本文選題：風險投資 + IPO抑價�。� 參考：《西南財經(jīng)大學》2013年碩士論文

【摘要】：科技創(chuàng)新是一個國家長期可持續(xù)發(fā)展的動力,是一國經(jīng)濟新的增長點,而風險投資機構對富有前景的科技創(chuàng)新活動的支持對我國經(jīng)濟的持續(xù)增長和建立創(chuàng)新型國家的戰(zhàn)略具有極為重要的意義。然而在我國創(chuàng)業(yè)板未建立之前,風險投資機構在國內(nèi)資本市場中并沒有一個良好的退出渠道以供其實現(xiàn)退出,這也導致大量的風險投資機構參與的企業(yè)到海外上市。但隨著我國創(chuàng)業(yè)板的推出,越來越多的風險投資機構參與的企業(yè)在創(chuàng)業(yè)板實現(xiàn)了退出。創(chuàng)業(yè)板的建立一方面緩解了我國中小企業(yè)特別是創(chuàng)新企業(yè)融資難的困境,另一方面也能為我國風險投資機構的退出提供了一個良好的渠道。然而創(chuàng)業(yè)板建立三年來,其首日的IPO抑價率一直居高不下,據(jù)國泰安數(shù)據(jù)庫的數(shù)據(jù)顯示,截止2012年12月31日在創(chuàng)業(yè)板上市的355家企業(yè),其上市首日的平均漲幅為34.41%,高于同期的主板市場的23.70%和中小板市場的27.67%,風險投資機構作為創(chuàng)業(yè)板重要的參與力量,因而研究風險投資機構對創(chuàng)業(yè)板企業(yè)IPO抑價的影響自然成為當下的熱點問題。本論文正是在這種背景下產(chǎn)生的,重點研究風險投資對創(chuàng)業(yè)板IPO抑價的影響。本論文總共分為四個部分： 第一部分主要為第一章和第二章的內(nèi)容,第一章為緒論,首先介紹了本文的研究背景、目的、研究意義、研究方法及內(nèi)容安排,第二章則介紹了我國風險投資的發(fā)展現(xiàn)狀,通過介紹風險投資的相關概念、創(chuàng)業(yè)板的發(fā)展情況及我國風險投資在創(chuàng)業(yè)板中的發(fā)展指出目前風險投資可能對創(chuàng)業(yè)板在IPO時抑價產(chǎn)生影響,為下文研究相關理論提供鋪墊。 第二部分為本論文的第三章到第四章的內(nèi)容,主要評述了風險投資對企業(yè)IPO抑價的相關理論,及本文在此理論基礎上所做的實證研究。其中第三章為風險投資對企業(yè)IPO抑價的相關理論評述,主要介紹了關于IPO抑價和風險投資對企業(yè)IPO抑價的相關理論,在此基礎上重點介紹了國外風險投資對企業(yè)IPO抑價的兩種理論,并歸納總結了國外學者提出的相關可供檢驗的假說,同時也對國內(nèi)學者的相關研究成果進行簡單評述,為下文的實證研究提供依據(jù)。第四章則在第三章的理論基礎上以創(chuàng)業(yè)板截止2012年12月31日上市的355家企業(yè)作為研究樣本,運用描述性統(tǒng)計、差異分析和多元回歸分析等實證方法,分類考察了風險投資機構的參與對企業(yè)的IPO抑價產(chǎn)生何種影響,具體分類如下：(1)按照企業(yè)是否有風險投資機構的參與進行分類。(2)按照風險投資機構的聲譽不同來進行分類。(3)按照風險投資機構的背景不同來進行分類。(4)對風險投資機構中的一類子樣本券商背景的風險投資機構與非券商背景風險投資機構進行分類。 第三部分為本論文的第五章,該部分主要是對第四章的相關研究結果進行總結并做相關分析,指出目前我國風險投資機構及創(chuàng)業(yè)板可能存在的問題,及本文在研究上的不足,在此基礎上給出今后關于我國風險投資和創(chuàng)業(yè)板的相關研究展望。 本文的創(chuàng)新之處在于(1)選題,風險投資在中國作為一個不斷發(fā)展壯大的行業(yè),目前關于風險投資的研究是眾多學者關注的熱點。與此同時,創(chuàng)業(yè)板建立三年來,抑價率居高不下,而風險投資作為創(chuàng)業(yè)板中的主要參與力量,研究風險投資對創(chuàng)業(yè)板企業(yè)IPO抑價的影響對于創(chuàng)業(yè)板今后的發(fā)展以及風險投資機構自身的發(fā)展都具有極為重要的意義。(2)研究角度,國內(nèi)關于風險投資對企業(yè)IPO抑價的影響的研究大多集中在有無風險投資機構參與的區(qū)分上,本文在此基礎上將風險投資機構按照不同的聲譽,不同的背景以及風險投資機構中的一類特殊樣本券商背景風險投資機構進行分類研究,進一步探究風險投資存在何種效應。 本文在進行相關實證分析后,最終結果顯示：在我國的創(chuàng)業(yè)板市場中,風險投資機構的參與對企業(yè)的IPO抑價會產(chǎn)生一定程度的負面影響,即可能存在逐名效應,但對風險投資機構按照聲譽的不同進行區(qū)分后,得出的結果卻顯示聲譽高的風險投資機構與聲譽低的風險投資機構對企業(yè)的IPO抑價的影響并無明顯的差異,這一結論與逐名效應的相關理論不相符合,出現(xiàn)這種情況的原因可能在于：我國的風險投資機構大多從業(yè)時間較短,一些聲譽較高的風險投資機構,如深圳創(chuàng)新投、中科招商、九鼎投資等,其從業(yè)時間也僅僅為10年,這就可能會導致了我國風險投資機構的集體不成熟,在創(chuàng)業(yè)板未建立之前,大量風險投資機構并沒有一個良好的退出渠道來實現(xiàn)退出,其投資活動也較為平穩(wěn),但創(chuàng)業(yè)板建立后風險投資退出獲得的高額回報,以及在整個中國風險投資市場的不斷擴張的刺激下,使得越來越多的風險投資機構希望能擴大其自身的投資規(guī)模,以期能夠通過投資項目在創(chuàng)業(yè)板的成功退出來獲得高額回報,而通過在創(chuàng)業(yè)板的成功退出又可以提高自身的聲譽,自己又能獲得更多的資金來擴大投資規(guī)模,在這樣一個循環(huán)往復的過程中風險投資機構便可以持續(xù)發(fā)展壯大,這就使得許多風險投資機構愿意以IPO抑價為代價來實現(xiàn)對企業(yè)的退出。