本文關(guān)鍵詞： 風(fēng)險(xiǎn)投資 創(chuàng)業(yè)板 IPO抑價(jià) 實(shí)證分析　出處：《陜西科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：2009年10月，，我國(guó)創(chuàng)業(yè)板鳴鑼開張，中小高新技術(shù)企業(yè)和風(fēng)險(xiǎn)投資行業(yè)迎來了難得的發(fā)展機(jī)遇。創(chuàng)業(yè)板市場(chǎng)不僅為具有高成長(zhǎng)潛力的中小高新技術(shù)企業(yè)提供了直接的融資平臺(tái)，也為我國(guó)風(fēng)險(xiǎn)投資機(jī)構(gòu)開辟了一條便捷的退出渠道。同時(shí)，風(fēng)險(xiǎn)投資機(jī)構(gòu)青睞于投資初創(chuàng)型的中小企業(yè)，為創(chuàng)業(yè)板市場(chǎng)輸送源源不斷的上市資源。2012年10月IPO暫停前，在我國(guó)創(chuàng)業(yè)板上市的355家企業(yè)中，有247家企業(yè)獲得了風(fēng)險(xiǎn)投資的支持。可見，風(fēng)險(xiǎn)投資在我國(guó)創(chuàng)業(yè)板市場(chǎng)上相當(dāng)活躍。 我國(guó)創(chuàng)業(yè)板市場(chǎng)存在著嚴(yán)重的IPO抑價(jià)現(xiàn)象。這一現(xiàn)象導(dǎo)致大量資金從二級(jí)市場(chǎng)涌向一級(jí)市場(chǎng)，引發(fā)二級(jí)市場(chǎng)價(jià)格波動(dòng)，嚴(yán)重影響資本市場(chǎng)的資金配置功能。因此，國(guó)內(nèi)外學(xué)者廣泛關(guān)注IPO抑價(jià)研究，風(fēng)險(xiǎn)投資與IPO抑價(jià)的關(guān)系研究作為該領(lǐng)域的一個(gè)新的視角也備受關(guān)注。風(fēng)險(xiǎn)投資主要從兩個(gè)方面影響IPO抑價(jià)。一方面，風(fēng)險(xiǎn)投資作為權(quán)益性投資，風(fēng)險(xiǎn)投資機(jī)構(gòu)在投資過程中持有被投資企業(yè)股份，參與被投資企業(yè)的經(jīng)營(yíng)管理，影響被投資企業(yè)IPO相關(guān)決策及新股發(fā)行定價(jià)；另一方面，風(fēng)險(xiǎn)投資機(jī)構(gòu)作為機(jī)構(gòu)投資者，其投資行為會(huì)向二級(jí)市場(chǎng)投資者傳遞投資信號(hào)，影響二級(jí)市場(chǎng)投資者對(duì)股票的追捧程度，進(jìn)而影響股票的交易價(jià)格。 本文將風(fēng)險(xiǎn)投資引入IPO抑價(jià)的研究中，對(duì)風(fēng)險(xiǎn)投資與創(chuàng)業(yè)板IPO抑價(jià)的關(guān)系進(jìn)行了理論分析和實(shí)證分析。在理論分析中，本文基于我國(guó)風(fēng)險(xiǎn)投資與創(chuàng)業(yè)板的發(fā)展現(xiàn)狀對(duì)風(fēng)險(xiǎn)投資與IPO抑價(jià)的關(guān)系進(jìn)行了初步分析，并分別從認(rèn)證理論、監(jiān)督理論、逆向選擇理論和逐名動(dòng)機(jī)理論角度出發(fā)對(duì)風(fēng)險(xiǎn)投資與IPO抑價(jià)的關(guān)系做了進(jìn)一步解釋。在實(shí)證分析中，本文以2012年10月IPO暫停前在創(chuàng)業(yè)板上市的355家企業(yè)為研究樣本，創(chuàng)新性地引入了風(fēng)險(xiǎn)投資機(jī)構(gòu)聲譽(yù)、數(shù)量以及持股比例三個(gè)變量來代表風(fēng)險(xiǎn)投資的特征，采用獨(dú)立樣本T檢驗(yàn)、相關(guān)分析與多元回歸分析等方法對(duì)風(fēng)險(xiǎn)投資、風(fēng)險(xiǎn)投資特征與IPO抑價(jià)的關(guān)系進(jìn)行了實(shí)證分析。 本文研究結(jié)果顯示，創(chuàng)業(yè)板市場(chǎng)上有風(fēng)險(xiǎn)投資企業(yè)的IPO抑價(jià)率高于無風(fēng)險(xiǎn)投資企業(yè)的IPO抑價(jià)率，說明風(fēng)險(xiǎn)投資在我國(guó)創(chuàng)業(yè)板市場(chǎng)上并沒有發(fā)揮其認(rèn)證和監(jiān)督作用。風(fēng)險(xiǎn)投資機(jī)構(gòu)的聲譽(yù)對(duì)IPO抑價(jià)的影響程度微弱，證明了逐名動(dòng)機(jī)理論在我國(guó)創(chuàng)業(yè)板市場(chǎng)上缺乏較強(qiáng)的解釋效力。同時(shí)，較高的上市首日換手率證明了我國(guó)創(chuàng)業(yè)板IPO抑價(jià)產(chǎn)生的原因是二級(jí)市場(chǎng)的非理性投資，并非發(fā)行定價(jià)偏低。本文研究的目的在于探究風(fēng)險(xiǎn)投資與創(chuàng)業(yè)板IPO抑價(jià)之間的關(guān)系，以期2014年IPO重啟之后，風(fēng)險(xiǎn)投資行業(yè)與創(chuàng)業(yè)板市場(chǎng)良性互動(dòng)、共同發(fā)展。
[Abstract]:In October 2009, with the opening of the gem in our country, small and medium-sized high-tech enterprises and venture capital industries ushered in a rare opportunity for development. The gem market not only provides a direct financing platform for small and medium-sized high-tech enterprises with high growth potential, but also provides a direct financing platform for small and medium-sized high-tech enterprises with high growth potential. It also opens up a convenient exit channel for venture capital institutions in our country. At the same time, venture capital organizations prefer to invest in small and medium-sized enterprises of start-up type, and provide a continuous stream of listed resources for the gem market. Before IPO was suspended in October 2012, Of the 355 enterprises listed on the gem, 247 have received the