本文關(guān)鍵詞： 風(fēng)險(xiǎn)投資 創(chuàng)業(yè)板上市公司 IPO 影響效應(yīng) 實(shí)證研究　出處：《山東大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國創(chuàng)業(yè)板市場的逐漸推出,風(fēng)險(xiǎn)投資對于推動(dòng)資本市場尤其是創(chuàng)業(yè)板市場發(fā)展的作用逐漸凸顯,主要表現(xiàn)在：IPO前對上市公司產(chǎn)生的增值效應(yīng)、IPO時(shí)對上市公司抑價(jià)率的影響、IPO后對企業(yè)財(cái)務(wù)績效的影響。風(fēng)險(xiǎn)投資對創(chuàng)業(yè)板上市公司IPO的影響效應(yīng)究竟多大及國外相關(guān)理論對中國的適用性怎樣逐漸成為了關(guān)注的焦點(diǎn)。 不少研究認(rèn)為,風(fēng)險(xiǎn)投資在投資存續(xù)期間可以為企業(yè)帶來多個(gè)方面的增值服務(wù)。但在風(fēng)險(xiǎn)投資對IPO抑價(jià)率的影響層面上,形成了兩種截然相反的理論觀點(diǎn)：“監(jiān)管理論”認(rèn)為風(fēng)險(xiǎn)投資機(jī)構(gòu)的參與能夠減弱公開發(fā)行過程中的信息不對稱弊端,使得發(fā)行價(jià)格更能反映實(shí)際價(jià)值,因此,曾進(jìn)行過風(fēng)險(xiǎn)投資的企業(yè),其IPO溢價(jià)率較低；然而,“逆向選擇理論”則恰好相反,認(rèn)為若風(fēng)險(xiǎn)投資不成熟,將會使企業(yè)面臨聲譽(yù)風(fēng)險(xiǎn)和資金流動(dòng)壓力,會將企業(yè)過早投入資本市場中去,IPO抑價(jià)率會更高。 本文以中國股市為例,選取2013年12月31日前在創(chuàng)業(yè)板市場上市的355家上市公司(包括196家具備風(fēng)險(xiǎn)投資背景的企業(yè))為樣本,運(yùn)用回歸分析和均值對比分析等計(jì)量經(jīng)濟(jì)學(xué)方法,主要研究了五方面的內(nèi)容：(1)對中國風(fēng)險(xiǎn)投資市場的特點(diǎn)進(jìn)行深入剖析；(2)對比企業(yè)IPO前后的主要財(cái)務(wù)指標(biāo),分析風(fēng)險(xiǎn)投資對投資企業(yè)經(jīng)營狀況影響；(3)基于風(fēng)險(xiǎn)投資的角度,研究風(fēng)險(xiǎn)投資對創(chuàng)業(yè)板上市公司IPO溢價(jià)的影響；(4)考察風(fēng)險(xiǎn)投資對企業(yè)IPO后企業(yè)財(cái)務(wù)績效的影響狀況；(5)研究風(fēng)險(xiǎn)投資的屬性及參與特征對企業(yè)IPO的財(cái)務(wù)績效的影響情況。 研究結(jié)果表明：(1)在企業(yè)IPO前,是否具有風(fēng)險(xiǎn)投資支持,并不會對其成長性和高科技性產(chǎn)生顯著影響,風(fēng)險(xiǎn)投資對企業(yè)的增值效應(yīng)并不顯著；(2)IPO時(shí)風(fēng)險(xiǎn)投資支持的企業(yè)IPO抑價(jià)率較低；(3)IPO后,風(fēng)險(xiǎn)投資持股的企業(yè)在IPO后盈利性和成長性降幅較小；(4)政府背景的風(fēng)投機(jī)構(gòu)在企業(yè)IPO前的業(yè)績好于非政府背景的風(fēng)投機(jī)構(gòu),但在IPO后,政府背景的投資機(jī)構(gòu)業(yè)績卻差于非政府背景的風(fēng)投機(jī)構(gòu)；(5)風(fēng)險(xiǎn)投資持股比例超過12.6%、介入時(shí)間超過30個(gè)月情況下,企業(yè)IPO前的經(jīng)營績效更好。這說明風(fēng)險(xiǎn)投資對中國創(chuàng)業(yè)板市場起到了一定的認(rèn)證監(jiān)管的積極作用,但這一作用并沒有得到充分發(fā)揮,導(dǎo)致當(dāng)前我國創(chuàng)業(yè)板市場風(fēng)險(xiǎn)投資影響力不足,增值效用體現(xiàn)不明顯。 最后根據(jù)實(shí)證分析的結(jié)果,有針對性地對投資者、風(fēng)險(xiǎn)投資機(jī)構(gòu)、上市企業(yè)及風(fēng)投監(jiān)管者提出對策和建議,即投資者應(yīng)當(dāng)對企業(yè)價(jià)值進(jìn)行理性判斷；風(fēng)險(xiǎn)投資機(jī)構(gòu)應(yīng)將投資階段前移,提供更多的增值服務(wù)；上市企業(yè)應(yīng)選擇適宜的上市時(shí)機(jī),注重長遠(yuǎn)發(fā)展；監(jiān)管者則應(yīng)該規(guī)范投資者、風(fēng)險(xiǎn)投資機(jī)構(gòu)以及上市公司行為。
[Abstract]:With the gradual introduction of China's gem market, the role of venture capital to promote the development of the capital market, especially the gem market, is gradually prominent, mainly reflected in the value-added effect on listed companies before the IPO. The influence of IPO on the underpricing rate of listed companies. The effect of venture capital on the IPO of gem listed companies and the applicability of foreign theories to China have gradually become the focus of attention. Many studies believe that venture capital can bring a variety of value-added services for enterprises during the period of investment, but in the level of the impact of venture capital on the IPO underpricing rate. There are two opposite theories: "supervision theory" holds that the participation of venture capital institutions can reduce the asymmetry of information in the process of public offering, so that the issuing price can reflect the actual value. The