【摘要】：2009年10月30日，由證監(jiān)會籌備10年的創(chuàng)業(yè)板順利開版。我國的資本市場具有多層次、多元化的特點，而創(chuàng)業(yè)板的加入，為資本市場注入了新的活力，同時為中小企業(yè)特別是高新技術(shù)企業(yè)提供了更加便捷的融資方式，也為私募股權(quán)資本開通了順利的退出渠道，即首次公開上市（IPO）。然而PE投資帶來的IPO高抑價問題不得不引起我們的廣泛關(guān)注。 對于PE對IPO抑價的影響,也一直是國內(nèi)外學(xué)術(shù)界爭論的議題。國內(nèi)外學(xué)者對于PE是否會影響IPO抑價，以及如何影響IPO抑價得出了不同甚至相反的結(jié)論。國外學(xué)者提出來“認(rèn)證理論”、“監(jiān)督假說理論”和“聲譽效應(yīng)假說”來解釋PE支持的公司IPO更高或更低兩種現(xiàn)象。本文采用實證分析的方法，以我國2009年10月至2012年12月31日在創(chuàng)業(yè)板上市的316家高新技術(shù)企業(yè)作為研究對象，其中具有PE背景的高新企業(yè)242個，非PE背景的高新企業(yè)75個。通過實證分析方法，研究PE對創(chuàng)業(yè)板高新企業(yè)IPO抑價度的影響。本文首先通過相關(guān)性分析，從7個影響IPO抑價度的因素中選取了5個因素作為控制變量，分別是網(wǎng)上發(fā)行中簽率、首日市盈率、首日換手率、年份、發(fā)行價格。采用修正后的IPO抑價度作為被解釋變量，把“有無PE”、“PE持股比例”、“PE聲譽”、“PE經(jīng)驗”作為解釋變量，建立了四個相關(guān)模型。先后進(jìn)行描述性統(tǒng)計、皮爾遜相關(guān)分析、回歸分析，進(jìn)行實證研究。本文的研究結(jié)論如下： （1）影響IPO抑價度的因素包括網(wǎng)上發(fā)行中簽率、首日市盈率、首日中簽率、年份、發(fā)行價格。 （2）私募股權(quán)的參與會提高IPO的抑價度水平。有無PE參與與IPO抑價度正相關(guān)，影響程度在5%水平上顯著。即PE機構(gòu)的參與不但沒有起到認(rèn)證作用，消除信息不對稱，反而有PE支持企業(yè)的IPO抑價度高于無PE支持的企業(yè)。 （3）對于242家具有PE支持背景的企業(yè)，PE的持股比例與IPO抑價度負(fù)相關(guān)，但并不顯著。 （4）在有PE支持的企業(yè)中，PE聲譽與IPO抑價度正相關(guān)，而且非常顯著。即私募聲譽越高的機構(gòu)，其所投資的企業(yè)IPO抑價度更高。 （5）在有PE支持的企業(yè)中，，PE經(jīng)驗與IPO抑價度負(fù)相關(guān)，而且非常顯著。即PE機構(gòu)的成立時間越長，私募經(jīng)驗越豐富，對被投資企業(yè)的認(rèn)證作用越顯著，IPO （6）抑價度就會越低。 最后，本文基于PE機構(gòu)、被投資企業(yè)、投資者、監(jiān)管機構(gòu)四個角度，提出相關(guān)政策性建議。
[Abstract]:October 30, 2009, by the Securities and Futures Commission to prepare for 10 years of gem smooth release. The capital market of our country has the characteristics of multi-level and diversification, and the entry of the gem has injected new vitality into the capital market, at the same time, it has provided a more convenient financing method for the small and medium-sized enterprises, especially the high-tech enterprises. It also opened up a smooth exit channel for private equity capital, that is, the initial public offering of (IPO). However, the problem of high IPO underpricing caused by PE investment has to attract our wide attention. The influence of PE on IPO underpricing has always been a controversial issue in academic circles at home and abroad. Scholars at home and abroad have drawn different or even opposite conclusions on whether PE will affect IPO underpricing and how to influence IPO underpricing. Foreign scholars put forward "certification theory", "supervision hypothesis theory" and "reputation effect hypothesis" to explain the higher or lower IPO of firms supported by PE. This paper takes 316 high-tech enterprises listed on the gem from October 2009 to December 31, 2012 as research objects, including 242 high-tech enterprises with PE background and 75 high-tech enterprises with non-PE background. Through empirical analysis, this paper studies the influence of PE on IPO underpricing of gem high-tech enterprises. Through correlation analysis, this paper selects five factors as control variables from seven factors that influence IPO underpricing, which are online issuance ratio, first-day price-earnings ratio, first-day turnover ratio, year, issue price. The modified IPO underpricing degree is used as the explanatory variable, and four related models are established, which include "PE", "PE shareholding ratio", "PE reputation" and "PE experience". Descriptive statistics, Pearson correlation analysis, regression analysis, empirical research. The conclusions of this paper are as follows: (1) the factors that influence the underpricing of IPO include the ratio of online issuance, the price-earnings ratio on the first day, the ratio of the first day, the year of the underpricing. (2) Private equity participation will increase the level of IPO underpricing. The presence or absence of PE was positively correlated with the underpricing of IPO, and the effect was significant at the level of 5%. That is, the participation of PE institutions not only did not play the role of certification, eliminate information asymmetry, On the contrary, the IPO underpricing degree of enterprises supported by PE is higher than that of enterprises without PE support. (3) for enterprises with a background of PE support, the proportion of PE holding is negatively correlated with IPO underpricing. But it is not significant. (4) in the enterprises supported by PE, the reputation of PE is positively correlated with the underpricing of IPO, and it is very significant. That is, the higher the private equity reputation, the higher the IPO underpricing degree. (5) in the enterprises supported by PE, the PE experience is negatively correlated with the IPO underpricing degree, and it is very significant. That is, the longer the PE organization is established, the richer the private equity experience is, and the more significant the certification of the invested enterprise is, the lower the underpricing degree will be. Finally, based on PE institutions, invested enterprises, investors and regulators, this paper puts forward relevant policy recommendations.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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