本文關(guān)鍵詞： IPO表現(xiàn) 高校背景 上市公司 創(chuàng)新因素 風(fēng)險(xiǎn)投資　出處：《合肥工業(yè)大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：加強(qiáng)“產(chǎn)、學(xué)、研”的結(jié)合，促進(jìn)知識(shí)、技術(shù)與資本市場(chǎng)的結(jié)合，已成為實(shí)現(xiàn)我國(guó)經(jīng)濟(jì)現(xiàn)代化發(fā)展戰(zhàn)略的重要支撐。除了承擔(dān)傳統(tǒng)的教育和研究職能之外，大學(xué)越來(lái)越成為科技創(chuàng)新與技術(shù)進(jìn)步的重要平臺(tái)，大學(xué)及其研究人員借助多種途徑進(jìn)入資本市場(chǎng)、推動(dòng)科技成果產(chǎn)業(yè)化，由此產(chǎn)生了許多依托高�；蚺c高校形成緊密關(guān)聯(lián)的上市公司。由于依托高校的特殊背景，這些企業(yè)更易獲得來(lái)自政府、學(xué)術(shù)伙伴以及風(fēng)險(xiǎn)投資的各種有形和無(wú)形資源的支持，更易被市場(chǎng)寄予更高的發(fā)展預(yù)期，更易獲得投資者的關(guān)注和追捧。但是高校背景上市公司是否真的如投資者所看好的那樣，帶來(lái)了更好的IPO表現(xiàn)呢？ 文章首先介紹了中國(guó)高校背景上市公司的歷史、現(xiàn)狀及特點(diǎn)，隨后，對(duì)國(guó)內(nèi)外研究現(xiàn)狀進(jìn)行了綜述，綜述的內(nèi)容包括IPO首日抑價(jià)現(xiàn)象、IPO長(zhǎng)期弱勢(shì)表現(xiàn)以及國(guó)內(nèi)外關(guān)于高校背景上市公司的研究，并對(duì)文獻(xiàn)做了小結(jié)和評(píng)論。其后，文章采取比較研究和實(shí)證分析的方法來(lái)分析高校背景和非高校背景上市公司IPO表現(xiàn)的差異。根據(jù)實(shí)證檢驗(yàn)，，文章最終得出了五個(gè)主要結(jié)論：（1）高校背景上市公司在人才與技術(shù)等創(chuàng)新因素方面顯示出了顯著的“高校背景優(yōu)勢(shì)”，并普遍具有更高的發(fā)行定價(jià)，而且高校持股比例越高，發(fā)行定價(jià)就越高；（2）高校背景上市公司上市后的長(zhǎng)期收益率并沒(méi)有達(dá)到投資者的預(yù)期，高校（或科研院所）持股比例的高低對(duì)首日抑價(jià)率和長(zhǎng)期收益率不產(chǎn)生影響；（3）高校背景上市公司并不具有更好的IPO表現(xiàn)，高校背景與IPO表現(xiàn)不相關(guān)；（4）專(zhuān)利數(shù)量、RD支出占比以及高管學(xué)歷等創(chuàng)新因素對(duì)高校背景上市公司的市后表現(xiàn)基本沒(méi)有產(chǎn)生顯著的積極影響；（5）風(fēng)險(xiǎn)投資的注入也沒(méi)有改善IPO的長(zhǎng)期表現(xiàn)，甚至產(chǎn)生了消極的影響。 最后，文章根據(jù)實(shí)證研究的結(jié)果，結(jié)合我國(guó)股票市場(chǎng)的實(shí)際，對(duì)如何提高IPO定價(jià)效率、更好地促進(jìn)優(yōu)質(zhì)高科技上市公司發(fā)揮競(jìng)爭(zhēng)優(yōu)勢(shì)、推動(dòng)資本市場(chǎng)持續(xù)健康發(fā)展提出了合理化的政策建議。
[Abstract]:Strengthening the combination of "industry, learning, and research" and promoting the combination of knowledge, technology and capital market has become an important support for realizing the development strategy of economic modernization in China, except for the traditional education and research functions. Universities have increasingly become an important platform for scientific and technological innovation and technological progress. Universities and their researchers enter the capital market through various ways to promote the industrialization of scientific and technological achievements. As a result, many listed companies relying on or closely related to colleges and universities have emerged. Because of the special background of colleges and universities, these enterprises are easier to obtain from the government. The support of academic partners and various tangible and intangible resources of venture capital is more likely to be expected by the market. It is easier to get investors' attention and popularity. But is it true that the listed companies with college background have brought about better IPO performance as investors are optimistic? This paper first introduces the history, current situation and characteristics of the listed companies in China's universities and colleges, and then summarizes the current research situation at home and abroad, including the phenomenon of IPO underpricing on the first day. The long-term weak performance of IPO and the domestic and foreign research on the listed companies with university background, and the literature is summarized and commented. This paper adopts comparative research and empirical analysis to analyze the differences of IPO performance between college background and non-university background listed companies. Finally, the paper draws five main conclusions: (1) the listed companies with university background show significant "college background advantages" in the aspects of talents and technology innovation factors, and generally have higher issue pricing. Moreover, the higher the shareholding ratio of colleges and universities, the higher the issue pricing; (2) the long-term yield of listed companies in colleges and universities does not meet the expectations of investors, and the proportion of shares held by universities (or research institutes) has no effect on the first day underpricing rate and long-term return rate; The university background listed company does not have the better IPO performance, the university background and the IPO performance are not related; (4) the number of patents and the proportion of R & D expenditure, as well as the educational background of senior executives, have no significant positive effect on the post-market performance of the listed companies with university background; The injection of venture capital does not improve the long-term performance of IPO, and even has a negative effect. Finally, according to the results of empirical research, combined with the reality of China's stock market, how to improve the efficiency of IPO pricing, and better promote the high-quality high-tech listed companies to play a competitive advantage. To promote the sustained and healthy development of the capital market put forward rational policy recommendations.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F276.42;F832.51

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