本文關(guān)鍵詞：我國(guó)私募股權(quán)投資對(duì)創(chuàng)業(yè)板上市公司價(jià)值影響的實(shí)證研究　出處：《山東財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 私募股權(quán)投資 公司價(jià)值 資本結(jié)構(gòu) 股權(quán)結(jié)構(gòu)

【摘要】：在全球經(jīng)濟(jì)一體化的今天,私募股權(quán)投資作為一種新型投資方式,拓寬了公司的融資渠道,推動(dòng)了被投資公司的價(jià)值發(fā)現(xiàn),同時(shí)也提供了一種高收益的投資渠道,在當(dāng)今金融體系中扮演著十分重要的角色。 目前國(guó)內(nèi)理論界對(duì)私募股權(quán)投資對(duì)經(jīng)濟(jì)影響的認(rèn)識(shí),尤其是對(duì)被投資公司影響的認(rèn)識(shí)主要來(lái)自國(guó)外成熟私募股權(quán)投資市場(chǎng)。不過(guò)鑒于我國(guó)經(jīng)濟(jì)正處于轉(zhuǎn)型期,相關(guān)的制度不健全,公司治理機(jī)制不完善,私募股權(quán)投資機(jī)構(gòu)及其管理人的發(fā)展仍不成熟,從而可能造成實(shí)際情況與國(guó)外的研究結(jié)果會(huì)有所偏差。 本文利用委托代理理論重點(diǎn)研究了私募股權(quán)投資對(duì)創(chuàng)業(yè)板上市公司價(jià)值的影響。由于私募股權(quán)投資并不能直接影響被投資公司的價(jià)值,而是通過(guò)改變被投資公司的資本結(jié)構(gòu)和股權(quán)結(jié)構(gòu)等來(lái)間接影響被投資公司價(jià)值,所以在本文的理論分析中重點(diǎn)研究分析了資本結(jié)構(gòu)和股權(quán)結(jié)構(gòu)等與公司價(jià)值間的關(guān)系。實(shí)證分析中,將研究對(duì)象按照有無(wú)得到私募股權(quán)投資分為兩類(lèi),研究私募股權(quán)投資有無(wú)增加被投資公司的價(jià)值。最終,本文得出結(jié)論:私募股權(quán)投資對(duì)被投資公司價(jià)值沒(méi)有影響。 本文的研究結(jié)果不僅回答了私募股權(quán)投資有無(wú)增加被投資公司價(jià)值這個(gè)問(wèn)題,還為我國(guó)私募股權(quán)投資行業(yè)的建設(shè)與發(fā)展提供了進(jìn)一步的理論依據(jù)與政策建議,這對(duì)于優(yōu)化我國(guó)公司股權(quán)結(jié)構(gòu)、完善多層次資本市場(chǎng)體系、深化投融資體制改革等都具有一定的現(xiàn)實(shí)指導(dǎo)意義。
[Abstract]:In the global economic integration today, private equity investment as a new type of investment, broaden the financing channels of the company, promote the value of the invested company discovery. It also provides a high-yield investment channel that plays a very important role in today's financial system. At present, the domestic theorists' understanding of the impact of private equity investment on the economy, especially on the influence of invested companies, mainly comes from the mature foreign private equity investment market. However, our economy is in the transition period. The related system is not perfect, the corporate governance mechanism is not perfect, and the development of private equity investment institutions and their managers is still immature, which may cause the actual situation to deviate from the foreign research results. This paper focuses on the impact of private equity investment on the value of listed companies on the gem using the principal-agent theory. Because private equity investment can not directly affect the value of invested companies. It affects the value of the invested company indirectly by changing the capital structure and equity structure of the invested company. Therefore, in the theoretical analysis of this paper, we focus on the analysis of the relationship between capital structure and equity structure and the value of the company. In the empirical analysis, the research object is divided into two categories according to whether the private equity investment is available or not. Finally, this paper concludes that private equity investment has no effect on the value of invested companies. The results of this paper not only answer the question of whether the private equity investment has increased the value of the invested company, but also provide further theoretical basis and policy recommendations for the construction and development of the private equity investment industry in China. It is of practical significance to optimize the ownership structure of Chinese companies, perfect the multi-level capital market system and deepen the reform of investment and financing system.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F275;F271

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