通過外資和民營風險投資機構對企業(yè)IPO抑價的影響也能印證這一點,外資背景的風險投資機構其投資策略平穩(wěn),投資行為較為成熟,聲譽也較高,其與民營背景的風險投資機構相比確實有較低的企業(yè)IPO抑價,說明我國的風險投資機構總體而言存在一定程度的逐名效應。 結合我國資本市場的實際情況來看,風險投資機構對企業(yè)IPO抑價產(chǎn)生負面效應的原因可能不僅只包括風險投資機構可能存在的逐名效應,可能還包括在我國IPO審核制下的風險投資機構與擬上市企業(yè)之間的合謀行為。具體來看,企業(yè)希望通過在創(chuàng)業(yè)板的成功上市獲取大量的資金,然而在我國IPO審核制度下,企業(yè)上市的供給遠遠小于需求,企業(yè)上市極為困難,這就導致許多企業(yè)為了獲得上市資格,會尋求一些風險投資的幫助以使其能較為順利的通過審查,這類風險投資機構中有些具有券商的背景或與大型券商保持良好的關系,有些具有政府背景,他們大多能夠為企業(yè)獲得上市資格提供幫助,因此企業(yè)有極強的動機來尋求風險投資機構的參與。根據(jù)對創(chuàng)業(yè)板206家有風險投資機構參與的企業(yè)的統(tǒng)計數(shù)據(jù)顯示,有超過50%以上的風險投資機構是在企業(yè)IPO的前兩年才進入企業(yè)的,這便在很大程度上證明企業(yè)引入風險投資機構大多并不是為了融資的需要,而是希望借助風險投資機構的幫助能使得其盡快的實現(xiàn)上市。風險投資機構在企業(yè)擬上市的前期進駐企業(yè)并不能對企業(yè)起到任何的認證作用,也難以體現(xiàn)其監(jiān)督作用,反而向市場傳遞出該企業(yè)可能存在各種問題,其質(zhì)量并非最優(yōu)秀。優(yōu)秀的企業(yè)由于其自身財務狀況,盈利能力等較為優(yōu)秀,其往往并不需要引入風險投資機構就能順利的實現(xiàn)上市,反而質(zhì)量一般的企業(yè)由于自身存在較多問題更傾向在在擬上市前選擇引入風險投資機構,以尋求風險投資機構的幫助來達到順利上市的目的,因此市場上存在著優(yōu)質(zhì)的企業(yè)不愿意引入風險投資,而質(zhì)量相對一般的企業(yè)則傾向于風險投資,這就出現(xiàn)了“逆向選擇”,使得風險投資機構參與的企業(yè)其質(zhì)量往往并非是最好的,其IPO風險也可能要高于沒有風險投資機構參與的企業(yè),因此,企業(yè)可能會選擇較低的發(fā)行價格來降低其IPO風險,實現(xiàn)企業(yè)的成功上市,這就導致了IPO的抑價程度較高。 本文在考慮我國風險投資行業(yè)和創(chuàng)業(yè)板市場的發(fā)展狀況基礎上,對未來的研究方向提出了展望：主要包括對風險投資機構與股票公開市場定價效率的關系,創(chuàng)業(yè)板風險投資機構參與的企業(yè)的IPO長期經(jīng)營業(yè)績進行考察和因素分析以及IPO鎖定期結束后風險投資機構減持情況及其市場效應進行研究。
[Abstract]:Scientific and technological innovation is the motive force of a country's long-term sustainable development and a new growth point of a country's economy, and the support of venture capital institutions to the promising scientific and technological innovation activities is of great significance to the sustained economic growth of our country and the strategy of establishing an innovative country. There is not a good exit channel in the domestic capital market for its withdrawal, which also leads to a large number of venture capital organizations participating in overseas listing. However, with the introduction of China's gem, more and more venture capital organizations participate in the gem. The establishment of the gem is slow. On the other hand, it can provide a good channel for the withdrawal of China's venture capital institutions. However, the first day of the three year, the IPO underpricing rate has remained high. According to data from the Tai'an database of the country, it was on the gem by December 31, 2012. The average increase of the first day of the 355 enterprises in the city is 34.41%, which is higher than the 23.70% of the main board market in the same period and 27.67% of the small and medium-sized board market. The venture capital institution is the important participation force of the gem, so it is the hot issue to study the impact of venture capital institutions on the IPO underpricing of the gem enterprises. The impact of venture capital on IPO underpricing in gem is studied in this context. This paper is divided into four parts:
