【摘要】：私募創(chuàng)投和創(chuàng)業(yè)板都是我國(guó)多層次資本市場(chǎng)的重要組成部分。從創(chuàng)業(yè)板開板，至本文數(shù)據(jù)采集截止日2012年6月30日，共有332家企業(yè)在創(chuàng)業(yè)板上市，其中181家擁有私募創(chuàng)投背景，因此私募創(chuàng)投的影響是對(duì)創(chuàng)業(yè)板進(jìn)行研究時(shí)一個(gè)不可忽略的因素。 本文通過均值T檢驗(yàn)，Mann-Whitney U檢驗(yàn)和逐步回歸法研究了私募創(chuàng)投對(duì)于創(chuàng)業(yè)板上市公司績(jī)效和IPO的影響。研究發(fā)現(xiàn)，創(chuàng)業(yè)板具有私募創(chuàng)投背景的企業(yè)在償債能力方面弱于不具有私募創(chuàng)投背景的企業(yè)，在營(yíng)運(yùn)能力、盈利能力和發(fā)展能力方面均不顯著強(qiáng)于不具有私募創(chuàng)投背景的企業(yè)。說明創(chuàng)業(yè)板具有私募創(chuàng)投背景的企業(yè)績(jī)效相對(duì)較差，私募創(chuàng)投行業(yè)可能存在“逆向選擇”的問題。同時(shí)，私募創(chuàng)投并沒有顯著加快企業(yè)的上市進(jìn)程，本文認(rèn)為這主要和國(guó)內(nèi)的IPO發(fā)行體制和私募創(chuàng)投投資階段偏晚期有關(guān)。此外，本文發(fā)現(xiàn)，私募創(chuàng)投在企業(yè)IPO時(shí)存在顯著的認(rèn)證作用，具有私募創(chuàng)投背景的企業(yè)相對(duì)而言，有更高的調(diào)整抑價(jià)率、更大的發(fā)行規(guī)模、更高的主承銷商聲譽(yù)、更高的PE和PB倍數(shù)，但是單位發(fā)行費(fèi)用并沒有更低。為了尋找影響企業(yè)IPO調(diào)整抑價(jià)度的主要指標(biāo)，本文構(gòu)建了包含10個(gè)變量的多元回歸模型，，并使用逐步回歸法進(jìn)行了實(shí)證檢驗(yàn)，發(fā)現(xiàn)上市公司是否具有私募創(chuàng)投背景、IPO首日的換手率、IPO前每股凈資產(chǎn)、發(fā)行市凈率以及網(wǎng)上中簽率5個(gè)因子會(huì)顯著影響創(chuàng)業(yè)板上市公司IPO的抑價(jià)度。
[Abstract]:Private equity and gem are important parts of our multi-level capital market. There are 332 enterprises listed on the gem, 181 of which have the background of private equity, from the gem open board to the date of data acquisition on June 30, 2012. So the influence of private equity is a factor that can not be ignored in the research of gem. This paper studies the effects of private equity on the performance and IPO of listed companies in gem by means of mean T test, Mann-Whitney U test and stepwise regression method. It is found that the firms with the background of private placement have less ability to repay debt than those without the background of private equity, and they are not significantly stronger in terms of operating ability, profitability and development ability than those with no background of private equity. It shows that the performance of the enterprises with the background of private venture capital is relatively poor, and the problem of "adverse selection" may exist in the private venture capital industry. At the same time, private equity has not significantly accelerated the process of listing, this paper believes that this is mainly related to the domestic IPO issuance system and the late stage of private equity investment. In addition, this paper finds that private equity firms have significant certification role in IPO, and those with private equity background have higher underpricing adjustment rate, larger issuance scale and higher reputation of lead underwriters. Higher PE and PB multiples, but no lower unit distribution fees. In order to find out the main indexes that influence the adjustment of IPO underpricing, this paper constructs a multivariate regression model with 10 variables, and uses the stepwise regression method to carry out an empirical test to find out whether the listed companies have private equity background or not. On the first day of IPO, five factors such as turnover rate, net assets per share before IPO, price-to-book issuance ratio and net success rate will significantly affect the underpricing degree of IPO of gem listed companies.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 張凌宇;;創(chuàng)業(yè)投資機(jī)構(gòu)對(duì)其支持企業(yè)IPO抑價(jià)度的影響[J];產(chǎn)業(yè)經(jīng)濟(jì)研究;2006年06期

2 姚亞偉;吳佩;;金融財(cái)富膨脹的內(nèi)因研究:以股票為例[J];當(dāng)代經(jīng)濟(jì)管理;2009年02期

3 牟姣;;淺析我國(guó)外資并購(gòu)審查的三重門[J];法制與社會(huì);2011年34期

4 張豐;;創(chuàng)業(yè)投資對(duì)中小企業(yè)板IPO影響的實(shí)證研究[J];經(jīng)濟(jì)與管理研究;2009年05期

5 江洪波;;基于非有效市場(chǎng)的A股IPO價(jià)格行為分析[J];金融研究;2007年08期

6 王s

本文編號(hào)：2409639