本文關(guān)鍵詞：創(chuàng)投機構(gòu)特征、IPO后減持套現(xiàn)行為與超額收益研究　出處：《重慶大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：創(chuàng)投機構(gòu)自進入大眾視野以來就被奉為鏈接創(chuàng)業(yè)企業(yè)所有權(quán)和經(jīng)營權(quán)、促進機構(gòu)投資者與創(chuàng)業(yè)者間資金互動的橋梁，以及創(chuàng)業(yè)企業(yè)的“孵化器”、“助推器”和提升公司價值的“貼身專家”。然而，創(chuàng)投機構(gòu)在促進創(chuàng)業(yè)板企業(yè)創(chuàng)新、推動其迅速創(chuàng)富的過程中，卻暴露出令人匪夷所思的減持套現(xiàn)怪像：鎖定期滿立即“起身離席”、“密集套現(xiàn)”。這種現(xiàn)象不但對創(chuàng)業(yè)企業(yè)的后續(xù)經(jīng)營極為不利，而且將讓處于“炒股接力賽”末端的普通投資者損失慘重，甚至可能引起二級市場股票價格動蕩，加劇創(chuàng)業(yè)板市場的運行風(fēng)險。因此，研究創(chuàng)投機構(gòu)自身特征、IPO后減持套現(xiàn)行為以及超額收益三者的深層次關(guān)系具有重要的理論價值和現(xiàn)實意義。 首先，本文對創(chuàng)業(yè)投資的概念、退出方式以及創(chuàng)投機構(gòu)特征的內(nèi)涵進行分析，并回顧了創(chuàng)投機構(gòu)特征、IPO后減持套現(xiàn)以及其帶來的超額收益三方面的研究文獻進行梳理，爾后對現(xiàn)有研究文獻進行簡要的述評，提出了本文的研究方向。其次，對創(chuàng)業(yè)投資市場和創(chuàng)業(yè)板的現(xiàn)狀進行分析；梳理創(chuàng)業(yè)投資、創(chuàng)業(yè)板和創(chuàng)業(yè)企業(yè)的互動關(guān)系；剖析了創(chuàng)投機構(gòu)IPO后減持的現(xiàn)狀、原因以及經(jīng)濟后果。再次，本文選取創(chuàng)業(yè)板市場2009年10月31日至2011年12月31日的89上市公司、105家創(chuàng)投機構(gòu)的減持套現(xiàn)記錄為研究樣本，通過研究假設(shè)、描述性統(tǒng)計、相關(guān)性分析、事件研究法和多元線性回歸等理論工具對剖析創(chuàng)投機構(gòu)自身特征、IPO后減持套現(xiàn)行為以及超額收益三者的深層次關(guān)系。 實證研究發(fā)現(xiàn)：（1）創(chuàng)投機構(gòu)IPO后減持套現(xiàn)窗口期前后創(chuàng)業(yè)企業(yè)股票的平均超額收益率處于一個倒“V”的態(tài)勢，這種現(xiàn)象證實創(chuàng)投機構(gòu)在減持退出這個過程中的確獲取了正常投資回報之外的超額收益，說明大部分創(chuàng)投機構(gòu)的減持套現(xiàn)行為具有擇時機會主義特征。（2）創(chuàng)投機構(gòu)聲譽高低與其IPO減持套現(xiàn)窗口期獲得的累計超額收益呈負相關(guān)關(guān)系；相比于非聯(lián)合投資創(chuàng)投機構(gòu)，聯(lián)合投資創(chuàng)投機構(gòu)IPO后減持套現(xiàn)的超額收益更低；持股比例越高的創(chuàng)投機構(gòu)其IPO減持套現(xiàn)的超額收益越低；相比于外資創(chuàng)投機構(gòu)，國有創(chuàng)投機構(gòu)的超額收益更低，民營背景的更高。（3）創(chuàng)投機構(gòu)聲譽高低與其IPO后減持套現(xiàn)的首次時間呈正相關(guān)關(guān)系，與其首次減持比例和累計減持比例呈負相關(guān)關(guān)系；創(chuàng)投機構(gòu)持股比例高低與其IPO后減持套現(xiàn)的首次時間呈正相關(guān)關(guān)系，與其首次減持比例和累計減持比例呈負相關(guān)關(guān)系；相較于非聯(lián)合投資的創(chuàng)投機構(gòu)，聯(lián)合投資的創(chuàng)投機構(gòu)IPO后減持套現(xiàn)的意愿相對較弱——首次減持時間更長，首次減持比例更小，累計減持比例更��；外資背景創(chuàng)投機構(gòu)首次減持時間與國有背景的相比并無明顯差異，而比民營創(chuàng)投機構(gòu)時間更長；在首次減持比例方面，三種背景的創(chuàng)投機構(gòu)并無明顯的差異；在累計減持比例方面，，外資背景創(chuàng)投機構(gòu)相比于國有背景的更大，相比于民營的更小。 最后，本文基于現(xiàn)場分析和實證分析結(jié)果，主要從強化創(chuàng)投聲譽機制作用效果（如完善創(chuàng)投機構(gòu)聲譽評估標(biāo)準(zhǔn)、強化發(fā)審委員對創(chuàng)投機構(gòu)過去行為審查、建立IPO審核申請保證金制度等等）、規(guī)范創(chuàng)投機構(gòu)行為（完善創(chuàng)投高管激勵約束機制、嚴查創(chuàng)投機構(gòu)的突擊入股行為）兩個方面提出相應(yīng)的政策建議。
[Abstract]:Venture capital institutions since entering the public view is regarded as the ownership and the management link enterprise, bridge interaction to promote institutional investors and entrepreneurs and venture capital, the "incubator" and "booster" and enhance the value of the company's "personal experts". However, venture capital institutions in promoting enterprise innovation and promote the rapid wealth creation process, has exposed a fantastic cash holdings as strange: the expiration of the lock immediately got up and left, "" intensive cash ". This phenomenon not only the management of venture enterprises is extremely unfavorable, and will let in the stock relay at the end of the ordinary investors suffered heavy losses, even may cause the two stock market price volatility, high operating risk of the GEM market. Therefore, study on the characteristics of venture capital institutions, IPO cash holdings and excess return of three The deep relationship has important theoretical value and practical significance.
