本文選題：IPO超募 + 創(chuàng)業(yè)投資機(jī)構(gòu)��； 參考：《暨南大學(xué)》2014年碩士論文

【摘要】：我國(guó)創(chuàng)業(yè)板和中小板IPO超募現(xiàn)象嚴(yán)重，中小企業(yè)通過(guò)IPO獲得了巨大的超募現(xiàn)金流，這種嚴(yán)重的IPO超募現(xiàn)象引起了學(xué)者的廣泛關(guān)注，有學(xué)者開(kāi)始討論IPO超募現(xiàn)象的成因等，也有少部分學(xué)者基于投資與現(xiàn)金流之間的敏感性開(kāi)始關(guān)注IPO超募與投資行為之間的關(guān)系。同時(shí)，自創(chuàng)業(yè)板開(kāi)板以來(lái)，創(chuàng)業(yè)投資機(jī)構(gòu)的發(fā)展迎來(lái)了春天，中小板與創(chuàng)業(yè)板市場(chǎng)的繁榮為創(chuàng)業(yè)投資機(jī)構(gòu)的退出提供了良好的渠道。成功上市的中小企業(yè)中大部分都得到了創(chuàng)業(yè)投資機(jī)構(gòu)的支持，基于創(chuàng)業(yè)投資機(jī)構(gòu)參與被投資企業(yè)公司治理的研究也開(kāi)始出現(xiàn)。但是，從目前的研究現(xiàn)狀來(lái)看，還沒(méi)有學(xué)者將創(chuàng)業(yè)投資機(jī)構(gòu)與IPO超募下的投資行為放在一個(gè)框架進(jìn)行研究。因此，本文將中小企業(yè)突出的IPO超募現(xiàn)象與創(chuàng)業(yè)投資機(jī)構(gòu)支持背景放在一起，探討其對(duì)中小企業(yè)過(guò)度投資行為的影響。 本文選取2009~2010年創(chuàng)業(yè)板與中小板上市公司作為研究對(duì)象，考察他們?cè)谏鲜泻笠坏饺甑耐顿Y行為。本文運(yùn)用修正后的過(guò)度投資模型得到每個(gè)樣本觀測(cè)值在研究期間的過(guò)度投資水平，再考察過(guò)度投資對(duì)IPO超募現(xiàn)金流是否存在敏感性，以及創(chuàng)業(yè)投資機(jī)構(gòu)是否具有抑制過(guò)度投資的作用。通過(guò)多元線(xiàn)性回歸發(fā)現(xiàn)，，過(guò)度投資與IPO超募現(xiàn)金流存在顯著的正向關(guān)系，而創(chuàng)業(yè)投資機(jī)構(gòu)對(duì)過(guò)度投資沒(méi)有顯著影響。 本文的研究結(jié)論在一定程度上支持了投資現(xiàn)金流敏感的論斷，IPO超募確實(shí)會(huì)促進(jìn)企業(yè)的過(guò)度投資行為，造成了資本市場(chǎng)資源配置不均衡的問(wèn)題。但是創(chuàng)業(yè)投資機(jī)構(gòu)對(duì)企業(yè)過(guò)度投資的抑制作用有限，創(chuàng)業(yè)投資機(jī)構(gòu)發(fā)揮其完善公司治理的作用還有待驗(yàn)證。本文從當(dāng)前現(xiàn)狀出發(fā)，研究IPO超募與創(chuàng)業(yè)投資機(jī)構(gòu)對(duì)過(guò)度投資行為的影響，進(jìn)一步拓寬了過(guò)度投資行為的研究范圍，為提高資本市場(chǎng)資源配置、完善IPO制度與規(guī)范創(chuàng)業(yè)投資機(jī)構(gòu)的行為提供參考。
[Abstract]:The phenomenon of IPO over-raising on gem and small and medium-sized boards in China is serious, and small and medium-sized enterprises have obtained huge cash flow through IPO. This serious phenomenon of IPO over-raising has aroused the widespread concern of scholars. Some scholars have begun to discuss the causes of IPO over-raising, and so on. A small number of scholars focus on the relationship between IPO overcapitalization and investment behavior based on the sensitivity between investment and cash flow. At the same time, since the gem opened, the development of venture capital institutions ushered in the spring, the small and medium-sized board and the gem market prosperity for the venture capital institutions to exit a good channel. Most of the SMEs listed successfully are supported by the venture capital institutions, and the research on the venture capital institutions participating in the corporate governance of the invested enterprises is also beginning to appear. However, from the current research situation, there are no scholars to study venture capital institutions and IPO overraised investment behavior in a framework. Therefore, this paper puts the prominent phenomenon of IPO overraising in small and medium-sized enterprises and the background of venture capital organization support together to explore its influence on the over-investment behavior of small and medium-sized enterprises. From 2009 to 2010, this paper selects the gem and the small and medium board listed companies as the research objects to investigate their investment behavior one to three years after listing. In this paper, we use the modified overinvestment model to obtain the level of overinvestment in each sample during the study period, and then investigate the sensitivity of overinvestment to IPO overcapitalization cash flow. And whether venture capital institutions have the role of restraining excessive investment. Through multiple linear regression, it is found that there is a significant positive relationship between overinvestment and IPO overcapitalization cash flow, while venture capital institutions have no significant influence on overinvestment. To a certain extent, the conclusion of this paper supports the conclusion that the over-raising of IPOs can promote the over-investment behavior of enterprises, which leads to the imbalance of resource allocation in the capital market. However, venture capital institutions have a limited restraining effect on overinvestment, and the role of venture capital institutions in improving corporate governance has yet to be verified. Based on the current situation, this paper studies the influence of IPO over-raising and venture capital institutions on over-investment behavior, and further broadens the scope of research on over-investment behavior, in order to improve the allocation of capital market resources. Improve the IPO system and standardize the behavior of venture capital institutions to provide reference.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F276.3;F275;F832.51

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