本文選題：IPO抑價 + 創(chuàng)業(yè)投資支持��； 參考：《東華大學》2014年碩士論文

【摘要】：自2009年10月創(chuàng)業(yè)板推出以來,越來越多的上市企業(yè)背后出現了創(chuàng)業(yè)投資的身影,而IPO抑價也是學術界一直熱議的焦點,因此IPO抑價與創(chuàng)業(yè)投資之問的關系備受關注。而本文正是在此背景下,立足于深圳創(chuàng)業(yè)板的實際情況,研究創(chuàng)業(yè)投資對IPO抑價的影響,以期能為提高我國IPO市場效率、促進創(chuàng)業(yè)投資行業(yè)健康成長、實現創(chuàng)業(yè)板市場的持續(xù)發(fā)展提供一點參考意見。 本文以2009年10月創(chuàng)業(yè)板開板至2013年7月為時間段,選取在創(chuàng)業(yè)板上市的356家企業(yè)為樣本進行研究：首先對創(chuàng)業(yè)投資在創(chuàng)業(yè)板中的整體投資情況進行研究,具體從機構特征、投資額特征、投資年限特征、投資行業(yè)特征和持股比例特征5個方面入手,再總結歸納創(chuàng)業(yè)投資存在的問題;結合創(chuàng)業(yè)投資的表現分析和理論分析,本文接著構建了多元線性回歸模型研究創(chuàng)業(yè)投資支持與IPO抑價之間的關系,驗證在中國創(chuàng)業(yè)板市場上創(chuàng)業(yè)投資是否存在著認證作用；然后以209家有創(chuàng)業(yè)投資支持的上市企業(yè)為樣本,研究創(chuàng)業(yè)投資機構聲譽、持股比例總和、投資至上市年限這三三個創(chuàng)業(yè)投資特征是否會影響IPO的抑價；最后本文在前述研究的基礎上,根據目前創(chuàng)業(yè)投資行業(yè)在創(chuàng)業(yè)板的現狀及存在的問題,提出一些具體的建議。 通過理論分析和實證研究,本文得出以下結論：(1)創(chuàng)投支持企業(yè)與非創(chuàng)投支持企業(yè)的IPO抑價率之間不存在顯著差異,也即創(chuàng)業(yè)投資支持與否對IPO抑價沒有顯著影響,因此西方成熟資本市場得出的“認證理論”并不適用于創(chuàng)業(yè)板市場；(2)在對創(chuàng)業(yè)投資特征問題的研究上,實證結果證明創(chuàng)業(yè)投資機構的聲譽也對IPO抑價率沒有顯著影響,但創(chuàng)業(yè)投資機構的投資至上市年限與IPO抑價率顯著正相關,創(chuàng)業(yè)投資機構的持股比例和IPO抑價率顯著負相關。 研究結果表明,雖然創(chuàng)業(yè)投資為創(chuàng)業(yè)板的發(fā)展做出了巨大的貢獻,但是其也存在一些問題,不容小覷。第一,VC投資PE化趨勢明顯,擾亂創(chuàng)投生態(tài)圈發(fā)展；第二,券商直投存在著大量的利益輸送空間,屢禁不止：第三,PE投資同質化嚴重,對整個行業(yè)產生巨大的負面影響。最后本文從創(chuàng)業(yè)投資機構、創(chuàng)業(yè)企業(yè)、投資者和政府機構四個角度出發(fā)就如何降低創(chuàng)業(yè)板中企業(yè)的IPO抑價程度,提出幾點相關建議。
[Abstract]:Since the launch of the gem in October 2009, more and more listed enterprises have appeared the figure of venture capital, and the IPO underpricing has been the focus of hot discussion in academic circles, so the relationship between IPO underpricing and venture capital has been concerned. Under this background, based on the actual situation of Shenzhen gem, this paper studies the influence of venture capital on IPO underpricing in order to improve the efficiency of IPO market and promote the healthy growth of venture capital industry. To achieve the sustainable development of the gem market to provide a little reference. In this paper, from October 2009 to July 2013, 356 enterprises listed on the gem are selected as a sample: firstly, the overall investment of venture capital in the gem is studied. Starting with the characteristics of investment, investment years, investment industry and shareholding ratio, the paper summarizes the problems existing in venture capital, and analyzes the performance and theory of venture capital. This paper then constructs a multivariate linear regression model to study the relationship between venture capital support and IPO underpricing to verify whether venture capital has a certification role in China's gem market. Then take 209 listed enterprises supported by venture capital as a sample to study whether the three characteristics of venture capital such as the reputation of venture capital institution, the sum of shareholding ratio and the investment to the listed years will affect the underpricing of IPO. Finally, on the basis of the above research, according to the current situation and existing problems of venture capital industry in gem, some specific suggestions are put forward. Through theoretical analysis and empirical research this paper draws the following conclusion: 1) there is no significant difference between the IPO underpricing rate of venture capital supporting enterprises and non-venture capital supporting enterprises. That is to say whether venture capital support or not has no significant influence on IPO underpricing. Therefore the "certification theory" obtained by the western mature capital markets is not applicable to the gem market. The empirical results show that the reputation of venture capital institutions has no significant effect on the IPO underpricing rate. But there is a significant positive correlation between the investment of venture capital institutions and the IPO underpricing rate. The proportion of venture capital institutions holding shares is negatively correlated with the IPO underpricing rate. The results show that although venture capital has made a great contribution to the development of gem, there are still some problems which can not be underestimated. The first VC investment PE trend is obvious, disrupts the venture capital ecosystem development; second, the securities firm direct investment has the massive benefit transportation space, repeatedly prohibits: third, the PE investment homogenization is serious, has the huge negative influence to the entire industry. Finally, from the four angles of venture capital institution, venture enterprise, investor and government agency, this paper puts forward some relevant suggestions on how to reduce the IPO underpricing degree of enterprises in gem.
【學位授予單位】：東華大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F272

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