本文選題：風(fēng)險(xiǎn)投資 + 創(chuàng)業(yè)板��； 參考：《西華大學(xué)》2017年碩士論文

【摘要】：Megginson和Weiss(1991)研究表明風(fēng)險(xiǎn)投資存在于企業(yè)中是對(duì)企業(yè)后期價(jià)值增長(zhǎng)能力的認(rèn)可,認(rèn)為風(fēng)險(xiǎn)投資的存在會(huì)加大市場(chǎng)上投資者對(duì)該企業(yè)成長(zhǎng)能力的信心,有助于企業(yè)在資本市場(chǎng)上吸引投資者的投資,提高企業(yè)的籌資效率;Chemmanur(2011)認(rèn)為風(fēng)險(xiǎn)投資參與到上市公司,利用其自身專業(yè)優(yōu)勢(shì)能夠?yàn)樗谄髽I(yè)提供合理分配資金、抵御市場(chǎng)風(fēng)險(xiǎn)及內(nèi)部風(fēng)險(xiǎn)等優(yōu)質(zhì)服務(wù),提高企業(yè)的資金配置效率。文章以2016年1月1日前在深圳創(chuàng)業(yè)板上市的494家上市公司為研究對(duì)象,通過(guò)構(gòu)建多元線性回歸模型分析風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)板上市公司融資效率的影響。論文從風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)板上市公司籌資效率和配置效率的影響綜合分析風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)板上市公司融資效率的影響。首先,研究風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)板上市公司籌資效率的影響,通過(guò)對(duì)比創(chuàng)業(yè)板上市公司的抑價(jià)率和市盈率這兩個(gè)指標(biāo),發(fā)現(xiàn)在上市公司IPO當(dāng)日,有無(wú)風(fēng)險(xiǎn)投資背景的上市公司其抑價(jià)度指標(biāo)和市盈率指標(biāo)的平均數(shù)優(yōu)于無(wú)風(fēng)險(xiǎn)投資背景的上市公司,風(fēng)險(xiǎn)投資的存在能夠?qū)⒐善髽I(yè)起到認(rèn)證作用。根據(jù)描述性統(tǒng)計(jì)結(jié)果和Megginson及Weiss提出的認(rèn)證理論,論文提出相對(duì)于無(wú)風(fēng)險(xiǎn)投資背景的上市公司,風(fēng)險(xiǎn)投資存在于創(chuàng)業(yè)板上市公司會(huì)提高該公司的籌資效率的假設(shè),文章通過(guò)建立多元線性回歸模型檢驗(yàn)該假設(shè),利用變量方差因子檢驗(yàn)方法檢驗(yàn)得出變量之間共線性并不影響回歸結(jié)果的結(jié)論,最終發(fā)現(xiàn)風(fēng)險(xiǎn)投資與創(chuàng)業(yè)板上市公司籌資效率之間的關(guān)系并不顯著,風(fēng)險(xiǎn)投資存在于參股企業(yè)的認(rèn)證作用并沒(méi)有對(duì)市場(chǎng)上的投資資本形成導(dǎo)向作用,風(fēng)險(xiǎn)投資的存在并不能提高參股企業(yè)的籌資效率。其次,論文分析了風(fēng)險(xiǎn)投資的存在對(duì)創(chuàng)業(yè)板上市公司配置效率的影響。對(duì)比創(chuàng)業(yè)板上市公司的募集資金使用效率、主營(yíng)業(yè)務(wù)收入增長(zhǎng)率以及每股收益增長(zhǎng)率后發(fā)現(xiàn),有風(fēng)險(xiǎn)投資參股的創(chuàng)業(yè)板上市公司這三個(gè)指標(biāo)的平均數(shù)在企業(yè)IPO當(dāng)年和IPO后一年均高于無(wú)風(fēng)險(xiǎn)投資背景參股的上市公司。通過(guò)上述對(duì)比分析結(jié)果和Chemmanur的監(jiān)督理論,提出風(fēng)險(xiǎn)投資對(duì)參股公司的資金配置效率具有監(jiān)督管理作用的假設(shè),文章通過(guò)建立多元線性回歸模型檢驗(yàn)該假設(shè),發(fā)現(xiàn)風(fēng)險(xiǎn)投資的存在與創(chuàng)業(yè)板上市公司的資金配置效率在10%的檢驗(yàn)水平上顯著正相關(guān),即存在風(fēng)險(xiǎn)投資背景的創(chuàng)業(yè)板上市公司,其資金配置效率較高,風(fēng)險(xiǎn)投資的存在對(duì)創(chuàng)業(yè)板上市公司資金配置起到監(jiān)督管理作用。
[Abstract]:The Megginson and Weissi 1991) study shows that venture capital exists in the enterprise is the recognition of the ability to increase the value of the enterprise, the existence of venture capital will increase the confidence of investors in the market to the growth ability of the enterprise.It is helpful for enterprises to attract investors' investment in the capital market, and to improve the efficiency of raising funds. They believe that venture capital can participate in the listed companies and make use of their own professional advantages to provide reasonable allocation of funds for their enterprises.Resist market risks and internal risks and other quality services to improve the efficiency of corporate capital allocation.This paper takes 494 listed companies listed on the Shenzhen gem before January 1, 2016 as the research object, and analyzes the effect of venture capital on the financing efficiency of the listed companies by constructing a multivariate linear regression model.This paper comprehensively analyzes the influence of venture capital on the financing efficiency of gem listed companies from the impact of venture capital on the financing efficiency and allocation efficiency of gem listed companies.The average of underpricing index and price-earnings ratio index of listed companies with or without background of venture investment is better than that of listed companies with no background of venture investment.Based on the descriptive statistical results and the certification theory proposed by Megginson and Weiss, this paper proposes the hypothesis that venture capital exists in gem listed companies to improve their financing efficiency, compared with listed companies with no background of venture investment.In this paper, a multivariate linear regression model is established to test the hypothesis, and the method of variable-variance factor is used to test the hypothesis. It is concluded that the collinearity between variables does not affect the regression results.Finally, it is found that the relationship between venture capital and the financing efficiency of gem listed companies is not significant, and the certification role of venture capital exists in the equity enterprises and does not guide the formation of investment capital in the market.The existence of venture capital can not improve the financing efficiency of equity-participating enterprises.Secondly, the paper analyzes the impact of venture capital on the allocation efficiency of gem listed companies.After comparing the efficiency of raising funds, the growth rate of main business income and the growth rate of earnings per share of gem listed companies, we find that,The average of these three indexes is higher in the year of IPO and one year after IPO than that of the listed company with no background of venture investment.Based on the results of the above comparative analysis and Chemmanur's supervision theory, the hypothesis that venture capital has supervisory and managerial effect on the efficiency of the capital allocation of the participating companies is put forward, and the hypothesis is tested by establishing a multivariate linear regression model.It is found that the existence of venture capital has a significant positive correlation with the efficiency of capital allocation of gem listed companies at the test level of 10%, that is, the listed companies with venture capital background have higher efficiency of capital allocation.The existence of venture capital plays a supervisory and managerial role in the capital allocation of gem listed companies.
【學(xué)位授予單位】：西華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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