發(fā)布時(shí)間：2018-06-10 13:02

  本文選題：創(chuàng)業(yè)投資機(jī)構(gòu)聲譽(yù) + 創(chuàng)業(yè)企業(yè)��； 參考：《重慶大學(xué)》2013年碩士論文

【摘要】：我國(guó)創(chuàng)業(yè)板市場(chǎng)對(duì)于助推經(jīng)濟(jì)改革與產(chǎn)業(yè)結(jié)構(gòu)調(diào)整、幫扶中小企業(yè)特別是為高成長(zhǎng)性企業(yè)提供更為方便融資渠道，以及完善我國(guó)多層次資本市場(chǎng)體系、打造自主創(chuàng)新戰(zhàn)略融資平臺(tái)等方面發(fā)揮著重要促進(jìn)作用；同時(shí)，越來(lái)越多創(chuàng)業(yè)板上市公司在IPO發(fā)行、融資與退出背后涌現(xiàn)出了創(chuàng)業(yè)投資機(jī)構(gòu)身影——其在提供創(chuàng)業(yè)企業(yè)急需資金支持、制定戰(zhàn)略決策與優(yōu)化資本結(jié)構(gòu)、推動(dòng)創(chuàng)業(yè)企業(yè)規(guī)范化運(yùn)作等方面意義重大。但是，由于創(chuàng)業(yè)板市場(chǎng)具備創(chuàng)業(yè)企業(yè)成功IPO后，創(chuàng)業(yè)投資機(jī)構(gòu)只要禁售期滿、便能“以當(dāng)初極低成本換取短期巨額收益”的客觀誘惑；加之近些年粗放型發(fā)展的創(chuàng)業(yè)投資行業(yè)自身魚龍混雜，存在聲譽(yù)狀況不佳、“淘金心態(tài)”嚴(yán)重的創(chuàng)業(yè)投資機(jī)構(gòu)大肆減持逐利行為。 創(chuàng)業(yè)投資行業(yè)市場(chǎng)競(jìng)爭(zhēng)狀況激烈、壟斷程度低，聲譽(yù)作為創(chuàng)業(yè)投資機(jī)構(gòu)寶貴的無(wú)形資產(chǎn)，能夠整體反映創(chuàng)業(yè)投資機(jī)構(gòu)資金規(guī)模大小、專業(yè)技能勝任與否、從業(yè)人員經(jīng)驗(yàn)是否豐富，以及既往經(jīng)營(yíng)業(yè)績(jī)優(yōu)劣情況，其重要程度不言而喻；因此，有必要探究創(chuàng)業(yè)投資機(jī)構(gòu)聲譽(yù)高低是否與其所參與創(chuàng)業(yè)企業(yè)在IPO后減持套現(xiàn)有關(guān)，以及創(chuàng)業(yè)投資機(jī)構(gòu)聲譽(yù)高低是否對(duì)其所參與創(chuàng)業(yè)企業(yè)后續(xù)投資行為有影響。 首先，論文基于理論與實(shí)證相結(jié)合分析思路、參考國(guó)內(nèi)外文獻(xiàn)研究綜述、立足“創(chuàng)業(yè)投資機(jī)構(gòu)在創(chuàng)業(yè)企業(yè)成功IPO后減持套現(xiàn)”現(xiàn)狀，針對(duì)創(chuàng)業(yè)投資市場(chǎng)基本情況、創(chuàng)業(yè)投資機(jī)構(gòu)與創(chuàng)業(yè)板市場(chǎng)關(guān)系、創(chuàng)業(yè)投資機(jī)構(gòu)減持套現(xiàn)動(dòng)因等方面進(jìn)行分析；得出創(chuàng)業(yè)板市場(chǎng)“三高”現(xiàn)象嚴(yán)重、自身市場(chǎng)風(fēng)險(xiǎn)較大，部分創(chuàng)業(yè)企業(yè)股價(jià)虛高、缺乏良好業(yè)績(jī)支持，多數(shù)低聲譽(yù)創(chuàng)業(yè)投資機(jī)構(gòu)奉行“短視投資”、熱衷于瘋狂減持套現(xiàn)等論斷。其次，通過(guò)對(duì)創(chuàng)業(yè)投資機(jī)構(gòu)特點(diǎn)與創(chuàng)業(yè)資金運(yùn)作過(guò)程描述，分析創(chuàng)業(yè)投資機(jī)構(gòu)聲譽(yù)形成機(jī)制與作用原理，進(jìn)一步挖掘其在創(chuàng)業(yè)企業(yè)成功IPO后減持套現(xiàn)可能原因；選取創(chuàng)業(yè)板市場(chǎng)3年內(nèi)所有355家上市公司作為研究樣本，從確定研究假設(shè)、定義變量設(shè)計(jì)、數(shù)據(jù)預(yù)處理、描述性統(tǒng)計(jì)分析、樣本數(shù)據(jù)主成分分析、模型建立與回歸分析等方面入手，探究“創(chuàng)業(yè)投資機(jī)構(gòu)聲譽(yù)”、“IPO后減持套現(xiàn)”與“創(chuàng)業(yè)企業(yè)后續(xù)投資行為”三者之間關(guān)系。 對(duì)應(yīng)最小二乘逐步回歸實(shí)證分析結(jié)果表明：①創(chuàng)業(yè)投資機(jī)構(gòu)IPO后減持套現(xiàn)與“三高”現(xiàn)象正相關(guān)；②創(chuàng)業(yè)投資機(jī)構(gòu)IPO后減持套現(xiàn)與創(chuàng)業(yè)企業(yè)經(jīng)營(yíng)業(yè)績(jī)負(fù)相關(guān)；③創(chuàng)業(yè)投資機(jī)構(gòu)IPO后減持套現(xiàn)與其聲譽(yù)高低負(fù)相關(guān)；④創(chuàng)業(yè)企業(yè)后續(xù)投資行為與創(chuàng)業(yè)投資機(jī)構(gòu)聲譽(yù)高低正相關(guān)；⑤創(chuàng)業(yè)企業(yè)后續(xù)投資行為與創(chuàng)業(yè)投資機(jī)構(gòu)減持套現(xiàn)負(fù)相關(guān)。 最后，論文基于現(xiàn)狀闡述與實(shí)證分析結(jié)論，從完善創(chuàng)業(yè)投資機(jī)構(gòu)聲譽(yù)機(jī)制與規(guī)范創(chuàng)業(yè)投資機(jī)構(gòu)行為兩方面入手，提出健全創(chuàng)業(yè)投資機(jī)構(gòu)聲譽(yù)機(jī)制、規(guī)范創(chuàng)業(yè)投資行業(yè)標(biāo)準(zhǔn)與制度、強(qiáng)化對(duì)創(chuàng)業(yè)投資機(jī)構(gòu)及創(chuàng)業(yè)板市場(chǎng)監(jiān)督管控等措施；以期真正將創(chuàng)業(yè)板市場(chǎng)打造為廣大中小企業(yè)有效融資渠道，促進(jìn)整個(gè)創(chuàng)業(yè)板市場(chǎng)上包括創(chuàng)業(yè)企業(yè)、創(chuàng)業(yè)投資機(jī)構(gòu)、以及廣大中小投資者在內(nèi)的參與方達(dá)到“共贏”效果。研究結(jié)論能夠提供具有一定決策參考意義觀點(diǎn)與認(rèn)識(shí)，，有助于創(chuàng)業(yè)板市場(chǎng)監(jiān)管者針對(duì)創(chuàng)業(yè)板市場(chǎng)制度性缺陷采取相應(yīng)措施，推動(dòng)相關(guān)法律法規(guī)修訂完善進(jìn)程。
[Abstract]:China's GEM market has played an important role in promoting economic reform and industrial restructuring, helping small and medium sized enterprises to provide more convenient financing channels for high growth enterprises, as well as improving China's multi-level capital market system and creating a strategic financing platform for independent innovation. At the same time, more and more entrepreneurial boards are on board. After the issuance of the city company in IPO, the venture capital institution has emerged behind the financing and withdrawal. It is of great significance in providing the urgent need for capital support, making strategic decisions and optimizing the capital structure and promoting the standardized operation of the enterprise. However, since the GEM market has successful IPO, the venture capital machine As long as the ban expires, it can "take the initial low cost for a large amount of short-term profits" objective temptation. In addition, in recent years, the extensive development of the venture capital industry itself is mixed, there is a poor reputation, "gold mindset" serious venture capital institutions wantonly to reduce profit behavior.