First of all, the concept of venture capital, analyzes the connotation and characteristics of the exit ways of venture capital institutions, and reviews the characteristics of venture capital institutions, IPO reduction research literature in three aspects of the cash and the excess proceeds to sort out, and then through brief review on the existing literature, the research direction of this article. Secondly the status quo of venture capital market, and the gem analysis; sort of venture capital, the gem and the interaction between enterprises; analysis of venture capital institutions after IPO reduction of the present situation, reasons and economic consequences. Thirdly, this paper selects 89 listed companies in the GEM market from October 31, 2009 to December 31, 2011, 105 of the holdings of venture capital institutions Cash records as the research sample, through the research hypothesis, descriptive statistics, correlation analysis, theory of event study and multivariate linear regression analysis on venture Construction of its own characteristics, IPO after the reduction of cash, as well as the excess income of the deep relationship between the three.
The empirical study found that: (1) venture capital institutions IPO minus the average excess returns before and after the cash window stage of enterprise stock rate is in an inverted "V" trend, the phenomenon that excess returns of venture capital institutions to exit this process there is a normal return on investment in reducing outside, most venture capital institutions cash holdings behavior with timing opportunism characteristics. (2) the reputation of venture capital institutions and their IPO holdings of cash acquired cumulative window period is negatively related to excess return; compared to the non joint venture capital investment organization, a joint investment institutions IPO after the cash holdings of the excess return of venture capital is lower; the higher the proportion of institutional ownership. The IPO of the cash holdings of the excess income is lower; compared to foreign venture capital institutions, state-owned venture capital institutions excess returns are lower and higher private background. (3) and the level of venture capital institutions reputation after IPO For the first time reduction is positively related to cash holdings for the first time, with its proportion and the cumulative reduction ratio is negatively correlated; venture capital shareholding ratio to a level with IPO reduction for the first time are positively related to cash holdings for the first time, with its proportion and the cumulative reduction ratio was negatively correlated; compared to the non joint venture capital institutions investment, joint investment of venture capital institutions IPO cash holdings will relatively weak reduction -- for the first time longer, the first reduction ratio is smaller, the cumulative reduction ratio is smaller; the background of foreign venture capital institutions for the first time, the reduction of time and state background had no significant difference compared, rather than private venture capital institutions longer; in the first reduction holding ratio, difference of venture capital institutions three background has no obvious; the cumulative reduction ratio, the background of foreign venture capital institutions compared with state-owned background more than Smaller in the private sector.
Finally, this paper based on the results of on-site analysis and empirical analysis, mainly from the strengthening effect of venture capital reputation mechanism (such as perfecting venture capital institutions reputation evaluation standards, strengthen the trial of members of the venture capital institutions past behavior review, establish IPO audit application margin system and so on), specification of venture capital institutions behavior (perfect venture capital executives incentive and restraint mechanisms, assault shares investigation venture capital institutions) put forward the corresponding policy suggestions in two aspects.

【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.39;F832.51

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