The first part is the content of the first chapter and the second chapter. The first chapter is the introduction. First, it introduces the research background, purpose, research significance, research methods and content arrangement. The second chapter introduces the development status of venture capital in China. It introduces the concept of risk investment, the development of the gem and the venture capital in China. The development of gem indicates that venture capital may affect the underpricing of gem at IPO, providing a foreshadowing for the following study of relevant theories.
The second part is the content of the third chapter to the fourth chapter of this paper. It mainly reviews the related theories of venture capital to enterprise IPO underpricing, and the empirical study on the basis of this theory. The third chapter is the related theory of venture investment to enterprise IPO underpricing. It mainly introduces the IPO underpricing and venture investment to enterprise IPO On the basis of the related theories of underpricing, this paper focuses on two theories of foreign venture investment on enterprise IPO underpricing, and sums up the hypothesis proposed by foreign scholars, and gives a brief review of the relevant research results of domestic scholars, and provides the basis for the following empirical research. The fourth chapter is in the third chapter. On the basis of the theory, 355 enterprises listed on the gem as cut-off in December 31, 2012 are used as research samples. Using descriptive statistics, difference analysis and multiple regression analysis, the impact of venture capital organizations' participation on the IPO underpricing of enterprises is classified as follows: (1) according to whether the enterprise has risk investment. Classification of the participation of the institutions. (2) classification according to the different reputations of venture capital institutions. (3) classification according to the different background of venture capital institutions. (4) a category of venture investment institutions with subsample brokers in venture capital institutions and non brokerage background risk investment institutions are classified.
The third part is the fifth chapter of this paper. This part mainly summarizes and analyses the related research results of the fourth chapters, and points out the possible problems of the venture capital institutions and gem in our country, and the deficiencies in this paper. On this basis, the related research on venture capital and gem in China is given. Outlook.