The competitive situation of the venture capital industry, the low degree of monopoly, the reputation as the precious intangible assets of the venture capital institution, can reflect the size of the fund, the competence of the professional skills, the rich experience of the employees, and the merits of the past, and therefore, it is self-evident. It is necessary to explore whether the reputation of the venture capital institution is related to the reduction of the holding of the venture after the IPO, and whether the reputation of the venture capital institution has an impact on the follow-up investment behavior of the enterprises involved in the venture.
First, the thesis is based on the theory and the empirical analysis, referring to the literature review at home and abroad, based on the status quo of "venture capital institutions in the success of the enterprise after the success of IPO", aiming at the basic situation of the venture capital market, the relationship between the venture capital organization and the GEM market, and the motivation of the reduction of the venture capital institution. The analysis shows that the "three high" phenomenon of the GEM market is serious, its market risk is large, the stock price of some enterprises is high, and it lacks good performance support. Most low reputation venture capital institutions follow the "short sight investment" and are keen on the crazy reduction of cash. Secondly, the operation process of the venture capital organization and the operation process of venture capital has been passed. This paper analyzes the mechanism and principle of the reputation formation of the venture capital institution, and further excavates the possible reasons for the reduction of the CP after the successful IPO of the venture, and selects all 355 listed companies in the GEM market for 3 years as the research sample, and defines the hypothesis, the data preprocessing, the descriptive statistics analysis, the sample data, and the sample data. Principal component analysis, model establishment and regression analysis, and so on, explore the relationship between "venture capital institution reputation", "IPO post reduction" and "venture enterprise follow-up investment behavior".
The results of the empirical analysis of the least square stepwise regression show that: (1) there is a positive correlation between the IPO reduction and the "three high" phenomenon of the venture capital institution; (2) the negative correlation between the IPO reduction and the operating performance of the venture capital institution and the business performance of the venture enterprise; (3) the negative correlation between the reduction and the sound reputation of the venture capital institution after IPO; (4) the follow-up of the venture enterprise Investment behavior is positively related to the reputation of venture capital institutions.
Finally, based on the present situation and the empirical analysis, starting from the two aspects of improving the reputation mechanism of venture capital institutions and regulating the behavior of the venture capital institutions, this paper proposes to improve the reputation mechanism of the venture capital institutions, standardize the standards and systems of the venture investment industry, and strengthen the supervision and control of the venture capital institutions and the GEM market, and so on. It will truly make the gem as an effective financing channel for small and medium sized enterprises, and promote the "win-win" effect in the whole gem market, including entrepreneurs, venture capital institutions, and the majority of small and medium investors. Field regulators take corresponding measures against the institutional defects of the growth enterprise market to promote the process of revision and improvement of relevant laws and regulations.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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