support of venture capital, which shows that venture capital is very active in the gem market of our country. There is a serious phenomenon of IPO underpricing in China's gem market, which causes a large amount of funds to flow from the secondary market to the primary market, causing price fluctuations in the secondary market and seriously affecting the capital market's capital allocation function. Scholars at home and abroad have paid close attention to the study of IPO underpricing, and the relationship between venture capital and IPO underpricing is a new perspective in this field. Venture capital mainly influences IPO underpricing from two aspects. As equity investment, venture capital institutions hold shares of the invested enterprises in the process of investment, participate in the management of the invested enterprises, and influence the decision of the invested enterprises on IPO and the pricing of new shares; on the other hand, Venture capital institutions as institutional investors, their investment behavior will send investment signals to secondary market investors, affect the secondary market investors' pursuit of stocks, and then affect the trading price of stocks. This paper introduces venture capital into the study of IPO underpricing, and makes a theoretical and empirical analysis on the relationship between venture capital and IPO underpricing on the gem. This paper analyzes the relationship between venture capital and IPO underpricing based on the development of venture capital and gem in China, and analyzes the relationship between venture capital and IPO underpricing. The relationship between venture capital and IPO underpricing is further explained from the perspective of reverse selection theory and positive-driven theory. In the empirical analysis, this paper takes 355 enterprises listed on the gem before the suspension of IPO in October 2012 as the research sample. This paper introduces three variables of venture capital institution reputation, quantity and shareholding ratio to represent the characteristics of venture capital. The independent sample T test, correlation analysis and multiple regression analysis are used to analyze venture capital. The relationship between venture capital characteristics and IPO underpricing is analyzed empirically. The results show that the IPO underpricing rate of venture capital enterprises is higher than the IPO underpricing rate of venture capital enterprises in the gem market. It shows that venture capital does not play its role of certification and supervision in China's gem market. The reputation of venture capital institutions has a weak impact on IPO underpricing. It proves the lack of strong explanatory effect in the gem market, and the higher turnover rate on the first day of listing proves that the reason of IPO underpricing in gem is irrational investment in the secondary market. The purpose of this paper is to explore the relationship between venture capital and IPO underpricing on the gem, and hope that after IPO restarts in 2014, the venture capital industry and the gem market will interact with each other and develop together.
【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F832.48

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