(jù)、公司年報(bào)為研究對象，選擇凈資產(chǎn)收益率、主營業(yè)務(wù)收入增長率、PE、資產(chǎn)負(fù)債率、公司規(guī)模、每股收益這些指標(biāo)為變量，并且把有PE參與的上市公司、無PE參與的上市公司、整體樣本三者發(fā)展情況進(jìn)行長期的對比，，來檢驗(yàn)PE對我國上市公司長期發(fā)展的影響。通過實(shí)證的檢驗(yàn)和對比分析，得出有PE參與的上市公司要比無PE參與的上市公司長期發(fā)展?fàn)顩r好，最終得出PE有助于被投資公司長期良好發(fā)展的結(jié)論。 最后關(guān)于如何使得PE在我國快速良好的發(fā)展，給我國政府機(jī)構(gòu)提出了一些建議；并且給我國那些未上市但有發(fā)展?jié)摿Φ墓驹谶x擇投資者進(jìn)行融資方面也提出了一些建議，以幫助其解決財(cái)務(wù)困境乃至早日上市成功，并使它們在上市后有長期較好的發(fā)展。
[Abstract]:In 2004, China's small and medium-sized board officially launched, for private equity investment in the domestic capital market to provide IPO (initial public offering) exit. Since then. Private equity investment began to develop rapidly in China, which has a great impact on China's economic growth, promote innovation, create jobs, cultivate entrepreneurs and so on. At present, private equity investment has become an important means of financing in China, second only to bank loans and IPO. It has become an indispensable part of our financial system, so the recent domestic research on private equity investment also came into being. Private equity investment (PEI) appeared relatively late in China, the financial market of PE is not perfect, and the actual transaction data is not rich. Therefore, the domestic research on PE is relatively few. At present, most of the domestic research on PE stays at the theoretical level. There is a lack of empirical research based on domestic actual transaction data. Although in recent years some scholars have studied the data of listed companies at the time of initial public offering or within one year after listing. However, there is still a lack of long-term data of listed companies for several years, and PE institutions to improve the governance structure, financial situation, market position and so on to promote the development of companies. The promotion of PE to the development of the company can only be more obvious in the long-term development of the company, so it is necessary to study the impact of PE on the long-term development of listed companies. Based on the research results of Chinese and foreign scholars, this paper defines the related concepts of private equity investment and compares the private equity market and other financing markets. On the development of private equity investment in China, the obstacles are described and the theory of PE affecting the development of the company is analyzed. Secondly, taking the transaction data of 39 listed companies listed on Shenzhen small and medium-sized board for eight consecutive years from 2004 to 2011, the annual report of the company is taken as the research object, and the return on net assets is chosen. The main business income growth rate PE, asset-liability ratio, company size, earnings per share as variables, and the PE participation of listed companies, non-PE participating listed companies. The whole sample three development situation carries on the long-term contrast, to test the PE to our country listed company long-term development influence. Through the demonstration test and the contrast analysis. It is concluded that the listed companies with PE participation have better long-term development than the listed companies without PE participation, and finally draw the conclusion that PE is conducive to the long-term good development of invested companies. Finally, some suggestions on how to make PE develop quickly and well in our country are put forward. And it also puts forward some suggestions to those unlisted companies that have the development potential to choose investors to finance, to help them solve the financial distress and even the early success of the listing. And make them after listing has a long-term good development.
【學(xué)位授予單位】：沈陽航空航天大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F276.6;F832.51

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