發(fā)布時(shí)間：2017-12-31 06:13

  本文關(guān)鍵詞：風(fēng)險(xiǎn)投資與我國(guó)創(chuàng)業(yè)板IPO首日收益研究　出處：《河南大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 風(fēng)險(xiǎn)投資 IPO 首日收益 創(chuàng)業(yè)板

【摘要】：截止到2012年10月，共有355家公司在我國(guó)創(chuàng)業(yè)板上市，其中有風(fēng)險(xiǎn)投資參與的公司超過(guò)250家，由此顯示出風(fēng)險(xiǎn)投資與我國(guó)創(chuàng)業(yè)板公司關(guān)系密切。本文主要研究風(fēng)險(xiǎn)投資對(duì)我國(guó)創(chuàng)業(yè)板公司IPO首日收益的影響。以前學(xué)者有關(guān)風(fēng)險(xiǎn)投資對(duì)IPO首日收益影響的研究大都基于信息不對(duì)稱理論，從單個(gè)時(shí)點(diǎn)、單個(gè)角度對(duì)風(fēng)險(xiǎn)投資對(duì)IPO首日收益影響進(jìn)行研究，很少有學(xué)者全面從風(fēng)險(xiǎn)投資的內(nèi)在特征差異對(duì)IPO首日收益影響進(jìn)行研究，尤其是對(duì)我國(guó)年輕的創(chuàng)業(yè)板市場(chǎng)。由此本文根據(jù)前人的研究成果以及我國(guó)創(chuàng)業(yè)板的實(shí)際情況，結(jié)合IPO溢價(jià)理論和聲譽(yù)效應(yīng)理論，綜合分析風(fēng)險(xiǎn)投資對(duì)我國(guó)創(chuàng)業(yè)板公司IPO首日收益的影響，從風(fēng)險(xiǎn)投資是否參與、風(fēng)險(xiǎn)投資持股比例高低、風(fēng)險(xiǎn)投資所有權(quán)屬性差異、聯(lián)合投資與非聯(lián)合投資四個(gè)方面來(lái)分析風(fēng)險(xiǎn)投資對(duì)我國(guó)創(chuàng)業(yè)板公司IPO首日收益的影響。 本文選取2012年10月以前在我國(guó)創(chuàng)業(yè)板上市的所有公司，剔除一些ST和財(cái)務(wù)數(shù)據(jù)不全以及風(fēng)險(xiǎn)投資目的不明確的公司，最終涉及到304家樣本公司。分別從風(fēng)險(xiǎn)投資是否參與、風(fēng)險(xiǎn)企業(yè)前十大股東中風(fēng)險(xiǎn)投資持有股權(quán)的總比例高低、風(fēng)險(xiǎn)企業(yè)前十大股東中風(fēng)險(xiǎn)投資的所有權(quán)屬性差異以及聯(lián)合投資與非聯(lián)合投資四個(gè)方面對(duì)我國(guó)創(chuàng)業(yè)板公司IPO首日收益的影響進(jìn)行研究。實(shí)證結(jié)果顯示，風(fēng)險(xiǎn)投資的參與會(huì)影響到我國(guó)創(chuàng)業(yè)板公司IPO首日收益，即相比較于無(wú)風(fēng)險(xiǎn)投資參與的公司，有風(fēng)險(xiǎn)投資參與的公司IPO首日收益較高；風(fēng)險(xiǎn)投資持有股權(quán)比例與我國(guó)創(chuàng)業(yè)板公司IPO首日收益表現(xiàn)出顯著的正相關(guān)性，即風(fēng)險(xiǎn)投資持股比例越高，IPO首日收益越高；風(fēng)險(xiǎn)投資所有權(quán)屬性的差異會(huì)影響到我國(guó)創(chuàng)業(yè)板公司IPO首日收益，通過(guò)理論分析，本文以政府所有權(quán)屬性的風(fēng)險(xiǎn)投資參與的公司為基準(zhǔn)，結(jié)果顯示，相比較于政府所有權(quán)屬性的風(fēng)險(xiǎn)投資參與的公司，民營(yíng)所有權(quán)屬性的風(fēng)險(xiǎn)投資參與的公司IPO首日收益較高，，外資所有權(quán)屬性的風(fēng)險(xiǎn)投資參與的公司IPO首日收益較低，即對(duì)風(fēng)險(xiǎn)投資屬性差異對(duì)我國(guó)創(chuàng)業(yè)板公司IPO首日收益的影響，民營(yíng)的最強(qiáng)，政府的其次，外資的最弱；是否為聯(lián)合投資對(duì)我國(guó)創(chuàng)業(yè)板公司IPO首日收益沒(méi)有顯著影響。最后對(duì)結(jié)果進(jìn)行內(nèi)生性問(wèn)題及其他穩(wěn)健性檢驗(yàn)，驗(yàn)證實(shí)證結(jié)果。 本文的研究在理論上為聲譽(yù)效應(yīng)理論和IPO溢價(jià)理論提供了實(shí)證基礎(chǔ)，也為投資者更加全面的了解風(fēng)險(xiǎn)投資對(duì)我國(guó)創(chuàng)業(yè)板公司IPO首日收益提供了實(shí)際的數(shù)據(jù)分析，更為我國(guó)中小企業(yè)在選擇風(fēng)險(xiǎn)投資時(shí)提供重要基礎(chǔ)，對(duì)促進(jìn)我國(guó)風(fēng)險(xiǎn)投資以及創(chuàng)業(yè)板市場(chǎng)的健康發(fā)展有重要意義。
[Abstract]:As of October 2012, there are 355 companies listed on the gem, among which more than 250 companies are involved in venture capital. This paper mainly studies the influence of venture capital on the first day income of IPO in China. The previous scholars concerned about the influence of venture capital on the first day income of IPO. The research of response is mostly based on the theory of information asymmetry. From a single point of view, a single point of view on the impact of venture capital on the first day of IPO income, few scholars from the inherent characteristics of venture capital differences on the first day of IPO income research. According to the previous research results and the actual situation of gem in China, this paper combines IPO premium theory and reputation effect theory. This paper comprehensively analyzes the impact of venture capital on the IPO first-day income of China's gem companies, including whether venture