本文關(guān)鍵詞：券商直接股權(quán)投資對上市公司IPO融資效率影響的實證研究　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 券商 直投 認(rèn)證效應(yīng) 獨立性受損 IPO

【摘要】：2007年9月,券商直投業(yè)務(wù)正式破冰啟航。隨著2009年創(chuàng)業(yè)板的開辦,直投業(yè)務(wù)發(fā)展迅猛,成為券商新的盈利點。截至2013年3月,涉及券商股權(quán)投資的項目共有103家,其中82家公司成功實現(xiàn)IPO。券商直投不斷創(chuàng)新高的投資收益引人矚目,但其不成熟的發(fā)展模式和潛在的利益沖突也引發(fā)了諸多質(zhì)疑。 國外研究表明,證券公司的股權(quán)投資一方面能有效改善公司業(yè)績,提高IPO效率,存在正面的影響；同時由于存在利益沖突和券商作為有鑒證作用的第三方其獨立性被削弱,也有可能降低IPO效率,給市場帶來負(fù)面影響。研究探討在中國這個新興市場上券商股權(quán)投資的形成以及對IPO市場的影響對券商直投業(yè)務(wù)的發(fā)展和資本市場的建設(shè)有強烈的現(xiàn)實意義。 本文通過研究中國股市2009年1月1日至2013年3月1日所有上市公司,統(tǒng)計了券商直投項目總共103家,經(jīng)分析發(fā)現(xiàn)盡管證監(jiān)會在2011年對直投業(yè)務(wù)出臺了新的規(guī)定,但大部分“直投+保薦”業(yè)務(wù)模式的形成原因仍是擔(dān)任擬上市保薦人的券商借用與被保薦公司的特殊關(guān)系,在其上市之前完成注資入股。由此產(chǎn)生的結(jié)果是,由券商全資直投子公司及券商控股投資公司進(jìn)行投資的項目在IPO過程中比較容易形成直投與保薦承銷打包模式,由券商非控股投資公司進(jìn)行投資的項目則較少出現(xiàn)直投+保薦模式。同時,券商持股公司普遍存在入股時間短,持股比例低的現(xiàn)象,券商直投業(yè)務(wù)不具有形式上的獨立性。 本文實證部分主要從券商對投資標(biāo)的篩選能力、上市公司的承銷商聲譽和IPO質(zhì)量三個方面考察券商直投對上市公司和IPO融資效率的影響。實證結(jié)果表明成熟度較高、資產(chǎn)狀況良好的公司更受到券商股權(quán)投資的青睞,券商對上市公司有一定的篩選鑒別能力；有券商直投背景的公司較沒有直投背景的公司承銷商聲譽更好,整體IPO質(zhì)量也優(yōu)于無直投背景的上市公司,同時直投+保薦模式的IPO質(zhì)量更高,說明了券商的直接股權(quán)投資在我國的資本市場上主要起了提高IPO融資效率的正面作用,也驗證了認(rèn)證效應(yīng)的存在。
[Abstract]:On September 2007, the direct investment business of the securities company officially broke the ice and set sail. With the opening of the gem on 2009, the direct investment business developed rapidly and became the new profit point of the securities company. Until March 2013. Involving a total of 103 securities equity investment projects, 82 of which successfully achieved IPO.Direct Investment Securities companies record record investment returns. But its immature development model and potential conflict of interest also triggered a lot of doubts. Foreign studies show that, on the one hand, equity investment of securities companies can effectively improve the performance of the company, improve the efficiency of IPO, there is a positive impact; At the same time, because of the conflict of interest and the weakening of the independence of the securities firms as a third party, it is possible to reduce the efficiency of IPO. It is of great practical significance to study the formation of securities firms' equity investment and the influence on the IPO market on the development of direct investment business and the construction of capital market in the emerging market of China. . By studying all the listed companies in Chinese stock market from January 1st 2009 to March 1st 2013, this paper counts a total of 103 direct investment projects of securities firms. The analysis found that despite the Securities Regulatory Commission in 2011 on direct investment business introduced new regulations. However, the formation of most of the "direct investment sponsor" business model is still due to the special relationship between the listed sponsor and the sponsor company, and the capital injection is completed before its listing. The result is that. In the process of IPO, it is easy to form the direct investment and recommendation underwriting packaging mode for the projects invested by the wholly owned direct investment subsidiary and the securities holding investment company. The projects invested by the non-holding investment companies of securities firms are less likely to be sponsored by direct investment. At the same time, there is generally a phenomenon of short time to buy shares and low proportion of shares held by securities companies. Direct investment business securities companies do not have formal independence. The empirical part of this paper mainly from the securities firms to the selection of investment targets. The influence of direct investment of securities firms on the financing efficiency of listed companies and IPO is investigated from three aspects of underwriter reputation and IPO quality. The empirical results show that the maturity is high. The companies with good assets are favored by the equity investment of the securities companies, which have a certain ability to screen and identify the listed companies. Companies with direct investment background have better reputation than those without direct investment background, and the overall IPO quality is better than that of listed companies without direct investment background. At the same time, the IPO quality of direct investment recommendation mode is higher than that of listed companies without direct investment background. It shows that the direct equity investment of securities firms plays a positive role in improving the efficiency of IPO financing in the capital market of our country, and it also verifies the existence of certification effect.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F275

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本文編號：1386331