本文選題：風(fēng)險(xiǎn)投資　切入點(diǎn)：股利政策　出處：《廈門(mén)大學(xué)》2014年碩士論文

【摘要】：我國(guó)風(fēng)險(xiǎn)投資最早萌芽于20世紀(jì)80年代初。2006年之后,隨著我國(guó)多層次資本市場(chǎng)的發(fā)展,通過(guò)境內(nèi)資本市場(chǎng)IPO退出的企業(yè)也越來(lái)越多,中國(guó)成為全球風(fēng)險(xiǎn)投資中心之一,幾乎所有的風(fēng)險(xiǎn)投資都在中國(guó)設(shè)有分支機(jī)構(gòu)。隨著風(fēng)險(xiǎn)投資高速發(fā)展,風(fēng)險(xiǎn)投資的相關(guān)研究也已經(jīng)成為學(xué)術(shù)研究的重要領(lǐng)域。然而,很少有學(xué)者去探討研究風(fēng)險(xiǎn)投資對(duì)企業(yè)上市之后一些重大決策的影響。股利政策是上市公司一項(xiàng)重要的財(cái)務(wù)決策,也是理論研究的一個(gè)熱點(diǎn)問(wèn)題。公司的股利與留存收益此消彼長(zhǎng),且與公司的投融資情況密切相關(guān)。本文從上市公司投融資需求角度研究風(fēng)險(xiǎn)投資如何影響上市公司的股利政策。 本文在理論分析和文獻(xiàn)回顧的基礎(chǔ)上,選取2006～2012年間深滬兩市首次公開(kāi)上市的A股公司作為研究對(duì)象,通過(guò)實(shí)證的方法檢驗(yàn)風(fēng)險(xiǎn)投資對(duì)上市公司的投資過(guò)度和投資不足是否有影響進(jìn)而影響到股利支付的情況,之后進(jìn)一步研究風(fēng)險(xiǎn)投資的特征因素對(duì)股利政策的影響。通過(guò)實(shí)證分析得出,風(fēng)險(xiǎn)投資機(jī)構(gòu)在公司上市之后仍然發(fā)揮監(jiān)督作用,有風(fēng)險(xiǎn)投資背景的公司,現(xiàn)金股利與自由現(xiàn)金流之間的正相關(guān)關(guān)系較強(qiáng)：風(fēng)險(xiǎn)投資機(jī)構(gòu)降低了信息不對(duì)稱程度,改善了外部融資環(huán)境,緩解公司現(xiàn)金短缺的情況從而發(fā)放更多的股利,風(fēng)險(xiǎn)投資背景的公司,現(xiàn)金股利與內(nèi)部現(xiàn)金缺口之間的相關(guān)關(guān)系較弱。不同特征的風(fēng)險(xiǎn)投資機(jī)構(gòu)對(duì)股利政策的影響不同。具體說(shuō)來(lái),外資背景相比非外資背景、國(guó)有背景相比非國(guó)有背景更能影響風(fēng)險(xiǎn)投資機(jī)構(gòu)發(fā)揮的監(jiān)督和融資作用；風(fēng)險(xiǎn)投資的投資規(guī)模越大,投資期限越長(zhǎng),參與投資的風(fēng)險(xiǎn)投資家數(shù)越多,現(xiàn)金股利與自由現(xiàn)金流之間的正相關(guān)關(guān)系更強(qiáng),現(xiàn)金股利與內(nèi)部現(xiàn)金缺口之間的相關(guān)關(guān)系更弱。 本文通過(guò)理論分析和實(shí)證檢驗(yàn)的方法把股利政策和風(fēng)險(xiǎn)投資兩個(gè)領(lǐng)域結(jié)合起來(lái)進(jìn)行研究,這是一種新的探索和嘗試。主要研究貢獻(xiàn)如下：交叉視角豐富了風(fēng)險(xiǎn)投資與股利政策領(lǐng)域的文獻(xiàn)。研究了風(fēng)險(xiǎn)投資特征如何影響上市公司的治理水平、融資水平,從而加深對(duì)風(fēng)險(xiǎn)投資作用的認(rèn)識(shí)。
[Abstract]:China's venture capital originated in the early 1980s. After 2006, with the development of the multi-level capital market in China, more and more enterprises withdrew through the domestic capital market IPO. China has become one of the global venture capital centers.Almost all venture capital has branches in China.With the rapid development of venture capital, the related research of venture capital has become an important field of academic research.However, few scholars study the impact of venture capital on some important decisions after listing.Dividend policy is not only an important financial decision of listed companies, but also a hot issue in theoretical research.The company's dividend and retained earnings rise and fall, and the company's investment and financing situation is closely related.This paper studies how venture capital affects the dividend policy of listed companies from the point of view of investment and financing demand.On the basis of theoretical analysis and literature review, this paper selects A-share companies listed in Shenzhen and Shanghai stock markets in 2006 and 2012 as research objects.The empirical method is used to test whether the venture capital has an effect on the overinvestment and underinvestment of listed companies and then affect the dividend payment, and then further study the influence of the characteristic factors of venture capital on the dividend policy.Through empirical analysis, it is concluded that venture capital institutions still play a supervisory role after the listing of the company, and the companies with background of venture capital still play a supervisory role.The positive correlation between cash dividend and free cash flow is strong: venture capital organization reduces the degree of information asymmetry, improves the external financing environment, alleviates the cash shortage of the company and pays more dividends.The correlation between cash dividend and internal cash gap is weak for venture capital companies.Different characteristics of venture capital institutions have different impact on dividend policy.Specifically, compared with the non-foreign background, the state-owned background has more influence on the supervision and financing function of the venture capital institutions than the non-state-owned background; the larger the scale of the venture capital investment, the longer the investment period.The more venture capitalists participate in the investment, the stronger the positive correlation between cash dividend and free cash flow, and the weaker the correlation between cash dividend and internal cash gap.This paper studies dividend policy and venture capital by theoretical analysis and empirical test, which is a new exploration and attempt.The main contributions are as follows: the cross-perspective enriches the literature in the field of venture capital and dividend policy.This paper studies how the characteristics of venture capital affect the level of governance and financing of listed companies, so as to deepen the understanding of the role of venture capital.
【學(xué)位授予單位】：廈門(mén)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275.1;F832.51;F276.6

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