本文關(guān)鍵詞：私募股權(quán)投資入股期限與IPO后公司業(yè)績(jī)的實(shí)證研究　出處：《中國(guó)地質(zhì)大學(xué)（北京）》2014年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：自2004年深圳中小企業(yè)板正式啟動(dòng)，私募股權(quán)投資（Private Equity，簡(jiǎn)稱PE）在我國(guó)市場(chǎng)中掀起又一輪的投資熱潮。以美國(guó)著名PE新橋資本成功進(jìn)入深圳發(fā)展銀行為起點(diǎn)，PE在我國(guó)的發(fā)展日趨活躍。全國(guó)社�；鹄硎聲�(huì)副主席王忠民在2013年底更是直言，我國(guó)后市場(chǎng)改革周期內(nèi)，私募股權(quán)將處于最為關(guān)鍵的位置。 在以上研究背景下，通過(guò)對(duì)國(guó)內(nèi)外文獻(xiàn)進(jìn)行整理，本文對(duì)私募股權(quán)投資入股期限（即PE持有期）與首次公開(kāi)募股（Initial Public Offerings,簡(jiǎn)稱IPO）后公司業(yè)績(jī)的關(guān)系進(jìn)行實(shí)證研究。本文樣本選定深圳交易所中經(jīng)PE融資IPO上市的387家公司，其中包含中小板2005年至2011年間224家，創(chuàng)業(yè)板2009年至2011年間163家。在五個(gè)逐層深入假設(shè)的基礎(chǔ)上，通過(guò)對(duì)樣本進(jìn)行描述性統(tǒng)計(jì)、相關(guān)性分析、多元回歸分析等實(shí)證分析后，本文發(fā)現(xiàn)：兩板市場(chǎng)中有私募持股的樣本公司呈現(xiàn)一定“IPO效應(yīng)”現(xiàn)象；私募股權(quán)投資入股期限與IPO后公司業(yè)績(jī)呈正相關(guān)關(guān)系；持有期不足一年的迅速脫手容易引發(fā)IPO投機(jī)現(xiàn)象，致使IPO后公司業(yè)績(jī)呈現(xiàn)一定下滑趨勢(shì)；私募股權(quán)投資自身聲譽(yù)對(duì)其入股期限長(zhǎng)短的抉擇起著重要影響。此外，“多家私募股權(quán)股東搭便車(chē)”的現(xiàn)象并未在本位得以證實(shí)，，企業(yè)IPO時(shí)市場(chǎng)狀況對(duì)PE持有期的影響也并不明顯。 本文的研究結(jié)果在一定程度上驗(yàn)證IPO效應(yīng)理論，證實(shí)“私募股權(quán)投資入股期限影響IPO后公司業(yè)績(jī)”現(xiàn)象在我國(guó)市場(chǎng)中的存在，對(duì)規(guī)范PE投資,抑制其IPO投機(jī)行為的研究提供一個(gè)全新的視角。此外，本文關(guān)于企業(yè)如何更好利用私募融資，政府與市場(chǎng)如何更好完善PE投資環(huán)境的建議有著一定參考價(jià)值。
[Abstract]:Since 2004, Shenzhen SME board officially launched, private equity investment private Equity. PE) has set off another round of investment upsurge in the Chinese market, starting from the successful entry of the famous PE New Bridge Capital into the Shenzhen Development Bank. In end of 2013, Wang Zhongmin, vice chairman of the National Social Security Fund Board, said that private equity would be in the most critical position in the post-market reform cycle of China. In the above research background, through the domestic and foreign literature collation. This paper deals with the term of private equity investment (PE holding period) and initial Public Offerings. Empirical study on the relationship between the performance of the companies after IPOs. This paper selected 387 companies listed through PE financing IPO in Shenzhen Stock Exchange. It includes 224 small and medium-sized boards from 2005 to 2011, and 163 from 2009 to 2011 on the basis of five in-depth assumptions. Through descriptive statistics, correlation analysis, multiple regression analysis and other empirical analysis, this paper finds that: the sample companies with private equity in the two boards market show a certain "IPO effect" phenomenon; There is a positive correlation between the duration of private equity investment and the performance of the company after IPO. It is easy to cause IPO speculation when the holding period is less than one year, which leads to the decline trend of the company's performance after IPO. The reputation of private equity investors plays an important role in the choice of the duration of their investment. In addition, the phenomenon of "multiple private equity shareholders hitchhiking" has not been confirmed on the basis of the standard. The influence of market condition on PE holding period is not obvious when enterprise IPO. The research results of this paper to some extent verify the theory of IPO effect, confirm the existence of the phenomenon of "the period of private equity investment affect the performance of IPO" in our market, and standardize PE investment. The research on restraining its IPO speculation provides a new perspective. In addition, this paper discusses how firms can make better use of private equity financing. Government and market how to better improve PE investment environment suggestions have a certain reference value.
【學(xué)位授予單位】：中國(guó)地質(zhì)大學(xué)（北京）
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F275

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