The innovation of this paper lies in (1) topic selection, venture investment is a growing industry in China. At present, the research on venture capital is the focus of attention of many scholars. At the same time, the rate of underpricing is high in the three year of the establishment of the gem, and venture investment is the main participation force in the gem. The impact of IPO underpricing on the gem is of great significance for the future development of the gem and the development of venture capital institutions. (2) research on the impact of venture capital on IPO underpricing in China is mostly focused on the participation of venture capital organizations, and this article will be based on the risk. In accordance with the different reputations, different backgrounds and the special samples of the venture capital institutions, the investment institutions are classified and studied to further explore the effects of venture capital.
After the empirical analysis, the final results show that in China's GEM market, the participation of venture capital institutions will have a certain degree of negative impact on the IPO underpricing of the enterprise, which can have a name by name effect, but the results show a high reputation after the differentiation of the risk investment institutions according to the different reputation. There is no obvious difference in the influence of venture capital institutions and low reputation risk investment institutions on the IPO underpricing of enterprises. This conclusion is not consistent with the related theory of the name by name effect. The reasons for this situation may lie in that most of the venture capital institutions in China have shorter employment time and some reputable venture capital institutions, such as deep investment institutions. Innovation investment, China investment investment, Jiuding investment and so on, its employment time is only 10 years, which may lead to the collective immaturity of China's venture capital institutions. Before the establishment of the gem, a large number of venture capital institutions do not have a good exit channel to return, and their investment activities are relatively stable, but after the establishment of the gem, the venture board has been established. As a result of the high return on venture capital and the expansion of the whole China venture capital market, more and more venture capital institutions hope to expand their own investment scale in order to achieve high returns in the successful exit of the gem by investment projects, and through the success of the GEM board. It can improve its reputation and gain more funds to expand the scale of investment. In such a process, venture capital institutions can continue to grow and grow, which makes many venture capital institutions willing to withdraw from the enterprises at the cost of IPO underpricing. The influence of the organization on the IPO underpricing can also be confirmed. The investment strategy of the venture capital institution with the background of foreign capital is stable, the investment behavior is more mature and the reputation is higher. Compared with the private venture capital institution, it does have a lower IPO underpricing, which indicates that the venture capital institutions in our country have a certain degree of competition in general. Effect.
According to the actual situation of China's capital market, the reasons for the negative effects of venture capital institutions on the IPO underpricing may not only include only the potential effect of the venture capital institutions, but also the collusion between the venture capital institutions and the listed enterprises under the IPO audit system in China. It is expected that a large amount of funds will be obtained through the successful listing of the gem. However, under the IPO audit system in China, the supply of the listed companies is far less than the demand, and it is very difficult for the enterprises to go on the market. Some of the institutions have a background or a good relationship with a large broker. Some of them have a government background. Most of them can help the enterprise to obtain the qualification of the market. Therefore, the enterprise has a strong motivation to seek the participation of venture capital institutions. According to the statistics of 206 venture capital firms involved in the gem. The data show that more than 50% venture capital institutions have entered the enterprise only in the first two years of the enterprise IPO. To a great extent, it has been proved that most of the venture investment institutions are not for financing needs, but they hope to make it possible for them to come into the market as soon as possible with the help of venture capital institutions. The pre listed companies to be listed on the market do not have any certification role on the enterprise, and it is difficult to embody their supervision. On the contrary, there may be various problems that may exist in the market. The quality of the enterprises is not the best. The outstanding enterprises are more outstanding because of their own financial situation and profit ability, which often does not require the introduction of risk. On the contrary, the enterprises with general quality are more inclined to introduce venture capital institutions in order to seek the help of venture capital institutions to achieve the goal of smooth listing. Therefore, the quality enterprises are not willing to introduce risk investment, and the quality of the market is not willing to introduce risk investment. Relatively general enterprises tend to venture capital, which leads to the emergence of "adverse selection", which makes the quality of enterprises involved by venture capital organizations are often not the best, and their IPO risks may be higher than those without the participation of venture capital institutions. Therefore, enterprises may choose lower issuing prices to reduce their IPO risks. The successful listing of enterprises now leads to a higher degree of underpricing for IPO.
On the basis of the development of China's venture capital industry and the GEM market, this paper looks forward to the future research direction: mainly including the relationship between venture capital institutions and the stock open market pricing efficiency, the IPO long-term operating performance of enterprises participating in venture capital investment institutions and the analysis of factors. After the end of IPO, the reduction of venture capital institutions and its market effect are studied.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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