capital participates, the proportion of venture capital holding shares and the ownership attributes of venture capital. This paper analyzes the influence of venture capital on the first-day income of IPO in China's gem from four aspects: joint investment and non-joint investment. This paper selects all the companies listed on the gem before October 2012 to eliminate some companies with incomplete St and financial data and unclear venture capital purpose. Ultimately involving 304 sample companies. From the venture capital participation, the top ten shareholders of the venture capital holding equity ratio. The difference of ownership attributes of venture capital in the top ten shareholders of venture enterprises and the influence of joint investment and non-joint investment on the first-day income of IPO in China's gem companies are studied. The empirical results show that. The participation of venture capital will affect the first day income of IPO, that is, compared with the company without venture capital, the first day return of venture capital company is higher than that of venture capital company. There is a significant positive correlation between the proportion of venture capital holding equity and the first day income of IPO in China, that is, the higher the proportion of venture capital holding is, the higher the return on the first day of IPO is. The difference of ownership attributes of venture capital will affect the first-day income of IPO in China's gem. Through theoretical analysis, this paper takes the venture capital participation of the attribute of government ownership as the benchmark, and the results show that. Compared with the venture capital participation companies with government ownership attributes, the companies with private ownership attributes of venture capital participation have higher IPO first-day income. Foreign ownership attributes of venture capital participation in the first day of the company IPO income is lower, that is to say, the differences in the attributes of venture capital on the first day of China's gem IPO income, the strongest private, the next government. The weakest foreign capital; Whether it is a joint investment has no significant effect on the first-day income of IPO of China's gem companies. Finally, the results are tested with endogenous problems and other robustness tests to verify the empirical results. The research in this paper provides an empirical basis for reputation effect theory and IPO premium theory in theory. It also provides the actual data analysis for the investors to understand the venture capital to the first day income of the IPO of our country's growth enterprise board, and provides the important foundation when the small and medium-sized enterprises of our country choose the venture capital. It is of great significance to promote the healthy development of venture capital and growth enterprise market in China.
【學(xué)位授予單位】：河南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

【共引文獻(xiàn)】

相關(guān)期刊論文 前2條

1 吳翠鳳;吳世農(nóng);劉威;;風(fēng)險(xiǎn)投資介入創(chuàng)業(yè)企業(yè)偏好及其方式研究——基于中國(guó)創(chuàng)業(yè)板上市公司的經(jīng)驗(yàn)數(shù)據(jù)[J];南開(kāi)管理評(píng)論;2014年05期

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相關(guān)碩士學(xué)位論文 前6條

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本文編號(hào)：1358505