本文關(guān)鍵詞：私募股權(quán)資本對于創(chuàng)業(yè)板公司上市前后經(jīng)營績效的影響分析　出處：《復(fù)旦大學(xué)》2014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)板企業(yè) 私募股權(quán)資本 業(yè)績下滑 經(jīng)營績效

【摘要】：我國創(chuàng)業(yè)板市場自開啟以來,一直都是市場關(guān)注的焦點,不僅因為它標志著我國資本市場的重大創(chuàng)新突破,更加因為創(chuàng)業(yè)板企業(yè)上市前的成長性和盈利能力、上市時引人注目的“高發(fā)行價、高發(fā)行市盈率、高募集資金”和上市后飽受爭議的經(jīng)營業(yè)績顯著下滑。創(chuàng)業(yè)板是私募股權(quán)資本退出的最主要通道,而私募股權(quán)資本也為創(chuàng)業(yè)板企業(yè)提供了高效率資本、扮演著幫助企業(yè)提升經(jīng)營績效和治理水平的重要角色。本文基于對創(chuàng)業(yè)板企業(yè)上市前后的經(jīng)營業(yè)績指標變化的分析,并對比有無私募股權(quán)資本入股企業(yè)上市前后經(jīng)營指標變化率、上市前和上市后經(jīng)營業(yè)績的表現(xiàn),再進一步分析PE持股特征,來探究私募股權(quán)資本對于創(chuàng)業(yè)板企業(yè)上市前后經(jīng)營績效的影響。立足于西方成熟市場的研究和中國創(chuàng)業(yè)板市場的現(xiàn)狀,本文對比了創(chuàng)業(yè)板公司上市前后的財務(wù)指標,并通過手工整理招股說明書確認創(chuàng)業(yè)板企業(yè)上市前是否有私募股權(quán)資本入股以及持股時間和比例等數(shù)據(jù),發(fā)現(xiàn)私募股權(quán)資本并沒有如同預(yù)期減輕公司上市后業(yè)績下滑的幅度,也沒有提高公司上市后的業(yè)績指標水平,對公司上市前的增長率指標和部分盈利性指標的提高有正向作用,但對于公司上市后的各項經(jīng)營業(yè)績指標均沒有顯著影響。在分析了PE機構(gòu)入股的特征后發(fā)現(xiàn),相對于其他PE機構(gòu),高聲譽PE機構(gòu)入股的企業(yè)上市前的部分業(yè)績指標水平更低但上市后指標下滑幅度也更小,即高聲譽PE機構(gòu)入股的創(chuàng)業(yè)板企業(yè)上市后業(yè)績“變臉”程度更輕緩；PE機構(gòu)持股時間越長,上市前的經(jīng)營業(yè)績指標也越低,但PE聲譽、PE持股時間、PE持股比例對被投資企業(yè)上市后的經(jīng)營業(yè)績水平均沒有顯示出作用。基于以上結(jié)果,本文結(jié)合我國創(chuàng)業(yè)板和私募股權(quán)市場的實際情況,進一步分析了私募股權(quán)資本對創(chuàng)業(yè)板企業(yè)上市前后經(jīng)營績效的影響。本文的主要結(jié)論是：1、目前我國的創(chuàng)業(yè)板企業(yè)發(fā)展仍然非常不成熟,絕大部分財務(wù)指標上市后呈現(xiàn)顯著下滑趨勢,沒有顯示出應(yīng)有的高成長性和盈利能力,有可能是由于上市前盈余管理而上市后虛增業(yè)績轉(zhuǎn)回導(dǎo)致業(yè)績大幅下滑；2、私募股權(quán)資本并沒有真正幫助企業(yè)提升經(jīng)營水平、為企業(yè)提供增值服務(wù),有PE持股的創(chuàng)業(yè)板企業(yè)在上市前經(jīng)營業(yè)績指標更高,是因為PE機構(gòu)出于通過企業(yè)在創(chuàng)業(yè)板上市而退出的強烈動機,幫助被投資企業(yè)在上市前進行財務(wù)包裝,以及經(jīng)營業(yè)績指標表現(xiàn)良好的企業(yè)更容易吸引私募股權(quán)資本的投資；3、長時間持股企業(yè)的和高聲譽的PE機構(gòu)幫助企業(yè)在上市前進行財務(wù)包裝的動機較小,所以其所投資企業(yè)上市前的經(jīng)營業(yè)績指標水平更低但上市后下滑幅度更小,但這種類型的PE機構(gòu)也沒有發(fā)揮幫助企業(yè)真正提升經(jīng)營績效的作用。最后,基于以上結(jié)論,結(jié)合中國創(chuàng)業(yè)板市場和私募股權(quán)市場的發(fā)展現(xiàn)狀,本文提出了一些建議。
[Abstract]:China's gem market has been the focus of attention since it was opened, not only because it marks a major breakthrough in our capital market, but also because of the growth and profitability of gem enterprises before listing. The spectacular "high offering price, high price / earnings ratio, high raising funds" and the controversial operating performance since listing have fallen significantly. The gem is the main channel for private equity capital withdrawal. Private equity capital also provides efficient capital for gem enterprises. It plays an important role in helping enterprises to improve their business performance and governance level. This paper analyzes the changes of business performance indicators before and after gem listing. And compare whether there is private equity capital before and after the listing of enterprises before and after the change rate of business indicators, pre-listing and post-listing performance of business performance, and further analysis of PE shareholding characteristics. To explore the impact of private equity capital on the performance of gem enterprises before and after listing. Based on the western mature market and the current situation of the gem market in China. This paper compares the financial indicators of gem companies before and after listing, and through manual collation prospectus to confirm whether gem companies have private equity capital before listing, as well as holding time and proportion data. It is found that private equity capital does not reduce the extent of decline in post-IPO performance as expected, nor does it improve the performance index level of the company after listing. It has a positive effect on the improvement of the growth rate index and the profitability index of the company before listing. However, there is no significant impact on the performance indicators of the listed companies. After analyzing the characteristics of PE institutions, it is found that compared with other PE institutions. Some of the performance indicators of companies with high reputation PE institutions before listing are lower, but the decline of indicators after listing is also smaller. That is, high reputation PE institutions into the gem after the performance of enterprises listed, "change face" degree is more gentle; The longer the holding time of PE institutions, the lower the operating performance index before listing, but PE reputation and PE holding time. Based on the above results, this paper combines the actual situation of China's gem and private equity market. This paper further analyzes the impact of private equity capital on the performance of gem enterprises before and after listing. The main conclusion of this paper is: 1. At present, the development of gem enterprises in China is still very immature. Most of the financial indicators show a significant downward trend after listing, not showing the due high growth and profitability, it may be due to earnings management before listing and the return of performance after the false increase in the performance of a substantial decline; 2, private equity capital does not really help enterprises to improve the level of operation, to provide value-added services for enterprises, with PE holdings of gem enterprises in the pre-listing performance indicators are higher. Because PE institutions out of the strong motivation to withdraw from the gem through enterprises, help the invested enterprises to carry out financial packaging before listing. And enterprises with good performance are more likely to attract private equity capital investment; 3. Long-held and high-reputable PE institutions have less incentive to help companies with financial packaging before listing. So its investment enterprises before the listing of the operating performance index level is lower but the decline after listing is smaller, but this type of PE institutions also did not play a role in helping enterprises to truly improve business performance. Finally. Based on the above conclusions, combined with the development of China's gem market and private equity market, this paper puts forward some suggestions.
【學(xué)位授予單位】：復(fù)旦大學(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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