IPO premium rate of the enterprises that have carried out venture capital investment is low; However, the "reverse selection theory" is just the opposite. If the venture capital is not mature, it will make the enterprise face the reputation risk and the pressure of capital flow, and will put the enterprise into the capital market prematurely. IPO underpricing will be higher. Taking the Chinese stock market as an example, this paper selects 355 listed companies (including 196 companies with venture capital background) listed in the gem market before December 31st 2013 as a sample. By using the econometrics methods such as regression analysis and mean contrast analysis, this paper mainly studies the characteristics of Chinese venture capital market in five aspects. 2) comparing the main financial indexes before and after IPO, and analyzing the influence of venture capital on the management of investment enterprises; (3) based on the angle of venture capital, this paper studies the influence of venture capital on IPO premium of listed companies in gem. (4) to investigate the influence of venture capital on enterprise financial performance after IPO; (5) to study the influence of venture capital attributes and participation characteristics on the financial performance of IPO. The results show that the venture capital support before IPO will not have a significant impact on its growth and high-tech, and the value added effect of venture capital on the enterprise is not significant. The IPO underpricing rate of venture capital-backed enterprises is low. After the IPO, the profit and growth of the venture capital holding enterprises decreased slightly after IPO; (4) the performance of government background venture capital firm is better than that of non government background venture capital organization before IPO, but after IPO, the performance of government background investment institution is worse than that of non government background venture capital organization; (5) if the proportion of venture capital stock is more than 12.6%, and the time of intervention is more than 30 months. The performance of enterprises before IPO is better, which shows that venture capital has played a positive role in the certification and supervision of China's gem market, but this role has not been fully played. As a result, the influence of venture capital on gem is insufficient, and the value-added effect is not obvious. Finally, according to the results of empirical analysis, the paper puts forward countermeasures and suggestions to investors, venture capital institutions, listed enterprises and venture capital regulators, that is, investors should rationally judge the value of enterprises; Venture capital institutions should move forward the investment stage to provide more value-added services; The listed enterprises should choose the appropriate time to go on the market and pay attention to the long-term development; Regulators should regulate the behavior of investors, venture capital institutions and listed companies.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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