本文關(guān)鍵詞：基于創(chuàng)業(yè)投資視角對(duì)投資期與IPO溢價(jià)關(guān)系的研究　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)投資 IPO溢價(jià)比 增值服務(wù) 投資階段

【摘要】：世界經(jīng)濟(jì)的發(fā)展走到了今天,技術(shù)進(jìn)步已經(jīng)成為經(jīng)濟(jì)增長(zhǎng)的主要?jiǎng)恿�。�?shí)現(xiàn)技術(shù)變革,離不開金融的支持。創(chuàng)業(yè)投資作為一種新的金融制度安排,在促進(jìn)技術(shù)變革中發(fā)揮了重要的作用。以美國(guó)為例,自20世紀(jì)90年代以來(lái),正是因?yàn)檎畬?duì)技術(shù)創(chuàng)新的重視和支持,才能不斷地推出新產(chǎn)品,形成能產(chǎn)生巨大經(jīng)濟(jì)效益的新興產(chǎn)業(yè),才能使美國(guó)的經(jīng)濟(jì)持續(xù)增長(zhǎng)。 創(chuàng)業(yè)投資者實(shí)現(xiàn)投資回報(bào)的一種重要方式是IPO退出,創(chuàng)業(yè)投資參與企業(yè)管理的關(guān)鍵階段是IPO之前的管理階段。于是,本文定義了IPO投資期的概念,它指的是開始投資到IPO的時(shí)間段。作為投資期,它的長(zhǎng)短來(lái)反映了創(chuàng)投機(jī)構(gòu)在IPO之前參與企業(yè)管理的時(shí)間,也反映了創(chuàng)投機(jī)構(gòu)對(duì)不同投資期限的選擇。 從創(chuàng)業(yè)投資提供增值服務(wù)的角度上講,創(chuàng)投機(jī)構(gòu)參與管理的時(shí)間越長(zhǎng),為公司提供的增值服務(wù)越多,企業(yè)的凈資產(chǎn)增值就會(huì)越大,所以IPO溢價(jià)比就會(huì)越高。但是,我國(guó)創(chuàng)業(yè)投資行業(yè)普遍存在兩個(gè)問(wèn)題：一是創(chuàng)業(yè)投資增值服務(wù)不足;二是投資階段后移,創(chuàng)投機(jī)構(gòu)偏好于短期投資。這兩個(gè)問(wèn)題的存在是否會(huì)影響企業(yè)價(jià)值增值程度與投資期限的關(guān)系,進(jìn)而影響IPO溢價(jià)比與投資期的關(guān)系,使二者產(chǎn)生負(fù)相關(guān)關(guān)系,本文對(duì)此做出了實(shí)證分析。 在文中的實(shí)證研究部分,對(duì)IPO溢價(jià)比與投資期的關(guān)系做出了負(fù)相關(guān)假設(shè),同時(shí),為了增強(qiáng)模型的解釋程度,引入了創(chuàng)投機(jī)構(gòu)參與數(shù)量和行業(yè)分類兩個(gè)控制變量。實(shí)證研究結(jié)果表明原假設(shè)成立,IPO溢價(jià)比與投資期呈負(fù)相關(guān),從而印證了我國(guó)創(chuàng)業(yè)投資增值服務(wù)不足的存在性,以及投資階段后移對(duì)IPO溢價(jià)比和投資期關(guān)系的影響。 文章的主體結(jié)構(gòu)分為四個(gè)部分；第一部分是相關(guān)文獻(xiàn)綜述,介紹了國(guó)內(nèi)外對(duì)創(chuàng)業(yè)投資階段后移成因的分析和增值服務(wù)作用的介紹；第二部分是相關(guān)理論的介紹,對(duì)創(chuàng)業(yè)投資、IPO溢價(jià)比、增值服務(wù)、投資階段做出了定義,同時(shí)也介紹了增值服務(wù)和創(chuàng)業(yè)投資階段選擇的相關(guān)理論；第三部分是實(shí)證部分,該部分首先給出了研究設(shè)計(jì),包括研究假設(shè)、變量和模型的設(shè)計(jì)以及樣本的選擇,然后是實(shí)證分析,證明了假設(shè)的成立。第四部分是結(jié)論與展望,參考相關(guān)理論,結(jié)合作者自身的理解,解釋了我國(guó)創(chuàng)業(yè)投資階段后移和增值服務(wù)不足的原因,并給以相應(yīng)的對(duì)策。
[Abstract]:With the development of the world economy, technological progress has become the main driving force of economic growth. Technological change can not be achieved without the support of finance. Venture capital as a new financial system arrangement. In the United States, for example, since 1990s, it is because of the importance and support of technology innovation that the government can continuously launch new products. Only by forming a new industry that can produce great economic benefits can the economy of the United States continue to grow. One of the most important ways for the venture capital to realize the return on investment is the exit of IPO. The key stage of venture capital participating in enterprise management is the management phase before IPO. This paper defines the concept of the IPO investment period, which refers to the time period when the investment period begins to be invested in IPO. As an investment period, its length reflects the time that the venture capital institution participated in the management of the enterprise before IPO. It also reflects the choice of venture capital institutions for different investment periods. From the perspective of venture capital to provide value-added services, the longer the venture capital institutions participate in management, the more value-added services for the company, the greater the net assets will be added. Therefore, the IPO premium ratio will be higher. However, there are two common problems in the venture capital industry in China: first, the lack of value-added services for venture capital; Second, the investment stage moves behind, and the venture capital institutions prefer short-term investment. The existence of these two problems will affect the relationship between the value appreciation and the investment period, and then affect the relationship between the IPO premium ratio and the investment period. This paper makes an empirical analysis of the negative correlation between the two. In the empirical part of this paper, the relationship between the IPO premium ratio and the investment period is assumed negatively, and in order to enhance the interpretation of the model. This paper introduces two control variables: the number of venture capital institutions' participation and the industry classification. The empirical results show that the original assumption of the IPO premium ratio is negatively correlated with the investment period. This proves the existence of insufficient value-added services for venture capital in China, and the influence of the shift of investment stage on the relationship between IPO premium ratio and investment period. The main structure of the article is divided into four parts; The first part is a review of relevant literature, which introduces the analysis of the causes of the backward shift of venture capital and the role of value-added services at home and abroad. The second part is the introduction of the relevant theory, the venture capital IPO premium ratio, value-added services, investment stage to make a definition, but also introduced the value-added services and venture capital stage selection related theories; The third part is the empirical part, this part first gives the research design, including research assumptions, variables and model design and sample selection, and then empirical analysis. This paper proves that the hypothesis is established. Part 4th is the conclusion and prospect. Referring to the relevant theories and combining with the author's own understanding, this paper explains the reasons for the backward shift of the stage of venture capital and insufficient value-added services in China, and puts forward the corresponding countermeasures.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F224;F231

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